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Finance and Financial Management Commons™
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- Security interests (2)
- Bank holding company distress (1)
- Bankruptcy (1)
- Collateral (1)
- Corporate finance (1)
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- Corporate insolvency & reorganization (1)
- Federal Deposit Insurance Corporation (1)
- Financial reorganization (1)
- Financial services industry concentration (1)
- Financing (1)
- HICOL (1)
- Harmonized choice of law rules (1)
- Investment banking (1)
- Law & economics (1)
- Local assets and interests (1)
- Main insolvency proceedings (1)
- Multi-national enterprises (1)
- Non-main insolvency proceedings (1)
- Property (1)
- Receivables (1)
- Securitization (1)
- Single point of entry strategy (1)
- Title II of the Dodd-Frank Act (1)
- Too big to fail (1)
- True sales (1)
- UCC (1)
- UNCITRAL Model Law on Cross-Border Insolvency (1)
- Uniformity of rule application (1)
Articles 1 - 3 of 3
Full-Text Articles in Finance and Financial Management
Single Point Of Entry And The Bankruptcy Alternative, David A. Skeel Jr.
Single Point Of Entry And The Bankruptcy Alternative, David A. Skeel Jr.
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This Essay, which will appear in Across the Great Divide: New Perspectives on the Financial Crisis, a Brookings Institution and Hoover Institution book, begins with a brief overview of concerns raised by the Lehman Brothers bankruptcy about the adequacy of our existing architecture for resolving the financial distress of systemically important financial institutions. The principal takeaway of the first section is that Title II as enacted left most of these issues unanswered. By contrast, the FDIC’s new single point of entry strategy, which is introduced in the second section, can be seen as addressing nearly all of them. The …
When Is A Dog’S Tail Not A Leg?: A Property-Based Methodology For Distinguishing Sales Of Receivables From Security Interests That Secure An Obligation, Steven L. Harris, Charles W. Mooney Jr.
When Is A Dog’S Tail Not A Leg?: A Property-Based Methodology For Distinguishing Sales Of Receivables From Security Interests That Secure An Obligation, Steven L. Harris, Charles W. Mooney Jr.
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There are two principal ways in which a firm that is owed money payable in the future but needs the money now may use its rights to payment (“receivables”) to obtain the needed financing. It might sell its receivables, or it might borrow and use the receivables as collateral to secure the loan. Different legal consequences follow depending on whether the transaction is a true sale or is a security interest that secures an obligation (a “SISO”).
These legal consequences are particularly salient when the firm enters bankruptcy. If the transaction is a sale, then the buyer can collect the …
Harmonizing Choice-Of-Law Rules For International Insolvency Cases: Virtual Territoriality, Virtual Universalism, And The Problem Of Local Interests, Charles W. Mooney Jr.
Harmonizing Choice-Of-Law Rules For International Insolvency Cases: Virtual Territoriality, Virtual Universalism, And The Problem Of Local Interests, Charles W. Mooney Jr.
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This paper explores the potential content and feasibility of a set of harmonized choice of law rules (HICOL Rules) that would apply in insolvency proceedings. It contemplates a main insolvency proceeding opened in a debtor’s center of main interests (“COMI”) and the existence of (or possibility of opening) one or more non-main (or secondary) proceedings. It also contemplates the possibility that an insolvency representative in a main or non-main proceeding may seek and be granted recognition in another state under the UNCITRAL Model Law on Cross-Border Insolvency (codified as Chapter 15 of the Bankruptcy Code in the U.S.) Under HICOL …