News & Events

Banking during Covid-19

A deep dive into the moratorium – a lender’s perspective

With suspension of insolvency enforcement due to end shortly, lenders face the prospect of borrowers entering the new, free-standing moratorium. Andrew Spink QC, Justina Stewart and Saaman Pourghadiri consider the impact of the new moratorium from a lender’s perspective. How vulnerable are lenders upon entry into the moratorium? Which categories of charge holders are more vulnerable? How might lenders protect their positions, and what opportunities might a moratorium present to lenders? In this in-depth article, Andrew, Justina and Saaman consider: Protections for lenders arising from: the requirement of companies to meet lenders’ capital and interest payments during the moratorium; the disapplication of “ipso facto” provisions to most financial services contracts; and the ability of lenders, in practice, to stymy the…

Banking during Covid-19, Covid-19, Legal Blog & Publications, Financial Services 9 Sep, 2020

Covid-19 adds further pressure to address LIBOR transition litigation risk

Outer Temple Chambers’ Justina Stewart and Signature’s Johnny Shearman’s article on pressure on market participants to address litigation risk bedevilling LIBOR transition has been published in the FT’s Global Risk Regulator. Covid-19 has caused a dramatically increased need for credit, as well as significant uncertainty about the value of a huge range of assets.  LIBOR is the world’s most widely used interest rate benchmark.   Market behaviour, in light of Covid-19, has only served to confirm the lack of LIBOR’s representativeness.  Therefore, the FCA and the Bank of England have not changed their core message ­– firms cannot rely on LIBOR being published after the end of 2021. However, as matters stand, it remains for the market to effect the transition.…

Banking during Covid-19, Banking, Covid-19, Legal Blog & Publications 8 Jun, 2020

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