The Heavyweight: coverage of banking and insolvency law November 2009

United Kingdom

Welcome to the November issue of the Heavyweight, a unique monthly compilation of legal news affecting banks:

There has been plenty of high-profile reporting this month on, e.g., the Government's proposals to reform insolvency law, the bank charges test case, the publication of the Walker review and various papers on the mortgage market, but other points to note in the Heavyweight this month are:

  • a couple of cases on the interpretation of sections 9 and 18 respectively of the Consumer Credit Act (see "Consumer")
  • a case in which an unsigned funding agreement was held to be enforceable, Maple Leaf Marco Volatility Master Fund (see "Contract")
  • the LMA are combining the documents for trading par and distressed debt and will launch these on 25 January 2010
  • the LMA have issued a revised intercreditor document, financial covenant provisions and made consequential changes to the leveraged document.

The Heavyweight: coverage of banking and insolvency law November 2009