Secondary legislation to amend insolvency reforms in the UK
Enterprise Act will extend administrative receivership rights to
complex structured finance deals.
The Act, which became law in November, bans creditors from
appointing administrative receivers except in special circumstances
such as certain capital markets transactions. Lawyers feared the
carve-outs did not go far enough in protecting complex structured
finance deals involving commercial paper or whole business
The carve-outs protect securitized notes, but there were fears
that some structures would not be protected because...