Western Europe
HSF Kramer appoints M&A trio in New York, while Vinson & Elkins opens its Brussels office and Morgan Lewis elects new chair
Reed Smith has set up shop in Boston, while other firms have hired across capital structure solutions, project finance, corporate and banking practices in the US, Australia and Italy
Exclusive IFLR survey data shows that while DEI is valued by many in-house counsel in the Nordics, satisfaction with progress varies widely across the region
AI is reshaping financial services, but regulators still expect human oversight, accountability and robust governance
New hires were made across the antitrust, M&A, corporate and finance practices in Brussels, London, Charlotte, Washington DC, New York and San Diego
Heidi Blomqvist joins Ashurst’s London office as partner as it boosts its private capital ,and energy and infrastructure offering
New hires were made across the PE, M&A, real estate, antitrust, finance and capital markets practices in the UK and the US
Financial services partner William Garner discusses the work behind the innovative structure, regulatory collaboration and the firm’s first-mover advantage
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Sponsored by HomburgerHomburger partner Jürg Frick explains how Swiss regulators are working to strengthen the country’s competitiveness as a fund centre -
Sponsored by Bär & KarrerSwitzerland is well known as an innovation-friendly jurisdiction, in particular in the financial sector. This is partly due to the technology-neutral and principle-based approach of its regulation, which has allowed the Swiss Financial Market Supervisory Authority (FINMA) and other Swiss authorities and self-regulatory organisations to flexibly address the challenges of emerging technology, such as distributed ledger technology (DLT), being used in financial services. Furthermore, Swiss regulation typically aims to create a level playing field between traditional players and innovators, seeking to ensure that the goals of financial regulation are met regardless of the technology used in a business model.
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Sponsored by Elias Neocleous & CoDistressed companies are those facing financial crises not resolvable without a considerable recasting of the firm's operations, structures and finance. This can be brought about through a company's failure to make a substantial payment of principal or interest to a creditor. Distress can also be seen in terms of financial ratios, for example in terms of liquidity and longer-term solvency. The basic and most prevalent forms of corporate distress assessment are the cash flow and the balance sheet tests, which apply both to going concern and break up (insolvency) valuation. In terms of break up valuation, under the cash flow test, a company is insolvent when it is unable to pay its debts as they fall due. Under the balance sheet test, the entity is insolvent if the book value of its assets, as listed on the conventional balance sheet, is less than its reported liabilities. The notions of asset exchangeability/liquidity and time prospect of sale are of great importance, particularly for the balance sheet test, as the latter includes the assessment of assets' value, by definition (UK Insolvency Act, 1986, 123 [2]). In this article, we first present the international/UK insight and, then, the Cyprus position on the matter.
