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Joint Sessions on the Effects and Recovery from the Financial Crisis
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During the 53rd UIA (Union Internationale des Avocats) Congress in Seville, the Banking Law, Corporate Law, Mergers and Acquisitions (M&A), Labour Law, Financial Services, Litigation, Competition and Tax Law Commissions shall hold joint morning and afternoon sessions on October 29 and 30, 2009 which aim to analyse the effects and recovery process from the financial crisis from different legal and business perspectives. On October 29, 2009 in the morning the Banking Law and M&A Commissions along the lines with the…
During the 53rd UIA (Union Internationale des Avocats) Congress in Seville, the Banking Law, Corporate Law, Mergers and Acquisitions (M&A), Labour Law, Financial Services, Litigation, Competition and Tax Law Commissions shall hold joint morning and afternoon sessions on October 29 and 30, 2009 which aim to analyse the effects and recovery process from the financial crisis from different legal and business perspectives.
On October 29, 2009 in the morning the Banking Law and M&A Commissions along the lines with the Larosiére Report look at the conclusions of the crisis and go through the regulatory responses in Europe and in the US. From the finance industry perspective, first bank industry representatives shall share their view on what state aid meant to the banking industry and on the changing of financing options, structures and terms after the crisis. We will also look at, how the Alternative Investment Fund Management directive proposal, which aims to provide a comprehensive regulatory framework to the regulation of hedge funds and venture capital fund management activity in the EU is criticised by the private equity industry. Finally we will look at the combined opinion from the legal market on practice recovery aspects. In addition to the active members of the respective UIA Commissions external industry speakers with extensive international experience shall contribute to the session.
After the more general introduction, the morning session and the early afternoon session shall continue with the discussions of the M&A and Corporate Law Commissions on two topics. The first will be the review of „Chapter 11 type” and similar reorganization opportunities and legislative developments which resulted from conclusions of the crises and which may help enterprises to survive financial downturns. The second topic shall be the assessment of important considerations in distressed sales. The early afternoon session will also discuss important merger control aspects of distressed sales with the contribution of the Competition Law Commission.
The late afternoon session shall be dedicated to the question of the labour force management matters and negotiations in the case of distressed situations and insolvency, in the course of which the Labour Law Commission shall give an international overview on how to handle mass layoffs and reductions in force.
On October 30, 2009 the Banking, the Financial Services and Litigation Commissions shall look at the financial crisis from a different angle and shall analyze cases which help to learn from mistakes. The session shall split into two parts.
The first topic will be the protection of borrower’s from bank in financial crisis. The first panel will analyse lessons learnt from the (near) bankruptcy of financial institutions making use of the Lehman, the Landsbanki case and other cases. Focus on the questions how to address bank insolvency in a financing relationship. How to deal with a bankrupt syndicate lender’s existing commitments and future commitments (for example revolving credit facility)? What if the security agent becomes bankrupt? What complications have arisen as a result of insolvency regimes and how are these to be taken into account? An how can we better advise our institutional clients and borrower clients to be prepared for such situations?
The second topic and panel will focus on lessons learnt from the Ponzi schemes and other „misleading” cases relating to alternative investment schemes and products, or their distribution, primarily from the perspective of potential liability of intermediaries and other indirect participants in the losses of investors, such as fund and asset managers, custodians, bank, financial advisers, accounting supervisors, accountant, retail banks and as the case may be financial authorities. The session shall include suing strategies to find and re-collect the money the most efficiently via interesting dialog format between client victims of a Madoff or a Ponzi type of case and their lawyers in the US and in Europe. We are also pleased to have a lead counsel to Bernard Madoff, as a participant of the discussion panel.
The afternoon sessions, as closing accords shall look at State aid as one important solution of the financial crisis recovery. First Competition Law Commission contributors shall discuss the state aid response in Europe to the crisis from a competition law aspect. Then after the Tax Law Commission shall have a session on the impact of the crisis on the collection of taxes. The discussion and speakers will reflect on the other side of the coin of state aid and analyze the questions, whether the taxpayers will be squeezed even harder.
We encourage all interested colleagues to join us for this interesting review of the most crucial and accurate legal and business questions of the crisis recovery.
or if you wish to seek further information in Hungarian, please call:
Judit Budai (National UIA Representative)
Szecskay Attorneys at Law
Tel.: 06 1 472-3000
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