The Global Financial Crisis has revealed that many advanced markets had poorly developed legal regimes and regulatory structures for dealing with banks and financial institutions that faced financial difficulties. This was especially so in regard to the “shadow banking system”; the failure...

We have reached a turning point in our efforts to regulate banks and financial institutions by resort to current risk-based models and regulatory structures. As is evident from failures during the global financial crisis that burst upon the scene in later 2007, the use of these risk based and...

Following the passage of the Banking (Special Provisions) Act 2008, the UK government began a process of consultation to review existing legal powers for the handling of banks and financial institutions that had encountered financial difficulties or were facing insolvency as a result of the...

The collapse of Northern Rock plc in September 2007 as a result of the financial crisis that had its origins in the sub-prime mortgage bubble in the United States focussed attention on the limited nature of governmental powers in the UK to deal with banks in distress or facing insolvency. The...

The passage of the Banking Act 2009 (UK) was a major landmark in the development of legal tools for the handling of banks in financial difficulties in the United Kingdom. The Act has emerged from over a year of economic crisis and from politically charged debates and consultations that followed...

On the 6th January 2011, the European Commission's DG Internal Market and Services issued an ambitious consultation document, Technical Details of a Possible EU Framework for Bank Recovery and Resolution which elaborates further on its bank rescue proposals. This paper critically reviews these...