Clifford Chance

European Court gives guidance on the winding up directive for banks

6 November 2014

On 17 October 2014 a European Court in the case of Landsbanki hf v Merrill Lynch International Limited provided some much needed guidance on protecting the legitimate expectations of creditors and third parties for transactions entered into prior to the winding up or reorganisation of a bank. The case considers how acts entered into before a bank's winding up or reorganisation may be defended against challenges raised within those proceedings.

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