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Gilbey Strub of the Association for Financial Markets and Carter McDowell of the Securities Industry and Financial Markets Association discuss global bank resolution and recovery initiatives

The Insolvency Act 2003 (Act) and the Insolvency Rules 2005 set out the various insolvency proceedings available in the British Virgin Islands (BVI). Although included at Part III of the Act, the administration provisions are not yet in force. The BVI Business Companies Act (BC Act) includes provisions for reorganisation.

The Danish Bankruptcy Act provides for three different juridical insolvency procedures: bankruptcy, restructuring and debt relief. Outside the three judicial insolvency procedures, a variety of non-judicial rescue and reorganisation arrangements can be completed with creditor consent.

Only one formal collective insolvency procedure exists under the Companies (Winding Up and Miscellaneous Provisions) Ordinance (the Act): liquidation.

Carola Schuler, Moody’s managing director of financial institutions in Europe, the Middle East and Africa, discusses its new methodology and the global regulatory environment

In Argentina, reorganisation and bankruptcy is governed by Law 24,522 (the Bankruptcy Law), which provides for the following insolvency processes.

Italian bankruptcy law provides that businesses in distress or that are insolvent can make use of: judicial insolvency processes whose principal purpose is the liquidation of the company's assets, such as winding-up and liquidation, and non-judicial rescue arrangements whose purpose is instead to restore financial stability to the business via a reorganisation with creditor assent, such as a certified rescue plan and debt restructuring agreement.

Both bankruptcy and reorganisation processes are governed by the Montenegrin Insolvency Law.

When faced with financial difficulties, debtors are faced with two broad options: insolvency/ bankruptcy; or a voluntary reorganisation. The options available to a financially distressed debtor will inevitably depend on whether the debtor is a company or an individual or partnership.

Slovak law provides for two particular processes for debtors in financial difficulties: bankruptcy and restructuring. Both proceedings are initiated solely upon the petition (proposal) and are divided into two phases. Bankruptcy is commenced upon the declaration of bankruptcy by the court and is preceded by bankruptcy proceedings (initial phase) where ascertainment of the debtor's property is carried out by a trustee (in the Slovak Republic, the administrator). On the other hand, restructuring is commenced upon its permit by the court and is preceded by restructuring proceedings (initial phase) where the evaluation of all prerequisites is executed by the court.