ZBB 2024, 21
Bank Failure and Corporate Insolvency Law: Similarities and Differences
It is well-established that managing the failure of banks requires a special legal regime. While retaining the specificities of such regime is key to preserve financial stability and more broadly public interest, bank failure proceedings operate in the broader legal infrastructure of a country, where corporate insolvency regimes have a key role. This chapter examines at high-level some institutional, substantive and procedural areas where bank failure proceedings and corporate insolvency frameworks interact.
Contents
- I. General Overview
- II. Setting the scene of the interaction between bank failure proceedings and corporate insolvency
- III. Institutional aspects
- 1. Objectives
- 2. Checks and balances
- 3. Different nature of decisions taken in a bank failure proceeding
- 4. Interplay between bank insolvency proceedings and corporate insolvency upon initiation of the proceeding
- IV. Substantive and procedural interaction
- V. Conclusion
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- *)Assistant General Counsel, IMF Legal Department, Washington D.C.
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- **)Senior Counsel, IMF Legal Department, Washingtong D.C.We would like to thank Yan Liu for her guidance, and Adrian Dorel Dumitrescu Pasecinic, Gerald Lederer and Donato Messineo for their valuable suggestions. The views expressed in this paper are those of the authors and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. Any error or omission remain our own. Country references are based on authors’ own understanding of the relevant domestic legal frameworks. Such references should not be treated as the authorities’ official interpretation.
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