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2012-03-13 National Bank of Greece: Government of Greece 7.612 2012-03-13 Piraeus Bank: Government of Greece 5.516 2012-03-25 Laiki Bank: Bank of Cyprus: 10.812 2012-05-25 Bankia: Government of Spain: 20.962 2012-06-07 Caixa Geral de Depositos: Government of Portugal: 1.78 2012-06-07 Millennium BCP: Government of Portugal 3.3
As a result of the economic and financial crisis, over 65 U.S. banks have become insolvent and have been taken over by the FDIC since the beginning of 2008. Combined, these banks held over $55 billion in deposits, and the takeovers cost the federal government an estimated $17 billion.
In Germany, insolvency proceedings, both for companies and for natural persons, are regulated by the Insolvency Act (Insolvenzordnung), in effect since 1999 but with significant changes in 2012. [9] The goal of insolvency law is the equal and best satisfaction of creditors.
With Bank of America (NYS: BAC) , Citigroup (NYS: C) , and Wells Fargo (NYS: WFC) among the big banks that agreed to pay more than $25 billion to settle a dispute about alleged foreclosure abuse ...
The anti-deprivation rule (also known as fraud upon the bankruptcy law) is a principle applied by the courts in common law jurisdictions (other than the United States) [a] in which, according to Mellish LJ in Re Jeavons, ex parte Mackay, [1] "a person cannot make it a part of his contract that, in the event of bankruptcy, he is then to get some additional advantage which prevents the property ...
A “debtor,” for the purposes of the Act, is “a person or a partnership, or the estate of a person or partnership, which is a debtor in the usual sense of the word, except a body corporate or a company or other association of persons which may be placed in liquidation under the law relating to companies.”
Harksen v Lane NO and Others is an important decision of the Constitutional Court of South Africa, delivered on 7 October 1997.The court dismissed a challenge to the constitutionality of the Insolvency Act, 1936, finding that it was consistent with the right to property and right to equality for the property of a solvent spouse to be attached to the insolvent estate of his or her partner.
Many banks failed as well. Between 1980 and 1994, 1,617 commercial banks failed (9.14 percent of all banks) with total assets of $206 billion. [92] However, the overlapping regional banking crises in the 1980s were far less severe on the commercial banking side because the FDIC remained solvent.