E-Book, Englisch, Band 66, 176 Seiten, Format (B × H): 153 mm x 227 mm
Reihe: Schriften zum Insolvenzrecht
A Legal Perspective
E-Book, Englisch, Band 66, 176 Seiten, Format (B × H): 153 mm x 227 mm
Reihe: Schriften zum Insolvenzrecht
ISBN: 978-3-8452-8347-0
Verlag: Nomos
Format: PDF
Kopierschutz: Adobe DRM (»Systemvoraussetzungen)
Die Studie untersucht vor diesem Hintergrund, ob die limitierte Anmeldepflicht ausreicht, um die gemeinschaftliche Befriedigung der Gläubiger eines Schuldners nach den Rechtsprinzipien und Vorschriften des US-amerikanischen Insolvenzrechtes zu gewährleisten: Stille CDS Einzelgläubigerpositionen werden auf ihre Rechtmäßigkeit hinsichtlich des insolvenzrechtlichen Gleichberechtigungsgebots sowie der Vorschriften des „Kapitel 11“ Verfahrens bzgl. der rechtlichen Annahme und Bestätigung eines Insolvenzplanes geprüft. Sich daraus ergebenden potentiellen Rechtswidrigkeiten werden vor dem Hintergrund einer Erweiterung der gegenwärtigen Anmeldepflichten diskutiert.
Autoren/Hrsg.
Weitere Infos & Material
1;Cover;1
2; Introduction;13
3; Part One About (Credit) Derivatives;17
3.1; Chapter 1: A Background on Credit Derivatives and their Documentation;19
3.1.1; A. An introduction to derivatives in general;19
3.1.1.1; I. The fundamental concept of derivatives, financial innovation and the distinctive feature of modern financial derivatives;19
3.1.1.2; II. A broad classification of derivatives;27
3.1.1.2.1; 1. The absence of a clear definition;27
3.1.1.2.2; 2. Principal categories of derivatives;28
3.1.1.2.2.1; a. Exchange traded, cleared and over-the-counter derivatives;28
3.1.1.2.2.2; c. Categorization on the basis of associated risk types;30
3.1.1.2.3; 3. Basic types of derivatives;30
3.1.1.2.3.1; a. Options;30
3.1.1.2.3.2; b. Futures and Forwards;31
3.1.1.2.3.3; c. Swaps;31
3.1.1.2.3.4; d. Swaptions;31
3.1.2; B. The International Swaps and Derivatives Association and its documentation on unfunded OTC credit derivatives;32
3.1.2.1; I. The International Swaps and Derivatives Association and its background;33
3.1.2.2; II. The structure of ISDA’s documentation on unfunded credit derivatives;36
3.1.2.3; III. Master agreements and associated schedules;38
3.1.2.4; IV. Confirmation agreements and additional provisions agreements;39
3.1.2.4.1; 1. Confirmation agreements;39
3.1.2.4.2; 2. Additional provisions agreements;40
3.1.2.5; V. ISDA Credit Derivatives Definitions;41
3.1.2.5.1; 1. The 2003 ISDA Credit Derivatives Definitions;41
3.1.2.5.2; 2. The 2009 ISDA Credit Derivatives Determinations Committees, Auction Settlement and Restructuring Supplement to the 2003 ISDA Credit Derivatives Definitions;41
3.1.2.5.3; 3. The 2014 ISDA Credit Derivative Definitions;43
3.2; Chapter 2: Legal Aspects of Credit Derivatives;47
3.2.1; A. A comment on the legal status of credit derivatives;47
3.2.2; B. An introduction to derivatives regulation in the United States;55
4; Part Two: Single Name Credit Default Swap Transactions and Emerging Creditor Positions in Bankruptcy Proceedings;60
4.1; Chapter 3: The Structure of Single Name Credit Default Swap Transcations;63
4.1.1; A. Defining the key elements of a single name credit default swap transaction;63
4.1.1.1; The parties;64
4.1.1.2; The reference obligation;64
4.1.1.3; The reference entity;65
4.1.1.4; Fixed rate payment;65
4.1.1.5; Floating rate payment;65
4.1.1.6; The calculation agent;66
4.1.1.7; Credit events;67
4.1.1.8; Settlement methods and notification requirements;67
4.1.1.9; Key dates summarized;68
4.1.2; B. The general terms of a single name credit default swap transaction under the 2003 ISDA Credit Derivatives Definitions;70
4.2; Chapter 4: Terms of Payment under a Single Name CDS Agreement and its Termination after the Occurrence of a Bankruptcy Credit Event under the 2003 ISDA Definitions;73
4.2.1; A. Identifying the reference obligation;73
4.2.2; B. The credit event of bankruptcy and the settlement conditions to be satisfied before payment;75
4.2.2.1; I. The credit event of bankruptcy;75
4.2.2.2; II. Conditions to settlement;76
4.2.2.2.1; 1. Delivering a Credit Event Notice;77
4.2.2.2.2; 2. Notice of Publicly Available Information;77
4.2.2.2.3; 3. Notice of Physical Settlement;78
4.2.3; C. Payment under a CDS agreement;78
4.2.3.1; I. Physical Settlement Method;79
4.2.3.2; II. Cash Settlement Method;80
4.2.3.2.1; 1. The mechanics of cash settlement;80
4.2.3.2.2; 2. Key dates and times of a cash settlement process;83
4.2.3.3; III. Auction settlement;85
4.3; Chapter 5: Classification of Post-Settlement Creditor Positions;87
4.3.1; A. Post-settlement CDS positions relevant for the purposes of the present thesis;87
4.3.2; B. Classification of post-settlement creditor positions;88
4.3.2.1; I. Partially satisfied creditor positions;89
4.3.2.2; II. Empty creditor positions;90
4.3.2.3; III. Net short creditor positions;90
4.3.3; C. Partially satisfied, empty and net short creditor positions in bankruptcy proceedings;91
4.4; Subfindings;93
5; Part Three Reviewing the Consistency of Undisclosed, Post-Settlement CDS Positions with the Pari Passu Principle under the US Bankruptcy Code;94
5.1; Chapter 6: Substantially Similar Creditor Positions in Bankruptcy Proceedings - Creditors who Received Payment by a Party other than the Debtor or a Source other than the Debtor’s Estate;97
5.1.1; A. Creditors holding a personal security;97
5.1.2; B. Creditors holding a CDS agreement;103
5.1.3; C. Other creditor positions involving payments originating from a source other than the bankruptcy estate;106
5.2; Chapter 7: Applicable Bankruptcy Rules to Creditors who have Received Payment by a Non-Debtor Party or from a Source other than the Bankruptcy Estate;107
5.2.1; A. Rules applicable to creditors who have received partial or full payment by a co-obligor under Section 509 USBC;107
5.2.2; B. Rules applicable to creditors who received partial or full payment from a source other than the bankruptcy estate under sections 508 and 1532 USBC;112
5.2.2.1; I. Rules applicable to creditors who received payment from a non-debtor general partner in a liquidation proceeding of a partnership debtor under section 508 USBC;112
5.2.2.2; II. Rules applicable to creditors who received payment from a concurrent foreign reorganization proceeding under section 1532 USBC;114
5.2.3; C. The single satisfaction rule or else the limitation to one’s full claim amount in bankruptcy;115
5.3; Chapter 8: Reviewing the De Facto Exemption Granted to Undisclosed CDS Positions from otherwise Applicable Bankruptcy Rules;119
5.3.1; A. The de facto exemption of creditors who have received payment under a CDS agreement from otherwise applicable rules as a consequence of non – disclosure;119
5.3.2; B. Reviewing the consistency of the de facto exemption granted to CDS creditor positions with the pari passu principle;129
5.3.3; C. Reviewing the consistency of the de facto exemption granted to CDS creditor positions with the single satisfaction rule;137
5.4; Subfindings;139
6; Part Four: The Impact of Undisclosed CDS Positions on Reorganization Procedures under Chapter 11 USBC – A Legal Perspective;140
6.1; Chapter 9: The Effects of Undisclosed CDS Positions on Sections 1122 (a) and 1123 (a) (4) USBC;144
6.1.1; A. Allowance of claims and voting rights in reorganization proceedings;144
6.1.2; B. The effects of the de facto exemption of creditors with an undisclosed CDS position from otherwise applicable bankruptcy rules on section 1122 (a) USBC;145
6.1.3; C. The effects on the applicability of the equal treatment requirement under section 1123 (a) (4) USBC;153
6.2; Chapter 10: The Effects on the Plan Voting and Plan Confirmation Provisions under Chapter 11 USBC and Bankruptcy Rule 2019;155
6.2.1; A. Determining the state of impairment of silently satisfied claims for the purposes of Chapter 11USBC;155
6.2.2; B. The effects on the confirmation of a reorganization plan;157
6.2.3; C. Disclosure requirements under Bankruptcy Rule 2019;164
6.3; Subfindings;166
6.3.1; Conclusive Notes;168
6.4; Conclusion;169
7; Bibliography;173
