Credit Default Swaps in Bankruptcy Proceedings under US Law

Dr. Angeliki Mavridou

doi:10.5771/9783845283470

Zusammenfassung

Die negativen Auswirkungen stiller CDS-Kurzpositionen auf das „Kapitel 11“ Verfahren des US-amerikanischen Insolvenzrechtes wurden in Wirtschaftsstudien ausführlich untersucht und belegt. Um die sich daraus ergebenden widrigen Umstände im Rahmen des „Kapitel 11“-Verfahrens zu mindern, führte der US-Gesetzesgeber mittels der 2011 modifizierten Bankruptcy Rule 2019 eine entsprechende Anmeldepflicht ein, die sich jedoch nur auf Gläubigerkomitees bezieht.

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.

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Bibliographische Angaben

Copyrightjahr: 2017
Erscheinungsdatum: 03.12.2017
ISBN-Print: 978-3-8487-4048-2
ISBN-Online: 978-3-8452-8347-0
Verlag: Nomos, Baden-Baden
Reihe: Schriften zum Insolvenzrecht
Band: 66
Sprache: Englisch
Seiten: 176
Produkttyp: Monographie

Inhaltsverzeichnis

KapitelSeiten

Titelei/Inhaltsverzeichnis Kein Zugriff Seiten 1 - 12
Introduction Kein Zugriff Seiten 13 - 16
1. 1. 1. I. The fundamental concept of derivatives, financial innovation and the distinctive feature of modern financial derivatives Kein Zugriff
    2. 1. 1. The absence of a clear definition Kein Zugriff
      2. a. Exchange traded, cleared and over-the-counter derivatives Kein Zugriff
        c. Categorization on the basis of associated risk types Kein Zugriff
      3. a. Options Kein Zugriff
        b. Futures and Forwards Kein Zugriff
        c. Swaps Kein Zugriff
        d. Swaptions Kein Zugriff
  2. 1. I. The International Swaps and Derivatives Association and its background Kein Zugriff
    2. II. The structure of ISDA’s documentation on unfunded credit derivatives Kein Zugriff
    3. III. Master agreements and associated schedules Kein Zugriff
    4. 1. 1. Confirmation agreements Kein Zugriff
      2. 2. Additional provisions agreements Kein Zugriff
    5. 1. 1. The 2003 ISDA Credit Derivatives Definitions Kein Zugriff
      2. 2. The 2009 ISDA Credit Derivatives Determinations Committees, Auction Settlement and Restructuring Supplement to the 2003 ISDA Credit Derivatives Definitions Kein Zugriff
      3. 3. The 2014 ISDA Credit Derivative Definitions Kein Zugriff
2. 1. A. A comment on the legal status of credit derivatives Kein Zugriff
  2. B. An introduction to derivatives regulation in the United States Kein Zugriff
1. 1. 1. The parties Kein Zugriff
    2. The reference obligation Kein Zugriff
    3. The reference entity Kein Zugriff
    4. Fixed rate payment Kein Zugriff
    5. Floating rate payment Kein Zugriff
    6. The calculation agent Kein Zugriff
    7. Credit events Kein Zugriff
    8. Settlement methods and notification requirements Kein Zugriff
    9. Key dates summarized Kein Zugriff
  2. B. The general terms of a single name credit default swap transaction under the 2003 ISDA Credit Derivatives Definitions Kein Zugriff
2. 1. A. Identifying the reference obligation Kein Zugriff
  2. 1. I. The credit event of bankruptcy Kein Zugriff
    2. 1. 1. Delivering a Credit Event Notice Kein Zugriff
      2. 2. Notice of Publicly Available Information Kein Zugriff
      3. 3. Notice of Physical Settlement Kein Zugriff
  3. 1. I. Physical Settlement Method Kein Zugriff
    2. 1. 1. The mechanics of cash settlement Kein Zugriff
      2. 2. Key dates and times of a cash settlement process Kein Zugriff
    3. III. Auction settlement Kein Zugriff
3. 1. A. Post-settlement CDS positions relevant for the purposes of the present thesis Kein Zugriff
  2. 1. I. Partially satisfied creditor positions Kein Zugriff
    2. II. Empty creditor positions Kein Zugriff
    3. III. Net short creditor positions Kein Zugriff
  3. C. Partially satisfied, empty and net short creditor positions in bankruptcy proceedings Kein Zugriff
4. Subfindings Kein Zugriff
1. 1. A. Creditors holding a personal security Kein Zugriff
  2. B. Creditors holding a CDS agreement Kein Zugriff
  3. C. Other creditor positions involving payments originating from a source other than the bankruptcy estate Kein Zugriff
2. 1. A. Rules applicable to creditors who have received partial or full payment by a co-obligor under Section 509 USBC Kein Zugriff
  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 Kein Zugriff
    2. II. Rules applicable to creditors who received payment from a concurrent foreign reorganization proceeding under section 1532 USBC Kein Zugriff
  3. C. The single satisfaction rule or else the limitation to one’s full claim amount in bankruptcy Kein Zugriff
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 Kein Zugriff
  2. B. Reviewing the consistency of the de facto exemption granted to CDS creditor positions with the pari passu principle Kein Zugriff
  3. C. Reviewing the consistency of the de facto exemption granted to CDS creditor positions with the single satisfaction rule Kein Zugriff
4. Subfindings Kein Zugriff
1. 1. A. Allowance of claims and voting rights in reorganization proceedings Kein Zugriff
  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 Kein Zugriff
  3. C. The effects on the applicability of the equal treatment requirement under section 1123 (a) (4) USBC Kein Zugriff
2. 1. A. Determining the state of impairment of silently satisfied claims for the purposes of Chapter 11USBC Kein Zugriff
  2. B. The effects on the confirmation of a reorganization plan Kein Zugriff
  3. C. Disclosure requirements under Bankruptcy Rule 2019 Kein Zugriff
3. 1. Conclusive Notes Kein Zugriff
4. Conclusion Kein Zugriff
Bibliography Kein Zugriff Seiten 173 - 176

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