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The Banking Act: The New “Special Resolution Regime” for Dealing with Failing Banks and Its Legal Consequences

April 2009
The Banking Law Journal
On 21 February 2009 the Banking Act (the “Act”) became effective as law. Also on 21 February, the statutory instruments dealing with safeguards for partial property transfers (the “Safeguards Order”) and “no creditor worse off ” provisions (the “NCWO Order,” together with the Safeguards Order, the “Orders”) came into effect.1 Together, these replace the temporary special resolution regime set up in the wake of the Northern Rock rescue.
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