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Legal Update

The Banking Act 2009 introduces new bank insolvency and administration procedures

3 March 2009
Mayer Brown Legal Update
On 12 February 2009 the Banking Act 2009 (the “Act”) received Royal Assent. The Act, which provides a new and permanent framework for dealing with banks in financial difficulties, is a significant development in the insolvency laws of this country as they apply to UK banks. It is particularly relevant in an economic climate in which more bank failures cannot be ruled out.

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