GAO Says Bankruptcy Code Unclear For Financial Cos.

Law360, New York (July 19, 2011, 10:18 PM EDT) -- The U.S. Government Accountability Office on Tuesday reported that the Bankruptcy Code's effectiveness in resolving failed complex financial institutions was unclear due to a lack of evaluation criteria and the complicated nature of the companies' bankruptcy proceedings.

Criteria for judging the effectiveness of the code are not well-developed and the activities and structures of these large financial institutions complicate bankruptcy proceedings, the GAO said. In addition, the fact that so few financial institutions have filed for bankruptcy — and most that have only did so recently...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.