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Insolvency & Restructuring

30 March 2018
Kevin Maclay Narrower harbours: Supreme Court limits Section 546(e) securities safe harbour

USA - Caplin & Drysdale, Chartered

The Supreme Court recently held that Section 546(e) of the Bankruptcy Code does not apply to transfers in which financial institutions are mere intermediaries. This decision plainly rejects what was, in many judicial circuits, a long-held interpretation of Section 546(e) and leaves certain transactions previously thought to be inviolate vulnerable to later being unwound if one of the parties files for bankruptcy within the relevant statutory period.

Authors: Kevin Maclay, Todd E Phillips
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