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Bankruptcy - ISDA Provision: Difference between revisions
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{{ | {{isdaanat|5(a)(vii)}} | ||
====[[Delta]] between {{1992isda}} and {{2002isda}}==== | ====[[Delta]] between {{1992isda}} and {{2002isda}}==== | ||
There are two: | There are two: | ||
*'''Slightly more specific concept of insolvency''': firstly, in limb 4('''insolvency proceedings''') a new limb (A) has been included to cover action taken by an entity-specific regulator or supervisor (as opposed to a common or garden insolvency proceeding) | *'''Slightly more specific concept of insolvency''': firstly, in limb 4 ('''insolvency proceedings''') a new limb (A) has been included to cover action taken by an entity-specific regulator or supervisor (as opposed to a common or garden insolvency proceeding) | ||
*'''Contracted [[grace period]]''': The allowable period for dismissal of an insolvency petition (under 5(a)(vii)(4)) or the exercise of security over assets (under 5(a)(vii)(7)) is compressed from 30 days to 15 days. This, in aggregate over the whole global market, keeps many a negotiator in meaningful* employment. | *'''Contracted [[grace period]]''': The allowable period for dismissal of an insolvency petition (under 5(a)(vii)(4)) or the exercise of security over assets (under 5(a)(vii)(7)) is compressed from 30 days to 15 days. This, in aggregate over the whole global market, keeps many a negotiator in meaningful* employment. | ||