Between 17-19 October 2023, the Working Group on Bank Insolvency, chaired by Governing Council Member Stefania Bariatti, held its fifth session. The session took place at the seat of UNIDROIT in Rome and was conducted both in-person and via Zoom.
The session began with an update on the significant progress made since the fourth Working Group session. In the intersessional period, the Drafting Committee established for this project had updated and further developed the draft Chapters of the future Legislative Guide on Bank Liquidation. Following a consultation with the three thematic Subgroups, the Chapters had been consolidated in a Master Copy of the draft Guide, which was the main object of discussion during the fifth Working Group session. The Working Group discussed all ten draft Chapters of the future Guide: (i) Introduction; (ii) Institutional Arrangements; (iii) Procedural and Operational Aspects of the Liquidation Procedure; (iv) Preparation and Cooperation; (v) Grounds for opening bank liquidation proceedings; (vi) Liquidation Tools; (vii) Funding; (viii) Creditor Hierarchy; (ix) Group Dimension; and (x) Cross-Border Aspects.
The next session of the Working Group is scheduled for March 2024 at the seat of UNIDROIT.
For more information about the UNIDROIT project on Bank Insolvency, please visit the UNIDROIT website: https://www.unidroit.org/work-in-progress/bank-insolvency/.