On Sunday, March 12, 2023, the Department of Treasury, Federal Reserve and FDIC issued a joint statement confirming that they were taking decisive action to protect the U.S. economy by strengthening public confidence in our...more
3/15/2023
/ Banking Sector ,
Banks ,
Deposit Accounts ,
Deposit Insurance ,
Depository Institutions ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Insolvency ,
Receivership ,
Relief Measures ,
Silicon Valley ,
U.S. Treasury
On Friday, March 10, 2023 Silicon Valley Bank (“SVB”), Santa Clara, California, was closed by the California Department of Financial Protection and Innovation. The Federal Deposit Insurance Corporation (“FDIC”) has been...more
The Coronavirus Aid, Relief and Economic Security Act of 2020 (“CARES Act”) which Congress approved last week, together with the Small Business Reorganization Act of 2019 (the “SBRA”) which became effective on February 19,...more
Key points:
- Companies facing bankruptcy can still make smart moves
- Creditors should consider asserting liens before it’s too late
- Legal fees may be covered for some unsecured creditors ...more