Darling proposes changes to asset recovery rules
Chancellor Alistair Darling is to propose an overhaul of the country’s asset recovery rules following the delays that beset administrators going through the remains of Lehman Brothers.
Administrators from PricewaterhouseCoopers had to deal with a huge backlog of frozen, trades when Lehmans went bust, which delayed the returning of assets to creditors.
The new proposal focuses on making it easier to return assets to clients and also give counterparties a better idea of their positions if a bank cannot honour its obligations in the event of a collapse.
