Banks' Resolution Regime – Formulating The Law Through Successful Litigation

The financial crisis in Cyprus resulted among others in the introduction of the Insolvency Framework, comprising of a package of six bills of legislation that came into force on the 07/05/2015. New practices emerged from the financial realities focused on corporate insolvency in a more complicated level involving high net wealth credit, banking and financial institutions and the implementation of the Bank Recovery and Resolution Directive (Directive 2014/59/EU) ("BRRD"). The BRRD was adopted by the European Parliament on 15 May 2014 to provide authorities with comprehensive and effective arrangements to deal with failing banks at national level, as well as cooperation arrangements to tackle cross-border banking failures.