Some 13 years ago, Lehman Brothers' sudden and unexpected insolvency sent ripples across the banking and financial services market, some of which are still felt today.
The Court of Appeal's decision in the consolidated cases of Lehman Brothers Holdings Scottish LP 3 v Lehman Brothers Holdings plc (in administration) and others1 [2021] EWCA Civ 1523 was the latest in a long line of cases seeking to unwind the issues arising from Lehman Brothers' unexpected collapse.
The background
This recent interlocutory decision in The Deposit Guarantee Fund for Individuals (" the DGF") v Bank Frick & Co AG ("Bank Frick") & Anor deals another blow to the DGF in its recent attempts to pursue claims in England which allegedly arise following the 2014-15 banking crisis in Ukraine.
Background
对于《最高人民法院关于适用〈中华人民共和国民法典〉有关担保制度的解释》（下称“《民法典担保解释》”或“新规”）对金融资管业务的影响，我们在上篇及中篇中从担保物权受托持有、增信文件性质、上市公司对外担保、担保物权登记、抵押预告登记等角度进行了详细探析。本篇我们将从资产收益权回购交易、仲裁与申请实现担保物权程序、担保与破产衔接角度，着重介绍新规的修订及对金融资管业务的影响。择重点概括如下：
一、新规明确特定资产或资产收益权转让及回购交易中让与担保规则的处理方法
合伙型基金退出时，合伙人之间可能因存在争议而无法自行组建清算组或虽然组成清算组却无法顺利完成清算。这便引发合伙型基金可否通过法院程序进行司法清算的问题。我们曾代理过一起非常罕见的合伙型基金司法清算的案件，开创上海市指定第三人担任基金清算组负责人的先例，案件在其他诸多方面都在上海地区乃至全国具有领先地位和创新意义。
所谓司法清算，亦即强制清算，是相对于企业自行清算而言，一般是指法院介入合伙型基金清算程序的制度，可以是法院组建清算组，也可能是法院监督清算程序，亦或当清算出现障碍时请求法院排除妨碍等。针对公司的强制清算，最高人民法院出台了《最高人民法院关于适用中华人民共和国公司法>若干问题的规定（二）》（以下简称“《公司法司法解释（二）》”）及《关于审理公司强制清算案件工作座谈会纪要》（以下简称“《公司强清纪要》”）。但有关合伙型基金的清算尚无较为全面和细致的立法体系，因此，合伙型基金通过司法方式进行强制清算的先例很少，且争议颇多。
A recent application made by the insolvency practitioner of Agrokor, a major Croatian conglomerate, resulted in recognition in England of a stay of civil proceedings against the group. The purpose of the application was to halt any proceedings in relation to Agrokor's securities and debt obligations containing English law and jurisdiction provisions, pending the restructuring in the Croatian insolvency proceedings of the group's affairs.
In Lehman Brothers International (Europe) (in Administration) v Exxonmobil Financial Services BV(1) the High Court considered a range of issues arising from the application of the close-out provisions of the standard-form Global Master Repurchase Agreement (GMRA) 2000.
The recent judgment of Mrs Justice Proudman in Plaza BV –v- The Law Debenture Trust Corporation1 illustrates and extends a line of authorities in which the English courts have sought to narrow the scope of the mandatory application of Article 2 of the Brussels Regulation 44/2001. These cases are a reaction to the broad interpretation of the applicability and effect of Article 2 set out in the ECJ's decision in Owusu –v- Jackson2 , and attempt to confine the influence of that decision.