The Financial Conduct Authority, the Information Commissioner’s Office and the Financial Services Compensation Scheme have issued a joint statement warning insolvency practitioners to be careful when handling personal data.

The Joint Statement says that the FCA, ICO and FSCS are aware that some IPs and FCA - authorised firms have attempted to sell clients’ personal data to claims management companies, where it is likely claims for compensation will be made to the FSCS.

As part of its economic response to the COVID-19 pandemic, yesterday the Government passed a ‘temporary safe harbour’ insolvency measure^[1].

Businesses are currently facing unprecedented challenges. DAC Beachcroft is advising the NHS on covid-19 issues, as well as many corporate clients on the business issues arising out of the pandemic, particularly in relation to employees, insurance, continuity and cyber security.

受OPEC与俄罗斯减产谈判进展及后续措施影响，3月9日开市以来原油价格强劲下行，连带其他相关大宗商品价格以同样惊人的幅度大幅下跌，朋友圈纷纷感叹“活久见”。2020年初的黑天鹅接踵而至，很难判断下一站的走势到底在哪，也难判断对国内期货等金融市场的传导究竟会到何种程度。在这个价格剧烈波动的日子，人们耳边又回响起华尔街故老相传的”Bulls make money, bears make money, pigs get slaughtered” 的残酷谚语。在目前中国境内证券期货市场中，和做空手段相对有限的股票市场相比，期货市场天然的多头-空头交易机制可以更直观的展现这句话的涵义。

1、当我们在谈论“强行平仓”和“三板强平”时，我在谈些什么？

期货交易的亏损并不仅指强行平仓带来的损失，但是面对如此惊人的市场变化，“爆仓”、“强行平仓”和“三板强平”这类期货术语或行话还是最让人屏住呼吸的字眼。与肾上腺素飙升，杀伐决断的Trader们以及或焦虑或欣慰的相关企业的关注点不同，作为律师的我们，视线停在了这些期货术语或行话背后的基础法律关系上。从机制本身出发：

A recent English case has considered for the first time whether and if so to what extent the general duties of a director survive a company’s entry into an insolvency process.

This article was first published in the Global Restructuring Review, 14 Jan 2020.

2019年11月14日，最高院正式发布第九次全国法院民商事审判工作会议的会议纪要——《全国法院民商事审判工作会议纪要》（简称“《九民纪要》”）。

对资产证券化圈的许多机构从业者，《九民纪要》具体有什么样的意义可能不太熟悉。在这里，我们还是借用引言中的一句话来体现它的意义：

“对当前民商事审判工作中的一些疑难法律问题取得了基本一致的看法。”

《九民纪要》的条款中，与金融业务有关的就可以说是包罗万象。但在正式看条款和案例之前，不妨先再来品读一下它的引言部分：

这些统领性原则，结合一些代表性案例，我们认为，会赋予证券化业务更多的司法支持。具体体现在：

近年市场竞争及经营环境不确定性持续增加的情况下，不少企业有可能面临营运及财务困难，导致债务违约的情况有上升的趋势。如果债务人资不抵债，债权人有权利用破产清盘的程序接管债务人的资产并尽量实现回收最大化。根据香港*破产管理署公布的统计数字，在2019年1月至10月期间，强制公司清盘案及破产案呈请的数字达到7,062宗。我们藉此介绍近期香港法院就破产清盘颁发的两个重要判决。

1. 仲裁协议的存在是否会影响破产清盘程序的开展？

香港上诉法院近期在But Ka Chon v Interactive Brokers LLC [2019] HKCA 873一案中，考虑了债权相关的合同中约定有仲裁条款管辖的情况下，债权人利用法院破产清盘程序的权利会否受限。由于很多的商业协议均载有仲裁条款，法院的判决对债权人的权利及可采取的救济手段有重要意义。

在该案中，上诉人（证券公司客户，即债务人）与被上诉人（证券公司，即债权人）签订的客户协议约定双方之间的争议以仲裁解决。由于上诉人没有偿还保证金账户的欠款，债权人在香港法院申请上诉人破产。上诉人以双方已经约定仲裁为其中一个理由，请求上诉法院撤销债权人发出的法定偿债书。

With growing competition and global market uncertainties in recent years, businesses may experience operational and financial challenges, resulting in debt defaults. A creditor is entitled to petition for the bankruptcy and liquidate the debtor’s assets in order to try to achieve a maximum recovery. Statistics published by the Official Receiver’s Office noted 7,062 petitions for compulsory liquidation and bankruptcy between January and October 2019. In this client alert, we discuss two significant and recent judgments in respect of insolvency law given by the Hong Kong* courts.

In Meadowside Building Developments Ltd (in liquidation) –v- 12-18 Hill Street Management Company Ltd [2019] EWHC 2651 (TCC), the Court found that in certain circumstances, it is possible for companies in liquidation to legitimately engage in adjudication proceedings.

Background

Historically, there has been some doubt as to whether or not an Adjudicator has jurisdiction to make a decision if the referring party was insolvent. This was due to the fundamental incompatibility between the adjudication process and the insolvency regime.