On September 15, 2008, Lehman Brothers declared bankruptcy, an event considered by many to mark the beginning of the credit crisis of 2008–2009 and the unprecedented public policy responses that followed. Much has been written about the multiple contributing factors to the crisis, ranging from predatory lending to Federal Reserve interest rate policy.

The UK government announced on 26 August 2018 that it will legislate to change aspects of the UK restructuring and insolvency systems. The reforms are a response to recent high-profile domestic corporate insolvencies and the various issues highlighted in those matters.

In a closely watched battle between FirstEnergy Solutions (“FirstEnergy”) and the Ohio Valley Energy Corporation (“OVEC”) that could have significant implications for the U.S. power sector, the U.S. Bankruptcy Court for the Northern District of Ohio asserted its primacy over the Federal Energy Regulatory Commission (“FERC”) in deciding whether to allow FirstEnergy to repudiate certain FERC-regulated power purchase agreements (“PPAs”).

近年来，我国宏观经济增长放缓，国家调整产业和信贷政策，并逐渐加强金融监管，商业银行的资产质量压力有所增加，十亿甚至百亿级别的债务逾期或潜在违约浮出水面。这些巨无霸级别的潜在不良贷款风险，迫切要求商业银行审查并改善贷前贷后管理中的遗漏和问题，也对商业银行的危机处理能力提出了更高的挑战。

大敌当前，痛定思痛，当危机来临时，商业银行的管理层和执行层需要的是冷静的思考、周密的策划，以及必要时刻壮士断腕的决策力。从本团队近期参与处理的几项复杂的债务逾期及潜在违约案例来看，危机的表象多种多样，除了资金周转困难带来直接的偿付危机；有的则是债务人控制人挪用公司资金投入股市炒股，有的是公司实际控制人陷入刑事调查和指控，也有的则更为隐蔽，债务人关联主体在境外受到他国政府的调查等等。这些危机虽然不一定直接表现为到期不付，但可能已经导致债务人违反融资文件的陈述、承诺条款，甚至通过交叉违约触发了违约事件或潜在违约事件。

本文旨在梳理危机处理的思路，通盘策划全面追索资产的策略，为贷款管理工作层面制定一份简介易行的“工作方案”，以便为后续的债务重组和清偿争取宝贵的时间，避免弯路：

一、梳理融资文件

As the Chinese economy enters the “new normal”, the Chinese government has been adjusting its industrial and credit-related policies and strengthening regulation of Chinese financial institutions. A large number of non-performing loans (NPLs) as well as actual loan defaults have started to surface. The risks associated with rising levels of NPLs require Chinese banks to enhance their ex ante and ex post credit risk management practices.

It was first published by the Governance Institute of Australia.

Should a Massachusetts homeowner be allowed to claim a homestead exemption in a principal residence that is also used for business or other commercial purposes? Answering this question several years ago as a matter of first impression, the U.S.

In this newsletter, we will explore how the new impending ipso facto reforms, which come into effect on 1 July 2018, could affect landlords under commercial leases or parties under other contractual arrangements.

What are the Ipso Facto Reforms?

The ipso facto reforms seek to prevent certain termination and other ipso facto rights under a contract from being enforced against a counterparty:

The Supreme Court of Western Australia has recently made a freezing order in the matter of Trans Global Projects Pty Ltd (In Liquidation) (TGP) v Duro Felguera Australia Pty Ltd (Duro) [2018] WASC 136.

This decision sheds light on:

(12) 信托计划中受托人对股权投资应当如何进行管理？

实践中，信托计划受托人取得股权主要基于两种情形，一是基于受托而取得股权，即委托人将自己合法持有的股权作为信托财产，转移至受托人管理和处分；二是基于投资而取得股权，即委托人先把自己合法持有的信托资金或其他财产转移至受托人，进而由受托人通过管理、运用该等受托财产，以增资、受让等方式投资取得股权并对该等股权进行管理和处分。

基于受托人取得股权的不同情形，受托人对股权投资的管理责任不完全相同。

如受托人系基于受托取得股权，受托人的股东身份更接近“名义股东”，其对投资股权的管理主要受限于信托合同约定的信托财产的运用及管理方式。