Written by - Thomas H. Curran

As cross-border insolvencies continue to evolve, a notable shift is emerging in how complex restructurings are being executed. While Chapter 11 has long been the dominant forum for large corporate reorganizations, an increasing number of companies - particularly those with international capital structures - are turning to foreign restructuring regimes as a primary venue, with Chapter 15 serving as the mechanism to extend those proceedings into the United States.

There are currently 45 digital asset businesses operating in Bermuda with a license from the Bermudan Monetary Authority (the BMA).

The Insolvency and Bankruptcy Code, 2016 (“IBC”) is intended to be sector agnostic and to provide a uniform framework for corporate insolvency resolution and liquidation for diverse businesses regardless of their industry sector. Nevertheless, there are challenges under the IBC framework for companies operating in certain industries, owing in large part to the nature of their value generating assets and the sector specific regulations governing their industry.

专栏“担保面面观”开篇语

《民法典》的重要改革理念之一是功能主义担保观，并据此将所有权保留、融资租赁、保理等非典型担保作为“其他具有担保功能的合同”统一纳入担保体系。在规则新设统合之下，实务操作中的权利实现路径、混合担保中的顺位问题、与既有法律制度的衔接等难题亦随之浮现。鉴于此，笔者发起“担保面面观”专栏，旨在立足立法本意，结合实务案例，系统梳理担保领域的规范逻辑与适用要点，为市场主体理解规则、防控风险提供实务镜鉴。

引 言

《民法典》及《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》（以下简称《担保制度解释》）已基本确立了所有权保留的担保权构造，由此衍生的进一步问题是，如何与混合担保、合同解除、执行、破产等制度衔接适用，这已成为当前实务界的热点争议。其中部分问题系我国立法混合继受所导致的特有问题，在比较法上并无成例可借鉴。鉴于此，笔者将结合新法修订与最新司法判例，围绕六大争议、十二个子项问题展开，以期抛砖引玉，求教方家。

引言

2025年10月26日，锦州银行发布公告称，由工商银行收购承接其相关资产、负债、业务、网点和人员，这一公告标志着这家总资产曾超过8,000亿元的东北城商行在历经六年漫长风险处置后，最终全面并入国有大行体系。从2018年不良资产“爆雷”、巨亏45亿元，到2019年爆发严重同业挤兑危机，再到引入工行、信达、长城等战略投资者、剥离1,500亿元不良资产、要约收购退市，直至被工行全面收购承接，锦州银行的案例为城商行风险处置提供了样本，本文以锦州银行的危机来源为切入点，梳理风险处置各阶段的法律要点。

01.锦州银行经营危机的来源（一） 公司治理机制失效

锦州银行股权结构呈现高度分散特征，其股东以民营企业为主，上百家股东中无单一主体持股比例超过5%，未能形成有效的制衡机制，且多数股东同时为锦州银行的授信客户，其入股的核心诉求是通过持股身份获取信贷资源的便利通道。股权结构的缺陷最终导致锦州银行公司治理体系彻底崩溃。

（二） 信贷审批与风险管理体系失灵

Welcome to The Week That Was, a round-up of key events in the financial services sector over the last seven days.

The fifth episode of Season 4 of our podcast, Money Covered - The Month That Was, where the team looks at the Financial Conduct Authority's Vehicle Finance Redress Scheme Consultation, is now available.

To listen to this and all previous episodes, please click here.

Headline development

This Legal Update explores the considerations that a warehouse lender should bear in mind when deciding whether to provide borrowing base credit for participation interests and defining eligible participation interests.

Example of Eligibility Criterion:

Such Collateral Loan is not a participation in a debt obligation or a loan unless it is an Eligible Participation Interest.

Why Do Lenders Care if an Underlying Asset is a Participation Interest?

The High Court has dismissed an application to set aside a statutory demand, providing helpful guidance on the high bar debtors must meet to establish a “genuine and substantial dispute” in insolvency proceedings, particularly where challenges are based on default interest, alleged oral representations and Consumer Credit Act 1974 (“CCA 1974”) arguments.

Background