The decision confirms that ranking depends on when the claim arises not when it is assigned

The Spanish Supreme Court, in its ruling 22/2026, has addressed a frequently contested question in Spanish insolvency law: whether the subordination of a claim based on the creditor being a related party should be determined at the time the claim originates or at the time it is later acquired by assignment.

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

Liability management exercises, sometimes dubbed ‘creditor-on-creditor violence’, are now a defining feature of the global restructuring market. Their growing use has been matched by an increase in related litigation, and has brought with it what is for many restructuring professionals a whole new world of disclosure.

How does disclosure work in four key jurisdictions - England & Wales, New York, the Netherlands, and Luxembourg?

1.最高法发布人民法院治理欠薪典型执行案例

3月2日，北京市人民政府办公厅公布《关于印发<2026年北京市全面优化营商环境工作要点>的通知》。

The greatest concern for financially distressed individuals is the possibility of criminal prosecution due to debt, especially with the prevalence of misconceptions that link any delay in payment to immediate criminal penalties. This raises a fundamental question: Does the UAE Insolvency Law prevent criminal prosecution of the debtor?

Cash pressure rarely starts with one dramatic event. More often, it shows up in missed supplier payments, covenant breaches, unpaid salaries, weak receivables, partner tension, and creditors who stop waiting. That is usually the point when business owners begin asking how to restructure distressed business operations before the problem becomes a full legal crisis. In the UAE, timing matters. Delay can reduce your options, increase liability, and weaken your position with banks, landlords, suppliers, employees, and shareholders.

In Aquino (Re)¹, the Court of Appeal for Ontario delivered a significant decision addressing several issues of importance to insolvency practitioners: the right to appeal a bankruptcy order without leave; the incidental authority of a CCAA monitor to seek a bankruptcy order against a judgment debtor; and—perhaps most notably—the continuation of a M

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.

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