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Ignacio Buil Aldana José Luis Lucena Rebollo Under the Spanish Insolvency Act, clawback is a mechanism enabling an insolvent company's trustee (or the creditors, indirectly) to challenge transactions it entered into within two years of an insolvency declaration, if these transactions are prejudicial to the estate. Even if the parties acted in good faith, proof of prejudice to the estate is sufficient to avoid the transaction and restore the company to the position it would have been in had it not carried out the transaction. In practice, clawback risk contributes to an atmosphere of legal uncertainty for creditors involved in transactions with distressed companies. These transactions typically include refinancing agreements, the granting of fresh money, amendments to the security interest, and even assignments of debt positions.

Krung Thai Bank’s Tier 2 offering has become the first internationally-sold Basel III-compliant offering from Thailand. Here's how

Banks’ use of the template is not as guaranteed The Asia Securities Industry and Financial Markets Association (Asifma) is drafting an umbrella agreement to supplement Hong Kong's comfort letter standard. It is expected to speed up negotiations between underwriters and auditors. The Hong Kong Standard on Investment Circular Reporting Engagements 400 (HKSIR 400), which was revised in December 2012, sets out the form and substance for comfort letters and bring-down letters. Since HKSIR 400's revision, Asifma has been having discussions with its members regarding an umbrella agreement to supplement the HKSIR 400 form for debt capital markets deals.

Political concern and misunderstandings could threaten the budding US rental securitisation industry before it has a chance to take off.

I seems a little passé to be taking lessons from the financial crisis in 2014, almost six years after Lehman. But as balance sheets recover, it's worth remembering how we got there. And it all hinges on a change in a job title, apparently.

Banks’ use of the template is not as guaranteed Private equity exits in China have been rare in recent years due to domestic regulatory issues and structural shifts in its economy. But limited partners (LPs) have called for their return. Exits from Chinese investments have concerned LPs since regulators closed the country's IPO market in late 2012. The government's plans to establish a more market-driven economy might also exacerbate exit difficulties.

All but two of the region’s governments intend to use it

Janet Butterworth, Norton Rose Fulbright Eric Muller, De Pardieu Brocas Maffei Kai Liebrich, Herbert Smith Freehills Alexander Dolgov, Hogan Lovells

Li Hua, Squire Patton Boggs In the last month there has been movement in the increasingly vibrant Chinese market. SQUIRE PATTON BOGGS – the result of a merger between US firms Squire Sanders and Patton Boggs in early June – made its first partner hire in the country by bringing in competition expert Li Hua from Gide Loyrette Nouel. Elsewhere FANGDA PARTNERS hired Michael Han – former head of Freshfields' China competition practice. Han is focused on competition law and is recognised as an authority in PRC competition matters.

Compared to the US and EU's established financial services regimes, Asia's regulators have largely been ignored by those beyond its borders. That began to change last year, when the region's supervisors begun asserting their extraterritorial authority. China's Ministry of Commerce (Mofcom) has attracted the most attention, delaying the merger between Glencore and Xstrata and recently blocking a three-way freight merger.