Default中文金融

英文名称：Default 中文名称：违约／未能履行合约
指未履行按合约所承诺的义务，多指债务人不履行还本付息的义务或者未能履行期货合约。
e.g. Following a payment default by the issuer or repudiation by the FDIC as conservator or receiver, the specified investment should pay the interest and principal payments on the covered bonds.
1. The failure to promptly pay interest or principal when due. Default occurs when a debtor is unable to meet the legal obligation of debt repayment. Borrowers may default when they are unable to make the required payment or are unwilling to honor the debt.

2. The failure to perform on a futures contract as required by an exchange.
1. Defaulting on a debt obligation can place a company or individual in financial trouble. The lender will see a default as a sign that the borrower is not likely to make future payments. For example, if Company XYZ is unable to make a coupon payment on its bonds, the bondholders would place XYZ in bankruptcy. This would give the company an opportunity to claim XYZ's assets as a form of repayment for the debt.

目錄 Show

違約、无力偿付和破產的分別编辑
違約的類型编辑
主權違約编辑
戰略違約编辑
參考编辑

2. Defaulting on a futures contract occurs when one party does not fulfill the obligations set forth by the agreement. The default usually involves not settling the contract by the required date. A person in the short position will default if he or she fails to deliver the goods at the end of the contract. The long position defaults when payment is not provided by the settlement date.

違約，指債務人不能滿足他在債務合同的法律義務，例如沒有作出付款安排，或違反了債務合同內的條件。違約是沒有償還貸款。[1] 當債務人不願或無力支付債務，例如债券、抵押、贷款或本票，即可能會出現違約。

違約、无力偿付和破產的分別编辑

違約一詞應有別於條款无力偿付和破產。

「違約」基本上是指債務人還未支付的債務。
「无力偿付」是法律術語的含義，指債務人失去了支付債務的償付能力。
「破產」是法律程序宣告債務人無力償付債務及其後的一連鎖還款予債權人的過程。

違約的類型编辑

主權違約编辑

主条目：主權違約

戰略違約编辑

主条目：戰略違約

參考编辑

^ Sullivan, arthur; Steven M. Sheffrin. Economics: Principles in action. Upper Saddle River, New Jersey 07458: Prentice Hall. 2003: 261 [2021-02-24]. ISBN 0-13-063085-3. （原始内容存档于2018-12-26）.

The proposal of a debt restructuring mechanism borrows from the principles of bankruptcy law (as seen in several

[...]

jurisdictions),

[...] whereby a country that may have todefault onadebtwould apply to an international [...]

court to obtain a standstill in debt payment.

daccess-ods.un.org

债务重组机制的建议源于破产法原则(这体现于若干判例)，即可能无力偿还债务的国家向国际法庭提出申请，要求暂停偿债。

daccess-ods.un.org

Moreover, it

[...] is possible todefault onthe repayment of privatedebtthrough bankruptcy of private enterprises, whiledefaulting onthe payment of publicdebtis the result [...]

of a political decision.

daccess-ods.un.org

此外，有可能通过私营企业的破产不履行私人债务的偿还，而不履行公 共债务的 偿还是政治决定的结果。

daccess-ods.un.org

a How much of the

[...] credit spreadon debtsecurities represents an increased credit risk not reflected in the Risk Margin Reserve (RMR) long-termdefaultassumptions, [...]

and how much is liquidity premium.

prudential.co.uk

該等因素具體包括： a 債務證券信貸息差中信貸風險升幅的部分（未於風險邊際準備金長期違約假設中反映），以及流動性溢價的部分。

prudential.co.uk

Accordingly, RMS has to bear both interest

[...] rate risk anddefaultrisk under thedebtand derivative [...]

facilities.

legco.gov.hk

道路管理服

[...] 務 ( 彼得伯勒 ) 有限公司因而需承擔債務及衍生工具的息率風險及拖欠還款風險。

legco.gov.hk

There were fears of currency

[...] devaluation anddebt default.

legco.gov.hk

國民擔心，貨幣將會貶值，而國家亦會出現拖欠債項的情況。

legco.gov.hk

The recovery was halted in the

[...] [...] second half with markets turning down sharplyonconcerns such as weak economic data and high level of government debt in the US, fears of a sharp economic slowdown in China and the increased risk ofdebt defaultby Greece.

aia.com.sg

在下半年，美国疲弱的经济数据及政府债台高筑、中国急速的经济放缓及希腊借贷违约风险上升等因素，使市场过分担忧而急转直下，造成全球经济复苏停滞不前。

aia.com.sg

With the bursting of the bubble, households must choose

[...] between loandefaultand repayment to unwind thedebt.

hkbea.com

如今房地產泡沫爆破，美國國民需要在信貸違約及還款減債之間二選其一。

hkbea.com

The problem is particularly serious in low-income countries where the restructuring of commercial debt takes much longer than in middle-income countries and where debt restructuring does not

[...]

contribute to debt

[...] sustainability (countries exitdefaultwithdebtratios that areonaverage higher than when [...]

they entered it).

daccess-ods.un.org

在低收入国家这个问题尤其严重，其中商业债务重组花费的时间比中等收入国家的长得多，并且债务重组并无助于债务的可持续性(国家退出违约时的债务比例平均高于国家进入违约时的债务比例)。

daccess-ods.un.org

More generally, the possibility of creating a

[...] seniority structureonexisting and future claims could avoiddebtdilution in the pre-defaultphase and facilitate [...]

catalytic financing in the postdefault period.

daccess-ods.un.org

更一般而言，能创建现有和未来债权要求的优先架构就可以避免违约前的债务稀释和便利违约后阶段的催化筹资。

daccess-ods.un.org

In order to alleviate the impacts in case of sovereigndebt default,the European Union reached a consensus last nightonthe capital restructuring arrangements for European banks.

legco.gov.hk

為了減輕主權債務違約的情況一旦出現時的衝擊，歐盟已經在昨晚就歐洲銀行的資本重整安排達成共識，要求銀行將資本比率在2012 年 6月前提升至9%，並首先以私人市場資金作出融資的安排，如果有需要，各國政府亦會提供協助。

legco.gov.hk

(a) Noting that the MPFA would follow up the court judgment to ensure that the employer paid the arrears and surcharge to the MPFA, a member's suggestion that if the judgment debt was not settled before the expiry of a three-month period after the court judgment was made, the MPFA

[...]

should proceed to

[...] serve a statutory demandon thedefaultingemployer, to be followed by a winding-up petition if thedefaultingemployer failed to settle thedebtwithin three weeks after [...]

the service of the statutory demand.

legco.gov.hk

(a) 有鑒於積金局會跟進法庭的判決，確保有關僱主向積金局支付欠款及附加費，有委員建議，在法庭作出判決後的3個月期滿前，若該筆判定債項未獲清償，積金局應向欠款僱主送達法定要求償債書；在送達法定要求償債書 後的 3星期內，若欠款僱主未有清償有關債項，則 應向其 送達清盤呈請。

legco.gov.hk

Asian Markets is predominantly a

[...] corporate and institutional investor facing business focusedonoffering Asian corporatedebt(local currency and G3, privatedebt,credit defaultswaps, credit linked notes) and sovereign debt (interest [...]

rate swaps, options,

[...]

cross currency swaps, structured products) trading, and risk management services.

macquarie.cn

亚洲市场（Asian Markets）主要面向企业和机构投资者服务，专注于提供亚洲企业债务（本地货币和G3、非公开交易债务、信用违约互换、信贷挂钩票据）和主权债务（利率互换、期权、交叉货币互换、结构化产品）交易，和风险管理服务。

macquarie.cn

The Company may sell, in such manner as

[...]

the Board thinks

[...] fit, any sharesonwhich the Company has a lien, but no sale shall be made unless some sum in respect of which the lien exists is presently payable or the liability or engagement in respect of which such lien exists is liable to be presently fulfilled or discharged, nor until the expiration of fourteen days after a notice in writing, stating and demanding payment of the sum presently payable or specifying the liability or engagement and demanding fulfilment or discharge thereof and giving notice of intention to sell indefault,shall have been [...]

given to the registered

[...]

holder for the time being of the shares or the person entitled by reason of such holder’s death, bankruptcy or winding-up to the shares.

asiasat.com

本公司可以董事會認為適合的有關方式出售本公司擁有留置權的任何股份，惟除非存在留置權股份的某些款額目前應付或存在留置權股份有關的負債或協定需要現時履行或解除，且直至已向當時的股份登記持有人或因有關持有人身故、破產或對股份進行清盤而有權收取的有關人士發出書面通知（聲明及要求支付現時應付的款項或指明負債或協定及要求履行或解除負債或協定及通知有意出售欠繳股款股份）後十四日已屆滿，否則不得出售。

asiasat.com

The foremost risk being a scenario of

[...] disorderly sovereigndebt defaultin Europe or [...]

the break-up of the euro common currency

[...]

area that could lead to a renewed global financial crisis.

daccess-ods.un.org

首要风险是欧洲主权债务无序违约的情况，或欧元共同货币区解体，导致全球金融危机重新爆发。

daccess-ods.un.org

How much of the outstandingdebtof your country is indefault?

undpcc.org

目前《公约》基金的治理系统有何优点或缺点？

undpcc.org

Over the past decade, the integration of finance, mathematics and statistics has yielded a variety of

[...]

innovations and structured

[...] products, such as creditdefaultswaps, collateraliseddebtobligations, synthetic [...]

exchange traded funds and Islamic bonds.

hkuspace.hku.hk

過去十年，金融、數學和統計學的融合創造了多種金融結構性產品，如信用違約交換、擔保債權憑證、合成交易所買賣基金和伊斯 蘭債券 等。

hkuspace.hku.hk

The Ministers expressed concern that the world financial and

[...]

economic crisis is still

[...] threatening thedebtsustainability in some developing countries, inter alia, through its impactonthe real economy and the increase in borrowing undertaken in order to mitigate the negative impacts of the crisis, and in that regard called upon all Governments to promote and contribute to the discussions, including within the United Nations and other appropriate forums,onthe need and feasibility of new sovereigndebtrestructuring anddebtresolution mechanisms that take into account the multiple dimensions ofdebtsustainability and its roleonthe achievement [...]

of the internationally

[...]

agreed development goals, including the Millennium Development Goals.

daccess-ods.un.org

各位部长表示关切，世界金融和经济危机仍在威胁一些发展中国家的债务可持续性，除其他外，通过影响实体经济以及为减轻危机负面影响而增加借款。在这方面，他们呼吁各国政府推动并促进讨论，包括在联合国和其他适当论坛内，讨论新的主权债务重组和债务解决机制的必要性和可行性，并考虑到 债务可持续性的多个层面，及其在实现包括千年发展目标在内的国际商定发展目标方面的作用。

daccess-ods.un.org

It immediately triggered a budgetary imbalance and the risk

[...] of periodicaldefault onpayments that [...]

will become structural and lasting until

[...]

full balance is restored between revenue and expenses and in the timing of receipts and disbursements.

unesdoc.unesco.org

该决定迅速导致了预算的失衡，并可能导致周期性止付，在收入和支出、入账和出帐时间完全恢复平衡之前，止付的风险将 [...]

是结构性的和持续的。

unesdoc.unesco.org

The allowance for the risk of non-collection of trade receivables takes

[...]

into account credit-risk

[...] concentration, collectivedebtrisk basedonaverage historical [...]

losses and specific circumstances

[...]

such as serious adverse economic conditions in a certain country or region.

cre8ir.com

就無法收回應收貿

[...] 易賬款的風險而計提的撥備，已計及信貸集中風險、共 同債務 風險（根據過往平均虧損金額計算）及特殊情況（例如若干國家或地區出現嚴重不利經濟狀況）。

cre8ir.com

In its resolution 2004/18, the Commission on Human Rights requested the Independent Expert on

[...]

the effects of structural adjustment

[...] policies and foreigndebt onthe full enjoyment [...]

of all human rights, particularly economic,

[...]

social and cultural rights “to draft general guidelines to be followed by States and by private and public, national and international financial institutions in the decision-making and execution of debt repayments and structural reform programmes, including those arising from debt relief, to ensure that compliance with the commitments derived from foreign debt will not undermine the obligations for the realization of fundamental economic, social and cultural rights, as provided for in the international human rights instruments, and to present a preliminary draft on this matter to the Commission at its sixty-first session and a final draft at the sixtysecond session of the Commission.

daccess-ods.un.org

人权事务委员会在其第2004/18 号决议中要求结构调整政策和外债对充分享有所有人权，特别是经济、社会和文化权利的影响问题独立专家“起草一般准 [...]

则，供各国家及私营和公营、国家和国际金融机构在债务偿还和机构改革方案，包括因债务减免引起的债务偿还和机构改革方案的决策和实施中遵循，以确保遵

[...]

守外债所衍生的承诺不会破坏国际人权文书中所规定的实现基本的经济、社会和文化权利的义务；并将关于此议题的初稿提交委员会第六十一届会议，定稿提交委员会第六十二届会议。

daccess-ods.un.org

The instrument appointing a proxy to vote

[...] [...] at a general meeting shall : (i) be deemed to confer authority upon the proxy to demand or join in demanding a poll and to voteonany resolution (or amendment thereto) put to the meeting for which it is given as the proxy thinks fit provided that any form issued to a member for use by him for appointing a proxy to attend and vote at an extraordinary general meeting or at an annual general meeting at which any business is to be transacted shall be such as to enable the member, according to his intention, to instruct the proxy to vote in favour of or against (or, indefaultof instructions, to exercise his discretion in respect of) each resolution dealing with any such business; and (ii) unless the contrary [...] [...]

is stated therein, be valid as well for any adjournment of the meeting as for the meeting to which it relates.

equitynet.com.hk

委任代表在大會上表決之文據應：(i)被視為授權受委代表要求或聯合要求按股數投票表決及按其認為適合之方式就在其獲委任代表出席之會議上提呈之任何決議案（或其修訂本）表決，惟若向股東發出任何表格供其用作委任代表出席將於會上處理事務之股東特別大會或股東週年大會並於會上表決，則該表格應使該股東能夠按照其意向，指示該代表投票贊成或反對（如沒有指示，則由該代表行使其酌情權）每項涉及任何有關事務之決議案；及 (ii) 除非在該文據內註明相反規定，否則該文據對其所涉及會議之任何續會同屬有效。

equitynet.com.hk

The National Commissions of the region acknowledged UNESCO’s support (33 C/Resolution

[...]

16) which had led to the establishment of a

[...] working groupon debtswaps for education; [...]

they called on UNESCO to continue and

[...]

to step up its efforts to put into place mechanisms for debt cancellation through investment in education.

unesdoc.unesco.org

该地区的各全委会感谢教科文组织帮助建立了关于转换债务促进教育问题的工作组（第 33 C/16 [...]

号决议）；他们希望教科文组织继续加大力度，建立通过教育投资来取消债务的机制。

unesdoc.unesco.org

(i) Some members’ view that the proposed

[...]

search should be allowed for legitimate purposes only, such as for the enforcement of

[...] court orderson debtpayment, etc.

legco.gov.hk

(i) 部分委員認為，擬議查冊方式應

[...] 只限於合法用途，例如為執行有關清償 債項 的法庭命令等

legco.gov.hk

Noting slow progress in such integration, the Commission considered the need for: (a) designating the UNCITRAL secretariat as a lead agency on commercial law matters in current or future rule of law coordination mechanisms; (b) conducting outreach to country teams with the goal of increasing their awareness about the work of

[...]

UNCITRAL and its relevance

[...] to their work onthe rule of law; and (c) reflecting bydefaultneeds for commercial [...]

law reforms in

[...]

templates used for the formulation of country-specific development assistance programmes.

daccess-ods.un.org

委员会注意到此种整合过程进展缓慢，认

[...]

为需要：(a)指定贸易法委员会秘书处担任目前或未来的法治协调机制中的商法

[...] 事项主导机构；(b)对国家工作队展开宣传，目的是增进国家工作队对贸易法委员会的工作及其与国家工作队在法治方面的工作的相关性的认识； (c )在用来拟订国别发展援助方案的模板中自动反映商法改革方面的需要。

daccess-ods.un.org

Upon an Event of Default, the non-defaulting shareholder of JVCo shall have the right, exercisable upon delivery of a notice to the Defaulting Shareholder (the ‘‘Default Notice’’), to (i) terminate the Shareholders Agreement; and (ii) in the event (a) Philips is thedefaultingshareholder, to callonPhilips to sell and transfer to MMD (and Philips shall be obliged to thus sell and transfer) the shares of JVCo held by Philips (‘‘Philips Default Put Option’’) against payment by MMD of the Default Option Price (as defined below); and (b) MMD is the defaulting shareholder, to sell and transfer to MMD (and MMD shall be obliged [...] [...]

to thus purchase and accept) the shares of JVCo held by Philips against payment by MMD of the Default Option Price (as defined below).

cre8ir.com

發生違約事項時，合營公司的非違約股東有權（可於向違約股東發出通知（「違約通知」）後行使）：(i)終止股東協議；及(ii) 若(a)飛利浦乃違約股東，要求飛利浦就MMD支付違約期權價格（定義見下文）向MMD出售及轉讓（而飛利浦須據此出售及轉讓）飛利浦持有的合營公司股份（「飛利浦違約認沽期權」）；及(b)若MMD乃違約股東，要求飛利浦就MMD支付違約期權價格（定義見下文）向MMD出售及轉讓（而MMD須據此收購及接納）飛利浦持有的合營公司股份。

cre8ir.com

These so-called "minibonds" are actually "structured notes", a kind of derivative

[...]

backed by a basket of high-risk derivative

[...] instruments, including collateralizeddebtobligations (CDO) and creditdefaultswap (CDS).

legco.gov.hk

這些所謂

[...] “迷你債券”，其實是衍生投資產品中的“結構性票據”，它的抵押品是一堆高風險的衍生工具，包括了抵押債務證券( CDO)及差點就令AIG百年基業一朝喪的信貸違約掉期安排(CDS)等。

legco.gov.hk

The Deputy Chairman enquired about the economic benefits that would be generated for Hong Kong as a result of the proposed

[...]

enhancements to the QDI scheme,

[...] e.g. whether stamp duty was imposedon debtinstrument transactions and the estimated [...]

increase in revenue

[...]

from stamp duty arising from the enhanced QDI scheme.

legco.gov.hk

副主席詢問，合資格債務票據計劃的擬議優化措施能為香港帶來哪些經濟收益，例如當局會否開徵債務票據交易的印花稅，以及合資格債務票據優化計劃估計可令印花稅收入增加多少。

legco.gov.hk

Some of the salient developments since the Monterrey Conference in 2002 were the improved working relationship between the private and official sectors in the area of crisis

[...]

prevention and resolution,

[...] which had contributed to a better dialogueon debtsustainability; the increasing realization [...]

that regulations, including

[...]

Basel II, had to be counter-cyclical in order to maintain debt sustainability; the increasing introduction of collective action clauses in bond issues; and the increased blurring between domestic and external debt, creating a new set of challenges.

daccess-ods.un.org

2002 年蒙特雷会议后取得了重要进展，其中包括私营部门和政府部门在危机预防和解决方面的工作关系得到改善，促进 了债务可 持续性问题的对话；更清楚地认识到要维持债务可持续性，包括新巴塞尔资本协定在内的规则必须逆周期而动；在公债中更多地引入了集体诉讼条款；内债和外债的界限更 [...] [...]

加模糊，产生了一系列新的问题。

daccess-ods.un.org