"Rules of conduct" in difficult situations

Last Friday, the Vedomosti conference "Corporate Debt Crisis. Technologies for resolving difficult situations between lenders and borrowers" (http://info.vedomosti.ru/events/crisis16/).

The conference turned out to be very eventful: we managed to discuss the market, the position of lending banks, the position of borrowers and management technologies. The topics are very interesting and ambiguous, and I will definitely write about each of them, but for now, "hot on the heels" I would like to say the following: working with distressed assets, with bad debts and difficult situations is a specific, but still not a new type of activity. There are many banks and borrowers that have gone through the thorny path of real restructuring. And based on experience and "best practices", it is easy to form "rules of conduct" in difficult situations – both for banks and for borrowers. The rules are as follows:

Rules of action for banks:

1. Creation of a tailored system for working with distressed assets

2. Creation of a competent team to work with distressed assets

3. Work with professional service providers

Rules of action for borrowers:

1. Taking the initiative in interaction with banks

2. Work with professional service providers

Everything else is details. And the devil, of course, is in them. But without these basic rules, there will be no sustainable positive result.