September 2018 marks 10 years since Lehman’s collapse and the last global recession (in the UK it would seem that the long saga of the Lehman insolvency will be coming closer to an end with the scheme of arrangement having been sanctioned by the court in June 2018, bringing to a close nearly a decade’s worth of disputes and litigation). Despite some prophecies of doom, 2018 did not herald the start of the next recession, indeed financing continued to be readily available and the distressed markets were benign. Looking into the crystal ball, commentators are divided – some say the current loose financing has echoes of 2007/08. However, the majority expects the global economy to continue with reasonable macro growth, but with some sectors and regions suffering. So, what did 2018 bring and what can we expect going forward?