“以房抵债”安排，原常见于缓解开发商在开发过程中少量资金短缺的问题，但部分房地产企业逐渐将其演化作为平衡资金需求的工具，签订大量的“以房抵债”协议，在出现现金流危机、甚至濒临破产的情况下，无力偿还欠款，也无力建完房屋交付债权人，使得“以房抵债”的实现问题变得愈加尖锐。而在理论和实践中，“以房抵债”也存在较多的争议，即便表面上均具备相似的特征，由于个案事实细微的差别，或是裁判观点不同，导致不同的判决结果。故此，本文拟就“以房抵债”在破产程序中可能面临的不同效果进行梳理及探讨。
一、关于“以房抵债”的法律关系的厘清
实践中关于“以房抵债”存在着各种各样的约定，归纳起来，最为常见的为“以物抵债”类型的安排：通常发生在债务到期后（部分案件中可能发生在债务到期前），即以债务人或他人持有的房屋作为抵偿债务的“物”，通过折价转让给债权人的形式，实现债务清偿的目的。该种抵偿改变了原债权金钱给付的方式，在理论上，可称为“他种给付型以房抵债”。
在经济下行的时候，原来一些质地不错的企业也会陷入困境。对于困境企业而言，通过破产重整焕发生机，也许是最后一根救命稻草；对于投资人而言，未来真正的赚钱机会，也将出现在更多、更复杂的破产重整项目中。今天，我想跟大家谈谈破产重整投资的趋势、挑战与未来。
一、重整投资的趋势
首先，我们来谈谈重整投资已经展现出的四个变化趋势。
第一个趋势，是从被动投资到主动投资。
什么是被动投资？以往一些破产项目中的重整投资人，往往本身就是破产企业的债权人，他们随着陷入危机的破产企业一起被困在了“水中”，不得不通过参与重整投资寻求最后的“上岸”机会，比较典型的就是一些作为困境企业债权人的AMC公司。
什么是主动投资？这几年里，逐渐有一些“岸上的人”也瞄准了重整投资领域。“岸上的人”，是与困境企业没有关系的外部投资人，他们没有受到困境企业的牵连，而是将重整投资视作一个宝贵的商业机会，主动参与其中。这样的“岸上投资人”，既包括产业投资人，也包括财务投资人。
引言
在投融资实践中，一方面，部分掌握核心技术/知识产权（“IP”）的产业投资人、科研院所等出资人（“IP出资人”）在投资时，希望通过IP出资减轻自身的现金出资负担并增强目标公司的核心竞争力，实现共赢。如果出资标的是IP出资人的核心IP，IP出资人往往希望以IP使用权而非IP所有权作为出资，以保护自身利益。另一方面，相较于常见的现金出资，目标公司对IP使用权出资的了解更少，也存在些许疑问。
实践中，IP使用权出资是IP出资人和目标公司/创始人经常向我们咨询的“老话题”。IP使用权出资需要考虑诸多问题和潜在风险，我们在此进行简单介绍，希望为IP出资人和目标公司/创始人提供一些指引。
第一部分 结论
China is one of the largest manufacturers and consumers of iron and steel products. The steel industry in China has developed over several decades into the biggest in the world. China accounts for nearly 50% of world steel production. It has been driven by rapid modernization of its economy, construction, infrastructure and manufacturing industries.
Key Points
- Announcement 72 to elaborate on how the cross-border equity transfer can qualify for the special tax treatment
- Clarifies the rules to ensure no tax-avoidance purpose would be involved in the restructure as well as sets forth the rule on relevant filing procedures
Background
This article considers the landmark case by the Hong Kong Court of First Instance, in Joint and Several Liquidators of CEFC Shanghai International Group Ltd [2020] HKCFI 167. It is a significant step that the Hong Kong Courts have taken, enhancing cross-border insolvency cooperation between Mainland China and Hong Kong.
Facts
财政部国家税务总局关于个人非货币性资产投资有关个人所得税政策的通知)
On March 30, 2015, the Ministry of Finance (“MoF”) and the SAT jointly released Caishui [2015] No. 41 (“Circular 41”) to expand nationwide the tax payment installment policy applicable in the Shanghai Free Trade Zone to income derived from non-monetary asset investment made by individuals.
Circular 41 defines non-monetary asset investment and includes the contribution of non-monetary assets to establish a new company, to participate in company capital increase, private placement of stock, stock exchange and corporate restructuring.
On March 7, 2014, the State Council released its Opinion on Further Optimizing the Market Environment for Corporate Merger and Restructuring (Guo Fa [2014] No. 14, “Circular 14”), to improve the institutional mechanisms and policies that encourage corporate mergers and restructuring. Circular 14 gives overall guidance on special treatments for merger and corporate restructuring transactions with regard to enterprise income tax (“EIT”), land value-added tax, value-added tax and business tax.
In 2009, to promote corporate restructuring, the MoF and the SAT jointly released Circular Caishui [2009] No. 59 to grant tax deferral treatment to qualified corporate restructuring transactions (recently modified by Circular 109, mentioned above, which expanded its scope).
In 2010, the SAT released Announcement [2010] No. 4, providing procedural guidelines to benefit from the tax deferral treatment.
(财政部、国家税务总局关于进一步支持企业事业单位改制重组有关契税政策的通知)
Following the State Council’s call to introduce policies promoting corporate restructuring in Guofa [2014] No. 14, MoF and SAT released Caishui [2015] No. 37 (“Circular 37”) to exempt from deed tax the transfer of land use rights and building ownership rights in the following corporate transactions: