(12) 信托计划中受托人对股权投资应当如何进行管理？
实践中，信托计划受托人取得股权主要基于两种情形，一是基于受托而取得股权，即委托人将自己合法持有的股权作为信托财产，转移至受托人管理和处分；二是基于投资而取得股权，即委托人先把自己合法持有的信托资金或其他财产转移至受托人，进而由受托人通过管理、运用该等受托财产，以增资、受让等方式投资取得股权并对该等股权进行管理和处分。
基于受托人取得股权的不同情形，受托人对股权投资的管理责任不完全相同。
如受托人系基于受托取得股权，受托人的股东身份更接近“名义股东”，其对投资股权的管理主要受限于信托合同约定的信托财产的运用及管理方式。
はじめに
ケイマン諸島と香港の裁判所は、この数ヶ月、ケイマン諸島の会社を再編することを目的とするクロスボーダーの申立てについて、関連する法域における裁判所がどのようにこれを処理するのか実用的な方向性を示しました。これは、国際礼譲および修正された普遍主義の原則に沿ったものです。
裁判所のスタート地点
手続が一つ以上のコモンローの法域で開始されたが、清算人の任命が未了の場合、裁判所が修正された普遍主義を適用するためのスタート地点は、倒産の主手続の役割を担うのはどの法域がより適当かということを考えることでしょう。最近の香港およびケイマン諸島の両地域の裁判例では、長年の先例に沿いながら、通常この法域とは会社の設立地であることを確認しました。なぜならば投資家やサービス・プロバイダーおよび債権者が通常関係しているからであり、とりわけ、会社の登録された営業所であったり、その取締役会の義務やその定款を規定する法律の地であるからです。
On March 20, Suntech, a Chinese solar manufacturing company, declared bankruptcy. Questions have arisen on how the country’s solar industry will now cope with overcapacity issues which stem from a decline in demand from Europe. The declaration comes a week after the company announced it had defaulted on $541 million of bonds.
The Chinese Maritime Courts are not obliged to recognise and/or enforce foreign courts' orders, therefore Hanjin's creditors could still arrest Hanjin-related vessels in China if they have maritime claims (recognised under Chinese law) against the registered owners and/or bareboat charterers of the said vessels.
Container leasing companies and bunker suppliers could also file applications in order to request that the corresponding Chinese Maritime Courts order Hanjin to return the leased containers to Hanjin or the bunkers supplied to Hanjin in certain circumstances.
On 21 October 2013, the financially troubled company Hainan PO Shipping applied for bankruptcy and winding up before the People’s Court of Hainan Yangpu Economic & Development Zone (“Yangpu Court”). The Yangpu Court approved the application on 31 October 2013, and the Court has since nominated the administrators of Hainan PO Shipping.
We are seeing attempts by the Chinese Government to provide the market with more sophisticated tools for dealing with unprofitable companies.
China is attempting to align its insolvency regime to international standards and introduce additional tools for dealing with the country's rising debt load.
Australian lenders with exposures to these debts (particularly in the coal, steel, manufacturing, cement, shipbuilding, solar, heavy machinery, mining and property sectors) should reassess insolvency risk and understand their options.
The decision raises new questions about whether cross-border insolvency recognition and assistance between mainland China and Hong Kong will be a two-way street.
The Collapse Of Coal
Supreme Court of Gibraltar recognises United States Chapter 11 bankruptcy proceedings as a foreign main proceeding.
Canadian insolvency proceedings of Pacific Exploration & Production Corporation recognised as main proceedings by Colombia and US Bankruptcy Court
Investors in non-performing loans ("NPLs") continue to look for new jurisdictions and opportunities to achieve attractive returns on capital. Much of the European NPL market is now in a relatively advanced state (particularly in the more mature parts of the market such as UK, Ireland, the Netherlands, Spain and, to a lesser extent, Italy). Funds are, therefore, looking further afield for NPL opportunities. One interesting jurisdiction, given the 1.71 trillion yuan (c.US $270 billion) of NPLs held by commercial banks, is China.
On April 30, 2009, the Ministry of Finance (“MOF”) and the State Administration of Taxation (“SAT”) jointly issued Caishui [2009] No. 59 (“Circular 59”) to set out the guidelines on the income tax treatment of enterprise reorganizations (please refer to our China Tax Bulletin May 2009 for more information about Circular 59).