2025年是“十四五”规划收官之年，也是深入贯彻《中共中央关于进一步全面深化改革、推进中国式现代化的决定》（下称“《决定》”）进一步全面深化改革的重要一年。《决定》指出：“健全企业破产机制，探索建立个人破产制度，推进企业注销配套改革，完善企业退出制度。健全社会信用体系和监管制度。”在《决定》的指引下，2025年国内围绕破产制度的立法、司法亮点纷呈，市场主体运用破产制度纾困、退出、权利维护的实践更加深入和丰富，破产重整制度在加强营商环境建设、促进民营经济发展、防范化解重大风险、增进人民福祉等方面都发挥了重要作用。值此新旧更替之际，本文试图梳理和总结2025年中国公司破产重整实务情况并展望2026年的发展态势，以求教于同仁。

一、概览

This is the message the courts are sending to office holders seeking approval of their fees. In two recent English High Court decisions, both handed down by HHJ Cawson KC, the courts clearly expect office-holders, as fiduciaries, to produce a sufficient and proportionate level of information to justify the level of fees being claimed.

The question of whether it is competent for the court to order a retrospective administration order has been the subject of much debate before the English courts. However, until now, there have been no reported Scottish decisions dealing with the point.

Shareholder disputes can often be complex and emotionally charged, particularly in small or family-owned companies where personal relationships and business interests are deeply intertwined. When such disputes reach an impasse, the law provides several mechanisms for resolution. In particular, disgruntled shareholders have the ability to bring statutory based claims against the company.

When individuals and certain entities (such as partnerships, trusts and other unincorporated bodies) have debts that they are unable to repay to their creditors, they may consider or be faced with bankruptcy, which is known as sequestration in Scotland. However, sequestration is just one avenue. Alternative statutory debt solutions are available, which can provide breathing space and allow debts to be repaid over time, without creditor pressure.

Whilst most people would hope it could never happen to them, in our experience it often can. As such it pays to be prepared.

Landlords might be starting to feel a little uneasy given the news that Superdry is considering a Company Voluntary Arrangement (CVA). Superdry is reportedly working with accountants to hash out a plan that will likely involve shutting down certain stores and cutting rent liabilities. The accountants instructed will be exploring whether either a CVA or a Restructuring Plan - both of which are processes which allow businesses to seek to reduce their liabilities to creditors – would be appropriate.

What exactly is a CVA?

We have recently published a few blogs on the hot topic of company insolvencies, including more specifically about:

The festive period is a time for celebrating with loved ones, enjoying food and drink, and exchanging gifts. But it can also bring financial challenges. With rising living costs, interest rates at levels not seen for over a decade, and inflation still high, the cost of Christmas can present a further struggle, leaving many overstretched and facing unmanageable debts and insolvency come January.

The recent news on the BBC about the rise in insolvencies makes for tough reading. But those who are in business already know how difficult it is out there as they try to weather the trading conditions. Inflationary pressures are increasing the costs of providing goods and services to customers, eroding profitability.