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“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”。

Before ingesting too much holiday cheer, we encourage you to consider a recent opinion from the United States Court of Appeals for the Second Circuit.

Weil Bankruptcy Blog connoisseurs will recall that, in May 2019, we wrote on the Southern District of New York’s decision in In re Tribune Co. Fraudulent Conveyance Litigation, Case No. 12-2652, 2019 WL 1771786 (S.D.N.Y. April 23, 2019) (Cote, J.) (“Tribune I”).

A recent chapter 15 decision by Judge Martin Glenn of the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) suggests that third-party releases susceptible to challenge or rejection in chapter 11 proceedings may be recognized and enforced under chapter 15. This decision provides companies with cross-border connections a path to achieve approval of non-consensual third-party guarantor releases in the U.S.

Background

A recent chapter 15 decision by Judge Martin Glenn of the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) suggests that third-party releases susceptible to challenge or rejection in chapter 11 proceedings may be recognized and enforced under chapter 15. This decision provides companies with cross-border connections a path to achieve approval of non-consensual third-party guarantor releases in the U.S.

Background