自改革开放以来,我国经济经历了四十余年的高速增长,目前已由高速增长阶段转向高质量发展阶段。在高速增长阶段积累的债务风险近年来不断显现,金融机构的不良资产不断增加。现阶段为深化供给侧结构性改革,推动经济高质量发展,对我国经济社会发展过程中存在债务风险的重点领域实施系统性、高质量的债务重组是重要的着力点之一。
自上世纪九十年代以来,金杜开始参与我国一些大型企业集团的债务重组工作;2007年《企业破产法》实施后,金杜更是一直活跃在债务重组市场的一线,既承办和参与了包括海航集团、紫光集团、渤海钢铁、永泰能源、盐湖股份、雨润集团、包商银行、新华信托等在内的一大批大型企业债务重组案件,也承办了大量的“三无”、中小型的企业破产清算案件。金杜债务重组部三十多年来一直专注债务重组领域,积累了丰富的债务重组实践经验。为对我国的债务重组实践提供有益借鉴,同时也为金杜能够更好地服务于债务重组市场,结合过往承办的债务重组具体案例,我们对债务重组市场进行2023年度回顾和观察分析,以期对相关法治建设、营商环境改善以及提高债务重组质量建言献策。
目录
一、2023年我国宏观债务形势整体观察
(一)2023年度宏观经济形势
(二)我国目前存在债务问题的重点领域
With two decisions (No. 1895/2018 and No. 1896/2018), both filed on 25 January 2018, the Court of Cassation reached opposite conclusions in the two different situations
The case
The Constitutional Court (6 December 2017) confirmed that Art. 147, para. 5, of the Italian Bankruptcy Law does not violate the Constitution as long as it is interpreted in a broad sense
The case
With the decision No. 1195 of 18 January 2018, the Court of Cassation ruled on the powers of the extraordinary commissioner to require performance of pending contracts and on the treatment of the relevant claims of the suppliers
The case
The Court of Cassation with a decision of 25 September 2017, No. 22274 confirms that Art. 74 of the Italian Bankruptcy Law provides a special rule, which does not apply to cases to which it is not explicitly extended
The case
With the decision No. 1649 of 19 September 2017 the Court of Appeals of Catania followed the interpretation according to which a spin-off is not subject to the avoiding powers of a bankruptcy receiver
The case
Applicable law
The Italian Government has been delegated to enact a comprehensive restatement of the whole set of rules of insolvency procedures, with specific innovative addresses regarding (to mention only the most important) the concordato preventivo procedure, venue rules, an out-of-court mediation alert process to timely address a risk of insolvency, new forms of security and a streamlined set of priorities among creditors
Introduction
The Court of Padua (15 June 2017) ruled that, in the procedure provided by Legislative Decree No. 270/1999, the three-year statute of limitations period provided by Art. 69-bis of the Italian Bankruptcy Law starts from the declaration of insolvency and not from the authorization of the plan for the sale of the business
The case
The Court with two recent decisions (6 April 2017, No. 8903 and 13 April 2017, No. 9547) confirmed that the Public Prosecutor is entitled to file for bankruptcy also in case he became aware of the insolvency in the course of a probe regarding other companies or individuals and within the concordato preventivo procedure.
The case