债务重组作为困境企业的有效救济路径，本质是债权人与债务人通过制定债务重组方案的方式，就债权债务重新做出安排。而在实践中，债务重组方案的执行情况往往是由方案本身的可行性、方案执行过程中的管理与实时协调、方案实施的弹性空间等多个方面决定的。本文将从这几个方面作简要分析，提出一定思考与借鉴。
一、关于债务重组
现阶段，国内尚未建立起完整的调整企业债务重组行为的法律规范，对于“债务重组”的释义，主要出现在会计及税务层面。根据《企业会计准则第12号——债务重组》的相关规定，债务重组是指在不改变交易对手方的情况下，经债权人和债务人协定或法院裁定，就清偿债务的时间、金额或方式等重新达成协议的交易。而根据《关于企业重组业务企业所得税处理若干问题的通知》（财税〔2009年〕59号）规定，债务重组是在债务人发生财务困难的情况下，债权人按照其与债务人达成的书面协议或者法院裁定书，就其对债务人的债务做出让步，通过重组以优化企业资产质量，从而实现资产价值的提升并获得收益的行为。
If a debt arises from a contract that contains an exclusive jurisdiction clause (EJC) in favour of a foreign court, how will the Hong Kong court deal with a bankruptcy petition based on that debt? A highly anticipated judgment from Hong Kong’s highest court suggests that the bankruptcy petition will likely be dismissed, and that the foreign EJC will be given effect. But, as we will discuss below, the Court seems to leave other possibilities open, depending on the facts in a particular case.
A recent Hong Kong Court of Appeal decision examined a creditor’s right to commence bankruptcy/insolvency proceedings where the petition debt arises from an agreement containing an exclusive jurisdiction clause in favour of a foreign court: Guy Kwok-Hung Lam v Tor Asia Credit Master Fund LP [2022] HKCA 1297.
Historically, the Hong Kong courts have generally recognised foreign insolvency proceedings commenced in the jurisdiction in which the company is incorporated. This may no longer be the case in Hong Kong following the recent decision of Provisional Liquidator of Global Brands Group Holding Ltd v Computershare Hong Kong Trustees Ltd [2022] HKCFI 1789 (Global Brands).
Historically, the common law has only recognised foreign insolvency proceedings commenced in the jurisdiction in which the company is incorporated. This may no longer be the case in Hong Kong. Going forward, a Hong Kong court will now recognise foreign insolvency proceedings in the jurisdiction of the company’s “centre of main interests” (COMI). Indeed, it will not be sufficient, nor will it be necessary, that the foreign insolvency process is conducted in a company’s place of incorporation.
On 6 June 2022, Mr Justice Harris sanctioned a Hong Kong scheme of arrangement for Rare Earth Magnesium Technology Group (the Company) in re Rare Earth Magnesium Technology Limited [2022] HKFCI 1686 (Rare Earth).
We previously wrote about the Court’s attitude to liquidators’ applications for directions on matters arising in a compulsory winding up (i.e., by the court) under section 200 of the Companies (Winding Up and Miscellaneous Provisions) Ordinance, Cap.
In Re Grand Peace Group Holdings Limited [2021] HKCFI 2361, the Hong Kong Court refused to exercise its discretionary jurisdiction to wind up an offshore holding company due to difficulties in the recognition of Hong Kong liquidators in the BVI.
Background
As discussed in our previous blog post, the decision for provisional liquidators to apply for directions on the distribution of funds can be a difficult one to make.
The Hong Kong Court has broken yet more new ground by recognising Mainland reorganisation proceedings for the first time in Re HNA Group Co Limited [2021] HKCFI 2897.