对于陷入困境的企业，可以通过与债权人之间以协议的方式，对企业进行债务调整和资产重构，以实现企业复兴和债务清偿。而债务重组中债权人最关注的即是如何有效地实现债权退出，不同类型的债权人、不同的债权情况所涉的债权人诉求均可能存在差异，提供多样化的债权退出路径可以更有效地促进困境企业债务重组成功。根据实践经验，我们总结出多种卓有成效的债权退出路径，包括但不限于直接参与留债重组、债权转股权、债权转让、资产证券化等等。
一、直接参与留债重组
对于债务人陷入流动性危机，但本身资质良好，给予一定的时间可度过困境恢复清偿能力的，债权人往往愿意与债务人就还款金额、还款方式、还款时间等债权债务问题达成新的协议，通过优化该类企业的资产负债结构、盘活企业不良资产，帮助企业渡过财务危机，最终实现债权受偿。
在留债重组的方式下，债权人亦可以有多种具体的债权退出路径，包括但不限于资产出售及资产盘活偿债、以资产或信托受益权等财产权抵债、以企业经营收益现金受偿、企业恢复良性负债率后融资还债等等。特殊情况下，如相关债权涉及企业继续经营所必需，还可以采取“类共益债”的形式，由全体债权人表决引入投资人协助原债权人退出。
（一）以部分资产出售偿债退出
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.