过去数年，打包重组（Repackaging）结构盛行，中资金融机构寻求使用其作为便利进入市场的工具，并为客户提供创新的融资方案。
中国房地产行业是最广泛使用该结构的行业之一，该行业在2021年高开低走、大起大跌，并于最后一季急挫。市场预期房地产行业在2022年仍将困难重重。
在此背景下，我们察觉到安排人（Arranger）、中国房地产企业及投资者正在寻求对现有的打包重组交易进行结构调整（restructure）的机会（包括提前终止、展期、增加额外增信措施、置换等安排）。此外，我们还观察到，市场对与中国非房地产行业主体（如融资租赁公司、金融科技公司）相关的资产支持交易的兴趣有所增加。
我们将于本文探讨部分有关修订或提前终止打包重组交易的主要问题，并且概述我们在市场中观察到的典型案例和未来趋势。
温故知新：打包重组交易的基本结构
许多较为简单的打包重组交易的结构一般具有下列特点：
This week’s TGIF considers a recent case where the Supreme Court of Queensland rejected a director’s application to access an executory contract of sale entered into by receivers and managers on the basis it was not a ‘financial record’
Key Takeaways
This week’s TGIF looks at the decision of the Federal Court of Australia in Donoghue v Russells (A Firm)[2021] FCA 798 in which Mr Donoghue appealed a decision to make a sequestration order which was premised on him ‘carrying on business in Australia' for the purpose of section 43(1)(b)(iii) of the Bankruptcy Act 1966 (Cth) (Act).
Key Takeaways
This week’s TGIF considers an application to the Federal Court for the private hearing of a public examination where separate criminal proceedings were also on foot.
Key takeaways
This week’s TGIF looks at a recent decision of the Victorian Supreme Court, where a winding up application was adjourned to allow the debtor company to pursue restructuring under the recently introduced small business restructuring reforms.
Key takeaways
Un emprunteur qui, sans en avoir le droit, ne paierait pas l'échéance d'un crédit entre le 12 mars 2020 et l'expiration d'un délai d'un mois à compter de la date de cessation de l'état d'urgence sanitaire (lui-même censé durer deux mois à compter du 24 mars 2020 sauf report), pourrait arguer que la clause d'exigibilité anticipée du crédit et la clause d'intérêts de retard (une clause pénale) ne pourront produire leurs effets qu'à compter de l'expiration de cette période en application de l'ordonnance n° 2020-306 du 25 mars 2020 prise en application de la loi d'urgence n° 2020-290 du 23 mars
A borrower who, without having the right to do so, would not pay a credit instalment due between 12 March 2020 and one month after the end of the state of health emergency (which is supposed to last two months as from 24 March 2020 but could be extended), could argue that the loan documents' acceleration clause and default interest clause (a liquidated damage clause) shall only take effect after that period pursuant to Ordinance No. 2020-306 of 25 March 2020, adopted further to the "emergency" Law No. 2020-290 of 23 March 2020.
A borrower who, without having the right to do so, would not pay a credit instalment due between 12 March 2020 and one month after the end of the state of health emergency (which is supposed to last two months as from 24 March 2020 but could be extended), could argue that the loan documents' acceleration clause and default interest clause (a liquidated damage clause) shall only take effect after that period pursuant to Ordinance No. 2020-306 of 25 March 2020, adopted further to the "emergency" Law No. 2020-290 of 23 March 2020.
This week’s TGIF takes a look at the recent case of Mills Oakley (a partnership) v Asset HQ Australia Pty Ltd [2019] VSC 98, where the Supreme Court of Victoria found the statutory presumption of insolvency did not arise as there had not been effective service of a statutory demand due to a typographical error in the postal address.
What happened?
This week’s TGIF examines a decision of the Victorian Supreme Court which found that several proofs had been wrongly admitted or rejected, and had correct decisions been made, the company would not have been put into liquidation.
BACKGROUND