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
第一部分:向香港特别行政区和中国内地客户介绍孤儿SPV打包重组交易
Part 1: Introduction to orphan SPV repackaging transactions for Hong Kong SAR and Mainland China clients
This article was written by Richard Mazzochi, Minny Siu, Angus Sip and Ryan Iskandar
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
This week’s TGIF considers a recent Federal Court decision which validated dispositions of property made by a company after the winding up began.
WHAT HAPPENED?
On 8 May 2017, Bond J ordered that a coal exploration company (the Company) be wound up on just and equitable grounds following a shareholder oppression claim. So as to avoid the consequences of a liquidation, his Honour immediately stayed that order for a period of 7 days to enable the warring parties a final chance to resolve their differences.