Deal structure matters, particularly in bankruptcy. The Third Circuit recently ruled that a creditor’s right to future royalty payments in a non-executory contract could be discharged in the counterparty-debtor’s bankruptcy. The decision highlights the importance of properly structuring M&A, earn-out, and royalty-based transactions to ensure creditors receive the benefit of their bargain — even (or especially) if their counterparty later encounters financial distress.
Background
Until recently, courts in the Ninth Circuit have generally followed the minority view that non-debtor releases in a bankruptcy plan are prohibited by Bankruptcy Code Section 524(e), which provides that the “discharge of a debt of the debtor does not affect the liability of any other entity on, or the property of any other entity for, such debt.” In the summer of 2020, the Ninth Circuit hinted that its prohibition against non-debtor releases was not absolute, when the court issued its decision in Blixseth v. Credit Suisse, 961 F.3d 1074 (9th Cir.
对于《最高人民法院关于适用〈中华人民共和国民法典〉有关担保制度的解释》（下称“《民法典担保解释》”或“新规”）对金融资管业务的影响，我们在上篇及中篇中从担保物权受托持有、增信文件性质、上市公司对外担保、担保物权登记、抵押预告登记等角度进行了详细探析。本篇我们将从资产收益权回购交易、仲裁与申请实现担保物权程序、担保与破产衔接角度，着重介绍新规的修订及对金融资管业务的影响。择重点概括如下：
一、新规明确特定资产或资产收益权转让及回购交易中让与担保规则的处理方法
If a creditor is holding property of a party that files bankruptcy, is it “exercising control over” such property (and violating the automatic stay) by refusing the debtor’s turnover demands? According to the Supreme Court, the answer is no – instead, the stay under Section 362(a)(3) of the Bankruptcy Code only applies to affirmative acts that disturb the status quo as of the filing date. In other words, the mere retention of property of a debtor after the filing of a bankruptcy case does not violate the automatic stay.
合伙型基金退出时，合伙人之间可能因存在争议而无法自行组建清算组或虽然组成清算组却无法顺利完成清算。这便引发合伙型基金可否通过法院程序进行司法清算的问题。我们曾代理过一起非常罕见的合伙型基金司法清算的案件，开创上海市指定第三人担任基金清算组负责人的先例，案件在其他诸多方面都在上海地区乃至全国具有领先地位和创新意义。
所谓司法清算，亦即强制清算，是相对于企业自行清算而言，一般是指法院介入合伙型基金清算程序的制度，可以是法院组建清算组，也可能是法院监督清算程序，亦或当清算出现障碍时请求法院排除妨碍等。针对公司的强制清算，最高人民法院出台了《最高人民法院关于适用中华人民共和国公司法>若干问题的规定（二）》（以下简称“《公司法司法解释（二）》”）及《关于审理公司强制清算案件工作座谈会纪要》（以下简称“《公司强清纪要》”）。但有关合伙型基金的清算尚无较为全面和细致的立法体系，因此，合伙型基金通过司法方式进行强制清算的先例很少，且争议颇多。
Leveraged loans continue to be a topic of interest in the current environment, particularly when they are pooled and securitized as collateralized loan obligations. A recent decision sheds light on whether and when leveraged loans and similar instruments may be classified as securities and, therefore, be subject to securities laws.
Transfers and transactions up to ten years old may be scrutinized, unwound and recovered by a trustee, the bankruptcy court sitting in Massachusetts recently held in the NECCO (think chalky wafer candy) bankruptcy case. The ruling, in a case of first impression in Massachusetts, expands the reach back period from the typical four-year period for fraudulent transfer recovery, so long as the IRS is a creditor in the case.
Tolstoy warned that “if you look for perfection, you’ll never be content”; but Tolstoy wasn’t a bankruptcy lawyer. In the world of secured lending, perfection is paramount. A secured lender that has not properly perfected its lien can lose its collateral and end up with unsecured status if its borrower files bankruptcy.
Beauty Brands, LLC, along with two subsidiaries and affiliates, has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 19-10031).