This is the message the courts are sending to office holders seeking approval of their fees. In two recent English High Court decisions, both handed down by HHJ Cawson KC, the courts clearly expect office-holders, as fiduciaries, to produce a sufficient and proportionate level of information to justify the level of fees being claimed.

The question of whether it is competent for the court to order a retrospective administration order has been the subject of much debate before the English courts. However, until now, there have been no reported Scottish decisions dealing with the point.

Shareholder disputes can often be complex and emotionally charged, particularly in small or family-owned companies where personal relationships and business interests are deeply intertwined. When such disputes reach an impasse, the law provides several mechanisms for resolution. In particular, disgruntled shareholders have the ability to bring statutory based claims against the company.

When individuals and certain entities (such as partnerships, trusts and other unincorporated bodies) have debts that they are unable to repay to their creditors, they may consider or be faced with bankruptcy, which is known as sequestration in Scotland. However, sequestration is just one avenue. Alternative statutory debt solutions are available, which can provide breathing space and allow debts to be repaid over time, without creditor pressure.

自改革开放以来，我国经济经历了四十余年的高速增长，目前已由高速增长阶段转向高质量发展阶段。在高速增长阶段积累的债务风险近年来不断显现，金融机构的不良资产不断增加。现阶段为深化供给侧结构性改革，推动经济高质量发展，对我国经济社会发展过程中存在债务风险的重点领域实施系统性、高质量的债务重组是重要的着力点之一。

自上世纪九十年代以来，金杜开始参与我国一些大型企业集团的债务重组工作；2007年《企业破产法》实施后，金杜更是一直活跃在债务重组市场的一线，既承办和参与了包括海航集团、紫光集团、渤海钢铁、永泰能源、盐湖股份、雨润集团、包商银行、新华信托等在内的一大批大型企业债务重组案件，也承办了大量的“三无”、中小型的企业破产清算案件。金杜债务重组部三十多年来一直专注债务重组领域，积累了丰富的债务重组实践经验。为对我国的债务重组实践提供有益借鉴，同时也为金杜能够更好地服务于债务重组市场，结合过往承办的债务重组具体案例，我们对债务重组市场进行2023年度回顾和观察分析，以期对相关法治建设、营商环境改善以及提高债务重组质量建言献策。

目录

一、2023年我国宏观债务形势整体观察

（一）2023年度宏观经济形势

（二）我国目前存在债务问题的重点领域

Whilst most people would hope it could never happen to them, in our experience it often can. As such it pays to be prepared.

Landlords might be starting to feel a little uneasy given the news that Superdry is considering a Company Voluntary Arrangement (CVA). Superdry is reportedly working with accountants to hash out a plan that will likely involve shutting down certain stores and cutting rent liabilities. The accountants instructed will be exploring whether either a CVA or a Restructuring Plan - both of which are processes which allow businesses to seek to reduce their liabilities to creditors – would be appropriate.

What exactly is a CVA?

We have recently published a few blogs on the hot topic of company insolvencies, including more specifically about:

The festive period is a time for celebrating with loved ones, enjoying food and drink, and exchanging gifts. But it can also bring financial challenges. With rising living costs, interest rates at levels not seen for over a decade, and inflation still high, the cost of Christmas can present a further struggle, leaving many overstretched and facing unmanageable debts and insolvency come January.

The recent news on the BBC about the rise in insolvencies makes for tough reading. But those who are in business already know how difficult it is out there as they try to weather the trading conditions. Inflationary pressures are increasing the costs of providing goods and services to customers, eroding profitability.