中伦观点

在系列上篇中，我们梳理了地产项目债务重组相关政策，结合经验总结债务重组的原则、项目与项目公司尽职调查实务重点。在下篇中，我们着重梳理困境项目重组方案经验，并分享对行政赋能的一些思考，供读者参考。

房地产行业高速发展10余年，在“房住不炒”的宏观背景以及2020年8月“三道红线”政策后，因房地产行业的发展模式及市场发展规律、政策执行力度、国家宏观调控等多方面的原因，房地产市场从2021年9月开始经历行业“缩表”的阵痛，不少大型房地产企业先后出现债务风险，面临诸多的困难处境，继而影响资金方、施工方、材料设备供应方及购房业主等多方主体。房地产市场影响国民经济及民生多个方面，在行业困境下，政府亦在监管、维稳、施救等多方面遇到难题。表面上看，各方主体皆可按政策与法律处理，但实操中，商业诉求与法律的平衡，经济效果与社会效果、法律效果的协调，社会资源的调度与节约，仍需探索最佳路径。

本文仅就困境项目的成因、市场常见盘活方案等问题，从法律角度予以整理，请勿以此作为法律意见在实践中套用。

一、困境项目重组方案

房地产行业高速发展10余年，在“房住不炒”的宏观背景以及2020年8月“三道红线”政策后，因房地产行业的发展模式及市场发展规律、政策执行力度、国家宏观调控等多方面的原因，房地产市场从2021年9月开始经历行业“缩表”的阵痛，不少大型房地产企业先后出现债务风险，面临诸多的困难处境，继而影响资金方、施工方、材料设备供应方及购房业主等多方主体。房地产市场影响国民经济及民生多个方面，在行业困境下，政府亦在监管、维稳、施救等多方面遇到难题。表面上看，各方主体皆可按政策与法律处理，但实操中，商业诉求与法律的平衡，经济效果与社会效果、法律效果的协调，社会资源的调度与节约，仍需探索最佳路径。

单纯的法律手段难以解决问题的情形下，笔者认为：房地产困境的解决，最终需要落实到具体的房地产项目庭外重组与盘活。开展全行业性的政策拯救或对大型地产公司进行全面的庭外重组盘活，需假以时日并多方共同努力。因此，结合近一年多的地产项目重组盘活经验，笔者希望从政府管理、商业诉求、法律实践等方面，为各方在房地产项目困境中破局提供些建议，达到解决具体房地产项目的实际问题，使项目价值最大化，最大程度实现各方利益诉求，从一定程度上缓解目前房地产困境。

本文仅就困境项目的成因、市场常见盘活方案等问题，从法律角度予以整理，请勿以此作为法律意见在实践中套用。

In bankruptcy as in federal jurisprudence generally, to characterize something with the near-epithet of “federal common law” virtually dooms it to rejection.

In January 2020 we reported that, after the reconsideration suggested by two Supreme Court justices and revisions to account for the Supreme Court’s Merit Management decision,[1] the Court of Appeals for the Second Circuit stood by its origina

It seems to be a common misunderstanding, even among lawyers who are not bankruptcy lawyers, that litigation in federal bankruptcy court consists largely or even exclusively of disputes about the avoidance of transactions as preferential or fraudulent, the allowance of claims and the confirmation of plans of reorganization. However, with a jurisdictional reach that encompasses “all civil proceedings . . .

I don’t know if Congress foresaw, when it enacted new Subchapter V of Chapter 11 of the Code[1] in the Small Business Reorganization Act of 2019 (“SBRA”), that debtors in pending cases would seek to convert or redesignate their cases as Subchapter V cases when SBRA became effective on February 19, 2020, but it was foreseeable.

Our February 26 post [1] reported on the first case dealing with the question whether a debtor in a pending Chapter 11 case may redesignate it as a case under Subchapter V, [2] the new subchapter of Chapter 11 adopted by the Small Business Reorganization Act of 2019 (“SBRA”), which became effective on February 19.

Our February 26 post entitled “SBRA Springs to Life”^[1] reported on the first case known to me that dealt with the issue whether a debtor in a pending Chapter 11 case should be permitted to amend its petition to designate it as a case under Subchapter V,^[2] the new subchapter of Chapter 11 adopted by

State governments can be creditors of individuals, businesses and institutions that are debtors in bankruptcy in a variety of ways, most notably as tax and fine collectors but also as lenders. They can also be debtors of debtors, in their role, for example, as the purchasers of vast quantities of goods and services on credit. And they can also be transferees of a debtor’s property in (at least) every role in which they can be creditors.

We have noodled on the impact that the Supreme Court’s decision in Merit Management Group, LP v.