1. State of the Restructuring Market
1.1 Market Trends and Changes
State of the Restructuring and Insolvency Market
There were 27,359 insolvencies in France as of the end of September 2021, down 25.1% from the same period in 2020, and down 47.9% from September 2019. Such reduction is relatively stable across all sectors, including those most severely affected by the health-related restrictions, such as accommodation and food services (down 44.2% year-on-year) and trade (down 28.1% year on year).
Fewer Insolvencies for More Opportunities
At the end of 2021, corporate bankruptcies (for most company sizes and in most sectors) were at their lowest level compared to the pre-COVID-19 figures from 2019, with a 50% drop in insolvency proceedings and a 10% decrease in pre-insolvency situations. This was largely due to the temporary impact of government emergency measures and support, including:
(12) 信托计划中受托人对股权投资应当如何进行管理?
实践中,信托计划受托人取得股权主要基于两种情形,一是基于受托而取得股权,即委托人将自己合法持有的股权作为信托财产,转移至受托人管理和处分;二是基于投资而取得股权,即委托人先把自己合法持有的信托资金或其他财产转移至受托人,进而由受托人通过管理、运用该等受托财产,以增资、受让等方式投资取得股权并对该等股权进行管理和处分。
基于受托人取得股权的不同情形,受托人对股权投资的管理责任不完全相同。
如受托人系基于受托取得股权,受托人的股东身份更接近“名义股东”,其对投资股权的管理主要受限于信托合同约定的信托财产的运用及管理方式。
General introduction to trust margin trading