Among the many financial innovations that came out of the COVID era, non-pro rata uptier transactions as a liability management exercise (“LMEs”) are among the more controversial. While lawsuits challenging non-pro rata uptier transactions are making their way through the courts, two important decisions were recently issued by the Court of Appeals for the Fifth Circuit and the New York Appellate Division.
Over the past year, the Covid-19 pandemic upended many industries. While the construction industry has largely been able to operate throughout the pandemic, albeit with increased and ever-changing restrictions on jobsites, one consequence of these disruptions may be an increase in construction-related bankruptcy filings. Already in 2021, there have been over 70 construction-related bankruptcy filings across the country. For many property owners and real estate developers, these filings create a nightmare scenario where work may slow or even stop entirely.
On December 1, 2020, certain amendments to the Federal Rules of Bankruptcy Procedure take effect. The amendments largely modify rules governing bankruptcy appeals, but also impact Rules 2002 and 2004. The changes are as follows:
Over the summer, we wrote about why health care companies may want to consider buying assets out of bankruptcy, taking advantage of the Bankruptcy Code Section 363 sale process (a “363 Sale”). We are back with our second post, to provide more detail to the process and discuss some pros and cons of 363 Sales.
本文主要讨论公司型基金、合伙型基金自行清算的主要流程,并就基金自行清算出现僵局等情形时,如何申请法院启动基金强制清算程序的主要问题作初步探讨。
基金清算适用的法律
对于公司型基金的清算,其主要适用《公司法》以及《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)》(下称“《公司法司法解释二》”)《关于审理公司强制清算案件工作座谈会纪要》(下称“《强制清算纪要》”)以及部分高院出台的相关审判指导。
对于合伙型基金的清算,除适用《合伙企业法》外,可参照公司法律的有关规定。对此,《民法总则》第一百零八条规定,“非法人组织除适用本章规定外,参照适用本编第三章第一节的有关规定”;第三编第一节对法人清算作出了相关规定,其中第七十一条规定,“法人的清算程序和清算组职权,依照有关法律的规定;没有规定的,参照适用公司法律的有关规定”。例如,北京一中院在(2020)京01清申27号《民事裁定书》中基于上述规定,认定合伙型基金的清算应当参照《公司法》的相关规定进行。
除前述规定外,中国证监会、中基协的相关规定,以及其他行业自治组织的相关规定,亦可作为基金清算的依据。
This two-part blog series discusses why buyers looking to make strategic purchases in the health care industry might want to take advantage of the Bankruptcy Code Section 363 sale process (363 Sale) and the pros and cons of buying assets out of bankruptcy through a 363 Sale.
As the COVID-19 pandemic continues to disrupt businesses and markets, and companies begin to look to bankruptcy courts for relief from the resulting liquidity and operational distress, the issue of creditor and shareholder “blocking rights” seems likely to become an important topic as parties attempt to protect their investments.
In a recent decision addressing valuation issues, the First Circuit has issued an important reminder – and warning – to creditors seeking to establish a secured claim in settlement proceeds based on a security interest in the settled claim. In short, the key lesson for would-be secured creditors is this – the value of a claim is not equal to the value of damages!
优先清算权条款是境外风险投资项目的常见条款,随后逐渐在国内私募股权投资文件中采用。很多投资人关心,这一舶来品能否获得中国司法机关的认可,我们简要分析如下:
一、什么是优先清算权
优先清算权,是指公司清算时,部分股东优先于其他股东获得剩余财产分配的权利;或者,在约定的“视同清算事件”发生时,部分股东优先于其他股东从公司获得收益的权利,“视同清算事件”通常包括公司合并、被并购、出售控股股权、出售主要资产等事件。
在私募股权投资项目中,投资人为保障其自身权益采用优先清算权条款,目的是:在公司经营不善遭遇清算时,投资人可以优先拿回一些补偿;在投资人无法通过公司上市退出,发生公司被并购等“视同清算事件”发生时,其能够优先收回其投资成本和一定程度的投资回报,实现资产变现。该条款可谓投资人的“分钱利器”。
二、如何看待该条款效力
《公司法》第34条明确规定股东可以自由约定“利润分配”的比例。该条规定:“股东按照实缴的出资比例分取红利;公司新增资本时,股东有权优先按照实缴的出资比例认缴出资。但是,全体股东约定不按照出资比例分取红利或者不按照出资比例优先认缴出资的除外。”
On August 23, 2019, President Trump signed into law the “Small Business Reorganization Act of 2019.” The primary effect of the “SBRA” is the creation of a subchapter to Chapter 11 for small business debtors, i.e. those with no more than $2,725,625 in secured and unsecured debts combined, to address the unique issues faced by those companies in the bankruptcy process.