近年来,越来越多的企业面临债务困境,由于该等企业较多成立时间久、体量巨大,且存在经营多元化、债权债务形式多样化的情形,企业资金链的断裂易引发债务风险,实践中迫切需要进行债务重组,使债权人得到受偿,让企业重获新生。从目前情况来看,信托工具越来越多地被应用于债务重组中,包括在破产重整前的债务重组阶段,也包括在破产重整阶段。根据中国信托业协会于2022年12月12日发布的《2022年3季度中国信托业发展评析》,截至2022年3季度末,我国信托资产规模余额约为21.07万亿元。另根据建信信托有限责任公司(“建信信托”)发布的《建信信托2021年年度报告》,截至2021年12月31日,建信信托破产重整服务信托规模超2,300亿元[1];根据中信信托有限责任公司(“中信信托”)发布的《中信信托二〇二一年年度报告》,截至2021年12月31日,中信信托特殊资产服务信托业务受托规模近160亿元[2]。
On the 2 August 2021 Treasury released a consultation paper titled ‘Helping Companies Restructure by Improving Schemes of Arrangement. The consultation is aimed at reforming Australia’s scheme of arrangement procedure.
Administration and deeds of company arrangement have continued to have significant influence on major restructurings in the Australian market. In larger restructurings, administrations represent significant transactions where capital is deployed strategically to acquire businesses at significant discounts. A sound understanding of the procedures is key to private equity players for many reasons. Portfolio companies can be exposed to administrations where suppliers, customers or competitors experience financial difficulties.