In March 2015 the major high street retailer British Home Stores (BHS) was acquired for £1 by Retail Acquisitions Limited (RAL), a company owned by Mr Dominic Chappell. Mr Chappell became a director of the BHS entities upon completion of the purchase, together with three other individuals.

In Mitchell and others v Al Jaber; Al Jaber and others v JJW Ltd [2024] EWCA Civ 423 the Court of Appeal has confirmed that a director remained subject to a continuing fiduciary duty post liquidation when purporting to transfer assets owned by that company, on the basis he was an “intermeddler”. While the case concerned a BVI company, the court’s decision was based on English-law authorities and therefore has wider significance.

Facts

In the recent case of Loveridge v Povey and Ors [2024] EWHC 329 (Ch) a company shareholder sought to challenge the administrators’ decision to rescue a balance sheet solvent company as a going concern by securing additional funding, as opposed to pursuing a sale of the business.

Background

McDermott restructuring plan approved amidst parallel settlement negotiations

The English court has given the green light to the restructuring plan (the Plan) proposed by CB&I UK Limited, part of the McDermott Group, marking the first such approval since the Court of Appeal’s pivotal decision in the Adler case (see our previous update).

随着社会发展与商业模式的不断丰富，不同商事主体之间会因愈发复杂的交易往来产生繁多的债权债务关系，整体经济环境下行、转入逆周期的情况下，债务危机频频爆发，债务重组已成为债务危机化解的一种重要方式，而债务重组能否成功的关键因素取决于是否存在契合企业、债权人、投资人甚至政府或监管机关要求的重组方案，故债务重组方案的设计是债务重组的重中之重。本文结合相关项目经验，对债务重组方案设计的总体思路及流程，以及中介机构在重组方案设计时的角色作用提出探讨，以期更好地促进债务重组工作之推进。

一、重组范围

The Court of Appeal has handed down judgment in the case of Humphrey v Bennett, providing some useful guidance on the nature and scope of a director’s duty to avoid conflicts of interest. The case was an appeal against summary judgment of the High Court following a derivative claim brought on behalf of a company by minority shareholders. The case will be of particular interest to directors of smaller companies whose management structures very often operate on a more informal footing.

2018年以来，选择以庭外重组方式化解债务风险的大型民营企业逐渐变多，同时在实践中，为了固化庭外债务重组协议之效力，越来越多企业根据自身需要，寻求以庭外重组与庭内重组相结合的、综合性化解债务危机的路径。在这样的现实背景下，对庭外债务重组与庭内重组程序的衔接及组合运用进行研究便显得十分必要了。本文将结合我国相关政策规定和案例实践，探讨庭外债务重组与庭内重组程序衔接的合理性、可行性以及两者进行衔接的模式。

一、庭外重组与庭内重组程序的现实需求

庭外重组与庭内重组（包括破产重整和破产和解）均为化解债务风险的路径。庭内重组通过破产法规定及司法权力介入等形式，赋予了重整计划或和解协议“多数决”的强制约束力，以及解封解押等的强制执行力。但庭外重组实质是债务人与主要债权人私下自愿协商，或者在中立第三人主持下达成债务调整合意的过程，达成的合意不具有司法强制执行力。

“金融机构债权人委员会”（简称“金融债委会”）是协商性、自律性、临时性组织，按照市场化、法治化、公平公正、分类施策的原则，依法维护金融机构作为债权人的合法权益。金融债委会可以按照“一企一策”的方针，集体研究增加融资、稳定融资、减少融资、重组等措施，确保债权金融机构形成合力，稳妥化解风险。

在我国经济处于下行期的大环境之下，各地大型民营企业频繁陷入债务危机，越来越多困境企业在庭外债务重组中使用金融债委会机制作为企业和债权人之间沟通的“黏合剂”、债务危机化解的“催化剂”以及与庭内司法重整或和解程序衔接的“融合剂”，由金融债委会主导庭外债务重组程序有效推进，如东旭集团等。本文意在对当前金融债委会机制的制度背景、发展现状、实践中的运行机制、存在的问题及解决方案等方面进行深入分析。

一、金融债委会国内外发展概况及制度优势

（一）国内外金融债委会制度发展概况

1、国外金融债委会制度发展概况

Outcome of the UK government's market consultation and the likely shape and impact of the proposed regime

The well-publicised restructuring of the Galapagos group (the group) in 2019 spawned multiple challenges by stakeholders in the courts of a number of different jurisdictions. The latest decision of the English High Court considers the interpretation of the Distressed Disposal provision within an LMA-form intercreditor agreement (ICA) following a challenge by subordinated noteholders (the noteholders) to the validity of the release of their claims as part of the wider restructuring.