系列导语

在各类跨境投资的项目中，投资人最担心的问题莫过于被投企业的财务状况出现困境，进而影响其持续经营能力和偿债能力并最终演变为债务危机。这些投资人可能是企业公募或私募债券的持有人、享有抵押品的银团放贷机构、各类融资架构中的夹层债权人，或是享受回购权或强制出售权的权益投资人。

跨境投资项目下的债务重组，往往会涉及多法域下的复杂法律问题、救济方式和司法程序。特别是在典型的境外持股架构下，当开曼公司作为境外母公司出现债务危机时，如何通过BVI及香港子公司逐级下沉债权人的风控或增信机制，如何衔接和落地相关境内外救济措施，如何最终帮助债权人控制或取得境内子公司的资产或其提供的担保品或抵押品，这些问题的妥善解决是债务重组成功的关键。这要求参与跨境债务重组项目的专业执行团队具有跨市场和跨国界的运作能力、多法域的法律和司法实操经验、高效的项目管理能力以及深刻的风险认知和风险反制筹划能力。由于各个法域下的质权之设立、优先顺位和有效性对于债权人和质押权人来说至关重要，加强对主要离岸法域对质押行为的程序性规定和质权有效性的判定认识能有效地防范潜在的交易风险。

In a recent opinion arising from the Chapter 11 proceedings of Arcapita Bank, Judge Alvin Hellerstein of the US District Court for the Southern District of New York affirmed a bankruptcy court decision denying safe-harbor protection to Shari’a-compliant Murabaha investment agreements.¹ Specifically, the district court held that the Murabaha agreemen

In its recent consultation (“Managing the failure of systematic Digital Settlement Asset (including stablecoin) firms”), the Government has proposed that one of two special administration regimes (SARs) which currently apply to certain financial institutions (the Financial Market Infrastructure Special Administration Regime (FMI SAR) or the Payment and E-Money Special Administ

Summary

Almost a year to the day since the High Court rejected the Amigo loans group's previous proposal for a scheme of arrangement, on 23 May 2022, Mr Justice Trower sanctioned the group's latest scheme proposal which would create the conditions for the group to resume lending and resolve the claims of thousands of the group's customers arising from its lending practices.

In its June 6, 2022 opinion in Siegel v. Fitzgerald, the United States Supreme Court resolved a circuit split and invalidated a 2017 statute that increased U.S. Trustee fees in 48 states—but not Alabama or North Carolina—as unconstitutional under the uniformity requirement of the Constitution’s Bankruptcy Clause. See Siegel v. Fitzgerald, 596 U.S. ___ (2022).

U.S. Trustee Fees, a History

The active trading of loans made to a borrower that has become unable to repay in full (known as non-performing loans or distressed debt) has been a feature of the North American and European loan markets for a number of years.

The Insolvency Service has published a report on the research commissioned by it on the use of Company Voluntary Arrangements ("CVAs") by large companies in the retail trade, accommodation and food and beverage sectors.

Background

引言

在当今国际国内供应链债务违约增多的背景下，作为供应链体系中重要支付手段的票据违约也不断集中爆发。当票据违约遭遇票据当事人破产，持票人追偿票据债权将更为困难和复杂。本文主要探讨不同破产情形下持票人行权的策略，以及破产重整计划对持票人行使追索权的可能影响，望对供应链行业交易合规和纠纷解决有所启发。

一、承兑人或出票人破产情形下，持票人追偿票据债权的策略选择

以往银行汇票较少出现承兑人（或付款人）破产的情形，多为出票人破产，但近些年如包商银行破产、以及大型企业集团破产带来的其集团财务公司破产，使得银行汇票中承兑人破产也成为了现实问题。就商业汇票而言，出票人与付款人/承兑人可能为同一主体，也可能为不同主体，均有可能陷入破产困境。在不同情形下持票人追偿债权的可能策略，值得探讨。

Em sessão realizada em 27 de abril de 2022, a Segunda Seção do Superior Tribunal de Justiça (STJ) julgou o Recurso Especial nº 1655705/SP, cujo acórdão recém-divulgado impôs a forma de pagamento fixada em Plano de Recuperação Judicial (PRJ) a determinado credor que não fez parte da recuperação judicial e pretendia cobrar o seu crédito individualmente.