中伦观点
引言
在执行案件中，多个债权人争夺同一被执行人财产的情形并不罕见。在“僧多粥少”的情况下，债权人能否分配到财产以及能分配到多少财产往往取决于债权人是否采取了恰当的措施。由于执行相关法律法规较为繁杂，为了更好地阐述法律观点，本文我们将通过一个真实案件改编的模拟案例对执行程序中财产分配涉及实务问题逐一展开分析。
模拟案例引入
2018年，甲公司向乙公司出借2亿元用于经营，双方签订《抵押合同》约定乙公司将其名下A和B两处不动产抵押给甲公司，抵押范围包括乙公司欠甲公司的借款本金、利息及实现债权的费用。双方办理了抵押登记。因种种原因，两处不动产的登记簿登记显示抵押的债权数额分别为1000万元。后因乙公司无法到期偿还借款，甲公司向Y市法院起诉要求乙公司返回借款本金、利息及实现债权的费用并同时申请查分了乙公司名下C、D和E三处不动产。Y市法院判决乙公司偿还上述所有款项。
In a previous blog post from June 2022, we discussed the Tenth Circuit’s post-Sigel decision in John Q. Hammons Fall 2006 LLC v. U.S. Trustee (In re John Q. Hammons Fall 2006 LLC), 15 F.4th 1011 (10th Cir. Oct. 5, 2021), which held that the government must pay a refund to a Chapter 11 debtor based on what the debtor would have paid over the same time were the case in a Bankruptcy Administrator district.
When a company files for bankruptcy protection, Section 541 of the Bankruptcy Code creates an estate comprised of "all legal and equitable interest of the debtor in property." On July 15, 2022, Celsius Network LLC filed for relief under Chapter 11 of the United States Bankruptcy Code. At the time, it had approximately 600,000 accounts in its "Earn Program" which allowed account holders to earn interest on certain cryptocurrency deposits. These "Earn Accounts" held over $4 billion in cryptocurrency assets.
Two recent decisions from circuit courts of appeal – the Fifth and Ninth – have addressed a question that does not arise often: in a solvent-debtor chapter 11 case, is the debtor required to pay post-petition interest (commonly referred to as “pendency interest”) to unsecured creditors in order to render such claims unimpaired? And, if so, what is the applicable rate of interest to use? Additionally, a subsequent decision from the Second Circuit, while not ultimately reaching the issue, favorably cited the recent Fifth and Ninth Circuit decisions.
In a recent decision by the Tenth Circuit Bankruptcy Appellate Panel, the court held that a chapter 7 trustee could not sell an LLC membership interest pursuant to section 363 of the Bankruptcy Code because of a transfer restriction within the LLC operating agreement. Malloy v. Trak-1 Technology Inc.(In re Kramer), No. 21-005, 2022 WL 17176411 (B.A.P. 10th Cir. Nov. 23, 2022).
When a debtor files for bankruptcy, it’s axiomatic that all creditors, wherever located, must immediately cease their efforts to collect on debts owed to them by that debtor, right? Not necessarily so, says the United States Court of Appeals for the Seventh Circuit, insofar as those creditors and their collateral are located outside of the United States.
中伦观点
在系列上篇中，我们梳理了地产项目债务重组相关政策，结合经验总结债务重组的原则、项目与项目公司尽职调查实务重点。在下篇中，我们着重梳理困境项目重组方案经验，并分享对行政赋能的一些思考，供读者参考。
房地产行业高速发展10余年，在“房住不炒”的宏观背景以及2020年8月“三道红线”政策后，因房地产行业的发展模式及市场发展规律、政策执行力度、国家宏观调控等多方面的原因，房地产市场从2021年9月开始经历行业“缩表”的阵痛，不少大型房地产企业先后出现债务风险，面临诸多的困难处境，继而影响资金方、施工方、材料设备供应方及购房业主等多方主体。房地产市场影响国民经济及民生多个方面，在行业困境下，政府亦在监管、维稳、施救等多方面遇到难题。表面上看，各方主体皆可按政策与法律处理，但实操中，商业诉求与法律的平衡，经济效果与社会效果、法律效果的协调，社会资源的调度与节约，仍需探索最佳路径。
本文仅就困境项目的成因、市场常见盘活方案等问题，从法律角度予以整理，请勿以此作为法律意见在实践中套用。
一、困境项目重组方案
The Bankruptcy Protector
房地产行业高速发展10余年，在“房住不炒”的宏观背景以及2020年8月“三道红线”政策后，因房地产行业的发展模式及市场发展规律、政策执行力度、国家宏观调控等多方面的原因，房地产市场从2021年9月开始经历行业“缩表”的阵痛，不少大型房地产企业先后出现债务风险，面临诸多的困难处境，继而影响资金方、施工方、材料设备供应方及购房业主等多方主体。房地产市场影响国民经济及民生多个方面，在行业困境下，政府亦在监管、维稳、施救等多方面遇到难题。表面上看，各方主体皆可按政策与法律处理，但实操中，商业诉求与法律的平衡，经济效果与社会效果、法律效果的协调，社会资源的调度与节约，仍需探索最佳路径。
单纯的法律手段难以解决问题的情形下，笔者认为：房地产困境的解决，最终需要落实到具体的房地产项目庭外重组与盘活。开展全行业性的政策拯救或对大型地产公司进行全面的庭外重组盘活，需假以时日并多方共同努力。因此，结合近一年多的地产项目重组盘活经验，笔者希望从政府管理、商业诉求、法律实践等方面，为各方在房地产项目困境中破局提供些建议，达到解决具体房地产项目的实际问题，使项目价值最大化，最大程度实现各方利益诉求，从一定程度上缓解目前房地产困境。
本文仅就困境项目的成因、市场常见盘活方案等问题，从法律角度予以整理，请勿以此作为法律意见在实践中套用。
The United States Court of Appeals for the Fifth Circuit entered its (second) opinion in the case of In re Ultra Petroleum Corporation, Case No. 21-20008, on October 14, 2022, potentially widening a circuit split on the issue of “make-whole” payments. With the circuit split potentially growing, this issue could be ripe for a grant of certiorari.