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In a decision delivered on 7 June 2024 (2024TALCH02/00950) (the Decision), the Luxembourg District Court provided for substantive clarifications regarding article 10 of the Luxembourg Law of 7 August 2023 on the continuation of businesses and modernisation of insolvency law (the Restructuring Law). This article empowers the Court to appoint judicial agents (mandataires de justice) in case of serious and aggravated misconduct (manquements graves et caractérisés) by the debtor or its corporate bodies, threatening the continuity of the business.

浅析新形势下上市公司并购重组方向与路径——以上市公司在子公司融资后实施并购重组之案例为视角

引言

2024年3月15日,中国证券监督管理委员会(以下简称“证监会”)发布《关于加强上市公司监管的意见(试行)》,明确“支持上市公司通过并购重组提升投资价值”,鼓励“上市公司综合运用各类工具提升对长期投资的吸引力,积极吸引长期机构投资者”,并提出“多措并举活跃并购重组市场,鼓励上市公司综合运用股份、现金、定向可转债等工具实施并购重组、注入优质资产”

2024年4月12日,国务院发布《关于加强监管防范风险推动资本市场高质量发展的若干意见》,原则性提出“严把发行上市准入关”“严格上市公司持续监管”“大力推动中长期资金入市,持续壮大长期投资力量”等指导意见,进一步提高IPO标准,严格再融资审核把关,鼓励上市公司聚焦主业,综合运用并购重组、股权激励等方式提高发展质量,倡导长期资金入市,鼓励长期资金投资。

Buying parts of a distressed company may offer great opportunities for buyers. When a company is struggling but not yet insolvent, external financing might dry up and the sale of non-core activities may be a last resort to generate fresh cash.

The Abu Dhabi Global Market (the “ADGM”) courts have recently handed down their decision in NMC Healthcare Limited & Others v Shetty & Others ([2024] ADGMCFI 0007). The decision deals with several important principles in relation to fraudulent/wrongful trading liabilities under ADGM law. Given the ADGM re-domiciliation (or continuation) regime, enabling companies incorporated elsewhere to be redomiciled to ADGM with relative ease, the decision is likely to be of interest beyond the borders of the ADGM.

In the recent decision Sian Participation v Halimeda (Sian), the Judicial Committee of the Privy Council (the Privy Council) held on a BVI appeal that a winding-up petition should not be stayed or dismissed merely because the underlying debt is subject to a generally-worded arbitration agreement.

In the most significant decision of the decade on a matter of U.S. bankruptcy law, the U.S. Supreme Court rendered its highly anticipated decision in Harrington v. Purdue Pharma L.P., 603 U.S. ____ (2024) on June 27, 2024, striking down the non-consensual third party releases that were the cornerstone of Purdue Pharma's Chapter 11 Plan of Reorganization by a vote of 5-4. In doing so, the Court said:

Op 27 mei 2024 is het Wetsvoorstel overgang van onderneming in faillissement in internetconsultatie gegaan (de WOVOF). De WOVOF beoogt de werknemersbescherming bij faillissement te vergroten, met name in geval van een doorstart. De WOVOF introduceert onder andere een verplichting voor de doorstarter om (in beginsel) alle werknemers uit de failliete onderneming over te nemen. Deze en andere maatregelen worden in dit nieuwsbericht nader toegelicht. 

Huidige regeling en aanleiding WOVOF

On 27 May 2024, the draft bill on transfer of undertaking in bankruptcy (in Dutch: Wetsvoorstel overgang van onderneming in faillissement, the WOVOF) was made available for internet consultation. The WOVOF aims to increase the protection of employees in case of bankruptcy, and more particular, in case of a restart (in Dutch: doorstart). The WOVOF introduces, amongst other things, an obligation for the acquirer in a restart to (in principle) offer employment to all employees from the bankrupt company. This and other measures will be discussed in detail in this this news blog. 

2024年4月,国务院印发了《关于加强监管防范风险推动资本市场高质量发展的若干意见》,明确加大并购重组改革力度,多措并举活跃并购重组市场。资本市场中产业链并购以及跨界并购已然成为上市公司实现产业整合、市场扩张的重要途径之一。本文拟从上市公司重大资产重组角度出发,对可能影响上市公司重大资产重组成功的事项予以探讨。

一、上市公司重大资产重组的界定

上市公司重大资产重组是指上市公司及其控股或者控制的公司在日常经营活动之外的购买、出售资产或者通过其他方式进行资产交易达到规定的标准,导致上市公司的主营业务、资产、收入发生重大变化的资产交易行为。其中资产交易的方式,除了购买、出售资产外,还包括与他人新设企业、对已设立的企业增资或者减资;受托经营、租赁其他企业资产或者将经营性资产委托他人经营、租赁;接受附义务的资产赠与或者对外捐赠资产等。上市公司通常对购买、出售资产是否构成重大资产重组较为熟悉,在与他人新设企业、对已设立的企业增资、受托经营、租赁其他企业资产行为中是否构成重大资产重组问题,因市场案例相对较少,故较为陌生。笔者理解其核心还是在于是否实质构成购买、出售资产的判断。

债务重组作为困境企业的有效救济路径,本质是债权人与债务人通过制定债务重组方案的方式,就债权债务重新做出安排。而在实践中,债务重组方案的执行情况往往是由方案本身的可行性、方案执行过程中的管理与实时协调、方案实施的弹性空间等多个方面决定的。本文将从这几个方面作简要分析,提出一定思考与借鉴。

一、关于债务重组

现阶段,国内尚未建立起完整的调整企业债务重组行为的法律规范,对于“债务重组”的释义,主要出现在会计及税务层面。根据《企业会计准则第12号——债务重组》的相关规定,债务重组是指在不改变交易对手方的情况下,经债权人和债务人协定或法院裁定,就清偿债务的时间、金额或方式等重新达成协议的交易。而根据《关于企业重组业务企业所得税处理若干问题的通知》(财税〔2009年〕59号)规定,债务重组是在债务人发生财务困难的情况下,债权人按照其与债务人达成的书面协议或者法院裁定书,就其对债务人的债务做出让步,通过重组以优化企业资产质量,从而实现资产价值的提升并获得收益的行为。