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Running a family-owned farm is not easy work under the best of economic circumstances, and it can be nearly impossible when times are tough. More than 30 years ago, during the mid-1980s, John Cougar Mellencamp’s mournful song “Rain on the Scarecrow” discussed the epidemic of family farm foreclosures hitting the American Heartland. Thankfully, the overall family farm economy is not at that crisis level today, but storm clouds are rumbling.

Congress approved, and earlier this month the President signed, the Small Business Reorganization Act of 2019 which streamlines existing rules governing the efforts of small businesses to restructure successfully under Chapter 11 of the Bankruptcy Code. The law effectively makes it more difficult for creditors to contest small business Chapter 11 cases, but it also provides creditors in all bankruptcy cases several major benefits through changes to the preference laws.

Subchapter V of Chapter 11.

Military veterans often pay a heavy toll for their service from a physical, emotional and even financial standpoint. A new federal law— the Honoring American Veterans in Extreme Need Act of 2019 or the HAVEN Act— aims to address the latter hardship, providing disabled military veterans with greater protections in bankruptcy proceedings.

Anyone who hasn’t heard about the “student loan crisis” in the U.S. hasn’t been paying attention. U.S. student loan debt is estimated to range from between $1.2 and $1.6 trillion with more than seven million borrowers in default. On an individual level, a graduate of a four-year college who took out a loan to get through currently owes, on average, $28,000. Average debt for a student who completed graduate school, as you would expect, is greater, and can range from $50,000 to more than $100,000.

公司资本充足是指股东实缴的出资与公司的经营规模相适应,以确保公司有充足的资本应对经营风险、偿付到期债务,与之相匹配的法律规范就是公司资本充足制度。近年来,随着市场经济的发展,立法机关改变了法定资本制的立场,在司法实践中,公司资本充足制度也呈现出渐见宽松的趋势。

一、《公司法》多次修改公司资本制度,大幅放宽了资本管制

1993年12月颁行的《公司法》采取了严格的法定资本制度。

2005年10月修订的《公司法》在保持法定资本制度的同时,降低了设立公司的资本门槛,将严格的法定资本制度修改为法定资本分期缴纳的资本制度。

2013年12月修正的《公司法》大幅修改了公司资本制度,将实缴登记制改为认缴登记制(特殊行业除外),取消了注册资本的最低限额、分期认缴期限、首付出资比例及出资财产形式的限制等规定,改由股东在公司章程中自行约定,基本完成从法定资本制到授权资本制的转变。

2018年10月修改的《公司法》增加了允许上市公司回购本公司股份的情形,并实际上赋予上市公司回购股份的自主决定权(“上市公司为维护公司价值及股东权益所必需”),还简化了股份回购的决策程序,提高了公司持有本公司股份的数额上限,延长了公司持有所回购股份的期限。

This article was first published in Digital Asset.

“Immutable” is a term that is frequently used when people talk about blockchain and the benefit of using this technology for record-keeping.

一、嵌套的本质:收益权的收益权

嵌套,根据资管新规第二十二条和第二十七条的表述,是指甲资管产品投资乙资管产品的份额。即通过一项资产所设立的产品成为了另外一个产品投资的对象,形成了产品之中还包含产品的现象。

资产端的嵌套的本质上是以收益权为中心的权利虚化与重叠。试看下述两例:

图一

(2016)最高法民终215号案(下称“215号案”,见图一)中,定向资管计划从某投资公司受让了私募债券的收益权,而某银行又从定向资管计划受让了该资管计划的收益权,即“私募债券收益权的收益权”。其中,“私募债券收益权”是在“私募债券”这一概念中分离和抽象出来的虚化标的,“私募债券收益权的收益权”则是在“私募债券收益权”基础上进一步抽象出来的虚化标的,构成 “二重虚化的合同标的”。该案中的多层嵌套结构,如我们之前在《“收益权”创制问题的旧题新解》中分析,本质上就是以高度重合的标的进行的叠加式融资交易。

图二

A recent ruling in the Pacific Gas and Electric Company (PG&E) bankruptcy proceeding highlights the risk to certain renewable energy projects from utility bankruptcy. In a June 7, 2019 ruling, the PG&E bankruptcy court denied the claim that Federal Energy Regulatory Commission (FERC) must approve any attempt by bankruptcy courts to reject (i.e., void) power project agreements (PPAs) between renewable project owners and utilities. This is in direct opposition to a FERC ruling that it does have this power.

2019年6月17日,中央国债登记结算有限责任公司(以下简称“中央结算公司”)发布《中央结算公司担保品违约处置业务指引(试行)》,银行间市场清算所股份有限公司(以下简称“上海清算所”)发布《银行间市场清算所股份有限公司债券回购违约处置业务实施细则(试行)》和《银行间市场清算所股份有限公司回购债券拍卖处置业务实施细则(试行)》,以及全国银行间同业拆借中心(以下简称“同业拆借中心”)发布《全国银行间同业拆借中心回购违约处置实施细则(试行)》(前述文件以下统称为“违约处置新规”,三家机构统称为“处置机构”),共同构建及明确银行间债券市场的债券违约处置新制度,开创银行间债券市场债券快速处置新阶段。

处置新规的发布,立即引发了境内外市场参与者的密切关注以及对相关问题的深入探讨。6月20日,中央结算公司及同业拆借中心也分别通过中国债券信息网(www.chinabond.com.cn)和微信公众号“CfetsOnline发布” 进一步发布了关于违约处置新规的答疑。

基于对违约处置新规的解读以及我们与相关市场参与者的讨论,我们拟通过本文做一些初步梳理、探讨和展望。