Summary

The Insolvency Service has released its report on CVAs (the “Report”), which was commissioned in response to the significant concerns raised by the commercial property sector in recent years and the legal challenges launched by landlords against a number of CVAs.

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。

Cryptoassets are in the spotlight for many reasons. The use of cryptocurrencies as an alternative to fiat currencies is being explored and tested further by global events. Their correlation with traditional stores of value is being tested in volatile markets. Their status as both a potential means of avoiding sanctions and as a possible means of funding charitable and humanitarian causes is being demonstrated and discussed.

On 16 March 2022, the Slovak Parliament approved the anticipated new act on solving threatened bankruptcy (the Act) and also amended related legislative documents. It implements the Directive (EU) 2019/1023 on preventive restructuring, whose implementation was postponed by one year to 17 July 2022 due to the COVID-19 pandemic. The Act aims to reform insolvency in Slovakia and make preventive mechanisms effective enough to reduce the number of bankruptcies.

To whom does the Act apply?

根据测算，截止2022年年初，国内烂尾项目规模已经超过2万亿，随着2021年大型房地产公司接连“暴雷”，势必会产生更多的烂尾或接近烂尾的项目。对于商业逻辑自洽的单体项目破产重组，借助破产清算或重整程序分兵突围势必成为地方政府主导重整的最优路径。但是鉴于目前的房地产市场行情以及烂尾项目续建的特点，大部分重整投资人，尤其是财务投资类型的重整投资人更倾向于采用固定收益的方式进行项目重整，既能实现维护稳定的社会效果，又能最大限度地保证投资安全。因此，如何在当前法律架构下保障固定收益重整投资人的利益是本文中讨论的主要问题。

一 重整投资人的收益模式对比

重整投资人参与烂尾项目的收益模式大致可以分为固定收益模式、风险收益模式和固定加风险收益模式。不同的收益模式下重整投资人有不同的投资逻辑，也有不同的退出模式。我们从投入、收益、风险以及安全性角度对固定收益模式与风险收益模式进行了比较。

（一）固定收益模式

固定收益模式的特点是重整投资人投入重整资金，约定固定收益率，在最终财产变现所得中优先收回投资本金及收益，项目剩余资产全部用于债权清偿。

根据全国人大常委会执法检查组关于检查企业破产法实施情况的报告，党的十八大以来，随着供给侧结构性改革持续深化，加快建立和完善市场主体挽救和退出机制，加之新冠肺炎疫情对于宏观经济运行的深刻影响，我国企业破产案件数量快速上升，2017年至2020年受理和审结的破产案件分别占到《企业破产法》实施以来案件总量的54%和41%。[1]区别于传统的中小企业破产重整，大型或超大型企业集团的资产结构复杂、债务规模巨大、历史遗留问题众多，进入破产重整程序之后，如何在《企业破产法》的框架下实现资产重组与债务清偿、持续运营与杠杆处置、重整效率与债权人保护等多重利益关系的合理平衡，成为破产实务中的难点与痛点。随着2021年B集团实质合并重整案（以下简称“B集团重整案”）和海航集团等三百二十一家公司实质合并重整案（以下简称“海航集团重整案”）中信托计划的引入，破产重整程序中引入信托计划作为新型破产重整模式引起业界关注。本文将结合笔者在破产重整程序中设立信托计划的服务经验，简要介绍破产重整程序中信托计划定位与架构、信托机制与破产重整程序的衔接等相关实务难点问题，以供参考。

一. 破产重整程序中信托计划的概念和优势

Before the new bankruptcy law (Royal Decree 53/2019) (the “Bankruptcy Law”) came into effect in Oman, the laws and regulations regulating bankruptcies were limited and simply addressed in laws such as the commercial law (Royal Decree 55/1990 (as amended)) (the “Commercial Law”) and the commercial companies law (Royal Decree 18/2019) (the “Commercial Companies Law”). These laws provided the framework for the bankruptcy of a person and the liquidation of insolvent companies only.

Business rates liability is complex and the question of who is liable if occupiers become insolvent is one that often arises during periods of economic uncertainty, such as the pandemic.

Business rates liability for insolvent companies

Business rates liability attaches to specific units of property known as “hereditaments”.

Insolvency related claims in relation to contracts subject to arbitration agreements continue to result in interesting challenges for the English court. In a recent decision the court had to decide whether an application for a summary judgment amounted to a step in the proceedings such that the applicant had waived its right to seek a stay in favour of arbitration.

Background

A recent Court of Appeal decision has criticised obiter comments made by the Supreme Court in Bresco v Lonsdale to the effect that adjudication decisions in favour of companies in liquidation could in certain circumstances, and with appropriate safeguards, be enforced by way of summary judgment. The Court of Appeal has indicated that such an approach would be at odds with the mandatory right of set-off arising under the Insolvency Rules. The Court of Appeal’s comments in this respect are themselves obiter and will give rise to uncertainty in this area of the law.