The European Union (Preventive Restructuring) Regulations 2022 were signed on 27 July 2022 to give effect to an EU directive (Directive (EU) 2019/1023). The Directive aims to ensure that member states have in place effective frameworks for early warning and prevention of corporate insolvency.

The High Court recently rescinded an order adjudicating a debtor bankrupt in Ireland because the debtor failed to disclose material facts to the Court in his application for bankruptcy. In doing so, the Court established a duty of full disclosure that debtors must comply with when seeking to be adjudicated bankrupt in Ireland.

This decision will be welcomed by creditors where there is a concern that a debtor may seek to relocate from other EU member states to Ireland to avail of Ireland’s comparatively benign bankruptcy regime.

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。

The High Court has held that disclosure of debts and undertakings given to the Circuit Court in seeking a protective certificate for a personal insolvency arrangement can be relied on in other proceedings.

Background

The McLaughlins were engaged in a long running saga of litigation with Bank of Scotland plc (“BOS”) and, after a loan sale, Ennis Property Finance Limited (“Ennis”).

In 2016 they issued High Court proceedings against Ennis and Tom Kavanagh (the “Plenary Proceedings”).

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

The Small Company Administrative Rescue Process (SCARP) was commenced on Tuesday 7 December. Now that the process is available we set out some practical considerations for companies and creditors.

SCARP

Some of the UK Government’s COVID-19 supports for businesses came to an end, or started to taper off, on 30 September 2021. The UK Insolvency service published statistics yesterday showing that the number of corporate insolvencies has returned to pre-pandemic levels. There is no reason to believe that the Irish position will be substantially different when supports come to an end.

What happened when COVID-19 struck?

The recent restructuring of the Norwegian Group by the Irish High Court helpfully clarifies the application of the Cape Town Convention in Irish restructuring. It is also an interesting case study regarding the circumstances in which the Irish courts will restructure a group of companies, which is not headquartered in Ireland.

Mr. O’Neill held a Buy-Out-Bond (BOB) with a pension provider. The retirement options were standard for such a product; allowing for the purchase of annuity, or investment in an Approved Retirement Fund (ARF) or Approved (Minimum) Retirement Fund (AMRF) as well as providing for taxable and non-taxable lump sum entitlements. Mr. O’Neill denied any entitlement of his official assignee (OA) in bankruptcy in exercising the retirement options provided by his pension where a Bankruptcy Payment Order (BPO) pursuant to s85 of the Bankruptcy Act 1988 (Act) had not been obtained.