随着国际形势与经济环境日益复杂严峻,中资美元债市场动荡加剧,频频爆雷,违约数量和金额不断创历史新高。本系列文章第二部分系从英国法和中国内地法探讨中资美元债所涉增信措施——维好协议。对此,笔者已在第二部分上篇中与各位读者分享了英国法下维好协议的效力判定等问题,下篇则将视角回归中国内地法,探寻以下问题:维好协议是否具有约束力?是否构成保证担保?涉及维好协议的域外裁判能否获得中国内地法院的承认与执行?以期为妥善处理和解决适用中国内地法的相关争议探寻参考路径。
第二部分 发债增信担保措施之——维好协议(下)
3. 维好协议在中国内地法律及司法实践中的归类与定性
3.1. 维好协议的产生背景及最新监管政策
庭外债务重组,是指对陷入债务困境的债务人在避免完全的司法干预情形下,依靠企业自身与债权人、投资人进行谈判,最大限度地减少成本,改变其资产和债务构成或结构的一种债权债务整体调整活动,这种调整活动着眼于企业整体性系统调整,包括对债务人的业务重组、资产重组、管理重组、债务重组等。其中,业务重组主要围绕主业经营,不断提升巩固核心竞争力,进一步挖掘主业业务资产价值;资产重组主要聚焦企业主营业务,对非主业资产实施瘦身,最大限度实现企业资产重组价值的释放;管理重组主要优化企业治理结构,调整决策和监督职权范围,实现各方对资产处置和经营发展的共同管控,缓释信任风险;债务重组主要在管理重组、资产重组、业务重组的基础上,可以充分运用延期、降息、以物抵债、以股抵债等债务重组工具,实现企业整体债务风险化解。
Snippet series
What is the impact on the double Luxco and the Luxembourg share pledges?
Luxembourg bolsters its position for the structurings of international investments with the introduction of new tools for bankruptcy prevention. The existing and new financial collateral arrangements maintain their bankruptcy insolvency proceedings remote status, preserving the benefit and popularity of the double Luxco structure and the related enforcement of Luxembourg share security.
Bouwen met vertrouwen: insolventie-gerelateerde aandachtspunten voor opdrachtgevers in bouwcontracten
The current market conditions of the construction and project development sector may prompt extra attention to insolvency-related safeguards in building contracts with (sub)contractors. Aiming to mitigate insolvency risks as much as possible, in this blog we discuss a few key considerations for principals to take into account when entering into building contracts with (sub)contractors.
Building with confidence: insolvency-related considerations for principals in building contracts
近几年,受技术红利、产品市场、资本市场政策等多方面因素的影响,一些具有中国元素的美国公司寻求在中国境内(“境内”)市场的融资,探寻落地境内进而实现境内IPO的路径,但是,基于中美法律、税务系统的差异,在论证重组路径的过程中经常会耗费大量时间和金钱成本,往往因创始人和股东的美籍身份在重组过程中面临巨大的美国税负而导致重组搁浅。本文结合我们的实操经验对美国公司重组落回境内涉及的相关要点问题进行分析。
一、架构拆除的必要性
根据我国《公司法》,上市公司是指股票在证券交易所上市交易的、在中国境内设立的股份有限公司。但是,对于境外主体在境内A股上市的突破体现在根据《关于开展创新企业境内发行股票或存托凭证试点若干意见的通知》规定红筹企业允许发行股票或存托凭证在境内上市,例如“H公司(证券代码:688***)”以红筹企业通过直接跨境发行股票的方式以及“J公司(证券代码:689***)”以红筹企业通过发行存托凭证(CDR)的方式在境内上市,但前述情形下对于拟上市公司“红筹企业”的行业、预计市值等方面要求较高,且“红筹企业”一般被认为是注册在境外,主要经营活动在境内的企业[1]。因此,对于主要业务运营在美国且融资平台注册在中国境外的主体目前仍难以在境内直接上市。
For a foreign decree to be recognisable in Switzerland, it is according to the Swiss International Private Law Act, required that the foreign bankruptcy decree is enforceable in the state where it was issued, and there must not be any grounds for refusing recognition, e.g. a violation of Swiss public policy. Furthermore, the decision must have been issued either in the state where the debtor has its seat or domicile or in the state where the debtor has its centre of main interests.
前言
《中华人民共和国企业破产法》(“《破产法》”)在公平清理债权债务、维护社会经济秩序等方面起到了重要的作用。但《破产法》下限制表决权的条款也因缺乏统一具体的适用标准——尤其是庭外程序表决效力的延伸、职工债权人和出资人表决权规范缺失等——而导致问题层出不穷,本文拟探其详并予建议。
一、破产表决权限制条款的适用问题
(一)禁反言规则在破产程序中的适用
《全国法院民商事审判工作会议纪要》(以下简称“《九民纪要》”)第一百一十五条认可了庭外重组协议在破产重整中的效力,但是在司法实践中仍然存在诸多问题。
第一,《九民纪要》第一百一十五条明确的是庭外重组与庭内重整程序的衔接。从文义解释角度,该条仅能适用于最终转化为破产重整的庭外重组程序。而庭内企业拯救程序不仅包括破产重整程序,同时也包括破产和解程序。庭外债务重组协议的效力能否延伸到破产和解程序中仍有待进一步明确。
The long-awaited new Luxembourg law on business preservation and modernisation of bankruptcy law voted by the Luxembourg Parliament on 19 July 2023 (the Law) implementing EU Directive 2019/1023 of 20 June 2019 contains a range of new preventive reorganisation procedures, notably (i) conservatory measures (appointment of a conciliator), (ii) an out-of-court reorganization procedure by mutual agreement (réorganisation par accord amiable) and (iii) judicial reorganisation proceedings (JRP).
If bankruptcy proceedings are commenced against a debtor or if a debtor enters into a court-approved composition agreement with an assignment of all of its assets, transactions executed by the debtor during the last five years are subject to scrutiny.
The purpose of claw back claims is to recover assets extracted from or given away by an insolvent debtor for the benefit of its insolvency estate and ultimately its creditors. Transactions may be subject to claw back actions if: