In an opinion issued on Sept. 20 by the United States Bankruptcy Court for the District of New Mexico, Judge David T. Thuma held that the Rooker-Feldman doctrine does not prevent a bankruptcy court from determining whether the automatic stay applies to pending state court litigation. See In re Shook, Case No. 24-10724-t7 (Bankr. N.M. Sept. 20, 2024) [ECF No. 54].

To encourage vendors and other creditors to continue doing business with financially distressed entities, the Bankruptcy Code includes various defenses to litigation brought by a bankruptcy trustee or chapter 11 debtor-in-possession ("DIP") seeking to avoid pre-bankruptcy payments to such entities. One of these defenses shields from avoidance transfers made to pay debts incurred in the ordinary course of business of the debtor and the transferee.

Mitigating risk of loss associated with a bankruptcy filing should be an element of any commercial transaction, especially if it involves a sale or license of intellectual property rights. A ruling recently handed down by the U.S. Court of Appeals for the Third Circuit provides a stark reminder of the consequences of when it is not. In In re Mallinckrodt PLC, 99 F.4th 617 (3d Cir.

Section 546(e) of the Bankruptcy Code's "safe harbor" preventing avoidance in bankruptcy of certain securities, commodity, or forward-contract payments has long been a magnet for controversy. Several noteworthy court rulings have been issued in bankruptcy cases addressing the scope of the provision, including its limitation to transactions involving "financial institutions" as transferors or transferees, its preemption of avoidance litigation that could have been commenced by or on behalf of creditors under applicable non-bankruptcy law, and its application to non-public transactions.

A bedrock principle underlying chapter 11 of the Bankruptcy Code is that creditors, shareholders, and other stakeholders should be provided with adequate information to make an informed decision to either accept or reject a chapter 11 plan. For this reason, the Bankruptcy Code provides that any "solicitation" of votes for or against a plan must be preceded or accompanied by stakeholders' receipt of a "disclosure statement" approved by the bankruptcy court explaining the background of the case as well as the key provisions of the chapter 11 plan.

The U.S. Supreme Court handed down three bankruptcy rulings to finish the Term ended in July 2024. The decisions address the validity of nonconsensual third-party releases in chapter 11 plans, the standing of insurance companies to object to "insurance neutral" chapter 11 plans, and the remedy for overpayment of administrative fees in chapter 11 cases to the Office of the U.S. Trustee. We discuss each of them below.

U.S. Supreme Court Bars Nonconsensual Third-Party Releases in Chapter 11 Plans

Courts disagree over whether a foreign bankruptcy case can be recognized under chapter 15 of the Bankruptcy Code if the foreign debtor does not reside or have assets or a place of business in the United States. In 2013, the U.S. Court of Appeals for the Second Circuit staked out its position on this issue in Drawbridge Special Opportunities Fund LP v. Barnet (In re Barnet), 737 F.3d 238 (2d Cir. 2013), ruling that the provision of the Bankruptcy Code requiring U.S. residency, assets, or a place of business applies in chapter 15 cases as well as cases filed under other chapters.

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。

FRP Advisory Trading Limited won the United Kingdom's largest-ever wrongful trading claim and successfully established the first "misfeasance trading" claim against former directors of British Home Stores ("BHS"), highlighting the critical responsibilities of directors managing financially troubled company assets.

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。