大禹金融控股有限公司（前称为China Agrotech Holdings Limited浩伦农业科技集团有限公司）（清盘中） [2019] HKCFI 2531 （判决日期2019年10月17日）

这是一宗关于对香港上市的离岸公司进行债务重组中获准并存债务偿还计划的案件。在债务偿还计划中，重组成本通常数额巨大，直接影响对计划债权人的回报。本案中，香港法院对使用并存债务偿还计划，以及重组成本和债权人回报之间的关系，提出了富有远见的意见。

背景情况

大禹金融控股有限公司（前称为China Agrotech Holdings Limited浩伦农业科技集团有限公司）（清盘中）（下称“公司”）成立于开曼群岛，并于香港联交所上市。公司自2015年初开始清盘，其上市状态是公司的唯一重大资产。公司大部分的债务均受香港法管辖。

清算人已找到了一名白衣骑士，以进行债务重组和恢复公司股份的交易。拟议重组计划涉及对公司股本的重构和向投资者发行新股，收益将用于支付收购新业务的费用、公司重组费用和部分解除公司负债。债权人回报率约为4.28%，在开曼群岛和香港开展并存债务偿还计划，预期实现债务重组。

The Singapore Court may grant freezing injunctions in aid of foreign court proceedings, but the Court must have jurisdiction over the defendant, and a substantive claim must nevertheless be brought against the defendant in Singapore

In Bi Xiaoqiong v China Medical Technologies, Inc (in liquidation) and

another [2019] SGCA 50 (“China Medicalâ€), the Singapore Court of Appeal

(“CoAâ€) confirmed that the Singapore Court may grant freezing (or Mareva)

injunctions in support of foreign court proceedings. However, the Singapore

As the Chinese economy enters the “new normal”, the Chinese government has been adjusting its industrial and credit-related policies and strengthening regulation of Chinese financial institutions. A large number of non-performing loans (NPLs) as well as actual loan defaults have started to surface. The risks associated with rising levels of NPLs require Chinese banks to enhance their ex ante and ex post credit risk management practices.

Investors in non-performing loans ("NPLs") continue to look for new jurisdictions and opportunities to achieve attractive returns on capital. Much of the European NPL market is now in a relatively advanced state (particularly in the more mature parts of the market such as UK, Ireland, the Netherlands, Spain and, to a lesser extent, Italy). Funds are, therefore, looking further afield for NPL opportunities. One interesting jurisdiction, given the 1.71 trillion yuan (c.US $270 billion) of NPLs held by commercial banks, is China.

近年来，我国宏观经济增长放缓，国家调整产业和信贷政策，并逐渐加强金融监管，商业银行的资产质量压力有所增加，十亿甚至百亿级别的债务逾期或潜在违约浮出水面。这些巨无霸级别的潜在不良贷款风险，迫切要求商业银行审查并改善贷前贷后管理中的遗漏和问题，也对商业银行的危机处理能力提出了更高的挑战。

大敌当前，痛定思痛，当危机来临时，商业银行的管理层和执行层需要的是冷静的思考、周密的策划，以及必要时刻壮士断腕的决策力。从本团队近期参与处理的几项复杂的债务逾期及潜在违约案例来看，危机的表象多种多样，除了资金周转困难带来直接的偿付危机；有的则是债务人控制人挪用公司资金投入股市炒股，有的是公司实际控制人陷入刑事调查和指控，也有的则更为隐蔽，债务人关联主体在境外受到他国政府的调查等等。这些危机虽然不一定直接表现为到期不付，但可能已经导致债务人违反融资文件的陈述、承诺条款，甚至通过交叉违约触发了违约事件或潜在违约事件。

本文旨在梳理危机处理的思路，通盘策划全面追索资产的策略，为贷款管理工作层面制定一份简介易行的“工作方案”，以便为后续的债务重组和清偿争取宝贵的时间，避免弯路：

一、梳理融资文件

Chinese bankruptcies have surged recently as the government uses the legal system to deal with “zombie” companies and reduce industrial overcapacity as part of a broader effort to restructure the economy. According to figures from the Supreme People’s Court, Chinese courts accepted 5,665 bankruptcy cases in 2016, an increase of 53.8% from the previous year1. As the Chinese government and the courts become more receptive to bankruptcies, without a mature market-based credit system in place, the risks heighten that debtors and creditors could try to game the bankruptcy process.

上一篇我们谈到诉讼主体的确定问题，本文将从担保的视角对债券持有人的权利救济予以分析。

保证人单方出具《保证函》的效力

一、“假股权，真债权”

近年来“假股权，真债权”的话题越来越热，实践中的规模也越来越大，其中基建和房地产是“假股权，真债权”类资产主要投资方向。所谓“假股权，真债权”指的是A公司（通常为金融机构）购买并持有B公司的股权并不是以经营为目的的长期持有，通常B公司或其股东C会与A公司签订溢价回购协议，约定在到期日以固定价格回购，因此A享有的并非股权而是债权。

“假股权，真债权”能够存在与发展一个重要原因是：公司为了满足监管层面的要求，为了满足银监会提出的“四三二原则”（所谓“四三二原则”指的是“四证”——《国有土地使用证》、《建设用地规划许可证》、《建设工程规划许可证》和《建设工程开工许可证》齐全、项目资本金比例达到30%、开发商或其控股股东具备二级资质。）中的30%控制资金比例要求，因此企业会通过发行股票的形式来筹集资金——为了能够按计划或短时间内达到30%控制资金的标准，企业可能通过与投资方签订利息补偿协议以获得投资，此类行为即为“假股权，真债权”。该原则在最近一次重申于2010年12月8日发布的《关于信托公司房地产信托业务风险提示的通知（银监办发343号）》当中。

February 2017 N° 19 Fondo Atlante and the future for the financial institutions Tommaso dalla Massara Some news on insolvency procedures Fabio Marelli EU Commission first draft of ePrivacy Regulation Rocco Panetta Insurance Distribution Directive Guido Foglia ACROSS THE EUNIVERSE 2 In this Issue Editorial Giovanni Moschetta, Bernard O'Connor 3 What's App in Europe 4 Bernard O'Connor The next big thing for European data protection: EU Commission publishes first draft of ePrivacy Regulation to be discussed during GDPR transition period 6 Rocco Panetta, Francesco Armaroli Critical features of

In Judge Glenn’s recent lengthy decision recognizing and enforcing a restructuring plan in the chapter 15 proceedings of In re Agrokor1, a Croatian company in Croatian insolvency proceedings, he highlighted that the concept of comity – respect for rulings in other countries – remains an important U.S.