Following are this week’s summaries of the Court of Appeal for Ontario for the week of November 14, 2022.

The farming and agricultural industry has been dealing with financial challenges even before the pandemic. Those who were in financial jeopardy before the shutdown are forced to rely on taking on even more debt now just to survive. Currently, the sum of debt across the farming sector amounts to a staggering $496 billion according to the USDA.

Bankruptcy is a formal process geared toward preserving stakeholder value. Often, the proceedings include negotiations between stakeholders that are arduous, time-consuming and expensive. Positioning the company for healthy and sustainable growth is often viewed as a postemergence priority, as companies naturally prioritize the near-term financial realities threatening their very survival. 

How did we get here?

The crypto markets were rocked again last week by the collapse and bankruptcy of FTX and Alameda Research. Within a few short days, Sam Bankman-Fried (SBF) and his companies went from a stabilizing force for markets and acting as an industry leader to causing one of the greatest disruptions in digital asset market history.

Crypto investors were dealt another blow on November 11 when FTX, the world’s second-largest cryptocurrency exchange, filed for chapter 11 bankruptcy relief in the District of Delaware, along with more than 130 related companies and affiliates. The bankruptcy was spawned by liquidity issues brought on by the sudden collapse in value of FTX’s crypto assets. Starting on November 6, customers simultaneously attempted to withdraw their funds and assets from the exchange, causing a situation akin to a classic bank run that led to an estimated $32 billion in value quickly evaporating.

Layoffs often accompany corporate bankruptcy, and employers should be aware of the legal obligations that impact mass layoffs and plant closures. Most notably, the federal WARN Act requires employers to notify the workforce of a mass layoff, a temporary shutdown, or a closure of all or part of a business.

Employers that fail to provide adequate notice could be on the hook for damages of back pay and benefits-related compensation per employee for each day the company violated the WARN Act (up to 60 days).

Bankruptcy is a formal process geared toward preserving stakeholder value. Often, the proceedings include negotiations between stakeholders that are arduous, time-consuming and expensive. Positioning the company for healthy and sustainable growth is often viewed as a post- emergence priority, as companies naturally prioritize the near-term financial realities threatening their very survival.

The restructuring Q&A provides a comprehensive overview of some of the key points of law and practice of restructuring in Switzerland.

1.1 What formal insolvency proceedings are available in Switzerland? 

以物抵债，指债权人与债务人之间存在金钱债务，双方约定将债务人财产作价交付债权人抵偿债务的行为。实践中，主要分为两种类型，包括当事人双方协商的以物抵债和民事强制执行程序中的以物抵债程序，本文仅就前种以物抵债类型进行探讨。

近年来，随着新冠疫情影响，经济形势发生变化，再加上政策调控等多重因素打击，导致地产行业遭遇寒冬，现金流频繁遭受考验。迫于资金回款压力，为了缓解僵局，地产企业推出“工抵房”“内部房”等房源以期减轻对外负债或实现现金回流。其中，“工抵房”也被称为工程抵款房，是开发商用于给工程方抵扣工程款的一种方式，也是大众所俗称以物抵债的一种常见形式。虽然，工程方的需求是现金而并非房屋，但目前经济形势下，工程方面临开发商无款支付的现实局面，只能无奈被迫接受“工抵房”。尽管“工抵房”的出现使得开发商不再面临房子无路销售的难题，同时解决了部分应付款项；工程方能获得部分“工抵房”以解决工程资金被长期拖欠的难题；购房者可以更低价格买到“工抵房”从而降低购房成本，这一循环链看似多赢，实则隐藏大量法律风险。本文将从“工抵房”的角度，以工抵债权人的视角，对以物抵债的性质、模式、法律风险等维度进行分析，以期对实践和后续研究有所贡献。

一、以物抵债协议的性质

１ 東京地裁「倒産部」に（2022年4月

東京地裁では、2022年3月まで、長年にわたり、破産・民事 再生は民事20部（破産再生部）、会社２ ビジネス・コート（2022年10月）更生は民事8部（商事 部）によって事件処理がなされてきましたが、同年 4月より、会 社更生、特別清算及び外国倒産処理手続承認援助事件等 が民事8部から民事20部に移管され、民事20部の名称も「破 産再生部」から「倒産部」に変更¹ されました²。

民事再生と会社更生はともに再建型の倒産手続であり、手 続が類似しているところもあることから、会社更生が民事20部 に移管されたことに伴い、従前の会社更生の実務運用が変わ ることも考えられるものの、民事20部としては、当面は民事8部 の運用を承継しつつ、破産・再生事件の運用状況も踏まえ て、利用者が利用しやすい、公正・適正性を担保した円滑な 手続運用を継続的に検討していく³ 、とされていることから、当 面は運用が大きく変わることはないと思われます。