The UAE Gazette of 31 October 2023 includes Federal Decree-Law No. 51 of 2023 on Financial Restructuring and Bankruptcy (the “New Law”). Here are some highlights:
- A section of the Courts is designated to monitor and administer bankruptcy and restructuring proceedings. This section is chaired by a Court of Appeal Judge.
- Resolution of claims between debtors and creditors is encouraged; for example, by providing wider scope to debtors seeking Protective Composition.
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。
In our previous article, we discussed the initiatives implemented by the Government to ease the process of discharge of bankrupts. This included the conditions and procedures for discharging bankrupts with small-scale debts, as well as proposed amendments to the Insolvency Act 1967aimed at enhancing the provisions for discharge of bankrupt and the administration of a bankrupt’s estate.
Group Insolvency: Introduction
Group means two or more enterprises, which directly or indirectly are in a position to exercise 26% or more voting rights in other enterprise or appoint more than 50% members of the Board of Directors in the other enterprise or control the management or affairs of the other enterprise.[1]
上市公司具有突出的“公众属性”，在收购、重组等交易中具有流程可控、程序规范、确定性高及支付工具丰富等特点。为进一步提高重组市场效率，中国证券监督管理委员会（以下简称“中国证监会”）于2023年9月15日就《上市公司向特定对象发行可转换公司债券购买资产规则（征求意见稿）》（以下简称“《定向可转债重组规则》”）公开征求意见，并于2023年11月14日正式颁布施行。结合该立法动向，本文拟简要分析上市公司支付现金、发行股票及向特定对象发行可转换公司债券（以下简称“定向可转债”）等支付工具在上市公司重大资产重组1中的不同作用和影响。
一、上市公司重大资产重组的一般流程
根据中国法律法规和市场案例，上市公司实施重大资产重组的一般流程如下：
Introduction
We hear a lot these days about bankruptcy venue abuse via corporate-entity manipulation shortly before bankruptcy filing.
Here’s the latest opinion on that subject—which allows Debtor’s choice of venue to stand, based on a newly-created entity:
Are the courts of England and Wales establishing themselves as a flexible forum for cross-border enforceability? Here, we consider this question in light of two recent High Court decisions: Re Silverpail Dairy (Ireland) Unlimited Co. [2023] EWHC 895 (Ch) (Silverpail) and Invest Bank PSC v El-Husseini & Ors [2023] EWHC 2302 (Comm) (Invest Bank).
The Grand Court of the Cayman Islands has provided further guidance on the new restructuring officer (RO) regime under section 91B of the Companies Act (2023 Revision) (the Act), which came into force on 31 August 2022.
In Re Aubit International (Unreported, 4 October 2023), the Grand Court dismissed a petition to appoint restructuring officers and found that it did not have jurisdiction to grant the relief requested on the basis that there was no credible evidence of a rational restructuring proposal with reasonable prospects of success.