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    债务重组中债权退出路径设计
    2024-05-10

    对于陷入困境的企业,可以通过与债权人之间以协议的方式,对企业进行债务调整和资产重构,以实现企业复兴和债务清偿。而债务重组中债权人最关注的即是如何有效地实现债权退出,不同类型的债权人、不同的债权情况所涉的债权人诉求均可能存在差异,提供多样化的债权退出路径可以更有效地促进困境企业债务重组成功。根据实践经验,我们总结出多种卓有成效的债权退出路径,包括但不限于直接参与留债重组、债权转股权、债权转让、资产证券化等等。

    一、直接参与留债重组

    对于债务人陷入流动性危机,但本身资质良好,给予一定的时间可度过困境恢复清偿能力的,债权人往往愿意与债务人就还款金额、还款方式、还款时间等债权债务问题达成新的协议,通过优化该类企业的资产负债结构、盘活企业不良资产,帮助企业渡过财务危机,最终实现债权受偿。

    在留债重组的方式下,债权人亦可以有多种具体的债权退出路径,包括但不限于资产出售及资产盘活偿债、以资产或信托受益权等财产权抵债、以企业经营收益现金受偿、企业恢复良性负债率后融资还债等等。特殊情况下,如相关债权涉及企业继续经营所必需,还可以采取“类共益债”的形式,由全体债权人表决引入投资人协助原债权人退出。

    (一)以部分资产出售偿债退出

    Filed under:
    China, Insolvency & Restructuring, Zhong Lun Law Firm
    Authors:
    Bo Li
    Location:
    China
    Firm:
    Zhong Lun Law Firm
    Czech Republic: LegalBites | 9 May 2024
    2024-05-10

    In brief

    A selection of newly announced legislation and court decisions reinterpreting private law.

    Click here to read in Czech

    Filed under:
    Czech Republic, Competition & Antitrust, Insolvency & Restructuring, IT & Data Protection, Baker McKenzie
    Authors:
    Martin Hrodek
    Location:
    Czech Republic
    Firm:
    Baker McKenzie
    German court finds that the presumption of knowledge in contestation claims extends to indirect shareholders
    2024-05-09

    According to the German Federal Court of Justice (the Court), a “related party” (nahestehende Person) within the meaning of German insolvency law includes in the case of a legal entity, an indirect shareholder, provided that it holds more than 25% of the shares. Here, the Court will assume that the legal entity has advance knowledge of the financial situation of its subsidiary.

    Background

    Filed under:
    Germany, Insolvency & Restructuring, Litigation, Taylor Wessing, Insolvency, Federal Court of Justice
    Authors:
    Dr. Rembert T. Graf Kerssenbrock
    Location:
    Germany
    Firm:
    Taylor Wessing
    English court allows bankruptcy petition to proceed based on unrecognised foreign judgment
    2024-05-09

    The English High Court has considered, on appeal, whether a foreign judgment constitutes a "debt" for the purposes of a bankruptcy petition.

    Background

    A bankruptcy petition served by Servis-Terminal LLC (ST) was based on a Russian court judgment obtained against Drelle, a former director of ST. The judgment had been upheld following appeals to superior courts in Russia.

    There was no evidence that Drelle would be able to pay the judgment debt which was considerably more than the bankruptcy threshold.

    Appeal

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing
    Authors:
    Louise Jennings , Anneliese Amoah
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    UK Jurisdiction Taskforce publishes its third Legal Statement on Digital Assets and English Insolvency Law
    2024-05-09

    Following the launch of its public consultation in October 2023, the UK Jurisdiction Taskforce has now published its latest Legal Statement on the treatment of Digital Assets under English insolvency law.

    Key conclusions

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing
    Authors:
    Stephen O'Grady
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    In re Mallinckrodt Update—Third Circuit Agrees with Lower Courts: Royalty Obligations Not Tied to IP License Are Dischargeable Unsecured Claims
    2024-05-09

    As we previously reported in Royalty Rights as Unsecured Claims: The Relevance of Mallinckrodt to M&A, Revenue or Royalty Interest Financings, and Other Transactions Involving Future Payment Streams, a decision arising out of the Mallinckrodt plc bankruptcy cases

    Filed under:
    USA, Copyrights, Designs and trade secrets, Insolvency & Restructuring, Litigation, Patents, Trademarks, Covington & Burling LLP, Royalty payment, Third Circuit
    Authors:
    Martin E. Beeler , Dianne F. Coffino , Peter A. Schwartz , Julian Wright
    Location:
    USA
    Firm:
    Covington & Burling LLP
    Becker bankruptcy finally discharged after 7 year gestation period
    2024-05-09

    Boris Becker was originally made bankrupt in June 2017. In the ordinary course, a debtor is made bankrupt for a period of one year, and upon the anniversary of the bankruptcy order they are automatically discharged. While a bankrupt is undischarged, they are subject to various restrictions e.g. they are unable to act as company director or be involved in the management, promotion or formation of a business. Once discharged, the debtor can (in theory) start to rebuild their life afresh while their pre-bankruptcy assets remain in the hands of their trustee in bankruptcy (the Trustee).

    Filed under:
    United Kingdom, Insolvency & Restructuring, Stevens & Bolton LLP
    Authors:
    Lucy Trott
    Location:
    United Kingdom
    Firm:
    Stevens & Bolton LLP
    Dutch government aims to improve access to WHOA scheme by reducing court fees
    2024-05-09

    The Dutch Minister of Justice has recently proposed a legislative bill that drastically reduces court fees in WHOA proceedings.

    Background

    Filed under:
    Netherlands, Insolvency & Restructuring, Litigation, Taylor Wessing
    Authors:
    Inge Tan-Beulen
    Location:
    Netherlands
    Firm:
    Taylor Wessing
    Sub V Task Force Report In A Nutshell: Part 2—Future Rents & Eligibility Calculation
    2024-05-09

    On April 23, 2024, the American Bankruptcy Institute’s Subchapter V Task Force issued its Final Report.

    This article is the second in a series summarizing and condensing the Task Force’s Final Report into “a nutshell.” The subject of this article is:

    • whether future rents should be included in the debt cap calculation for Subchapter V eligibility.[Fn. 1]

    Recommendation

    Filed under:
    USA, Nebraska, Insolvency & Restructuring, Litigation, Koley Jessen PC, Bankruptcy, American Bankruptcy Institute
    Authors:
    Donald L. Swanson
    Location:
    USA
    Firm:
    Koley Jessen PC
    The Cayman Islands Court of Appeal will consider whether a company's shareholders can bring claims for misrepresentation against the company in its liquidation
    2024-05-13

    In an unprecedented turn of events, two recent proceedings in the Grand Court of the Cayman Islands considered the same complex legal issues just one week apart.

    Filed under:
    Cayman Islands, Company & Commercial, Insolvency & Restructuring, Litigation, Walkers, Cayman Islands Court of Appeal
    Authors:
    Shelley White , Siobhan Sheridan , Charlotte Raynor
    Location:
    Cayman Islands
    Firm:
    Walkers

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