InBailey Tool & Mfg. Co. v. Republic Bus. Credit, LLC, 2021 Bankr. LEXIS 3502 (Bankr. N.D. Tex. Dec. 23, 2021), the United States Bankruptcy Court for the Northern District of Texas clarified how aggressive a secured lender can be when enforcing its rights. The 145-page opinion details how a lending arrangement went “terribly wrong” and why awarding millions in damages was warranted.

Background

For those who missed it the Insolvency Service published an excellent research report at the end of June which focuses on the treatment of landlords in company voluntary arrangements (CVAs). This was against the backdrop of a large number of "landlord" CVAs in recent years – particularly in the retail and casual dining sectors – where landlords have often complained that they have been unfairly treated compared to other compromised creditors. The report concludes that landlords are, broadly speaking, equitably treated compared to other classes of unsecured creditors.

The summer heatwave has started and this will no doubt result in an influx of Airbnb and holiday rentals. Nevertheless, the short-term lettings market is clearly still recovering from the financial impact caused to this sector during the pandemic.

私は、当事務所にて事務職員として勤務していますが、前職 は大阪地方裁判所の裁判所書記官として、裁判所での倒産 事務に携わっておりました。現在も当事務所の倒産事件につ き弁護士をサポートしていますので、元書記官の視点から、今 回は「別除権」と「更生担保権」という倒産手続上の担保権に 関する用語についてお話いたします。

破産手続や再生手続においては、特別の先取特権、質権、 抵当権または商事留置権等の担保権は、倒産手続によらな いで権利を行使できるとされており、この権利のことを「別除 権」と定義しています（破産法2条9項、同65条1項、民事再生 法53条）。つまり、「別除権」とは、これら担保権が本来有する 権能、ほぼ担保権そのもののことを指しているといえます。

ところが、裁判所や弁護士が「別除権」という用語を用いる 場合は、かならずしも「担保権」の意味だけにとどまらず、「別 除権付き（破産または再生）債権」の趣旨で用いることも多く、 実務上はある程度定着した表現となっています。

よって、裁判所や弁護士とやり取りをする中で、「別除権」とい う用語が用いられている場合は、「別除権付き（破産または再 生）債権」の趣旨で用いられている可能性も念頭に置いておく と、すっきりとした理解につながる場合が多いと思われます。

In Shandong Chenming Paper Holdings Limited v Arjowiggins HKK2 Limited [2022] HKCFA 11, the Court of Final Appeal has confirmed that the "leverage" created by the prospect of a winding-up – as opposed to the making of a winding-up order – provides a legitimate form of "benefit" for the purposes of satisfying the second of the three "core requirements" for winding up a foreign incorporated company in Hong Kong.

１ はじめに

令和4年3月4日、中小企業の事業再生等に関する研究会 より「中小企業の事業再生等に関するガイドライン」（以下「中 小企業版私的整理ガイドライン」といいます。）が公表されま した。本ガイドラインは、経済産業省、金融庁及び財務省から 発表された「中小企業活性化パッケージ」のうち、中小企業 の事業再生等のためのガイドラインを定めるもので、とりわ け、第三部については、中小企業の事業再生等に焦点を当 てた新たな準則型私的整理手続を選択肢として提供するも のであり、実務的に注目されています。

Japan Inc has embarked upon the overdue process of unbundling its conglomerate structures. Businesses that are being put up for sale include distressed oversees operations, particularly in the automotive sector. Managing the businesses while they are in distress, preparing them for sale, and eventually selling them, comes with a variety of legal and practical complications. The legal landscape will vary by jurisdiction, but the following aspects generally need to be considered in some shape or form regardless of the applicable law.

With priming transactions experiencing a resurgence over the past few years, there have been a number of different routes taken by lenders with one goal in mind - Assemble a majority position and exchange, refinance or otherwise abandon their existing positions to move up the capital structure, which in turn helps increase their blended return on their exposure to a borrower and prevents a different configuration of investors from grabbing the “high ground” above them.

In bankruptcy parlance, the lookback period does not look good for the crypto industry. In the last 90 days, the cryptocurrency markets have suffered huge losses, and in the last 14 days, two major players have sought bankruptcy protection. During the prior 365 days, nearly three trillion dollars of value has been stripped from the digital wallets of cryptocurrency investors, and the industry has been forced to eliminate thousands of jobs.

Seahawk China Dynamic Fund [2022] HKCFI 1994 (date of reasons for decision: 4 July 2022)

Introduction