It is a rare occasion that one can be assured with certainty that, if they file a motion with a bankruptcy court, it will be granted. But, in the Third Circuit, that is exactly what will happen if a creditor or other party in interest moves for an examiner to be appointed under Section 1104(c) of the Bankruptcy Code. Once considered to be within the discretion of a bankruptcy court “as is appropriate,” the appointment of an examiner is now guaranteed if the statutory predicates are fulfilled according to the Third Circuit Court of Appeals.
企业发生债务危机拟进行债务重组时，企业的客观情况，包括但不限于企业集团的构成、资产、负债、业务经营等等，是企业自身选定重组方向制定重组方案、政府机关判断企业有无救助价值、债权人判断重组方案是否可行、投资人研判企业有无投资价值及具体投资方向的基本依据，故全面、及时地尽职调查对危机企业极有必要。然而应当注意的是，基于债务重组为目的的尽职调查与传统的收并购、IPO、债权融资等业务所涉尽职调查在尽调的对象、内容、方法等方面存在区别，应基于尽职调查的目的有针对性地设计尽调方案，进而获取对使用人有价值的尽调结果。本文拟对债务重组场景下“尽职调查”的目的、分类、尽调的主要内容及方法、以及尽调中的注意事项进行分析论述。
一、庭外债务重组尽职调查目的概述
尽职调查的目的是指导如何设计尽调方案、采取何种尽调方法、如何进行尽调结果披露的基础。举例来说，在股权收购项目中，收购方需对目标企业进行尽职调查，其目的是了解企业是否具备投资价值、并尽可能的发现可能对投资人收益产生影响的潜在风险；在资产收购项目中，收购方需对收购标的进行尽职调查，其目的是了解资产的客观状态及法律状态，确定收购资产的客观现状、法律权属、法律瑕疵等；而在庭外债务重组中，尽职调查的主要目的是了解企业的客观现状，以便确定如何化解其债务危机问题。
The Hon’ble Supreme Court in the landmark RPS Infrastructure Ltd vs. Mukul Sharma[1]judgement, once again delved into the issue of claims being made beyond the statutorily prescribed timelines in a Corporate Insolvency Resolution Process (“CIRP”).
1. 始めに
年始になると、今年の経済・法律情勢はどうかという話がよく議論される。特に日本はゼロゼロ融資の問題 もあり、法的倒産事件が増加するのではないかとも議論されるが、近時の情勢においては、それ以外のいく つかの点に留意する必要があるように思える。概括すると、①法的倒産手続への社会の期待はそれほど大き くない状態にあること、②他方で、経済的苦境以外の法的問題点が増加していること、③もう少し幅広い視
点で見ると、経済環境の変化をどのように捉えるか、という 3 点が重要といえる。
2. 私的整理手続が活発な理由
When leveraged buyouts (“LBOs”) fail, the selling shareholders are litigation targets. A common suit is a claim by a bankruptcy trustee asserting constructive fraudulent transfer claims seeking to claw-back payments to the selling shareholders from the loan proceeds that financed the LBO.
In the Matter of Holt Fund SPC (Unreported, 26 January 2024) is the first occasion where an application has been made to appoint Restructuring Officers over portfolios of a segregated portfolio company. At first glance the judgment appears uncontroversial. However, it highlights a lacuna in the law which readers should be aware of.
Background
The Petitioner sought the appointment of Restructuring Officers (ROs) in respect of two segregated portfolios of the Holt Fund SPC.
The Superior Court of Quebec rules in favor of Export Development Canada (“EDC”) and enforces a "[unequivocal]" Waiver against the surety who signed it in the context of a loan guarantee granted to the RBC.
Relevant Facts
The Dutch Supreme Court handed down a judgment (ECLI:NL:HR:2023:1751) on 15 December 2023 clarifying whether agreements entered into by a bankruptcy trustee with the approval of the supervisory judge can be affected by an application under Article 69 of the Dutch Bankruptcy Act (DBA).
Introduction
The European legislator intends to harmonise the avoidance actions in the member states. Italy, however, already has comprehensive legislation in place that covers this issue.
European legal framework for insolvency