Do you have Cayman vehicles that you are considering terminating?
If so, you should consider initiating the process now to minimise or eliminate 2020 annual fees. This note contemplates corporate vehicles but similar considerations apply to partnerships.
Termination by voluntary liquidation
2019年11月14日，最高院正式发布第九次全国法院民商事审判工作会议的会议纪要——《全国法院民商事审判工作会议纪要》（简称“《九民纪要》”）。
对资产证券化圈的许多机构从业者，《九民纪要》具体有什么样的意义可能不太熟悉。在这里，我们还是借用引言中的一句话来体现它的意义：
“对当前民商事审判工作中的一些疑难法律问题取得了基本一致的看法。”
《九民纪要》的条款中，与金融业务有关的就可以说是包罗万象。但在正式看条款和案例之前，不妨先再来品读一下它的引言部分：
这些统领性原则，结合一些代表性案例，我们认为，会赋予证券化业务更多的司法支持。具体体现在：
破产隔离机制是资产证券化运作的枢纽，而真实出售又是破产隔离机制的核心。 作为结构性融资的资产证券化制度，其主要的特质在于发起人与特殊目的载体（以下 简称“SPV”）之间的风险隔离，亦即发起人通过风险隔离方式将基础资产信用风险 和收益转移给 SPV。
我国自 2005 年正式引进资产证券化制度，并分别以信贷资产证券化和企业资产 证券化进行试点。然而，从我国现有的资产证券化案例来看，除了信贷资产支持证券 中的优先级产品属于“真实出售型”以外，其他基于信托计划和资产支持专项计划 （以下简称“专项计划”）的企业资产证券化产品究其实质都属于“担保融资型”， 并未达到真实销售的目的。
首先，就企业资产证券化的结构来看，证券公司或基金管理公司子公司依据《证 券公司及基金管理公司子公司资产证券化业务管理规定》（以下简称“管理规定”）， 设立资产支持专项计划。由于“专项计划”仅为证券公司或基金管理公司子公司的一 个客户理财项目，并不具备独立的法律主体资格，因此，其无法作为基础资产受让人 而以自身名义受让基础资产。
其次，由于受分业经营限制，根据证监会的法规框架，证券公司或基金管理公司 子公司设立的专项计划仅仅借用了特殊目的载体的概念来推广资产证券化业务，实践 中通过引入信托机制以解决资产的真实出售与破产隔离问题也存在很多待解决的法律 问题。
EBITDA first rose to prominence in the US leveraged buy-out craze of the 1980s and has since formed the key metric of leveraged finance transactions across the world. In this article, we focus on its evolution in the European loans market, and explore how financial covenant and certain other protections in loan documentation have been eroded in recent years as a result of those changes.
This article first appeared in the November edition of Butterworths Journal of International Banking and Financial Law.
Welcome to the fifth edition of Baker & McKenzie's quarterly Asia Pacific Financial Services & Regulatory Newsletter.
Introduction
Questions around the interplay between the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002, the Sick Industrial Companies (Special Provisions) Act 1985, the Recovery of Debts Due to Banks and Financial Institutions Act 1993 and the Companies Act 1956 have frequently arisen in various high courts and the Supreme Court.
The ILP is a regulated common law partnership structure which will be of significant interest to international managers marketing to EU investors and wider global markets.
The Bill seeks to introduce a number of important changes which aim to position the ILP as a leading EU fund vehicle for private equity and sustainable investments.
Although the Bill remains subject to further approval as it passes through the legislative process, this is nonetheless a very positive and welcome development.
In Short
The Situation: The Italian Parliament recently approved the Conversion Law of Decree no. 50, dealing with, among others, securitization regulations.
The Result: The Conversion Law expands the scope of the "Law 130 Vehicle" for the sale of certain securitized assets due to an insolvency or restructuring.
Looking Ahead: The new provisions should attract new investment and make it easier for banks and other financial intermediaries to dispose of nonperforming leases and other claims.
On May 3, 2016 the Italian government approved Law Decree No. 59 (the “Decree”) which, inter alia, provides for new types of security and introduces streamlined in-court and out-of-court enforcement procedures. In addition, the Decree mandates the setting up of a centralized electronic register for security enforcement proceedings and insolvency and pre-insolvency restructuring proceedings. The Decree aims to facilitate financings and secondary debt transactions by reinforcing creditors’ rights and providing more flexible instruments to lenders and borrowers.