金杜律师事务所破产、重组和清算组
司法实践中，在债务人破产（包括破产清算、重整与和解，下同）程序中，管理人常常会遇到债权人的债权人向相关法院提出申请，要求执行债权人在债务人破产程序中可获得的分配权益。具体的做法是：
债务人破产程序中，在受理破产案件的法院裁定确认各家债权人的债权之后，债权人的债权人申请法院（该法院不一定是受理破产案件的法院），对债权人在债务人破产程序中可受偿的权益予以执行；受理执行案件的法院则根据债权人的债权人之申请，出具民事裁定书，向债务人破产程序中的管理人发出协助执行通知，要求冻结债权人在债务人破产程序中的可分配权益，并要求管理人在对债权人进行分配时，将应当分配给债权人的资产的全部或者一部分，直接支付给提出执行申请的债权人的债权人，或是直接支付至受理执行案件的法院，再由受理执行案件的法院转给提出申请的债权人的债权人。
Continue Reading...金杜律师事务所破产、重组和清算组
中国证监会于2011年1月发布了5个并购重组法律适用意见，内容包括上市公司严重财务困难认定、要约豁免申请条款选用、二级市场收购的完成时点、拟购买资产存在资金占用问题、上市公司在12个月内连续购买、出售同一或者相关资产的有关比例计算等。
中国证监会有关部门负责人表示，这些法律适用意见就市场参与主体对《上市公司收购管理办法》、《上市公司重大资产重组管理办法》有关法律理解上可能存在不一致的问题加以明确，并以证监会公告的形式对外发布，体现其严肃性和法律效力。
Continue Reading...金杜律师事务所破产、重组和清算组
公司在进入重整程序之前处于正常运转状态，重整前的公司治理结构属于《公司法》上通常意义的公司治理结构。公司治理结构中包括几种关系：股东大会与董事会之间的信托关系；董事会和经理人员之间的委托代理关系；监事会与董事会和经理人员之间的监督与被监督关系。重整前的公司治理结构与重整中的治理结构存在较为明显的区别，主要特点是：1、公司最终控制权归属股东；2、股东利益至上；3、公司意思自治不受外界干预；债权人被排除在治理结构之外。
From 2003-2007, over US$100 billion poured into China via offshore structures in tax havens like the Cayman Islands. Much came from global institutional investors who tasked alternative investment managers with allocating a percentage of their portfolios to high-yield opportunity funds, emerging markets and real estate.
Everyone wanted a piece of the “China Dream,” but in recent months they have woken up to deteriorating economic conditions. Institutional investors are forcing redemptions of their investments from high-yield, high-risk markets.
Jack Rodman, Senior Advisor to King & Wood\'s International Debt/Restructuring Practice
Summarized from Mr. Rodman's article for China Economic Review, May 2009.
Continue Reading...By: Liu Yanling, Partner and head of King & Wood's Bankruptcy, Restructuring & Insolvency Practice
Stellar Megaunion Corporation ("SMC") was in serious debt, as it could barely repay its liabilities. New World China Land ("NWCL"), which was seeking an opportunity to go public, proposed to acquire SMC as a shell company which has no assets, but is publicly listed. To achieve this goal, NWCL conducted several rounds of negotiations with SMC's creditors to settle SMC's debts and clear the roadblocks for the acquisition. However, the parties were unable to make much progress in the negotiations due to the large number of SMC's creditors involved. As SMC needed to solve its debt crisis as soon as possible and its negotiations with NWCL were deadlocked, the company decided to reorganize to completely release itself from the heavy debt burdens in a short period time.
A. Reorganization initiated by SMC's creditors
As SMC failed to repay it debts due, a third party creditor petitioned the proper Intermediate People's Court (the "Court") to reorganize SMC. The Court accepted the petition on March 11, 2008 ([2008] Yusanzhongbozi No.1).
SMC's Reorganization
B. Confirmation of Creditors' Rights
According to the proposed reorganization plan the administrator of SMC (the "Administrator") submitted to the Court and the first SMC creditors' meeting, 70 creditors filed claims and the total value of confirmed claims was nearly RMB 2.5 billion. [continue reading to find out the outcome]
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