Creditor's delay, also known as delay in receipt, refers to the fact that the creditor fails to provide necessary assistance to receive or complete other payments for the benefits that the debtor has provided.

This investment method is not only a dog-catching mouse game between regulators and regulated institutions, but also a need for borrowers to optimize financial statements and reduce leverage. Through the conversion of explicit and real, the borrower can borrow funds without increasing liabilities and can even increase net assets, while the lender can not only lend funds but also obtain stable income while protecting its rights and interests, everyone is happy for all parties. . However, in the context of reducing leverage and eliminating shadow banking, it faces many legal risks. So, how to determine the actual debt of open shares, and what legal risks are there in this investment method? The author will talk about it from the following two aspects.

Public stock real debt (also called famous stock real debt) is not a legal concept. It generally refers to investors investing in the name of equity and ultimately achieving capital-guaranteed exit by agreeing on terms such as rigid redemption and fixed income. Financing.

Public shares and real debt have now become a very common financing model. It has the advantages of optimizing financial statements, bypassing loan qualification restrictions, and not occupying the company's credit line.

The "Regulations on Registration and Management of Private Asset Management Plans of Securities and Futures Business Institutions No. 4" issued by the Asset Management Association of China divides open shares and real debt into repurchases, third-party acquisitions, regular dividends, and gambling and other common patterns.

The author believes that it is inappropriate to treat the bet as a real debt, because the investor will definitely withdraw from the real debt in the future, and there is no meaning of long-term holding; while in a bet, the investor Whether to withdraw depends on whether the financing party meets the agreed performance conditions.

The creditor's delay includes two aspects. One is the delay in receiving the payment, and the other is the creditor's failure to perform other assistance obligations. Among them, delay in collection is the most common form of creditor delay.

Legal basis:

"People's Republic of China and Civil Code"

Article 667 A loan contract is a loan from the borrower to the lender , a contract to return the borrowed money and pay interest when due.

Article 680: Lending at high interest rates is prohibited, and the interest rate for borrowing must not violate relevant state regulations. If the loan contract does not stipulate the payment of interest, it will be deemed that there is no interest. If the loan contract does not clearly stipulate interest payment, and the parties are unable to reach a supplementary agreement, the interest will be determined based on factors such as local or party transaction methods, transaction habits, market interest rates, etc. Borrowing between natural persons will be deemed to have no interest.