This paper presents a theoretical analysis of oversampled complex modulated transmultiplexers. The perfect reconstruction (PR) conditions are established in the polyphase domain for a pair of biorthogonal prototype filters. A decomposition theorem is proposed that allows it to split the initial system of PR equations, that can be huge, into small independent subsystems of equations. In the orthogonal case, it is shown that these subsystems can be solved thanks to an appropriate angular parametrization. This parametrization is efficiently exploited afterwards, using the compact representation we recently introduced for critically decimated modulated filter banks. Two design criteria, the out-of-band energy minimization and the time-frequenc...