第19章 Insolvency and administration 破产和行政监管
Liquidation is the dissolution or ‘winding up’of a company. 清算就是解散或者歇业。
It means the company must be dissolved and its affairs ‘wound up’, or brought to an end. 意味着所有事务都要歇业或终止。
The asts are realized, debts are paid out of the proceeds, and any surplus amounts are returned to members. Liquidation leads on to dissolution of the company. It is sometimes referred to as winding up. 所有资产要得到实现，外债要收回。对他人债务从收入中支付，有结余返还给成员。
1.Voluntary liquidation 自动清算的程序
1.1Members' voluntary liquidation 成员的自动清算
a) Special resolution be pasd, which marks the commencement of the winding up process 特别决议通过，表示歇业程序开启
b) A liquidator is appointed by the company 由公司来指定清算人，如会计师、审计师。
c) The directors make a sworn statutory declaration of solvency, delivered to the registrar within 15days 董事要发布有能力支付债务的声明，在15天内给注册官。虚假声明，董事承担责任。
d) The liquidator convenes a meeting within 3 months from the commencement of the winding up to report on his transactions. 清算人从歇业开始的3个月内召集会议，以报告进展
e) A final meeting is called up on completion of the liquidation, with the laying of the liquidators final accounts 清算完成后，会召开最终的会议，届时会有最终的清算报告。
1.2 Creditors’ voluntary liquidation 成员自动清算转变为债权人自动清算的条件（资不抵债）
a) A special resolution is pasd 特别决议通过
b) A meeting of creditors will be called, with at least 7 days notice given, and advertid in the Gazette 债权人会议的召开，至少给予7天通知期，且会在伦敦公报上公告
c) A meeting of members is held to resolve to wind up the company, appoint a liquidator, and nominate five reprentatives to the liquidation committee 成员大会召开来解决公司清算问题，委任一个清算人，推选5个代表作为清算委员会
d)The creditors meeting is held, they may appoint their own liquidator, and five reprentatives to the liquidation committee 债权人大会召开，委任一个清算人，推选5个代表作为清算委员会 e) The liquidator convenes a meeting 3 months from the commencement of the winding up to report on his transactions清算人从歇业开始的3个月内召集会议，以报告进展
1.3 Difference
Feature Members' Creditors'
Company's financial position Solvent 资可以抵债 Insolvent 资不抵债
Choice of liquidator Members Creditors' prevail 债权人优先Approval of liquidators actions Members Creditors
2.Explain the meaning of grounds for, and procedure involved in compulsory liquidation
2.1 Grounds 理由
勤勉的意思•Insolvency Act 1986 (grounds on which an action for compulsory winding up) 破产法规定强制清算有以下理由。
•(1) the company has pasd a special resolution that it be wound up by the court; 公司通过特别决议，由法院执行强制协议
•(2) it is a public company which has not within a year since its registration obtained a trading certificate with the share capital requirements; 股份有限公司注册后一年内没有根据股本要求拿到交易执照
•(3) it is an ‘old public company’ which has failed to re‐register; 曾经是股份有限公司，现在不符合资格，又没有再重新注册
•(4) it has not commenced business within a year from its incorporation or has suspended its business for a whole year; 休眠公司，申请执照后一年未营业，或暂停一整年未营业
•(5) (except in the ca of a private company limited by shares or by guarantee) the number of members is reduced below two; 公司成员降到2人之下（除私人公司以股份或担保为限除外） •(6) the company is unable to pay its debts; Section 123 (IA) provides that, if a company with a debt exceeding £750 fails to pay it within three weeks of receiving a written demand, then it is deemed unable to pay its debts.公司无法清偿债务，3个月内无法偿还750英镑，则视为没有清偿债务能力。
•(7) the court is of the opinion that it is just and equitable that the company should be wound up. 根据公平和正义，法院宣判公司歇业
•The most common of the grounds are (1), (6), (7).
•If for any reason the members of the company no longer wish to continue the business they will u (1). 不管任何理由，只要公司成员不想再继续经营，都可以使用(1)的理由。
•一旦强制协议，所有账户冻结，所有电话邮件往来受监听，以防止转移资产，对债权人不利。
2.2 Procedure 清算程序
a) The Official Receiver is appointed by the courts 法院指派官方接受人
b) Liquidation is deemed to have commenced from the date the petition 申请was prented 清算从申请开始那天起算
陈冠希英语c) A statement of the company’s affairs will be produced 公司事务申明
d) A meeting of the company’s members and creditors is called to appoint a liquidator, and forma liquidation committee 公司成员和债权人会议，并指派清算人，成立清算委员会
e) A final meeting of creditors is called at which the liquidator prents his accounts会召开最终的
会议，来报告最终清算报告。
2.3 Just and equitable 公平和正义
A member who is dissatisfied with the directors or controlling shareholders over the management of t
he company may petition the court for the company t哦be wound upon the just and equitable ground. 如果成员不赞同他的控股股东对公司的管理，可以向法院申请让公司歇业，用公平和正义的理由。但不是所有情况下才可以，以下3种情况可以。
•a) Deadlock in management 管理上出现僵局
exclude案例：Yenidje Tobacco Co Ltd. AB好朋友成立公司，后来因管理失误造成无法调节的矛盾，无法沟通，因此向法院申请让公司歇业。
•b) Breakdown in quasi‐partnership relationship 有关准合伙官司的破裂
案例：Re Westbourne Galleries 有限责任公司的股东如果对控股股东不满，认为其不公平，可以提出公司解散
•c) Failure of substratum 公司成立的最基本的实质丧失
案例：Re German Date Coffee Co Ltd AB成立公司因为B说自己有德国专利技术，后来A发现原来B没有德国专利，只有丹麦专利，所以A认为合作基础丧失，向法院申请公司强制解散。
3.Explain the order in which company debts will be paid off on liquidation清算时偿债顺序
a) Secured creditors holding fixed charges 有固定抵押的债权人（多退少不补，少部分计入无抵押债务）
b) Liquidator’s expens 清算人的费用
烟台翻译c) Preferential creditors– all ranking equally 优先债权人，包括员工对公司的借款人
d) Secured creditors holding floating charges有浮动抵押的债权人
e) Ordinary uncured creditors 一般无抵押债权人
f) Deferred debts– such as dividends declared, but not paid 递延债务，诸如已承诺未发放分红
g) Members’capital 成员的资本金
h) Any surplus is returned to members in line with the AoA 根据AOA规定，剩余资本返还成员
4.Explain administration as an general alternative to liquidation 行政监管
●An alternative to liquidation is administration. The process aims to save the company from
liquidation by taking the company out of the hands of the directors, and placing it in the hands of an administrator. In esnce the company is granted breathing space in which to trade its way out of difficulty. The administration may last up to 12 months, and when the administrator feels their business is complete they will resign.从董事手中将应当要清算的公司交给行政监管人手上，目的是为了挽救公司，会延续12个月。如果行政监管人义务完成，可以辞职。他们是外聘/外派的，不是该公司的员工。
●Administration puts an insolvency practitioner in control of the company with a defined
programme for rescuing the company from insolvency as a going concern. 行政监管人将挽救公司作为持续关注。swallowed>mdg
5.Way, effect, powers and duties of the administrator 考点
●Administration orders can be sought by the company’s directors or any of its creditors, and
once granted by the courts the following occurs: 行政监管命令可以是公司董事要求，也可以是债权人要求，一旦法院认定，则会有以下结果：
a) Winding up petitions are dismisd/ refud 所有公司歇业申请都会被忽视/拒绝
b) Asts cannot be reclaimed by cured charge holders有财产担保的抵押权人不能收回资产
c) Asts held under hire purcha agreements cannot be re‐possd 租购协议对应的资产不会被拿回
●The function of the administrator is to: 行政监管人的功能
a) Rescue the company as a going concern 拯救公司
b) Achieve a better result for creditors as a whole than under a winding up 让公司获得比歇业更好的结果
c) Where it is in the best interests of the creditors, to reali the asts and make distributions to cured or preferential creditors 令债权人有更好的收益，实现相应的资产，让担保的债权人和优先债权人得到分配。
5.1.1 Initiation: appointment without a court approval 没有法院支持指定行政监管的情况： There are three ts of people who might be able to do this:
i) Floating charge holders. The floating charge holders may only appoint an administrator if: 浮动抵押权人，如果…
They have given two days written notice to the holder of any prior floating charge where the person has the right to appoint an administrator. 优先浮动抵押权人给到2天的书面通知来指定一个行政监管人
conjTheir floating charge is enforceable. 可以强制的
ii) Directors 董事，但公司AOA必须有明确条款来授权该权利。
intermissioniii) Company 公司，同董事，必须有AOA的明示条款
The company has not done so in the past 12 month or been subject to a moratorium 暂停as
a result of a voluntary arrangement with its creditors in the last 12 months. 公司在过去12个
月内从未指定过行政监管，或与债权人有过一个暂停支付的协议。
The company is, or is likely to be , unable to pay its debts. 公司看上去可以清偿债务
No petition for winding up nor any administration order in respect of the company has been prented to the court and is outstanding. 公司既没有申请歇业，在法院也没有拖欠款项的行政命令
The company is not in liquidation 公司没有清算
No administrator is already in office 没有行政监管人入场
No administrative receiver is already in office. 也没有行政接受人入场
5.1.2 Initiation: appointment with a court approval 需要法院同意
There are four ts of parties that may apply to the court for an administration order:
i) The company (that is, a majority of the members by (ordinary) resolution 公司：一定是多数股东通过普通决议
ii) The directors of the company 公司董事：AOA没有规定时
gfhiii) One or more creditors of the company 公司的一个或多个债权人，法院的考量：是否有利于最大债权人的利益
iv) The Justice and Chief Executive of the Magistrates’Court following non‐payment of a fine impod on the company. 治安官法院的法官或执行主席给出的罚金，公司无力支付罚金。
5.2The effect of appointing an administrator 指定行政监管人的效力
a) A moratorium over the company’s debts commences 公司债务延期清偿
b) The court must give its permission for 法院准许下述决定
•Security over company properly to be enforced 公司被抵押的财产还可以继续使用
•Goods held under hire purcha to be repossd 租购的产品还可以继续使用
•A landlord 没收 to conduct forfeiture by peaceable entry 被和平侵占的财产可以没收使用 •Commencement/continuation of any legal process against the company 对公司的法律行动不论是新行为还是继续旧行为，都需要法院同意
c) The power of management are subjugated to the authority of the administrator and managers can only act with his connt 有关行政管理的权力要服从被授权的行政监管人
d) All outstanding petitions for winding‐up of the company are dismisd 所有申请该公司歇业的申请都被决绝
e) Any administrative receiver in place must vacate 撤退office. No appointments to this position can be made 所有行政接受人（譬如被优先浮动抵押权人任命的）都需要离职，只有法院派的行政接管人才能占据那个职位。
5.3 Powers 权利
a) Manage the company as they require 按需管理公司
b) Remove/appoint directors 罢免或者指定公司的董事
c) Pay monies to cured/preferential creditors withoutcourtapproval 没有法院支持，可以把钱还给有财产担保和优先债权人（譬如雇员借钱给公司）
d) Pay monies to uncured creditors with court approval 法院同意情况下，可以把钱还给没有财产担保的债权人
e) Take custody of all company property 照看所有公司财产
may it bef) Dispo of company property 处置公司财产
5.4 Duties 义务
As soon as reasonably practicable after appointment he must: 一旦被指定，他们将履行下述义务
a) Send notice of appointment to the company 发通知给公司，他被指定了
b) Publish notice of appointment 把指定通知，公示
c) Obtain a list of company creditors and nd notice of appointment to each 得到公司所有债权人的清单，必须给所有债权人通知：他是行政监管人
d) Within 7 days of appointment, nd notice of appointment to Registrar 在7天内把指定通知发给注册官
e) Require certain relevant people to provide a statement of affairs of the company 可以要求相关公司人员提供公司事务的详细说明
f) Ensure that every business document of the company bears the identity of the administrator and a statement that the affairs, business and properly of the company are being managed by him 确保所有公司文件可以传达给行政监管人，公司事务声明，业务经营和财产必须受他管理
g) Consider the statement of affairs submitted to him and t out his proposals for achieving the aim
of administration. The proposals must be nt to the Registrar and the company’s creditors, and be made available to every member of the company as soon as is reasonably practicable, and within eight weeks. 在收到相关说明后，他会提出建议，必须递交给相关登记处，以及债权人，公司成员等人。在确定计划的可行性后的8周内，需要发通知给所有人。
h) Whist preparing their proposals, the administrator must manage the affairs of the company. 当实践方案时，他开始正式管理公司。
§PPT答案：B、A、D、D、D、C、
