公司法和商法(双语)讲义-第23章Corporate-and-Business-Law-Chapter-23

公司法和商法（双语）讲义第23章CorporateandBusinessLawChapter23InsolvencyOverview INSOLVENCY Administration Liquidation Compulsory Voluntary Members Creditors1 Insolvencyofacompanyusuallyresultsinliquidationeithercompulsoryorvoluntary.Liquidationmaybeavoidedbyadministration.Liquidationmayalsobeenteredintowhilstacompanyisstillsolvent.2 AdministrationordersPurposeofadministration2.1 (a) Theappointmentofanadministratorisdesignedtogivecompaniesinfinancialdifficulty(usuallywithinsolvencylooming)a“breathingspace”fromwhichtotradeoutoftheirdifficulties.(b) Administratorsmaybeappointedeitherbythecourt,theholdersoffloatingchargescreatedonorpost15.9.03andthecompanyanditsdirectors.(c) Ifthecompanyanditsdirectorsintendtoappointanadministratortheymustgivefivedaysnoticetoanyfloatingchargeholderentitledtoappointeitheranadministrativereceiveroradministrator.Thiseffectivelymeansthatafloatingchargeholdercaneitherblockthecompany’schoiceofadministratororblocktheadministrationprocedure.(d) Theadministratoronceappointedmustperformhisfunctionswiththeobjectiveof:(i) rescuingthecompanyasagoingconcern,or(ii) achievingabetterresultforthecompany’screditorsthanwindingup;or(iii) realisingpropertytodistributetosecuredorpreferentialcreditors.Consequencesoftheappointmentofanadministrator2.2 (a) Winding-upcannotbecommencedorcontinuedwith.(b) Nogoodscanberecoveredfromthecompany(e.g.H.P.repossessions)withoutcourtleave.(c) Legalproceedingscanonlybecommencedorcontinuedwiththecourt'spermission.Administratorsproposalsandpowers2.3 (a) Theadministratorshould:(i) Establishthestateofthecompany’saffairsbyobtainingastatementofaffairs.(ii) Prepareproposalstoachievetheaimofadministration.(b) Acreditorsmeetingmustbecalledwithin10weeksofadministratorsappointment.(c) Themeetingwill(i) accept;(ii) acceptwithmodificationswhichmustbeapprovedbytheadministrator;or(iii) reject.Powers2.4 (a) Theadministratorhasgeneralpowersofmanagementderivedfrom..(b) Hecan(i) appointandremovedirectors(auniquepowerincompanylawnormallyonlyavailableinanAGM)(ii) callmeetingsofthemembersandcreditors(iii) applytocourtfordirectionsregardingthecarryingoutofhisfunctions(iv) makepaymentstosecuredorpreferentialcreditorsandwiththecourtspermissionmakepaymentstounsecuredcreditors(e) Hemustsummonameetingofthecompany’screditorsiftoldtoby:(i) thecourt,or(ii) 10%ofthecompany’screditors.s.17(IA)Endofadministration2.5 (a) Theadministrationhasbeensuccessful.(b) Automatically(unlessextended)12monthsafterthedateofappointment.(c) Bycourtorderwhichincludesthegrantingofawindinguppetitiononpublicinterestgrounds.

(iii) meetingofcreditorsbecalled;(iv) directortochairthecreditorsmeetingappointed;(v) astatementofaffairsbesworn.(b) Shareholders'meeting:(i) Extraordinaryresolution(75%)towindupthecompanyonthegroundsitcannotpayitsdebtsispassed;(ii) Ordinaryresolutiontoappointaliquidatorisalsopassed.(c) Creditors’meeting:(i) Thecompanymustcallacreditors’meetingwithin14daysoftheEGM;(ii) Noticemustbesentbyposttocreditors.ItmustalsobeplacedintheLondonGazetteandtwolocalnewspapers.(d) Atthecreditors’meetingthedirectorsmustproduce:(i) Afullstatementofthecompany’saffairs(ii) Alistofcreditorstogetherwiththeestimatedamountoftheclaims.Creditorsandmembersnominatealiquidator;thecreditors’choiceprevails:s.100(IA)(e) ALiquidationCommitteemaybeappointedwhichhasthreepurposes:(i) Toassisttheliquidatorasarepresentativebody;(ii) Tokeepaneyeonhim;(iii) Togivetheliquidatorpermissiontoexercisecertainpowers(e.g.,payingoffacertainclass)thusremovingtheneedtocallafullmeetingeverytimeadecisionismade.Overview OTHERPOINTS Effectof Liquidator's Distribution windingup powers ofassetsEffectofwinding-up3.5 (a) Allactionsforrecoveryofdebtagainstthecompanyarestopped.(Actionintortwillcontinue.)(b) Thecompanywillceasetocarryonbusinessexceptwhereitisnecessaryforthebeneficialwinding-upofthecompany.(c) Directorscontinueinofficebutarestrippedofpower.(d) Employeesautomaticallymaderedundantbutcanbere-employed.Theliquidator’spowers3.6 (a) SellingtheassetsTheLiquidatormaycallinamountsduefromcontributoriesand/ordirectorsinsomecircumstances:(i) Secretprofitse.g.,madebydirectorsfromtheirpositionRegalHastingsv.Gulliver.(ii) s.212(IA)Misfeasance:Hecanrecovermoneyimproperlyretainedbypromoters,directors,managersorofficersofthecompany.(iii) s.213(IA)Fraudulenttrading:Whereabusinesshasbeencarriedonwithintenttodefraudcreditorsinawindingup.(iv) s.214(IA)WrongfulTrading:Whereadirectorofthecompanykneworoughttohaveconcludedthattherewasnoreasonableprospectthatthecompanywouldavoidgoingintoinsolventliquidationanddidnottakeeverystepwithaviewtominimisingthepotentiallosstothecompany’screditorshemaybeorderedbythecourttocontributetothecompany’sassets.(b) Theliquidatorcanapplytothecourttoavoid:(i) transactionsatanundervalue(2years)(ii) preferences(6months,2yearsifco