堀江纯一:你了解破产中的“自愿托管程序”吗?

原文始发于微信公众号(瑞中法协):堀江纯一:你了解破产中的“自愿托管程序”吗?


(在澳大利亚)如果一个公司破产(无力偿还其债务),可进入自愿托管(Voluntary Administration)程序。该公司将由独立托管人进行托管,其目的是增加公司的生存机会。自愿托管程序是一种较为宽松、自由、低成本的程序。


自愿托管程序使债权人有机会与公司进行谈判,并寻求对其业务进行独立审查,其主要目标是维持公司业务。自愿托管程序是由“多数董事决议”后发起的,但该自愿托管程序鲜少成功。


谁是自愿管理人?

托管人是由董事(或清算人/担保债权人)提名的人,负责管理该过程并控制公司及其重组。根据澳大利亚法律,托管人必须是注册清算人,并受澳大利亚证券和投资委员会的密切监督。

在整个评估过程中,托管人需要董事们的参与,与债权人举行会议,并可能起草《债务和解契约》(DOCA)。


自愿托管过程涉及什么?

启动自愿托管程序将阻止债权人(在大多数情况下)对破产公司采取法律行动或追偿行动。

自愿托管的目的是快速高效,整个过程可在一个月内完成。其目的是在调查结束时,使公司进行清算或与债权人达成协议,也就是《债务和解契约》(DOCA)。

管理人必须报告调查期间发现的任何违法行为或不当行为。管理人也必须向债权人披露关于公司破产、董事的行为或过失、隐蔽资产和潜在的法律诉讼等方面的所有细节。

自愿托管的主要目的是达成一项协议或DOCA,以促进企业的持续经营或向债权人提供相比于清算更好的补偿。

What is VoluntaryAdministration?


Ifa company becomes insolvent (unable to pay its debts) they may enter voluntaryadministration. The company is then placed in the hands of an independentperson/party. The purpose of voluntary administration is to save the company.


Voluntaryadministration allows creditors an opportunity to negotiate with the companyand seek an independent review of its operations, with the primary goal ofmaintaining the business. Voluntary administration is initiated as a result ofa “resolution by a majority of directors”. However, voluntary administration isseldom a successful process.


Who is thevoluntary administrator?

Theadministrator is the person nominated by the director (or liquidator/securedcreditor) to run the process and take control of the company and itsrestructuring. Under Australian law, an administrator must be a registeredliquidator and is monitored closely by the Australian Securities andInvestments Commission.


Theadministrator will involve the directors and hold meetings with the creditorsthroughout the evaluation process, and potentially draft the Deed of CompanyArrangement (DOCA).


What does thevoluntary administration process involve?

Theinitiation of a voluntary administration will block creditors (in mostcircumstances) from legal or recovery actions against the insolvent company.


Voluntaryadministrations are intended to be quick and efficient – the whole process isintended to be complete within a month. At the end of the investigations, theaim is to place the company into liquidation or finalise a deal with thecreditors – the DOCA.


Theadministrator must report any offences or wrongdoings detected during theirinvestigations. The administrator must also disclose to creditors all thedetails around the company’s insolvency, directors’ actions or wrongdoings,hidden assets and potential legal actions.


Theprimary aim of voluntary administration is to reach a deal or DOCA tofacilitate the business’s continuation or offer creditors compensation betterthan that of a liquidation.


堀江纯一为联合国国际贸易法委员会委员及国际商会仲裁院(ICC)国际仲裁腐败工作组成员,为《瑞中法律评论》供稿。由文立冰翻译,杨文心、邓朝霞张天泽审校,英文稿由David Dahlborn审校。禁止转载。


Junichi Horie is a member of the United Nations Commission on International Trade Law(UNCITRAL), as well as the Task Force Member for Corruption in International Arbitration in ICC. The article is published in the June Edition of Swiss Chinese Law Review. Translated by Libing Wen, Edited by Wenxin Yang, Zhaoxia Deng and Tianze Zhang. English version is edited by David Dahlborn

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