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1、论对从属公司债权人的法律保护(Legalprotectionofcreditorsofsubordinatedcompanies)LegalprotectionofcreditorsofsubordinatedcompaniesAuthor:ZhuQianThemostimportantcharacteristicofaffiliatedcompaniesistheirexistenceof"control"and"unifiedmanagement".The"control"and"unifiedmanagement"ofthecontrollingcompanyt
2、othesubordinatecompanyundoubtedlyincreasetheriskofthesubordinatedcompany'screditors.Becauseoftheassociatedcompany,althoughthecompanystillmaintaineda"independentpersonality"inthelaw,butthesubordinatecompanyintheeconomyislikelytolackofindependence,completelyundercontrolofthecompany,andbec
3、ameassociatedwiththeinterestsofthecompany.Ifthedebtsofthesubsidiarycompanyarenotpaidduetothecontrolofthecompany,shallthecompanybeheldaccountabletothecreditorsforthedebtsofthesubsidiarycompany?Ifitisresponsible,thenwhatisitslegalbasis?Thetraditionalcorporatelawholdsthatthecompanyandthesh
4、areholdersaredifferentlegalsubjects,andtheshareholdersaresolelyresponsibleforthecompanyfortheircontributionsorshares.Butinwesterncountries,precedentandlegislationhaslargelyexceededthetraditionalprincipleoflimitedliability,inordertoprotecttheinterestsofthecreditorsofthesubordinatecompany
5、,insomecases,thelawcansettheprincipleoflimitedliabilitycompanytocontroldirectlywithoutregardforsoleresponsibilityforsubordinatecompanydebt.Inourcountry,ontheonehand,thecompanylawonlyregulateindividualcompanies,andlacktheadjustmentofaffiliatedcompanies.Ontheotherhand,theystrictlyabidebyt
6、heprincipleoflimitedliabilityoftheshareholdersofthecompany.Therealityisthattherearequiteafewaffiliatedcompaniesinchina.Oncethecontrollingcompanyoftheaffiliatedcompanyinfringestheinterestsofthesubordinatedcreditors,howthelawwilldecide,whichisaveryrealisticproblemfacingthecompanylawofourc
7、ountry.First,theprotectionoftheinterestsofsubsidiarycompaniesinAngloAmericanLawInAngloAmericanlawcountries,thereisnowrittenlawregulatingthedebtsofaffiliatedcompanies,butitscaselawisquitematureinthefieldofaffiliatedcompanies.Indealingwiththelegalissuesofaffiliatedcompanydebt,the