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

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1、公司法和商法（双语）讲义第23章CorporateandBusinessLawChapter2323InsolvencyOverviewINSOLVENCYAdministrationLiquidationCompulsoryVoluntaryMembersCreditors1Insolvencyofacompanyusuallyresultsinliquidationeithercompulsoryorvoluntary.Liquidationmaybeavoidedbyadministration.Liquidationmayalsobe

2、enteredintowhilstacompanyisstillsolvent.2AdministrationordersPurposeofadministration2.1(a)Theappointmentofanadministratorisdesignedtogivecompaniesinfinancialdifficulty(usuallywithinsolvencylooming)a“breathingspace”fromwhichtotradeoutoftheirdifficulties.(b)Administratorsmayb

3、eappointedeitherbythecourt,theholdersoffloatingchargescreatedonorpost15.9.03andthecompanyanditsdirectors.(c)Ifthecompanyanditsdirectorsintendtoappointanadministratortheymustgivefivedaysnoticetoanyfloatingchargeholderentitledtoappointeitheranadministrativereceiveroradministr

4、ator.Thiseffectivelymeansthatafloatingchargeholdercaneitherblockthecompany’schoiceofadministratororblocktheadministrationprocedure.(d)Theadministratoronceappointedmustperformhisfunctionswiththeobjectiveof:(i)rescuingthecompanyasagoingconcern,or公司法和商法（双语）讲义第23章CorporateandBu

5、sinessLawChapter23(ii)achievingabetterresultforthecompany’screditorsthanwindingup;or(iii)realisingpropertytodistributetosecuredorpreferentialcreditors.Consequencesoftheappointmentofanadministrator2.2(a)Winding-upcannotbecommencedorcontinuedwith.(b)Nogoodscanberecoveredfromt

6、hecompany(e.g.H.P.repossessions)withoutcourtleave.(c)Legalproceedingscanonlybecommencedorcontinuedwiththecourt'spermission.Administratorsproposalsandpowers2.3(a)Theadministratorshould:(i)Establishthestateofthecompany’saffairsbyobtainingastatementofaffairs.(ii)Prepareproposa

7、lstoachievetheaimofadministration.(b)Acreditorsmeetingmustbecalledwithin10weeksofadministratorsappointment.(c)Themeetingwill(i)accept;(ii)acceptwithmodificationswhichmustbeapprovedbytheadministrator;or(iii)reject.Powers2.4(a)Theadministratorhasgeneralpowersofmanagementderiv

8、edfrom..(b)Hecan(i)appointandremovedirectors(auniquepowerincompanylawnormallyonlya