清算退出是私募基金全生命周期的“最后一公里”，直接关系投资者本金回收、基金财产安全处置及管理人合规责任闭环。若管理人怠于履行清算义务，不仅会触发监管处罚，更可能引发投资者集体仲裁/诉讼，严重损害市场声誉。

此前，本系列指南已覆盖基金募集、投资运作、投后管理等环节的合规要点；本篇作为第四篇，将聚焦清算退出环节的高频违规场景，拆解法律风险、明确监管依据、提供可落地的自查与整改方案，为管理人合规开展清算工作提供指引。

一、私募基金管理人怠于履行清算义务

1、典型案例简介

北京中扶私募基金有限责任公司（化名，以下称“中扶公司”）系在中国基金业协会登记的股权类私募基金管理人。2018年5月，中扶公司备案“中扶3号基金”（以下称“涉案基金”），募集规模人民币5,000万元，合伙协议明确约定基金存续期为5年，其中前4年为投资期，最后1年为退出期。涉案基金备案完成后完成对2家标的企业的股权投资，并约定如被投企业未在约定时间内完成上市或并购，被投企业实控人需按“本金+年化8%收益”的价格回购涉案基金持有的股权。

An insolvency practitioner (IP) can pursue a wide range of claims when appointed as the administrator or liquidator of a company. 

These include claims that already existed at the point that the company entered an insolvency process (Pre-existing Company Claims), and ones that arise on insolvency (IP Claims see below).

An IP pursues Pre-existing Company Claims as agent for and in the name of the company, and these types of claims typically include claims for debt, breach of contract, breach of duty or recovery of property.

The Insolvency Service (in reply to a letter from R3) has confirmed that it will be reframing its view of the term "creditor". This follows the cases last year of Pindar and Toogood where the court was asked to consider whether a paid secured creditor should have consented to an administration extension and therefore, in the absence of consent, whether the extensions were valid in both cases, the judges confirmed that the consent of paid secured creditors was not required.

Restructuring Plans (RPs)

2024 was a year of firsts for RPs, and as case law in this area continues to evolve, there is little doubt that this will carry through into 2025.

It would be remiss not to expect to see more RPs in 2025. News of Thames Water's restructuring is "splashed" all over the press and Speciality Steel's plan might see the first "cram up" of creditors, but there seems a long way to go to get creditors onside.

The below sets out key considerations when dealing with an extension of an administration at the end of the first-year anniversary.

Categorisation of a charge as fixed or floating will have a significant impact on how assets are dealt with on insolvency and creditor outcomes.

Typical fixed charge assets include land, property, shares, plant and machinery, intellectual property such as copyrights, patents and trademarks and goodwill.

Typical floating charge assets include stock and inventory, trade debtors, cash and currency, movable plant and machinery (such as vehicles), and raw materials and other consumable items used by the business.

The UK Financial Conduct Authority (FCA has issued a consultation about proposed changes to its Guidance for Insolvency Practitioners. The aim is to clarify existing guidance and provide more information to insolvency practitioners (IPs) on how to deal with regulated firms.

具有高风险高收益特征的私募基金自诞生以来吸引了无数投资者，它帮助很多投资者在短期内取得了可观的收益，但高收益必然伴随着高风险。在私募基金未取得理想的收益或甚至发生亏损后，部分投资者以基金管理人在募集、投资、投后管理、清算等过程中未适当履职为由，通过向监管部门投诉、提起诉讼或仲裁等方式要求基金管理人承担赔偿责任的案例比比皆是，对基金管理人的财务状况及后续展业造成了严重的不利影响。

本文结合清算过程中基金管理人可能出现的未适当履职及由此需承担的赔偿责任进行分析，以期引起基金管理人对基金清算工作的高度重视，避免自身及从业人员的赔偿责任。

一、延迟、怠于履行清算义务的赔偿责任

1. 未适当履职的情形

前言

私募基金“募投管退”等各阶段时常经历来自市场、政策及监管等种种不确定风险，这期间不仅基金管理人付出了大量的人力、物力以保障基金的正常运行和基金财产的安全，投资者也在默默期待取得理想的投资收益，而清算退出正是私募基金管理人与投资者迎来最终投资结果的阶段，清算完毕也意味着私募基金生命的终结，其重要性对于各方来说不言而喻。

一、私募基金清算的意义

私募基金的清算完毕代表着基金管理人、托管人及投资者等多方主体间法律关系的正式终结，对基金管理人、托管人而言，基金清算后将大幅减少其在投后管理中所投入的精力，且所应对的监管也会相应减少；对投资者而言，在基金清算后可以取回现有投资财产，保障自身资金的流动性；针对基金行业来说通过清算淘汰了部分“劣质”私募基金，彰显了优胜劣汰法则，可以使行业整体的发展越来越健康。

Following our previous alert, in which we highlighted an issue with entries relating to registered security maintained at Companies House being incorrectly updated to indicate that they had in fact been discharged without the aware