一只基金在经历“募、投、管、退”几个阶段后，会进入其生命周期的最后一个阶段：清盘和解散，这个阶段涉及对于基金的资产的盘点、处置、分配以及一些法定的清盘和解散程序的履行。虽然在清盘阶段，需要盘点资产、处置及分配，但其实很多基金在运营过程中已经根据其合伙协议下的瀑布式分配条款向投资人完成了绝大多数分配（如下图所示），清盘很多时候仅成为一个注销基金的程序性必经环节而已。

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有时候由于跨境重组中精简结构或者其他商业上的考虑，一些PE基金的主体也需要清盘和注销。无论是由于期限到期清盘，还是由于重组而清盘，大多数开曼PE基金会采用自愿清盘（voluntary liquidation）的方式退出，因此我们在本文中会重点介绍开曼法下豁免有限合伙的自愿清盘，也会对开曼法下的剔除（strike-off）程序在豁免有限合伙场景下的应用进行简单介绍。

1. State of the Restructuring Market

1.1 Market Trends and Changes

State of the Restructuring and Insolvency Market

There were 27,359 insolvencies in France as of the end of September 2021, down 25.1% from the same period in 2020, and down 47.9% from September 2019. Such reduction is relatively stable across all sectors, including those most severely affected by the health-related restrictions, such as accommodation and food services (down 44.2% year-on-year) and trade (down 28.1% year on year).

Fewer Insolvencies for More Opportunities

At the end of 2021, corporate bankruptcies (for most company sizes and in most sectors) were at their lowest level compared to the pre-COVID-19 figures from 2019, with a 50% drop in insolvency proceedings and a 10% decrease in pre-insolvency situations. This was largely due to the temporary impact of government emergency measures and support, including:

Introduction

Introduction

Introduction

Introduction

Introduction

Introduction

Introduction