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。

The Barton doctrine provides that a court-appointed receiver cannot be sued absent “leave of court by which he was appointed.” Barton v. Barbour, 104 U.S. 126, 127 (1881).

Section 548 of the bankruptcy code authorizes a trustee, debtor, or other appropriate party to avoid actual and constructive fraudulent transfers that occurred prepetition. In order to prove that a transfer was an actual fraudulent transfer, the trustee (or another appropriate plaintiff) must prove that the debtor made the transfer “with actual intent to hinder, delay or defraud any entity to which to debtor was or became…indebted.” 11 U.S.C. §548(a)(1)(A).

An appeals court has issued an insightful decision on the availability of damages when an involuntary bankruptcy petition is filed in bad faith. See Stursberg v. Morrison Sund PLLC, No. 23-1186, 2024 U.S. App. LEXIS 20286 (8th Cir. Aug. 13, 2024).

The decision addresses both the interplay between Bankruptcy Code sections 303 and 305 and federal preemption of state law.

Under federal law, a debtor may be criminally prosecuted for various kinds of misconduct in connection with a bankruptcy case, including concealing assets, falsifying information, embezzlement, or bribery. See 18 U.S.C. §§ 152, 157. The U.S. Trustee, which serves as a watchdog over the bankruptcy process, will refer such cases to the U.S. Attorney’s Office for investigation and prosecution.

We have blogged previously about the intersection of fraud and bankruptcy.

In Harrington v. Purdue Pharma L.P., 144 S. Ct. 2071 (2024) (“Purdue”), the Supreme Court held that the Bankruptcy Code does not authorize nonconsensual releases of nondebtors as part of a chapter 11 plan. The Court narrowly read the Code’s language, providing that a plan may “include any other appropriate provision not inconsistent with the applicable provisions of this title,” 11 U.S.C.

This article originally appeared in The Bankruptcy Strategist.

To file bankruptcy in the U.S., a debtor must reside in, have a domicile or a place of business in, or have property in the United States. 11 U.S.C. §109(a). In cross border Chapter 15 cases, courts have considered if a foreign debtor must satisfy that jurisdictional test.

At a hearing in mid-March, the Delaware bankruptcy court held Camshaft Capital Fund, LP, Camshaft Capital Advisors, LLC, Camshaft Capital Management (collectively, “Camshaft”) and William Cameron Morton, principal of Camshaft, in civil contempt. The case is noteworthy because the court not only imposed monetary sanctions but also ordered civil confinement to compel Camshaft and Morton to comply with the court’s prior discovery order. The court issued a supplementary opinion on April 3, 2024, after Camshaft appealed.

To file bankruptcy in the U.S., a debtor must reside in, have a domicile or a place of business in, or have property in the United States. 11 U.S.C. § 109(a). In cross border chapter 15 cases, courts have considered whether a representative of a foreign debtor must satisfy that jurisdictional test.