Two recent Supreme Court of Canada decisions demonstrate that the corporate attribution doctrine is not a one-size-fits-all approach.
Court approval of a sale process in receivership or Bankruptcy and Insolvency Act (“BIA”) proposal proceedings is generally a procedural order and objectors do not have an appeal as of right; they must seek leave and meet a high test in order obtain it. However, in Peakhill Capital Inc. v.
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。
What is the so-called "creditor duty"?
This is the duty, introduced into English common law by the leading case of West Mercia Safetywear v Dodd1 in 1988, of company directors to consider, or act in accordance with, the interests of the company's creditors when the company becomes insolvent, or when it approaches, or is at real risk of insolvency.
Background
一、股东的责任
一般来说，股东只就其认购股份的出资承担责任，而如果公司无偿债能力进而清盘，股东层面并不负有任何法律责任。但仍需注意可能存在的例外情况，例如：
第一，穿透公司法人人格向股东追索。如某人在已有债务的情况下，通过将财产转移给新设立公司的方法逃避该既有债务，法院可能判令要求穿透公司面纱。而在实践中该法律原则因要求严格，很少能够被使用。
第二，股东参与到公司有欺诈目的的资产转移当中，或作为不正当的协助者、不正当的收受财产者，或者参与策划该欺诈行为等。
二、董事和公司管理人员的责任
在清盘开始后，董事实际上失去了管理公司的权力，但是由于董事的地位，其需要在以下两种情形下承担责任：一是如果他违反了原本就对公司负有的义务，清盘人代表公司能够向董事进行追责；二是在清盘前和清盘过程中，董事均负有特定的责任。
一方面，董事负有一般的对公司的信义义务，包括为公司利益行使权利，为公司避免利益冲突等，以及其他法定义务，比如董事必须采取一切合理步骤确保公司备存及保留会计记录至少7年（如有），以及必须确保公司按时提交财务报表等。如这些行为已经发生，董事可能需要承担责任。
On 22 July 2022, the English High Court sanctioned Houst Limited’s (“Houst” or the “Company”) restructuring plan (the “Restructuring Plan”), which significantly, is the first time a Restructuring Plan has been used to cram down HM Revenue & Customs (“HMRC”) as preferential creditor.1
Background
系列导语
在各类跨境投资的项目中，投资人最担心的问题莫过于被投企业的财务状况出现困境，进而影响其持续经营能力和偿债能力并最终演变为债务危机。这些投资人可能是企业公募或私募债券的持有人、享有抵押品的银团放贷机构、各类融资架构中的夹层债权人，或是享受回购权或强制出售权的权益投资人。
跨境投资项目下的债务重组，往往会涉及多法域下的复杂法律问题、救济方式和司法程序。特别是在典型的境外持股架构下，当开曼公司作为境外母公司出现债务危机时，如何通过BVI及香港子公司逐级下沉债权人的风控或增信机制，如何衔接和落地相关境内外救济措施，如何最终帮助债权人控制或取得境内子公司的资产或其提供的担保品或抵押品，这些问题的妥善解决是债务重组成功的关键。这要求参与跨境债务重组项目的专业执行团队具有跨市场和跨国界的运作能力、多法域的法律和司法实操经验、高效的项目管理能力以及深刻的风险认知和风险反制筹划能力。由于各个法域下的质权之设立、优先顺位和有效性对于债权人和质押权人来说至关重要，加强对主要离岸法域对质押行为的程序性规定和质权有效性的判定认识能有效地防范潜在的交易风险。
On 12 January 2022, the English High Court granted Smile Telecoms Holdings Limited’s (“Smile” or the “Company”) application to convene a single meeting of plan creditors (the super senior creditors) to vote on the Company’s proposed restructuring plan (the “Restructuring Plan”). It is the first plan to use section 901C(4) of the Companies Act 2006 (“CA 2006”) to exclude other classes of creditors and shareholders from voting on the Restructuring Plan on the basis that they have no genuine economic interest in the Company.
Background
On the 19th of August 2021, the English High Court sanctioned a Part 26A restructuring plan proposed by the administrators of Amicus Finance plc (in administration) (“Amicus”) for the company’s solvent exit from administration, enabling the company to be rescued as a going concern (the “Restructuring Plan”).
On 29 September 2021, the English High Court rejected a challenge in respect of Caff Nero's company voluntary arrangement ("CVA"), brought by a landlord on the grounds of material irregularity and unfair prejudice. The single disgruntled landlord, with the backing of the EG Group ("EG") (who were interested in acquiring Caff Nero), argued that the directors of the company and the CVA nominees breached their respective duties in refusing to adjourn or postpone the electronic voting process to vote on the CVA, after EG had submitted an eleventh-hour offer for Caff Nero.