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    案析“优先清算权”条款的法律效力
    2023-07-06

    前言

    众所周知,近年来全球经济形势在新冠疫情的阴影下日趋严峻,各行各业均受到了不同程度的负面影响。这种影响传导至PE/VC行业,就演变成“退出难” 问题。被投企业无法上市、业绩低迷、没人接盘……不得已,投资机构们开始打起了“清算”的主意,趁着投资本金还没亏完,能捞回来一点是一点。于是,机构们纷纷向被投企业主张“优先清算权”。关于优先清算权的法律效力,此前的主流观点曾认为《公司法》第186条第二款并不允许有限责任公司自由约定清算剩余财产分配事项,但随着《民法典》的立法进程以及颁布、实施,近年来的司法判例却大多认为《公司法》第186条第二款并非效力性强制性规定,因而支持优先清算权的法律效力。本文拟对几个典型判例进行介绍,以此给PE/VC行业人士提供有益参考。

    如系争投资协议项下的“优先清算权”条款约定目标公司在分别支付法定的优于股东之间分配的款项后,部分股东优先于其他股东取得优先分配的,则该股 东内部对于分配顺序进行的约定并不违反《公司法》规定。

    案例1

    林宇与北京北科创新投资中心(有限合伙)股权转让纠纷案

    【(2019)京03民终6335号】

    基本事实

    Filed under:
    China, Company & Commercial, Insolvency & Restructuring, Litigation, Dacheng Shanghai, Liquidation, Civil Code of the People's Republic of China 2020, Company Law of the People's Republic of China 2018, Court of First Instance (Hong Kong)
    Authors:
    Chambers Yang , Zhen Sun , Jiaxin Li
    Location:
    China
    Firm:
    Dacheng Shanghai
    关于多个债权人对同一被执行人财产执行法律实务问题分析
    2023-02-02

    中伦观点

    引言

    在执行案件中,多个债权人争夺同一被执行人财产的情形并不罕见。在“僧多粥少”的情况下,债权人能否分配到财产以及能分配到多少财产往往取决于债权人是否采取了恰当的措施。由于执行相关法律法规较为繁杂,为了更好地阐述法律观点,本文我们将通过一个真实案件改编的模拟案例对执行程序中财产分配涉及实务问题逐一展开分析。

    模拟案例引入

    2018年,甲公司向乙公司出借2亿元用于经营,双方签订《抵押合同》约定乙公司将其名下A和B两处不动产抵押给甲公司,抵押范围包括乙公司欠甲公司的借款本金、利息及实现债权的费用。双方办理了抵押登记。因种种原因,两处不动产的登记簿登记显示抵押的债权数额分别为1000万元。后因乙公司无法到期偿还借款,甲公司向Y市法院起诉要求乙公司返回借款本金、利息及实现债权的费用并同时申请查分了乙公司名下C、D和E三处不动产。Y市法院判决乙公司偿还上述所有款项。

    Filed under:
    China, Company & Commercial, Insolvency & Restructuring, Litigation, Real Estate, Zhong Lun Law Firm, Civil Code of the People's Republic of China 2020, Supreme People's Court
    Authors:
    Sun Binbin
    Location:
    China
    Firm:
    Zhong Lun Law Firm
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