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    基金争议解决(二):合伙型基金可以进行司法清算吗?
    2020-10-09

    合伙型基金退出时,合伙人之间可能因存在争议而无法自行组建清算组或虽然组成清算组却无法顺利完成清算。这便引发合伙型基金可否通过法院程序进行司法清算的问题。我们曾代理过一起非常罕见的合伙型基金司法清算的案件,开创上海市指定第三人担任基金清算组负责人的先例,案件在其他诸多方面都在上海地区乃至全国具有领先地位和创新意义。

    所谓司法清算,亦即强制清算,是相对于企业自行清算而言,一般是指法院介入合伙型基金清算程序的制度,可以是法院组建清算组,也可能是法院监督清算程序,亦或当清算出现障碍时请求法院排除妨碍等。针对公司的强制清算,最高人民法院出台了《最高人民法院关于适用<中华人民共和国公司法>若干问题的规定(二)》(以下简称“《公司法司法解释(二)》”)及《关于审理公司强制清算案件工作座谈会纪要》(以下简称“《公司强清纪要》”)。但有关合伙型基金的清算尚无较为全面和细致的立法体系,因此,合伙型基金通过司法方式进行强制清算的先例很少,且争议颇多。

    Filed under:
    China, Insolvency & Restructuring, Litigation, King & Wood Mallesons, Liquidation
    Authors:
    Wang Jian , Hao Zhaohui (Daryl) , Li Sheng
    Location:
    China
    Firm:
    King & Wood Mallesons
    私募股权投资纠纷:优先清算权条款该如何执行
    2019-12-10

    优先清算权条款是境外风险投资项目的常见条款,随后逐渐在国内私募股权投资文件中采用。很多投资人关心,这一舶来品能否获得中国司法机关的认可,我们简要分析如下:

    一、什么是优先清算权

    优先清算权,是指公司清算时,部分股东优先于其他股东获得剩余财产分配的权利;或者,在约定的“视同清算事件”发生时,部分股东优先于其他股东从公司获得收益的权利,“视同清算事件”通常包括公司合并、被并购、出售控股股权、出售主要资产等事件。

    在私募股权投资项目中,投资人为保障其自身权益采用优先清算权条款,目的是:在公司经营不善遭遇清算时,投资人可以优先拿回一些补偿;在投资人无法通过公司上市退出,发生公司被并购等“视同清算事件”发生时,其能够优先收回其投资成本和一定程度的投资回报,实现资产变现。该条款可谓投资人的“分钱利器”。

    二、如何看待该条款效力

    《公司法》第34条明确规定股东可以自由约定“利润分配”的比例。该条规定:“股东按照实缴的出资比例分取红利;公司新增资本时,股东有权优先按照实缴的出资比例认缴出资。但是,全体股东约定不按照出资比例分取红利或者不按照出资比例优先认缴出资的除外。”

    Filed under:
    China, Company & Commercial, Insolvency & Restructuring, Litigation, King & Wood Mallesons, Private equity, Liquidation
    Authors:
    Lei Jiping
    Location:
    China
    Firm:
    King & Wood Mallesons
    Insurers rush to check access, co-operation and assistance obligations, following Federal Court decision
    2018-02-22

    In a significant decision for the insurance industry, the Federal Court of Australia has granted leave to shareholders to bring a direct action against a company’s insurers where the (insured) company was in liquidation. This is one of the earliest cases to make use of the new Civil Liability (Third Party Claims Against Insurers) Act 2017 (NSW) (Third Party Claim Act), and provides some useful guidance for the industry on how this new legislation will be applied.

    The decision impacts plaintiff lawyers, policyholders and insurers alike. Importantly:

    Filed under:
    Australia, Insolvency & Restructuring, Insurance, Litigation, King & Wood Mallesons, Liquidation, Federal Court of Australia
    Location:
    Australia
    Firm:
    King & Wood Mallesons
    The first creditor schemes of arrangement to be sanctioned in the BVI
    2010-10-19

    The First Creditor Driven Schemes

    The Commercial Court has very recently sanctioned four schemes of arrangement pursuant to section 179A of the BVI Business Companies Act 2004. These were the first two creditor-driven schemes to be proposed and sanctioned in the BVI. There has been one other scheme proposed and sanctioned in the BVI but this was a member’s scheme and was altogether more straightforward. Ogier BVI was instructed in relation to all four schemes.

    The First Scheme

    Filed under:
    British Virgin Islands, Insolvency & Restructuring, Litigation, Ogier, Debtor, Unsecured debt, Interest, Arbitration award, Debt, Liquidation, Holding company, Subsidiary, Commercial Court (England and Wales)
    Location:
    British Virgin Islands
    Firm:
    Ogier
    Insolvency of Guernsey Companies
    2020-04-07

    Introduction

    Filed under:
    European Union, Guernsey, Insolvency & Restructuring, Ogier, Liquidation
    Authors:
    Christopher Jones , Mathew Newman , Alex Horsbrugh-Porter , Paul Chanter
    Location:
    European Union, Guernsey
    Firm:
    Ogier
    Jersey companies and English administration
    2010-09-14

    There has been a considerable amount of interest from clients recently on putting Jersey companies holding UK real property and other assets into English administration. Where a Jersey company and its creditors intend to rescue the company as a going concern, or English administration would achieve a better realisation for creditors than a désastre or a winding up, it may be advantageous to commence English administration.

    Filed under:
    Jersey, United Kingdom, Insolvency & Restructuring, Ogier, Debtor, Interest, Liquidation, Comity, Insolvency Act 1986 (UK), Courts of Jersey
    Authors:
    Bruce MacNeil
    Location:
    Jersey, United Kingdom
    Firm:
    Ogier
    Compulsory winding-up of companies in Guernsey
    2018-07-16

    The memorandum has been prepared on the basis of the law and practice in Guernsey as at 1 April 2010.

    Introduction  

    Filed under:
    Guernsey, Insolvency & Restructuring, Ogier, Contractual term, Share (finance), Shareholder, Waiver, Limited liability company, Debt, Liability (financial accounting), Liquidation, Annual general meeting
    Location:
    Guernsey
    Firm:
    Ogier
    COMI: new developments for offshore liquidators
    2010-05-14

    National interests play a distinct part in application of the UNCITRAL model law on cross-border insolvency.  

    The Model Law  

    Filed under:
    Cayman Islands, USA, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Ogier, Defamation, Liquidation, Liquidator (law), Uniform Act, UNCITRAL, Bear Stearns, United States bankruptcy court
    Location:
    Cayman Islands, USA
    Firm:
    Ogier
    BVI adoption of Judicial Insolvency Guidelines: Q&A with Nicholas Brookes from Ogier's BVI Dispute Resolution team
    2017-06-07

    International guidelines on cross-border insolvency matters have recently been adopted by the BVI courts. The Judicial Insolvency Network guidelines – drafted in 2016 by ten insolvency judges from international jurisdictions, including a BVI Commercial Court Judge – aim to create co-operation and communication between courts on cross-jurisdiction proceedings, and to minimise the time and expense involved in litigation.

    Filed under:
    British Virgin Islands, Global, Insolvency & Restructuring, Ogier, Liquidation
    Location:
    British Virgin Islands, Global
    Firm:
    Ogier
    When is a redemption effective: Reserve International Liquidity Fund Ltd
    2010-05-12

    The British Virgin Islands Commercial Court has recently delivered a decision in Western Union International Limited v Reserve International Liquidity Fund Ltd which addresses the issue of when during the redemption process a redeeming investor becomes a creditor of the fund and is therefore entitled to apply for the appointment of a liquidator.

    Filed under:
    British Virgin Islands, Insolvency & Restructuring, Litigation, Ogier, Share (finance), Shareholder, Dividends, Market liquidity, Liquidation, Articles of association, Unsecured creditor, Bankruptcy of Lehman Brothers, Net asset value, Companies Act 2006 (UK), Lehman Brothers
    Location:
    British Virgin Islands
    Firm:
    Ogier

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