公司法和商法（双语）讲义第23章CorporateandBusinessLawChapter2323InsolvencyOverviewINSOLVENCYAdministrationLiquidationCompulsoryVoluntaryMembersCreditors1Insolvencyofacompanyusuallyresultsinliquidationeithercompulsoryorvoluntary.Liquidationmaybeavoidedbyadministration.Liquidationmayalsobeenteredintowhilstacompanyisstillsolvent.2AdministrationordersPurposeofadministration2.1(a)Theappointmentofanadministratorisdesignedtogivecompaniesinfinancialdifficulty(usuallywithinsolvencylooming)a“breathingspace”fromwhichtotradeoutoftheirdifficulties.(b)Administratorsmaybeappointedeitherbythecourt,theholdersoffloatingchargescreatedonorpost15.9.03andthecompanyanditsdirectors.(c)Ifthecompanyanditsdirectorsintendtoappointanadministratortheymustgivefivedaysnoticetoanyfloatingchargeholderentitledtoappointeitheranadministrativereceiveroradministrator.Thiseffectivelymeansthatafloatingchargeholdercaneitherblockthecompany’schoiceofadministratororblocktheadministrationprocedure.(d)Theadministratoronceappointedmustperformhisfunctionswiththeobjectiveof:(i)rescuingthecompanyasagoingconcern,or(ii)achievingabetterresultforthecompany’screditorsthanwindingup;or公司法和商法（双语）讲义第23章CorporateandBusinessLawChapter23(iii)realisingpropertytodistributetosecuredorpreferentialcreditors.Consequencesoftheappointmentofanadministrator2.2(a)Winding-upcannotbecommencedorcontinuedwith.(b)Nogoodscanberecoveredfromthecompany(e.g.H.P.repossessions)withoutcourtleave.(c)Legalproceedingscanonlybecommencedorcontinuedwiththecourt'spermission.Administratorsproposalsandpowers2.3(a)Theadministratorshould:(i)Establishthestateofthecompany’saffairsbyobtainingastatementofaffairs.(ii)Prepareproposalstoachievetheaimofadministration.(b)Acreditorsmeetingmustbecalledwithin10weeksofadministratorsappointment.(c)Themeetingwill(i)accept;(ii)acceptwithmodificationswhichmustbeapprovedbytheadministrator;or(iii)reject.Powers2.4(a)Theadministratorhasgeneralpowersofmanagementderivedfrom..(b)Hecan(i)appointandremovedirectors(auniquepowerincompanylawnormallyonlyavailableinanAGM)(ii)callmeetingsofthemembersandcreditors(iii)applytocourtfordirectionsregardingthecarryingoutofhisfunctions(iv)makepaymentstosecuredorpreferentialcreditorsandwiththecourtspermissionmakepaymentstounsecuredcreditors(e)Hemustsummonameetingofthecompany’screditorsiftoldtoby:(i)thecourt,or(ii)10%ofthecompany’screditors.s.17(IA)Endofadministration2.5(a)Theadministrationhasbeensuccessful.(b)Automatically(unlessextended)12monthsafterthedateofappointment.(c)Bycourtorderwhichincludesthegrantingofawindinguppetitiononpublicinterestgrounds.公司法和商法（双语）讲义第23章CorporateandBusinessLawChapter233Liquidation3.1Liquidationmaytakeoneoftwoforms:(i)Windingupbythecourt–Compulsoryliquidation.(ii)VoluntaryWindingUp–Members’orCreditors’.Windingupbythecourt3.2(a)s.122(1)(IA)Reasonsforwhichacompanymaybeputintocompulsoryliquidation:-(i)Thecompanyhaspassedaspecialresolutiontothateffect.(ii)Thecompanywasregardedasapubliccompanyonincorporationandnotissuedwithas.117certificatewithin1year.(iii)Thecompanydoesnotstartbusinesswithinoneyearofincorporationorsuspendsbusinessforoneyear.(iv)Thetotalnumberofmembersinapubliccompanyisreducedbelowthelegalminimum.(i.e.,2)(v)Thecompanyisunabletopayitsdebts.(vi)Thecourtisoftheopinionthatitisjustandequitablethatitshouldbewoundup.(b)s.123(IA)"Una...
