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Corey Byrne
Senior Associate | Legal
Cayman Islands
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Corey Byrne
Senior Associate
Cayman Islands
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Insight
25 August 2022
1 min read
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开曼群岛大法院为开曼群岛注册成立的公司及其股东提供了备受期待的指引,说明对公司进行以公正公平为理由的清盘呈请,何时应被视作为呈请股东与标的公司之间的争议,以及何时应被视作为呈请人与公司其他股东之间的争议(即所谓各方当事人之间的程序)。
Re Madera Technology Fund (Madera)的判决遵循了Segal J在2021年对Re China Shanshui Cement Group [1]一案的判决,并概述了法院在考虑是否需要其他股东加入公正公平的清盘呈请程序时适用的多项原则。
在开曼群岛注册成立的公司的成员或股东可以提交呈请,要求法院在认为公正公平的情况之下,颁令该公司清盘。[2] 提出呈请之后,呈请人必须提交指示传票,寻求法院就有关程序进行给予指示,包括该程序将视为针对标的公司的诉讼,还是应视为牵涉一名或多名公司成员作为呈请人的或答辩人的各方当事人之间的程序。[3] 如果法院裁定呈请应视为各方当事人之间的程序,则参与的股东必须作为答辩人加入,而标的公司则仅以名义方式继续参与(例如为了提供证据开示)。[4]
若法院颁令该清盘呈请属于各方当事人之间的程序,这将决定(连同其他事宜)公司的资产是否可用于资助呈请的抗辩,以及公司其他股东将在多大程度上参与程序。
在某些情况下,例如公司属于紧密持股的公司或公司董事会陷入僵局的情况下,法院可能显而易见地认为该公司无法参与程序,因而将争议适当地定性为各方当事人之间的程序。 然而,在其他情况下,例如Madera,就不太明确了。
Madera Technology Fund (CI) Ltd(该公司)是一家在开曼群岛注册成立的豁免有限公司,以联接基金的形式运营。在与案情相关的时期,该公司有两名董事(董事)合计持有公司6.4%的股份。
呈请人是根据墨西哥法律成立的信托,持有该公司29.5%的股份。在该公司与呈请人关系破裂后,董事促使该公司强制赎回呈请人的股份,并将该等股份转换为无表决权股份。
对此,呈请人提出了呈请,其认为有充分理由对该公司事务运营的诚信失去信心,故要求以公正公平为理由结束该公司。呈请人提交了传票,要求法院颁布指示,将呈请程序视为申请人与作为答辩人的董事之间的各方当事人之间的程序。
Richards J考虑了一系列英国和开曼群岛案例,这些案例支持以下公正公平清盘呈请定性的一般原则:
Richards J认为,由于此案的董事同时是股东,法院有权发出命令将董事加入为答辩人。[10] 然而,法官认为,法院亦保留了本身的酌情权决定争议是否适合定性为股东之间的争议并命令他们加入呈请。
Richards J认为,虽然董事的行为是导致公司面临清盘的指控的核心,但控诉的行为是与他们作为公司董事身份采取的行动有关,并且呈请人未有就他们作为股东的行为提出任何指控。法官认为,董事的持股“属于控诉的附带行为,既不是其本质,也不是其核心,也没有在其中发挥作用。"[11]
因此,Richards J拒绝行使酌情权将董事加入程序当中,并将争议描述为“与公司及其董事”的争议,以及认为该公司在诉讼中拥有“实际的利益”。[12]
开曼群岛没有针对不公平损害权益或压迫的独立法院救济,然而股东可以以公正公平为由提出清盘呈请,作为解决与其他股东的争议的一种手段,包括涉及压迫或不当行为指控的情况。Madera案中,法院在描述公正公平的呈请时采取了务实的方法,这将对股东和公司都有帮助,并将确保法院能够防止公司在为它们没有真正利益的争议辩护时不当地耗尽其资源。
[1] (Unreported, Segal J, 21 January 2021). 奥杰在这次聆讯代表呈请人
[2] Companies Act (2022 Revision), s 92(e)
[3] Companies Winding Up Rules, O.3, r.12(1)
[4] Financial Services Division Guide (August 2015), C6.5
[5] Re A & BC Chewing Gum Ltd [1975] 1 WLR 579; Re Crossmore Electrical & Civil Engineering Ltd (1989) 5 BCC 37; Re a Company No 005685 of 1988 ex parte Schwarcz (1989) 5 BCC 79; Re Freerider Limited [2009] CILR 604
[6] Re a Company (No. 001126 of 1992) [1993] BCC 325 于 333
[7] Arrow Trading & Investments v Edwardian Group Ltd (No 2) [1993] BCC 325; Re Freerider Limited [2009] CILR 604
[8] Re China Shanshui Cement Group (Unreported, Segal J, 21 January 2021) 于 [39]
[9] Re China Shanshui Cement Group (Unreported, Segal J, 21 January 2021) 于 [33(s)]
[10] Madera 于 [110]
[11] Madera 于 [114]
[12] Madera于[113],[116]。 值得注意的是,Richards J表示,董事仅持有6.4%的少量股权这一事实“可能不是一个完整的答案”,并提出在某些情况下,小股东的合并可能是合适的,包括涉及不公平的收购安排或压迫行为的案件:Madera 于 [108]
Corey Byrne
Senior Associate | Legal
Cayman Islands
Corey Byrne
Senior Associate
Cayman Islands
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Gemma Bellfield (nee Lardner)
Partner | Legal
Cayman Islands
Gemma Bellfield (nee Lardner)
Partner
Cayman Islands
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Oliver Payne 彭奥礼
Partner 合伙人 | Legal
Hong Kong
Oliver Payne 彭奥礼
Partner 合伙人
Hong Kong
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Jeremy Snead
Partner | Legal
London, Cayman Islands, British Virgin Islands
Jeremy Snead
Partner
London, Cayman Islands, British Virgin Islands
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