
Michael Snape
Partner 合伙人
Hong Kong

Michael Snape
Partner 合伙人
Hong Kong
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Insight
10 May 2021
Cayman Islands, Hong Kong
在最近的Re Grand State Investments Limited [1] 一案中,开曼群岛大法院(大法院)驳回一名向Grand State Investments Limited(该公司)申索债务的股东(呈请人)所发起的清盘呈请,理由是所指称的债务存在真诚和理由充分的争议。此外,Parker 法官认为,即使呈请未被驳回,相关诉讼也会因容让仲裁程序进行而被暂缓。
该公司于开曼群岛注册成立,是一所于中国从事教育行业的企业集团的最终控股公司。呈请人透过购买该公司的C类优先股(该些股份)作为投资,并与该公司订立了受香港法律管辖的股东协议(股东协议)。股东协议规定,任何与股东协议条款有关的争议,须通过香港国际仲裁中心(HKIAC)进行仲裁解决。
呈请人声称于2020年9月向该公司送达通知以赎回该些股份,并要求该公司于2020年10月30日前支付相关赎回款项。然而,该公司对其在此日期前支付赎回款项的责任有所异议,因股东协议中的一项条款仅允许其“不时从合法可动用的资金”,并这些资金可动用时,支付赎回款项。[2] 换句话说,该公司主张其须满足赎回请求的责任并非自动产生(尽管通常如此),而是有条件的——而此支付赎回款项的条件,即存在合法可动用的资金,并未达成。[3]
呈请人向该公司送达了法定要求偿债书,及在21天后未获付款,遂发起了债权人清盘呈请(该呈请),理由是该公司未有依据法定要求偿债书支付欠款,因此大法院应将之视作无力偿债并勒令清盘。[4] 作为回应,该公司以滥用程序为由向法院申请驳回该呈请,理由是所指称的债项(即索偿的赎回款项)存在理由充分的真诚争议。该公司同时向法院申请暂缓该呈请的诉讼,以便根据股东协议的条款由香港国际仲裁中心进行仲裁。
Parker法官指出,开曼群岛在这方面的法律已很完善——如构成清盘呈请主因的债项存在理由充分的争议,大法院一般会驳回或暂缓清盘呈请。如Parmalat Capital Finance Ltd v Food Holdings Ltd [5] 及Camulos Partners Offshore Ltd v Kathrein and Company [6] 等案例所确认,开曼法院不会允许呈请人以清盘呈请威胁公司,迫使其偿还存在真诚争议的债务,或不正当地利用法院对清盘的司法管辖权来解决双方之间的纠纷。
在驳回该呈请时,Parker法官同意该公司有“显然是可争议的”的观点,即除非及直至该公司有足够的合法可动用资金(该等资金不包括该公司正常运作所需的任何款项)股东协议并无要求该公司支付赎回款项。此外,根据股东协议,该公司有义务真诚善意地尽一切合理努力增加其合法可动用资金,但仅在以下情况下适用:(i)该公司有合法权力强制其子公司分派资金;和(ii)子公司本身的可动用资金多于其正常业务运作所需的资金。
面对这些合同条款的障碍,呈请人试图指出银行账单显示该公司持有多于公司法规定维持正常业务运作所需最低金额的资金,以回避股东协议的条款建构所导向的结论。呈请人辩称,虽然其申索的大部分款项金额可能存在争议,但该公司持有合法可动用资金却未向其支付欠款,法院对该公司下达清盘命令是合理的。
Parker法官引用英国高等法院在 In Re a Company(1982年第003729号)[7]一案中的裁决,驳回呈请人此一论点,理由是该公司并非只对债务的金额有所异议,而是对债务本身的存在也提出了争议。在此过程中,Parker法官亦区分了裁量有充分理由的真诚争议的方法,以及裁量呈请人有否资格提出呈请的方法。
鉴于上述分析,Parker法官接纳该公司在质疑指称债项时所提出的问题确实构成了理由充分并属真诚的争议,因此驳回清盘呈请。
法院亦回应了该公司申请驳回清盘令的替代依据,即因双方签署了股东协议同意将有关股东协议的争议提交仲裁而申请暂缓。Parker法官确认,即使他没有驳回清盘呈请,也会暂缓相关诉讼以容让仲裁进行。
大法院采纳了开曼法院在 Re Sphinx Group of Companies [8] 及 Re Times Property Holdings Ltd [9]等裁决中的做法,确认如果发生纠纷的债务涉及仲裁协议涵盖的潜在争议,法院通常会以此为由批准暂缓清盘诉讼。然而重要的是,Parker法官同时确认,仅仅存在争议是不足够的,大法院在行使其酌情权暂缓清盘诉讼以容让仲裁进行前,须要信纳有理由充分的真诚争议存在。
在此大前提下,大法院确认考虑这些问题的出发点应是尊重当事人选择争议解决机制的自主权[10] 。然而这不是单一的决定性因素,大法院将研究每单案件的情况,并根据特定事实决定暂缓诉讼是否合适。
在本案中,Parker法官认为,如果该呈请未被驳回,下列因素亦足以支持暂缓诉讼以容让仲裁进行:
因此,Parker法官认为,本案的争议项目交由熟悉香港法律并且精通中、英双语的仲裁员作出裁决最为合适。更重要的是,相关证人皆操中文,在聆讯中展示的中文文件亦有相当数量。
Grand State案的裁决提醒赎回股东在发起清盘呈请之前,须仔细审阅约束他们行使赎回权的合同条款,否则有关呈请可能会被驳回或暂缓。如果呈请遭到驳回或暂缓,不利的讼费命令可能随后而至。
本案亦确认了大法院会尊重仲裁协议,不会在干扰当事人双方合同订定的争议解决机制的情况下,急于行使其对清盘的司法管辖权;当然,前提是公司并非藉由提出争议来躲避无法规避的清盘情况。
奥杰在本诉讼中为公司方的代表律师。
[1] 28 April 2021, FSD 11/2021 (RPJ).
[2] The terms of the SHA and the Company's articles of association were identical in this respect.
[3] The Company also raised issues regarding the waiver, by the Petitioner, of its right to redeem. Given the Court's determination on the above issues, there was no need to deal with that issue.
[4] Section 92(d) of the Companies Act (2021 Revision).
[5] [2008] CILR 202.
[6] [2010] 1 CILR 303.
[7] [1984] 1 WLR 1090 at 1094 (Mervyn Davies J).
[8] Unreported, Cayman Islands Court of Appeal, 2 February 2016
[9] [2011] 1 CILR 223.
[10] See Salford Estates (No 2) Limited v Altomart Limited [2014] EWCA Civ 1575
Cayman Islands
Hong Kong
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Michael Snape
Partner 合伙人
Hong Kong
Michael Snape
Partner 合伙人
Hong Kong
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Christopher Levers
Partner
Cayman Islands
Christopher Levers
Partner
Cayman Islands
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Nour Khaleq
Senior Associate
Cayman Islands
Nour Khaleq
Senior Associate
Cayman Islands
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Nicholas Tam
Legal Manager 法律经理
Hong Kong
Nicholas Tam
Legal Manager 法律经理
Hong Kong
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