Oliver Payne 彭奥礼
Partner 合伙人 | Legal
Hong Kong
Partner 合伙人
Hong Kong
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Insight
18 June 2020
Hong Kong, Cayman Islands
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在一项联合官方清盘人向法院要求批准执行一份出售公司资产的协议并被债权人反对的申请中,法院确认了建立一个清晰及高透明度的出售程序的重要性,有关程序应得到利益相关各方的信任,以确保有关出售协议能够符合债权人的最大利益。
背景
Pacific Harbor Asia Fund I,Ltd(已正式清盘)(以下简称“该公司”)的联合官方清盘人(以下简称“JOL”)寻求法院的批准,促使公司签订买卖协议向Muldoon Associates Limited (Stonehill Capital Management,LLC(判决书中称为“Stonehill”)的附属公司)出售该公司的所有非现金资产。
该公司是Pacific Harbor Asia Master Fund(Cayman)L.P.(以下简称“主基金”)的联接基金。主基金是由该公司及Pacific Harbor LP两个有限合伙人组成的封闭式投资工具。该公司的主要资产是主基金公司的77%合伙权益。
联合官方清盘人的批准申请遭到了该公司大多数债权人的反对。作出反对的债权人认为拟议的出售协议不符合债权人的最大利益。债权人亦认为Stonehill是在一个有缺陷的销售过程中被选为中标人的,原因包括:
法院须在以上这些考虑与拟议出售的收益本可用作支付联合官方清盘人及其顾问的薪酬这一事实之间取得平衡。该公司自2017年以来一直没有资金支持正式清盘,因此,联合官方清盘人和他们外部顾问的费用仍未被支付。截至2020年3月31日,未付清的清盘费用已经超过400万美元。
法律问题:
法院在作出裁决时考虑了以往批准清盘人行使权力的案例,并取得了JOL的独立意见以考虑证供有否揭示法院在本案应拒绝作出批准的任何实质理由,法院考虑了以下几个关键问题:
法官McMillan考虑并引用了英国和开曼群岛的案例(包括Re Greenhaven Motors Ltd [1999] 1 BCLC 635,Edennote Ltd (No 2) [1992] 2 BCLC 89和 In re DD Growth Premium 2X Fund 2013 (2) CILR 361)。上述案例阐述了法院能否行使酌情权作出批准的一般法律原则。法官McMillan 亦强调有关申请并非一项普通的申请,尤其是在对此申请有很多反对声音的情况下,债权人的意愿难免会受到双重角色的影响。
判决
虽然法院认为联合官方清盘人基于他们的专业判断认为执行出售协议实质上可获得最佳结果,并向法院作出批准申请是一个正确的做法,但法院拒绝批准有关申请,其判决理由如下:
奥杰Ogier在此案中代表成功反对有关批准申请的三位债权人。
[1] 第79段.
[2] 第80段.
[3] 第46段.
[4] 第49段.
[5] 第72段.
[6] 第33段.
Oliver Payne 彭奥礼
Partner 合伙人 | Legal
Hong Kong
Partner 合伙人
Hong Kong
Contact Oliver
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Michael Snape 石迈可
Consultant 顾问 | Legal
Hong Kong
Consultant 顾问
Hong Kong
Contact Michael
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Marc Kish
Partner | Legal
Cayman Islands
Partner
Cayman Islands
Contact Marc
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Gemma Bellfield (nee Lardner)
Partner | Legal
Cayman Islands
Partner
Cayman Islands
Contact Gemma
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Nour Khaleq
Senior Associate | Legal
Cayman Islands
Senior Associate
Cayman Islands
Contact Nour
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Ogier is a professional services firm with the knowledge and expertise to handle the most demanding and complex transactions and provide expert, efficient and cost-effective services to all our clients. We regularly win awards for the quality of our client service, our work and our people.
This client briefing has been prepared for clients and professional associates of Ogier. The information and expressions of opinion which it contains are not intended to be a comprehensive study or to provide legal advice and should not be treated as a substitute for specific advice concerning individual situations.
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