54. 《立法指南》承认，破产程序启动后债务人企业的继续经营是重组的关键，而要将企业作为经营中企业拍卖的话，则其继续经营在一定程度上也是清算的关键。
The Legislative Guide recognizes that the continued operation of the debtor's business after the commencement of insolvency proceedings is critical to reorganization and, to a lesser extent, liquidation where the business is to be sold as a going concern.
为了保持其经营活动，债务人必须有获得资金的渠道，这样才能够继续为获得关键的货物和服务支付费用，包括劳务成本、保险、租金、合同的保持和其他营运费用以及与保持资产价值有关的各种费用。
To maintain its business activities, the debtor must have access to funds to enable it to continue to pay for crucial supplies of goods and services, including labour costs, insurance, rent, maintenance of contracts and other operating expenses, as well as costs associated with maintaining the value of assets.
但是，《指南》指出，许多法域要么限制在破产中提供新的资金，要么不具体涉及注入新的资金或者在破产中偿还这些资金的优先顺序问题。
The Guide notes, however, that many jurisdictions restrict the provision of new money in insolvency or do not specifically address the issue of new finance or the priority for its repayment in insolvency.
这些法律中具体涉及集团公司方面问题的法律很少。
Very few, if any, of those laws specifically address the issue in the context of corporate groups.
55. 《立法指南》列入了旨在促进为债务人的企业继续经营或生存而提供资金的建议63-68，从而为启动后资金的提供人提供了适当保护，而且也为那些其权利可能因启动后资金的提供而受到影响的当事人提供了适当保护。
The Legislative Guide includes recommendations 63-68, which aim to promote the availability of finance for continued operation or survival of the debtor's business and provide appropriate protection for the providers of post-commencement finance, as well as appropriate protection for those parties whose rights may be affected by the provision of post-commencement finance.
56. 正如《立法指南》所注意到的，启动后融资对个别程序虽很重要，不过对有关集团公司的程序则更为重要；如果没有任何可动用的资金，破产集团的重组则几无希望可言。
While post-commencement finance is important in the context of individual proceedings, as noted in the Legislative Guide, it is even more critical in the group context; if there are no ongoing funds there is very little prospect of reorganizing an insolvent group.
在集团公司背景下与启动后融资有关的问题之一是可否将集团非破产成员的资产用于为破产成员争取外部融资或直接为非破产成员供资，如果可以的话，则这种做法对《立法指南》中有关优先权和担保的建议将会产生什么样的影响。
One of the questions with respect to post-commencement finance in the corporate group context is whether the assets of a solvent member of a group can be used to obtain financing for an insolvent member from an external source or to fund the insolvent member directly and, if so, what are the implications for the recommendations of the Legislative Guide concerning priority and security.
举例说，向其破产的母公司提供资金的非破产子公司是否有权享有建议64规定的优先权，或是否应当将该交易作为集团公司内部贷款而适用从属安排？
For example, would a solvent subsidiary be entitled to priority under recommendation 64 if it provided funding to its insolvent parent or would that transaction be subject to subordination as intra-group lending?
如果集团所有成员均受破产程序管辖，则通常应该可以使用集团公司的资产来筹集资金；《立法指南》的建议应述及该问题。
Using group assets to obtain financing may generally be possible where all members of the group are subject to insolvency proceedings; this would be covered by the recommendations of the Legislative Guide.
不过有与会者提出的将非破产成员的资产用来为破产成员供资或用作筹集外部资金的依据的建议有可能招致非议。
Difficulties are likely to arise, however, where it is proposed that the assets of a solvent member be used to fund an insolvent member or as the basis for obtaining external funding.
如上所述，破产法一般不允许有这种做法，但是在某些情况下，如果非破产成员的债权人同意的话，提供这类资金亦无不可。
In general, as noted above, it is not likely to be permitted by insolvency law, although there might be situations where funding could be provided if the creditors of the solvent member consented.
57. 除了下文所列的建议外，《立法指南》中的建议68将适用于把重组程序改为清算的情形。
In addition to the recommendations included below, recommendation 68 of the Legislative Guide will be relevant where reorganization proceedings are converted to liquidation.
(13) 破产法应具体规定，集团公司或集团公司的任何成员都可在下文建议15-18所述的情形和标准之下获得启动后融资。
Recommendations
(14) 破产法应在破产管理人认为获得启动后融资对于[集团公司[或其任何成员]]的继续经营或生存或对于保全或增加集团公司一个或一个以上成员破产财产的价值有必要的情况下，为[集团公司破产管理人][集团公司任何成员的破产管理人]获得启动后融资提供便利或动力。
(14) The insolvency law should facilitate and provide incentives for post-commencement finance to be obtained by [the insolvency representative of a corporate group] [an insolvency representative of any member of a corporate group] where the insolvency representative determines it to be necessary for the continued operation or survival of the business of the [corporate group [or any of its members]], or the preservation or enhancement of the value of the estates of one or more members of the group.
破产法可要求由法院授权或经受到影响的集团公司任何成员的债权人同意为下文建议18和19所列明的集团公司[或集团公司的任何成员]提供启动后融资。
The insolvency law may require the court to authorize, or the creditors of any affected member of the group to consent to the provision of post-commencement finance for the group [or any member of the group], as specified in recommendation 18 and 19, below.
集团公司启动后融资的偿付担保或其他保证
Guarantee or other assurances for repayment of post-commencement finance for a corporate group
(15) 破产法应具体规定，[系债务人的][集团公司]的一个成员可就集团公司另一名成员获得的启动后融资的偿付提供担保或其他保证，只要法院确定：
(15) The insolvency law should specify that a member of a [corporate group [that is a debtor]] may guarantee or provide other assurance of repayment for post-commencement finance obtained by another member of the corporate group so long as the court determines that:
(a) 债务人——担保人的[破产财产]从这类启动后融资中获得的益处将与启动后融资获得者获得的益处相当；或
(a) [The estate of] the debtor-guarantor would receive benefits from such post-commencement finance comparable to those received by the obtainer of post-commencement finance; or
(b) 债务人——担保人的[债权人][破产管理人]同意为偿付资金提供担保或其他保证；或
(b) The [creditors] [insolvency representative] of the debtor-guarantor consent to the provision of that guarantee or other assurance of repayment; or
(c) 债务人——担保人的债权人不会因这类偿付担保或其他保证而遭受经济上的损失。
(c) The creditors of the debtor-guarantor would suffer no economic harm as a result of such guarantee or other assurance of repayment.
集团公司启动后融资的优先权
Priority for post-commencement finance for a corporate group
(16) 破产法应确定对于提供给[集团公司][或集团公司的成员]的启动后融资的优先权，至少应确保对启动后融资提供者的偿付优先于集团公司各个成员的普通无担保债权人，包括那些拥有破产管理费优先权的无担保债权人。
(16) The insolvency law should establish the priority that may be accorded to post-commencement finance provided to [a corporate group] [or member of a corporate group], ensuring at least the payment of the post-commencement finance provider ahead of the ordinary unsecured creditors of each member of the group, including those unsecured creditors with administrative priority.
对集团公司启动后融资的担保
Security for post-commencement finance for a corporate group
(17) 破产法应规定集团公司的一个成员能够就向集团公司[或集团公司的成员]提供的启动后融资的偿付设定担保权益，包括在未抵押资产（含启动后获得的资产）上设定的担保权益或在这类集团公司成员的破产财产中已抵押资产上设定的次级或较低优先的担保权益。
(17) The insolvency law should enable a member of a corporate group to grant a security interest for repayment of post-commencement finance provided to the group [or member of the group], including a security interest on an unencumbered asset, including an after-acquired asset, or a junior or lower priority security interest on an already encumbered asset of the estate of such member of the group.