对此,有与会者指出,非破产实体是在商业环境中在公司法为其规定的权限范围内行事,如果管理层愿意,为集团公司另一个成员提供资金支助不必征求债权人授权。
In response, it was pointed out that the solvent entity would be acting on its own authority under company law in a commercial context and should not be required to seek additional authority from its creditors to provide financial support to another member of the group if management so wished.
还有与会者提出,会有不同类型的非破产实体参与提供这类担保,如负债很少、资产很多的特殊目的实体;依具体情况而定,母公司或集团公司其他成员的财务稳定可能关系到集团公司非破产成员的利益;整个集团公司的利益可能作为一个考虑因素。
It was also suggested that different types of solvent entities, such as special purpose entities with few liabilities and many assets, could be involved in providing such a guarantee; that the solvent group member might have an interest in the financial stability of the parent or of other members of the group, depending upon the specific circumstances; and that the interests of the group as a whole might be a consideration.
具体就建议草案15而言,有与会者指出要求法院评价(a)至(c)款所规定的各种保障是否得到满足之后,才能决定能否提供担保。
In the specific context of draft recommendation 15, it was noted that the court was required to assess whether the various safeguards set forth in paragraphs (a)-(c) were met before the guarantee could be provided.
53. 有与会者指出,若在重整计划范围内处理这个问题,与此问题有关的许多困难也许就解决了,集团公司非破产成员以及融资提供者可以在合同基础上参加重整计划。
It was proposed that many of the difficulties associated with the question might be solved if addressed in the context of a reorganization plan, in which the solvent group member, as well as finance providers, could participate on a contractual basis.
虽然有与会者承认有些情况下这种做法可能恰当,但指出经常在破产程序的任何早期阶段,并且在能够商定一项计划之前需要进行启动后融资。
While acknowledging that there might be situations where that approach could be appropriate, it was pointed out that very often post-commencement finance was required at any early stage of the insolvency proceedings and before a plan could be negotiated.
另一个观点是,在有些情况下,如作为经营中企业清算,也可能需要启动后融资,而这种情况下将不制订重整计划。
A further observation was that post-commencement finance might also be required in situations, such as liquidation on a going concern basis, where there would not be a reorganization plan.
54. 工作组请秘书处重新考虑并修订建议草案15供今后审议,在此过程中要考虑到讨论中提出的问题以及使各个要素更加明确的必要性。
The Working Group requested the secretariat to reconsider and revise draft recommendation 15 for future consideration, taking into account the different issues raised in the discussion and the need to provide greater clarity with respect to the various elements.
建议16
Recommendation 16
55. 工作组同意建议草案16的实质内容,仅作以下修订:删除第一组方括号中提及集团公司的字样,并将提及集团公司“各个”成员的普通无担保债权人的字样改成集团公司“该”成员。
The Working Group agreed to the substance of draft recommendation 16 with the following revisions: deletion of the reference to a corporate group in the first set of square brackets and amendment of the reference to the ordinary unsecured creditors of “each” member of the group to “that” member of the group.
建议17
Recommendation 17
56. 工作组同意建议草案17的实质内容,仅作以下修订:将“向集团公司[或集团公司的成员]提供”改成“向集团公司另一个成员提供”。
The Working Group agreed to the substance of draft recommendation 17 with the following revision: “provided to the group [or member of the group]” substituted with “provided to another member of the group”.
建议18
Recommendation 18
57. 工作组一致认为应保留两组方括号内的案文,删除方括号。
It was agreed that the two texts in square brackets should be retained with the square brackets removed.
另一项建议是澄清如果在“现有担保债权人”一语前添加“受到影响的”一词,将涉及哪些担保债权人。
A further suggestion was to clarify which secured creditors were concerned by adding the word “affected” to the words “existing secured creditors”.
关于本建议草案中允许或者征得现有担保债权人的同意或者遵循建议19中所载程序的选择,与会者认为应当只要求征得现有债权人同意。
With respect to the alternative at the end of the draft recommendation permitting either consent of the existing secured creditors or adherence to the procedure in draft recommendation 19, the view was expressed that only the consent of the existing creditors should be required.
有与会者指出,未征得这种同意即开始行事将造成宪法上的问题,并构成“强加”,后者仅在例外情况下才可接受,如债权人不合理地不予同意。
It was observed that to proceed without that approval might raise constitutional issues and constituted a “cram-down”, which might be acceptable only in exceptional cases such as where a creditor unreasonably withheld its consent.
另一个观点认为,须将建议草案18与建议草案19放一起审议,后者为现有担保债权人提供了必要的保障。
Another view was that draft recommendation 18 had to be considered together with draft recommendation 19, which provided the necessary safeguards to existing secured creditors.
58. 经过讨论,建议草案18的实质内容在作上述修订后得到核准。
After discussion, the substance of draft recommendation 18 was approved with the revisions noted above.
建议19
Recommendation 19
59. 工作组同意建议草案19的实质内容,但要删除(b)款方括号内第二处备选案文,并去掉第一处备选案文前后的方括号。
The Working Group agreed to the substance of draft recommendation 19 with the deletion of the second alternative text in square brackets in paragraph (b) and removal of the square brackets from the first alternative.
60. 注意到需要修订建议13至19的标题,以反映就每项建议的实质内容达成的一致意见。
It was noted that the headings of recommendations 13-19 would need to be revised to reflect the agreements on the substance of each recommendation.
(e) 撤销:建议20-21
(e) Avoidance: recommendations 20-21
61. 有与会者在讨论开始时就讨论的概念所蕴含的问题发表了一些一般性意见。
At the outset of the discussion, several observations of a general nature were made concerning issues underlying the concepts being discussed.
这些问题包括:债权人如何确定与其打交道的是集团公司的一个成员问题,因为如果集团公司背景下所适用的规则有别于单一公司实体所适用的规则,则该问题具有特殊的意义;对集团公司的构成以及其他概念和假设均需要有更为明确的定义;必须澄清该工作是否以公司的单独存在这一假设作为其出发点,并查明可能有理由偏离该假设的任何情形。
Those included: the question of how a creditor could identify that it was dealing with a member of a corporate group, noting that that question would be of particular importance if the rules applicable to the corporate group context were different to those applicable to single corporate entities; the need for clearer definition of what constituted a corporate group, as well as other concepts and assumptions; and the need to clarify whether the work proceeded from an assumption of corporate separateness and an identification of the circumstances, if any, that might justify a departure from that assumption.