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BUSN7057
期末辅导 1

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   学科特点及学习方法

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学习方法

Lecture 3-Managing Companies with Share Capital

1. Members 股东

• Membership rights

Common law rights

• enforce statutory contract
• appoint directors
• dividend out of profits
• attend members' meetings
• vote at members' meeting
• receive information from the company
• Membership rights

Statutory rights

• wind up the company (s 461)
• enforce compliance with Corporations Act (s 1324)
• call members' meeting (s 249D)
• copy of company's annual financial report (s 314)
• inspect the company's registers free of charge (s 173(2))
• approve executive remuneration (s 200B) or related party benefits (Ch 2E)
• remove directors of public companies (s 203D)
• oppression action (s 232)
• statutory derivative action (ss 236, 237) 代表公司行使权利怎样成为一个 member/以及卸任?
• A person can become a member by:
• Becoming a member on registration (s120)
• subscribing for new shares after registration,
• or acquiring already issued shares from another person
• A person ceases to be a member by transferring their shares, or having them cancelled
  转让股份或注销股份即不再是会员

Classes of shares 不同的股票 考点

• Shares can be created with different rights attaching
• Typically classes of shares have differing:
• entitlement to dividends
• priority in relation to payment of dividends
• voting rights
• priority in repayment of capital on a winding up

1. Stakeholders.

2. Corporate Governance 公司治理

3. Internal Governance 公司内部治理 这个有点重要

• After July 1998:
• Replaceable rules ss140, 141
• Or constitution
• Or a combination s134

• Companies may elect to rely on some or all of the replaceable rules in the Corporations Act
  公司可选择依赖《公司法》中的部分或全部可替换规则
• Not all of the replaceable rules are suitable for all types of companies
  并非所有可替换规则都适合所有类型的公司
• Some companies may wish to do things not provided for in the replaceable rules eg issue partly paid shares
  有些公司可能希望做一些可替换规则中没有规定的事情，例如发行部分缴款的股份。
• S135 replaceable rules do not apply to single director companies but Act has other sections e.g.
  S135 可替换规则不适用于单一董事公司，但法案还有其他条款，例如
• s198E deals with single director companies - powers of directors;
• appointment of other directors
• 202C remuneration of sole director

Constitution 考过

• alternative to relying on the replaceable rules, a company can adopt a constitution
  除了依赖可替换规则外，公司还可以通过章程
• Can be done when the company is registered, s117
• or later s135
• Constitution contains customised internal governance rules for that particular company
  公司章程包含为特定公司定制的内部治理规则
• 修改 constitution 需要召开股东大会. 比较重要的知识点

Amending the corporate constitution 修改公司宪法:

• Under s136 the constitution can be amended by passing a special resolution in a members' meeting
  根据第 136 条，章程可在成员会议上通过特别决议进行修订
• Restrictions:
• s 140(2) prohibition on imposing further liability on members-公司不可以收取股东其他费用。Ding v Sylvania
• s 232 protection of minority members from oppression by the majority
• Ding v Sy/vania Waterways-- s140(2)

4. Decision making 考过

• Power to make decisions is divided between:
• the members in general meeting
• the board of directors
• Residual decision making powers of members
• Under the common law, members may also make decisions:
• where the board is unable to act:
• to ratify breaches of directors' duty.
• Division of powers
• s198A means that the board is exclusively vested with general powers of management.
  第 198A 条意味着董事会被专门授予一般管理权。

HD EDU

• Members cannot override management powers: 相对比较重要
• Automatic Self Cleansing; NRMA v Parker
• The issue depends upon interpretation of the constitution (if there is one)
  问题取决于对宪法的解释（如果有的话）
• John Shaw & Sons
• NRMA v Parker
• The constitution of NRMA required at every AGM, half the board members to stand down and seek re-election, The board had the power to conduct the election
  NRMA 的章程规定，在每次年度股东大会上，半数董事会成员必须退任并寻求连任。
• Members requisitioned a meeting to direct the board
• to appoint a particular person as returning officer for the election
• To conduct a postal ballot 可以邮寄选票
• It is not the function of members to express an opinion as to how the powers vested in the board are to be exercised.
  就如何行使赋予董事会的权力发表意见并不是成员的职能。
• The general meeting could not pass its resolutions Members' decision making
  大会无法通过决议 会员国的决策
• Members have specific decision making powers
• DVT v Bigshop - an example of members' power subject to constitution:
• directors appointed by either board or at AGM only. There were 4 directors, (public company = minimum 3)
  董事由董事会或股东大会任命。共有 4 名董事，（上市公司 = 至少 3 名董事）
• Members wanted to pass a resolution at a general meeting (not AGM) for the appointment of 3 new directors and removal of 3 current directors
  成员希望在股东大会（非年度股东大会）上通过决议，任命 3 名新董事并免去 3 名现任董事的职务
• Members had no power to appoint under the constitution, there may be residual power if the company was left in a position of unable to act, but no residual power
  根据公司章程，成员无权任命，如果公司处于无法行动的境地，则可能有剩余权力，但没有剩余权力
• Members could validly remove directors and assume that the remaining director would fill the vacancies
  成员可以有效地罢免董事，并假定其余董事将填补空缺

1. Decisions relating to the constitution, the structure of the company and its capital
   有关公司章程、结构及其资本的决定
2. Decisions affecting the board (appointment, removal) and auditor
3. Statutory powers to approve or veto certain transactions
4. Auditor appt/removal
5. Voluntary winding up (special resolution)

• Finally, the general meeting can override the board in very limited circumstances
  最后，在非常有限的情况下，大会可以凌驾于董事会之上
• Eg where the board cannot act

• Example of constitutional/structural change 什么情况下可以改变宪法 考过
• Section 246B: variation or cancellation permitted only:
• in accordance with the constitution, or
• where the constitution is silent, by special resolution of the company and a separate special resolution of the class
  在章程未作规定的情况下，通过公司的特别决议和集体的单独特别决议
• Section 246D: rights of dissenting members where the variation, cancellation or modification does not have unanimous consent. Members holding at least of the class can apply to the Court for change to be set aside for unfair prejudice
  第 246D 条：在变更、取消或修改未获得一致同意的情况下，持异议成员的权利。持有至少 的成员可向法院申请以不公平损害为由撤销变更。

HD EDU

• Appointment - member election or approval may be required under the internal governance rules, eg
  任命--根据内部治理规则，可能需要成员选举或批准，例如
• members elect the directors by ordinary resolution: RR sec 201G - but see DVT v Bigshop
  成员通过普通决议选举董事：RR 第 201G 条 - 但参见 DVT 诉 Bigshop 案
• members must approve appointments made under casual vacancy power: RR
• Listed companies always provide for director election
• Members' right to remove a director: 股东如何移除董事
• public company: sec 203D (ordinary resolution)
• proprietary company: only if provided for in the internal governance rules eg RR sec 203C
  自营公司：仅在内部治理规则（如《注册条例》第 203C 条）中有规定的情况下。
• Veto of transactions 否决交易
• This refers to certain statutory rights given to members to approve of particular transactions
  这是指赋予成员批准特定交易的某些法定权利
• For example: 只有在这两种情况下
• Related party transactions
• Financial benefits prohibition

Related Party Transactions 必考 考过 重点

• Chapter 2E member approval needed for related party benefit
• S208 applies to a public company or an entity controlled by a public company Is a financial benefit being given to a related party to the public company? S208 讲的关联方交易的定义
  第 208 条适用于上市公司或受上市公司控制的实体 是否向上市公司的关联方提供了经济利益？S208 讲的关联方交易的定义

Related Party 的定义是 s228

• An entity that controls a public company
• Directors of a public company
• Directors of public company that controls another public company
• Each of the persons making up the entity that controls a public company
• Spouses and de facto spouses of any of these persons
• Parents and children of these persons
• An entity controlled by a related party
• A related party in previous 6 months
• Entity with reasonable grounds to believe it will become a related
• party in the future
• An entity acting in concert with a related party
• Financial benefit defined at s229
• Includes indirect financial benefits
• Includes a financial advantage even if no money is actually paid over e.g. a discount
  包括经济利益，即使没有实际付款，如折扣
• Examples include:
• giving finance or property
• Buying or selling an asset with a related party
• Leasing an asset
• Supplying or receiving services
• Issuing securities or options to a related party
• Taking up or releasing an obligation of a related party
• Exceptions
• s210 arms length transactions (normal commercial terms)
• s211 benefits that are reasonable remuneration for officers or employees
  第 211 条 作为官员或雇员合理报酬的福利
• s212 officers' indemnities and insurance for legal costs
• s213 small amounts of or less to a director or director's spouse
• s214 benefit to or by a closely held subsidiary (no other member apart from the relevant person)
  第 214 条 紧密控股的子公司（除相关人员外没有其他成员）获得或由其获得的利益
• s215 a benefit given to members generally and this may
• include a related party
• s216 by court order

Lecture 4-Corporate governance

Officer 什么是 officer 从来没考过

• Statutory definition s9 wider than a director
• Includes director or secretary
• Includes Person:
• Who makes or participates in decision that affects a substantial part of the company's business
  做出或参与做出影响公司大部分业务的决定的人
• Who has the capacity to affect the corporations' financial standing
• In accordance with whose instructions or wishes the directors are accustomed to act
  董事习惯于按照其指示或意愿行事

• An officer of the company
• Chief administrative officer
• s204A every public company required to have a secretary
• S188(1) company secretaries duties and responsibilities:
• Registered office s142
• Office open to public s145
• Lodgement of notices with ASIC e.g. ss146, 178A
• Lodgement of financial reports with ASIC s319A
• Provide particulars to ASIC ss346C and 346D

• Statutory Definition: s 9
• Person who is a director
• Appointed to position of alternate director and is acting in that capacity
  被任命为候补董事并以此身份行事
• A person "not validly appointed" if they are not appointed but:
• Merely act in the position of director or
• The directors are accustomed to act in accordance with the person's instructions or wishes
  董事习惯于按照当事人的指示或意愿行事

• Chairman of the board -
• someone to chair the meetings
• Required by all companies
• ASIC v Rich (2003)
• Managing directors s198C
• Directors can confer or revoke powers to a managing director
• Executive directors
• Manage a significant part of the business of the company
• Non Executive directors
• Not employees of the company
• directors who bring external view to the management of the company

• Nominee directors
• Appointed to represent interests of a particular group e.g. major shareholder, large creditor
  被任命代表某一特定群体的利益，如大股东、大债权人
• Walker v Wimborne(1976) 137 CLR 1
• Must act in the paramount interest of the company not the stakeholder 以公司利益为重
• Alternate directors (s 201K) 代理董事
• With approval of other directors
• Some or all of the director's powers
• Appointment and termination must be in writing

• De facto director
• Corporate Affair Commission v Drysdale (1978)
• Appointed director of Command Minerals to fill casual vacancy
• Not re-elected at AGM
• Continued to act as director and attend meetings for next 2 years, participating in management of the company
  在接下来的两年中，继续担任公司董事并出席会议，参与公司管理
• Found to be a de facto director
• Mason J "who acts in the position [of director], with or without lawful authority"
  梅森-J "以[董事]身份行事的人，无论是否有合法授权"。
• Deputy Commissioner of Taxation v Austin (1998)
• DD negotiated with creditors including ATO
• Mistmorn v Yasseen (1996)
• undertook tasks typically expected of a
• Shadow director
• The board is accustomed to act in accordance with directions or instructions of that person when they are given
  董事会习惯于按照该人发出的指示或指令行事
• Does not have to cover all matters involving the board
• Qualifications for company directors
• The person must not be disqualified from being a director: s 201B(2)
• The person must be at least 18 years of age
• The person must be an individual s 201B(1)
• The person must agree to the appointment s201D

• By complying with a removal procedure in the corporate constitution
• By complying with the statutory conditions for proceedings of the board
  通过遵守理事会程序的法定条件
• s203C replaceable rule - ordinary resolution at a meeting of members, 21 days notice and at least of member votes to requisition the meeting
  第 203C 条 可替换规则--成员会议上的普通决议、21 天通知和至少 的成员票数要求召开会议
• 203D public companies, not replaceable, ordinary resolution at a meeting of members, 2 months notice to the director
  203D 公众公司，不可更换，成员会议上的普通决议，2 个月内通知董事
• s203E public companies - directors CANNOT be removed by other directors
  第 203E 条 上市公司--其他董事不得罢免董事
• By resignation s 203A
• By the director becoming disqualified from managing a corporation s 206A
  董事丧失管理公司的资格 第 206A 条
• Automatic disqualification s 206B
• Indictable offence concerning a decision affecting business of the corporation
  与影响公司业务的决定有关的可公诉罪行
• Conviction of an offence
• Against Corporations Act with greater than 12 months prison
• Dishonesty offence with greater than 3 months prison
• Undischarged bankrupts
• People who have entered deeds of arrangement under the Bankruptcy Act 1966 (Cth)
  根据《1966 年破产法》（澳大利亚联邦）签订协议的人
• Disqualification on application by ASIC to court
• s206C - must have contravened a civil penalty provision under s1317E
• Court uses its discretion
• s206D - failed companies and insolvency, non-payment of debts
• s206E repeated contraventions of the Corporations Act
• s206F power of ASIC to disqualify
• Person involved in several failed companies
• Disqualification on application by ASIC to court

• Disqualification on application by ASIC to court ASIC v Vizard (2005) 145 FCR 57
  澳大利亚证券和投资委员会向法院申请取消资格 澳大利亚证券和投资委员会诉 Vizard (2005) 145 FCR 57
• 也是 by asic to court

Directors duties 必考必考

Common law and Equitable duties

• Duty to act with reasonable care and diligence
• Equitable duty of loyalty and good faith includes:
• Duty to use powers for a proper purpose
• Duty to act in good faith and in the interests of the company
• Duty to avoid conflicts of interest
• Duty to retain discretions

Statutory duties

• S180 duty to act with reasonable care and diligence
• applies to directors and officers
• S181 duty to act in good faith in best interests of the company and for a proper purpose
  第 181 条 在符合公司最佳利益和适当目的的情况下善意行事的责任
• Applies to directors and officers
• SS182,183 duty not to misuse information or position
• Applies to directors, officers and employees
• S588G duty to prevent insolvent trading
• Applies to directors
• S187 director of wholly owned subsidiary
• ss191 to 196 requirement to disclose certain interests
• Chapter 2E Related Party Transactions

• Officers
• Directors
• Secretary
• Shadow director, de facto director
• Employee
• Fiduciary (common law)

• To the company as a whole
• Greenhalg v Arderne Cinemas Ltd [1951] Ch 286
• Individual shareholders

• Employees
• Parke v Daily News Ltd [1962] Ch 927
• Case law that officers do not owe a duty to consider the company's employees ahead of shareholder interests
  判例法认为，高管没有义务将公司员工置于股东利益之上考虑
• Nominee directors
• Re: Broadcasting Station 2GB Pty Ltd [1964-5] NSWLR 1648
• Nominee Ds can act in interests of their shareholder if no conflict with interests of the Co
  如果与公司的利益没有冲突，被提名的董事可以为其股东的利益行事
• Best interests of the Company remain paramount
• Corporate groups
• Walker v Wimborne (1976) 137 CLR 1
• High Court decision, Ds of a subsidiary have to act in its interest and not the interests of the corporate group
  高等法院的裁决，子公司的董事必须为子公司的利益而不是公司集团的利益行事
• S187 Corporations Act
• Some exception for a wholly owned subsidiary if constitution allows to act in interests of holding
  如果公司章程允许 为控股公司的利益行事，全资子公司也有例外

- See also the Equiticorp Case

• Creditors
• Except for situations of insolvent trading, Ds' duties are owed to the shareholders and not to creditors of the Co
  除了在无力偿债的情况下，董事的职责是对股东而不是对公司的债权人负责
• Spies V R(2000) 201 CLR 603
• Where the company is insolvent or approaching insolvency, the Ds owe a duty to creditors
  在公司无力偿债或濒临破产的情况下，董事对债权人负有责任
• Kinsela v Russell Kinsela Pty Ltd (in liq)(1986) 4 NSWLR 722

Duty of care - s180

• A director must obtain a basic understanding of the business of the company and must be familiar with the fundamentals of the company's business.
  董事必须对公司业务有基本的了解，必须熟悉公司业务的基本要素。
• Directors are under a continuing obligation to keep informed about the activities of the company.
  董事有持续了解公司活动的义务。
• Detailed inspection of day-to-day activities is not required but what is required is a general monitoring of the company's business affairs.
  不需要对日常活动进行详细检查，但需要对公司的商业事务进行总体监督。

• While directors are not required to audit the company's books they should maintain familiarity with the financial status of the company by a regular review of financial statements.
  虽然董事无须审计公司账簿，但他们应通过定期审查财务报表来了解公司的财务状况。

• A director or other officer must exercise their powers and discharge their duties with the degree of care and diligence that a reasonable person would exercise if they:
  董事或其他高级职员在行使权力和履行职责时，必须以一个合理的人在以下情况下会采取的谨慎和勤勉程度为标准：

• 这个 duty common law and statory 都有但是结果不同
• Consequences are different
• Common law
• damages
• Statutory breach
• Civil penalty s1317E
• Disqualification as director s206C
• Compensation s1317H ( like damages)

• Business judgment rule:
• Business involves risks and not all business judgments will end up being profitable for a corporation
  商业涉及风险，并非所有商业判断最终都能为公司带来利润
• Ds and officers taken to meet s180(1) for a business judgment if
• Make judgment in good faith and for a proper purpose and
• Do not have a material personal interest in subject matter and
• Inform themselves to extent they believe reasonable and
• Rationally believe it is in best interests of corporation

HD EDU

- ASIC v Adler 经典案例

• A director or other officer of a corporation must exercise their powers and discharge their duties with the degree of care and diligence that a reasonable person would exercise
  公司的董事或其他高级职员在行使权力和履行职责时，必须以一个合理的人所应有的谨慎和勤勉来行事

Possible defence?

• Adler failed to ensure that HIHC followed investment practices
• Failed to get approval for the investments from the "investment committee"
  未能获得 "投资委员会 "对投资的批准
• Adler knew about the investment committee
• Delegating responsibility to others s190(2)
• If delegate a power to another under s198D you are still responsible unless terms of are met:
  如果根据第 198D 条将权力授予他人，除非符合 的条款，否则您仍需承担责任：
• Reasonable grounds to believe delegate will conform with director's duties
  有合理理由相信受委托人将履行董事职责
• Director believed on reasonable grounds, in good faith and after proper enquiry that delegate is reliable and competent regarding delegated power
  董事基于合理的理由，真诚地并经过适当的调查，相信受委托人在授权方面是可靠和称职的
• Reliance on others: s 189
• In cases of an employee or an expert providing information and advice
• Again require reasonable grounds for reliance

• Section 588G:
• Person is a director at a time when the company incurs a debt
• At that time, the company is insolvent or becomes insolvent by incurring that debt
  届时，公司已无力偿债，或因举债而无力偿债
• At that time, a reasonable person would have grounds to suspect that the company was insolvent or would become insolvent by incurring the debt
  当时，一个通情达理的人有理由怀疑该公司已无力偿债或将因举债而无力偿债
• When is a debt incurred
• Hawkins v Bank of China (1992)
• A debt is incurred when a company subjects itself to an unavoidable obligation to pay a sum of money at a future time, even if the obligation is conditional
  当公司 承担在未来某个时间支付一笔钱的不可避免的义务时，债务就产生了，即使该义务是有条件的。
• s588G(1A) a deemed debt includes a declared dividend
• When is the company insolvent?
• S 95A off the Corporations Act
• s95A(1) A person is solvent if and only if ...able to pay all debts as and when they become due and payable.
  第 95A(1)条 一个人有偿债能力，当且仅当......有能力偿还所有到期应付的债务。
• S95A(2) A person who is not solvent is insolvent

HD EDU

Cash flow test

• When is the company insolvent?

• The conclusion of insolvency must be derived from a proper consideration of the company's financial position, in its entirety, based on commercial reality.
  破产的结论必须是在商业现实的基础上对公司整体财务状况进行适当考虑后得出的。
• Not just a temporary lack of liquidity
• Not just immediately available cash resources but also to moneys it can procure by realisation by sale, or borrowing against the security of the assets, or otherwise reasonably raise from those associated with it, or supportive of it
  不仅包括立即可用的现金资源，还包括通过出售变现或以资产为抵押借款，或以 其他方式从与其有关联者或支持者那里合理筹集到的资金
• It is not appropriate to say the company may be able to trade profitably in the future and so restore its financial position
  说公司将来可能会进行盈利性贸易，从而恢复其财务状况是不恰当的

Section - Defences:

1. Director had reasonable grounds to expect, and did that company was solvent
   董事有合理理由预期并确实认为公司有偿付能力

• Harder to "expect" than to "suspect" Metropolitan Fire Systems v Miller
• Ignorance of co's finances no excuse

2. Delegation and reliance on competent and reliable person: CBA Friedrich
   委托和依靠有能力和可靠的人：CBA Friedrich
3. Absence from management, due to illness or other good reason: Tourprint v Bott; Clark
   因病或其他正当理由缺席管理：Tourprint 诉 Bott；Clark
4. Director took all reasonable steps to prevent the company incurring the debt
   董事采取一切合理措施防止公司举债

• Defences to insolvent trading

5. Reasonable grounds to expect solvency

• Mr and Mrs Clark directors of Southern Cross Interiors
• Financial difficulties although creditors not enforcing payment of debts
  虽然债权人不强制偿还债务，但仍有财务困难
• Mr Clark was a carpenter. Company was formed.
• Assumption that he intended to be the sole director. Mrs Clark has never been a director, had no business experience. She said she signed company documents, but that they were not explained to her and signature occurred in situations in which:
  假设他打算成为唯一的董事。克拉克夫人从未担任过董事，也没有商业经验。她说她在公司文件上签了字，但没有人向她解释这些文件，而且签字是在以下情况下进行的：
• " I would usually have a frying pan in one hand and be signing with the other."
  ""我通常会一手拿煎锅，一手在签名"。

6. Absence from management s

• Mrs Morley was a director of a small family company with no participation in its
  莫利夫人是一家小型家族公司的董事，并不参与公司的经营。
• management, company managed by son and traded while insolvent
• Her defence was she relied on her son
• This did not save her, she was liable for insolvent trading

Consequences of insolvent trading

• S588G is a civil penalty provision
• subject to a criminal offence if caused by dishonesty ss588J and 588K
• Compensation orders
• Under s588G civil penalty
• Liquidator can bring proceedings s588M
• Creditors can bring proceedings with consent of liquidator or the court ss 588R-588U
  债权人可在清算人或法院同意下提起诉讼 第 588R-588U 条
• s588V allows holding companies to be liable for insolvent trading by subsidiaries
  第 588V 条允许控股公司对子公司在破产情况下的交易承担责任
• s596AB says a person must not enter into an agreement with the intention of preventing the recovery of entitlements of employees e.g. wages etc
  第 596AB 条规定，任何人不得以阻止追讨雇员应得权益（如工资等）为目的订立协议
• s596AC provides for compensation on application of an employee or the liquidator
  第 596AC 条就雇员或清算人提出的赔偿申请作出规定

lecture 5

• Statutory duty contained in s 181(1)(a)
• Also a general law duty
• What is good faith?
• ASIC v Adler [2002] NSWSC 171

• Each director must act in the interests of the company that they are a director of. 基本原则, 但是也有例外
• But consider:
• Section 187
• Equiticorp
• Interests of the company: section 187
• Directors are taken to meet the requirements if:
• Wholly-owned subsidiary
• Constitution expressly authorises
• Act in good faith in best interests of holding company
• Company not insolvent or made insolvent
• Interests of the company: Legal test
• Where s 187 does not apply, each company's separate interests prevail
• Test: whether an intelligent and honest person in the position of the director could have reasonably believed the decision was for the benefit of the company.
  检验标准：一个聪明而诚实的人在董事的位置上是否可以合理地认为该决定是为了公司的利益。
• Charterbridge Corp Ltd v Lloyds Bank Ltd [1970] Ch 62 at 74 text
• Equiticorp Finance v BNZ (1993) 32 NSWLR 50 text 13.120
• Issues involved:
• whether the directors had acted honestly in the interests of the company (EFSA & EFL) as a whole
  董事们的行为是否符合公司（欧洲食品安全局和欧洲食品有限公司）的整体利益
• A transaction involving companies in a group may benefit one, but have derivative benefits for others
  涉及集团内公司的交易可能对其中一家公司有利，但对其他公司有衍生利益

• Statutory duty contained in s 181(1)(b)
• Also a general law duty
• Proper purpose - Two step test
• Two part test
• Question of law - for what purpose was the power conferred?

HD EDU

• Question of fact - for what purpose was the power exercised?
• "Dominant purpose", "but for" test
• Howard Smith, Whitehouse
• Proper purposes include:
• to raise capital
• for an employee share scheme
• as consideration for purchase of an asset
• Improper purposes include:
• to entrench the existing board of directors
• to fight off a hostile takeover bidder
• to make a majority member a minority member
• Howard Smith v Ampol [1974] All ER 1126 text 13-200
• Mixed purposes
• Whitehouse v Carlton Hotel Pty Ltd (1987) 162 CLR 285 text 13-200 经典
• Kokotovich Constructions Pty Ltd v Wallington (1995) 13 ACLC 1113 text 13-200
• Issue of shares by governing dr to his children was invalid even though one of the purposes was to raise capital
  管理人向其子女发行股票无效，尽管目的之一是筹集资金

Held: But for the improper purpose of manipulating voting power the share issue would not have been made
裁定：如果不是出于操纵投票权的不正当目的，就不会发行股票

• Advance Bank of Australia Ltd v FAI Insurances Australia Ltd (1987) 5 ACLC 725 text 13-200 - used company money to fund re-election campaign
  Advance Bank of Australia Ltd 诉 FAI Insurances Australia Ltd (1987) 5 ACLC 725 text 13-200 - 使用公司资金资助连任竞选活动
• Australian Metropolitan Life Assurance Co Ltd v Ure (1923) 33 CLR 199 - exercise of discretion to refuse to register transfer of shares must be exercised for a legitimate purpose eg to prevent insolvent person becoming a member see also s 1071F
  澳大利亚大都会人寿保险有限公司诉 Ure (1923) 33 CLR 199 - 行使拒绝登记股份转让的自由裁量权必须出于合法目的，例如防止无力偿债者成为成员，另见第 1071F 条。
• ASIC v Adler (see later slide)
• Permanent Building Society (in Liq) v Wheeler [1994] WASC 395 (28 July 1994) text 13-200
• Permanent Building Society v Wheeler (Contd)
• PBS purchased land at twice its value to enable the seller to have enough money to purchase a company called JCDL
  PBS 以两倍于其价值的价格购买土地，使卖方有足够的资金购买一家名为 JCDL 的公司
• Hamilton was the managing director and CEO of PBS and agreed to the action
  汉密尔顿是公共广播公司的常务董事兼首席执行官，他同意采取这一行动
• JCDL was wholly owned by Capital Hall Ltd, controlled by Wheeler (chairman of PBS) and Holding (executive director of PBS)
  JCDL 由 Capital Hall Ltd 全资拥有，该公司由 Wheeler（公共广播公司主席）和 Holding（公共广播公司执行董事）控制。
• Permanent Building Society v Wheeler (Contd)

Principles of improper purpose:

1. Fiduciary duties should not be exercised for collateral purposes 附带目的
2. Must show substantial purpose of directors was improper or collateral to their duties
   必须证明董事的实质性目的是不正当的或与其职责无关的
3. Honest or altruistic behaviour does not prevent a finding of improper conduct
   诚实或利他行为并不妨碍对不当行为的认定

4. "The court must determine whether but for the improper or collateral purpose the directors would have performed the act impugned" but for test
4.法院必须确定，若非出于不正当或附带目的，董事是否会实施受指责的行为"，若非出于测试目的，董事是否会实施受指责的行为"。

• Directors have a duty not to misappropriate company property or business opportunities or misuse corporate information
  董事有责任不盗用公司财产或商业机会，或滥用公司信息
• Directors have a duty not to make undisclosed or secret profits from their position
  董事有责任不从其职位中获取未披露或秘密的利润
• Conflicts of interest
• General law conflict rule
• Director must not be in a position where there is an actual or substantial possibility of conflict between a personal interest and the director's duty to act in the interests of the company
  董事不得在个人利益与董事为公司利益行事的职责之间存在实际或实质性冲突的情况下任职
• Unless the permission of the company is obtained

• director entering contract with her or his company
• director making personal profit as a result of her or his position as a director
  董事因其董事职位而牟取私利
• director misusing confidential company information
• director working for a competitor

Checklist for corporate opportunities conflicts of interest 的一种情况

• Identify the opportunity
• Does the opportunity belong to the company?
• Not if the offer has been made to the individual (Peso Silver Mines)
• It doesn't matter if the co can take advantage of the opportunity (Regal)
• What may matter is whether the Co has relinquished the opportunity (Q/d Mines)
  重要的是公司是否放弃了机会（Q/d 矿井）
• Has the d made a profit?
• Has the d disclosed the conflict and potential profit?

• director who has a material personal interest in a matter that relates to the affairs of the company must disclose the nature and extent of the interest to the other directors
  在与公司事务有关的事项中拥有重大个人利益的董事必须向其他董事披露利益的性质和程度
• Can give standing notice: s192
• McGellin v Mt King Mining NL (1998) 144 FLR 288 text 14-320
• Interests must be of a real or substantial kind.
• Does not apply to a proprietary company with only one director
• Restriction on voting by directors of public companies: s195
• A director with a material personal interest in a matter being considered at a directors' meeting must not be present or vote at the meeting unless the other directors (or ASIC in limited circumstances) agree
  在董事会议审议的事项中有重大个人利益的董事不得出席会议或在会上投票，除非其他董事（或在有限情况下经澳大利亚证券和投资委员会）同意
• Directors of proprietary companies may vote if disclosure is made: s194 (RR
  自有产权公司的董事可在披露信息的情况下投票：第 194 条 (RR)

• s182 director ,officer, employees must not improperly use their position to:
  第 182 条 董事、高管、员工不得不恰当地利用职务之便：
• Gain an advantage for themselves or someone else
• Cause detriment to the corporation
• Eg - The Adler case
• S183 director ,officer, employees must not improperly use information to:
  S183 董事、高管、员工不得将信息用于不正当目的：
• Gain an advantage for themselves or someone else
• Cause detriment to the corporation
• Would a reasonable director consider it to be an appropriate use of their position? (Grove v Flave)
  一个通情达理的董事会认为这是对其职位的适当利用吗？(Grove 诉 Flave 案）

• Enforcement of officers' statutory duties by ASIC
• Company's remedies for breaches of officers' general law and statutory duties
  公司对高级职员违反一般法律和法定职责的补救措施
• Relief from liability for breach of duty
• Relief granted by the court
• Relief given by the company ("ratification")
• Insurance and indemnification
• Statutory duties - Civil penalty provisions
• ASIC can apply for any of the three "civil penalty orders"
• Only some sections are "civil penalty provisions" e.g. ss180, 181, 182, 183, 588G:
  只有部分条款是 "民事处罚条款"，如第 180、181、182、183、588G 条：

• The company can only apply for a compensation order: s1317H
• Statutory duties - Criminal penalties
• Not available for breach of sec 180 (care and diligence)
• Can apply to breaches of sec 181, 182, 183 and 588G: s 184, s1311
• Generally require officer to act dishonestly Standard of proof - beyond reasonable doubt
  一 般 要 求 有 關 人 員 作 出 不 誠 實 的 行 為 舉 證 標 準 - 無 合 理 疑 點
• Criminal penalties :

• The company's remedies
• Remedies for breaches of officers' general law duties
• Injunction
• e.g. to restrain proposed improper issue of shares
• Compensation or damages
• Account of profits
• e.g. Regal (Hastings)
• Rescission of contract
• Constructive trust

Lecture 6

• Who can seek remedies for breach of duty?
• Statutory duties - ASIC, company
• General law duties - company
• Statutory duties - ASIC remedies
• Civil penalties apply to some sections including ss180-183 and s588G
• Following a declaration of contravention, the court can order any of the three remedies:
  在宣布违法后，法院可下令采取上述三种补救措施中的任何一种：
• Pecuniary penalty up to
• Disqualification order: s206C
• Compensation order: s1317H
• Enforceable undertakings: s93AA AS/C Act
• ASIC is given power to accept enforceable undertakings. 强制执行
• If ASIC believes the undertakings have been breached then court action can be taken.
  如果澳大利亚证券和投资委员会认为这些承诺已被违反，则可向法院提起诉讼。
• Statutory duties - Criminal
• Section 184 allows for ss181-183 to be considered criminal offences.
• Section 588G(3) makes dishonest insolvent trading a criminal offence.
• Generally require officer to act dishonestly
• Standard of proof - beyond reasonable doubt
• Criminal penalties:
• Fine of up to
• Up to 5 years' gaol
• Not available for breach of sec 180
• Statutory duties - Company remedies
• Compensation for loss or damage as a result of the breach: s1317H
• Obtain any profit made by the D (or officer) resulting from a breach: s1317H(3)
  獲取部門（或高級人員）因違規而獲得的任何利潤：第 1317H(3)條
• Injunction 禁令 for person whose interests are affected by the conduct: s1324

• Company's remedies - breach of general law duties
• Injunction - order of the court requiring the director to stop doing something or to undertake a particular action
  禁令--法院要求董事停止做某事或采取特定行动的命令
• Compensation or damages - where a breach causes loss to the company
• Account of profits - D makes a profit because of a breach of fiduciary duty may have to pay that profit to the company: Regal Hastings v Gulliver, Canadian Aero Service v O'Malley
  利润账目 - D 因违反信托责任而获利，可能必须将利润支付给公司：Regal Hastings 诉 Gulliver，加拿大航空服务公司诉 O'Malley
• Rescission of contract - parties are returned to their pre-contract position
  合同的废止--双方恢复到合同签订前的状态
• Constructive trust - Where as a result of a breach of directors duties, the has some property of the company: Cook Deeks
  推定信托--由于董事违反职责， 公司的某些财产：Cook Deeks
• Company's remedies - breach of general law duties

• Company must not unduly delay bringing proceedings against the director
  公司不得无故拖延对董事提起诉讼
• The company must not be guilty of misconduct in relation to the dealing with the director
  公司在与董事打交道时不得有不当行为
• If the company (ie members) later agrees to the transaction with the director on the basis of full knowledge of the relevant facts then the company will not be able to later sue the director.
  如果公司（即成员）后来在完全了解相关事实的基础上同意了与董事的交易，那么公司以后就不能起诉该董事。

Relief from liability - court

• Court may excuse a breach of statutory duty: s1317S (civil)

HD EDU

• Relief may be from all or part of the liability
• Available where the person:
• has acted honestly; and
• should fairly be excused, considering all the circumstances
• Court may excuse breach of general law duty on the same basis as above: s1318
  法院可根据与上述相同的依据免除违反一般法律义务的行为：第 1318 条

Relief from liability - ratification

• Company may ratify a breach of duty
• Ordinary resolution of shareholders
• Members must have all necessary information
• Notice of the meeting must set out clearly the breach of duty and state: -members are asked to ratify the breach; and -waive the right to sue.
  会议通知必须明确列出违反义务的情况，并说明-要求成员批准违约行为；并放弃起诉权。
• Must occur within a reasonable time.
• Those who are alleged to have breached cannot vote: Cook v Deeks

• It is oppressive
• The result is to prejudice creditors because the company is insolvent
• Breaches the equitable limitation on majority voting power
• Results in a personal right of a member being eliminated
• Results in the misappropriation of the company's property
• Members acted for the same improper purpose as directors

• Members' statutory remedies
• Oppression remedy
• Court-ordered winding up
• Statutory injunction
• Statutory right to inspect company books
• Member's personal action
• Member's derivative action 股东代表诉讼

• Not always possible for a shareholder to sell their shares
• This explains why the oppression remedy is most commonly sought by shareholders in proprietary companies rather than public companies
  这就解释了为什么压迫救济最常由专有公司而非上市公司的股东寻求

Oppression remedy 作业的知识点

• S232: It is available in respect of:
• the conduct of the company's affairs, or
• an actual or proposed act or omission by or on behalf of the company, or
• a resolution, or a proposed resolution, of members or a class of members
• S232 - Where the conduct complained of is either:

• A member, even if the oppression relates to some capacity other than a member.
  成员，即使压迫与成员以外的其他身份有关。
• A person removed from the register of members because of a selective capital reduction
  因选择性减资而从成员登记册上除名的人
• A person who will cease to be a member if the oppression action relates to the circumstances in which they cease to be a member
  如果压迫诉讼与不再是会员的情况有关，则不再是会员的人
• A person whom ASIC thinks appropriate having regard to its investigations into the company's affairs
  澳大利亚证券和投资委员会在对公司事务进行调查后认为合适的人

Examples of oppressive conduct

• Diversion of business opportunities Scottish Co-op v Meyer
• Improper exclusion from management Hogg Dymock
• Does member have a "reasonable expectation"?
• Unfairly restricting dividends
• Oppressive conduct of board meetings John J Star
• Share issue for improper purpose Kokotovich
• Breaches of directors' duties Re Spargos
• Reasonable expectation

• Oppressive conduct at board meetings

HD EDU

• What orders can the court make?

1. Court-ordered winding up

Fraud or misconduct

Failure of substratum--The reason for the company's existence is no longer being pursued
Breakdown in mutual trust
Deadlock/breakdown in mutual trust
Ebrahimi v Westbourne Galleries Ltd [1972] 2 All ER 492 text 334
Deadlock
Fraud or misconduct
Re Neath Harbour Smelting & Rolling Works - The company was established was to commit a fraud on investors.
Loch v John Blackwood - Financial reports were not distributed and audits were not conducted in accordance with the law.
底层失效--不再追究公司存在的原因 相互信任破裂 僵局/相互信任破裂 Ebrahimi 诉 Westbourne Galleries Ltd [1972] 2 All ER 492 text 334 僵局 欺诈或不当行为 Re Neath Harbour Smelting & Rolling Works - 公司成立的目的是对投资者进行欺诈。Loch 诉 John Blackwood 案 - 未依法分发财务报告和进行审计。

• Failure of substratum

directors)

• How does the law protect the minority?
• Equitable limitation on majority voting power (including Gambotto)
• Procedural requirements
• Voting restrictions
• Protection of members' personal rights
• Statutory protections
• Limits on ratification
• The equitable limitation
• Not a positive duty
• Rule: if majority passes a resolution which no group of reasonable people would think is within majority's power, a court can declare the resolution void (invalid)
  规则：如果多数人通过了一项决议，而任何一群通情达理的人都不会认为该决议属于多数人的权力范围，则法院可宣布该决议无效（失效）
• Sometimes overlaps with oppression remedy
• Applying the equitable limitation

FIGURE 9.2 - EQUITABLE LIMITATION ON MAJORITY VOTING POWER

• From the Corporations Act
• eg right of a member holding at least of votes to call a general meeting (s249F)
  例如：持有至少 票数的成员有权召开股东大会（第 249F 条）。
• From the general law
• eg the right to receive adequate information in a notice of general meeting
  例如，在大会通知中获得充分信息的权利

HD EDU

• Member's derivative action
• What is a derivative action?
• An action to enforce a right of the company
• eg to enforce a breach of directors' duties
• Even though a member brings a derivative action, the action is not for the benefit of the member - it's for the company's benefit
  即使成员提起衍生诉讼，诉讼也不是为了成员的利益，而是为了公司的利益
• any remedies go to the company
• Statutory derivative action: Pt 2F.1A

Members' meetings 考过

• Meetings
• types of meetings
• convening meetings
• conducting meetings
• member voting
• Calling a meeting
• Usually, meetings are called by the board. Can also be called:
• RR s 249C by single director
• Listed company by single director: s 249CA
• Court, on application by a director or member if it is otherwise impracticable: s 249G
  法院在董事或成员提出申请后，如认为其他方式不可行：第 249G 条
• Requisition by :
• s 249D
• Directors need not convene if the purpose is improper: NRMA Parker
• Direct convening by members:

Directors remuneration 老师给的考试例题里面有这个

• S202A (RR) the directors' remuneration may be approved by ordinary resolution.
  S202A (RR) 董事酬金可通过普通决议批准。
• Note Chapter 2E of Corporations Act requirements may apply if it is not "reasonable remuneration"
  注意：如果不是 "合理报酬"，则可能适用《公司法》第 2E 章的要求
• ASX listing rule 10.17 requires member approval for remuneration and other benefits paid to directors of listed companies in certain circumstances.
  澳大利亚证券交易所上市规则第 10.17 条规定，在某些情况下，支付给上市公司董事的酬金和其他福利须经会员批准。
• s300A and 250R require a company to produce a remuneration report. Until the 2011 amendments, the shareholder vote on that report was advisory only. Those provisions have been strengthened by amendments in 2011 which provide a "2 strikes then spill" process.
  第 300A 和 250R 条要求公司编制薪酬报告。在 2011 年修订之前，股东对该报告的投票仅是咨询性的。2011 年的修订加强了这些规定，规定了 "两击即撤 "的程序。
• If more than of votes at an AGM are cast against adopting the remuneration report - that is the first strike
  如果在股东大会上反对通过薪酬报告的票数超过 --这就是第一次罢工
• Then in its next remuneration report the board must address any comments and explain its proposed action if any
  然后，董事会必须在其下一份薪酬报告中回应任何意见，并解释其建议采取的任何行动。
• If more than of votes are cast against the next remuneration report - that is the second strike
  如果反对下一份薪酬报告的票数超过 ，即第二次罢工
• If there is a second strike a spill resolution (declaring all directors positions, except MD, vacant and requiring an election) must be put to the shareholders at the same AGM as the second strike vote
  如果出现第二次罢免，则必须在第二次罢免投票的同一次股东大会上向股东提交溢出决议（宣布除 MD 外的所有董事职位空缺，并要求进行选举）。
• If more than of eligible votes are in favour of the spill then the co must hold another AGM within 90 days at which all drs except MD, who were on the board when it resolved to put the remuneration report to the AGM, must stand for reelection
  如果超过 的合格票数赞成溢出，则公司必须在 90 天内召开另一次股东大会，除 MD 外，所有在董事会决议将薪酬报告提交股东大会时在董事会的博士都必须参加改选。

Notice of meeting

Procedure for appointment of proxies

- Proxies 指定代理人： 代理人可以代替股东进行投票 考过 1 次

• A proxy: is the right given by a member to a party to represent that members & vote at a general meeting
  代理：是指会员授权 一方代表该会员在会员大会上投票的权利。
• Commonly, in listed companies, shareholders will appoint the chair of the meeting as proxy
  在上市公司中，股东通常会指定会议主席作为代理人
• S 249X - gives members right to appoint a proxy (RR for pty companies but mandatory for public companies)
  第 249X 条--赋予成员委任代表的权利（对私人公司是 RR，对公众公司是强制性的）。

怎样指定代理人?

• S 250B - appointment of proxy must be received by company at least before meeting
  第 250B 条 - 公司必须在会议召开前至少 收到委任代表的通知
• Proxy must vote in accordance with the instructions of the person appointing the proxy:
  代理人必须按照委托人的指示投票：
• S 250BB - an appointment may specify the way the proxy is to vote on a particular resolution, if it does:
  第 250BB 条--委任书可以指定受委代表对某项决议的投票方式（如果有的话）：
• proxy need not vote on a show of hands, but if proxy does so, proxy must vote that way
  委托人不必举手表决，但如果委托人举手表决，委托人必须以这种方式投票
• if proxy has 2 or more appointments that specify different ways to vote on the resolution - the proxy must not vote on show of hands
  如果受委代表有 2 项或 2 项以上指定对决议进行表决的不同方式--受委代表不得举手表决
• if proxy is the chair - proxy must vote on a poll, must vote that way
• if proxy is NOT chair - proxy need not vote on a poll, but if proxy does so, proxy must vote that way
  如果受委代表不是主席--受委代表无须在投票表决时投票，但如果受委代表投票，则受委代 表必须这样投票
• if the proxy is not the Chair is instructed which way to vote proxy either:
  如果委托人不是主席 ，则指示 委托人如何投票：
• does not attend or
• does not vote
• proxy defaults to Chair s 250BC

1. 股东可以通过视频等（与公司协调好的）方式参与股东大会
2. 如果公司尽责的通知了股东但是股东个人原因没有收到, 那么由此导致的股东没有参加股东大会责任在于股东，这种情况下不能够 invalid 股东大会上做的任何决定。

Conduct of meetings

Voting by proxies

• Company's constitution to be complied with if it sets out procedure for variation 246B (1)
  公司章程如列明更改程序则须遵守 246B (1)
• Otherwise S 246B (2) applies - special resolution (75% majority) of members and special resolution of members of that class
  否则第 246B(2)条适用--成员的特别决议（75% 多数）和该类成员的特别决议
• s 246C - matters assumed to vary class rights - see Table 7.1 on p 148 - 149
• s - dissenters ( ) may apply to court
• s 246E - if there is unanimous agreement the variation takes immediate effect
  第 246E 条 - 如果一致同意，变更立即生效

Decision-making without a meeting

• In single member companies, resolution is passed by the member recording and signing it: s 249B
  在单一成员公司中，决议由记录和签署决议的成员通过：第 249B 条
• Proprietary companies may use "flying minutes", in which all members entitled to vote must sign a document agreeing to the resolution: s 249A 会议记录
  股份公司可使用 "飞行会议记录"，即所有有权投票的成员必须签署一份同意决议的文件：第 249A 条 会议记录

Irregularities

• Applies to "proceeding under the Act" - includes directors' and members' meetings
  适用于 "根据法案进行的程序"--包括董事会议和成员会议

• Examples are - non receipt of notice, technology failure, voting in contravention of 259D
  例如--未收到通知、技术故障、投票违反 259D
• Person seeking to overturn proceeding must establish "substantial injustice"
  寻求推翻诉讼程序的人必须证明 "实质性不公正"
• Requirements for court order
• Section 1322(6) - court can declare that an act, matter, or thing, or a proceeding, is not invalid so long as:
  第 1322(6)条 - 只要符合以下条件，法院就可以宣布某项行为、事项或事情，或某项诉讼程序不是无效的：
• Onus on the person asserting validity 责任举证

WEEK7

Debt 考点

Equity 考点 股票

Share capital

Preference 优先股

Redeemable

How do you know if there are different classes of shares?

Issue of shares 考点
"issue" in s124 = "allot"

Five main steps to allotment

Issue st step, Allot all steps

Debt capital

Remember there are multiple sources of law:

Nature of company charges

Secured debt:

S9 "Charge"

Floating charges

Crystallisation 考过

Protection of Creditor Interests - registers

HD EDU

公司破产之后赔付顺序:

Priority is as follows:

Secured creditors

其他人员

Unenforceable

Financial reporting 考点

Record keeping

Statutory record keeping obligations:

Annual review - Chapter 2N

Event based notifications

Periodic reporting

Public company

Proprietary company

Small proprietary company

Disclosing entities:

Financial reports S 295

Comprises

Audit requirements

• Removal by special resolution at a general meeting (s.329)
• Powers and duties (ss.307-309)
• CLERP9 changes since 2004 - affect independence

HD EDU

Substancial independence

Disclosing entities MUST have their annual financial report audited : s301
披露实体的年度财务报告必须经过审计：S301

WEEK8

1. Disclosure documents
2. Takeovers 考点
3. Continuous disclosure 考点

• in good faith,
• proper purpose,
• with reasonable care and
• without conflict of interest
• s254X must notify ASIC within 1 month of new issue and ASX if a listed company
  s254X 必须在新股发行后 1 个月内通知澳大利亚证券和投资委员会（ASIC），如果是上市公司，则必须通知澳大利亚证券交易所（ASX
• GENERAL RULE: Disclosure is required for ALL offers of securities: s706

Unless

• the offer is excluded by sec 708,
• secondary trading s 707 (trading in existing securities)- refinance
• involves non- "securities" eg retirement villages
• s708AA (rights issues)

What is a disclosure document?

• S705 distinguishes 4 types of disclosure doc:

1. Prospectus: ss710, 711, 713 招股说明书
2. Short form prospectus: s712
3. Offer information statement: s714
4. Profile statement: 715

• excluded issues under s 708 include:

1. "small scale offerings": "personal offers" to no more than 20 persons per year
   "小规模提供"：每年向不超过20人的 "个人提供"
2. offers to "sophisticated investors"
3. offers to "professional investors"
4. bonus share issues
5. employee share schemes

Prospectuses 招股说明书 考过

• S 113(3) limitation on proprietary companies fundraising that requires a prospectus
  第 113(3)條 對須提交招股章程的自營公司 籌款活動的限制
• securities defined generally in , but for ch 6D, go to s 700 , then to s761A Includes
  证券的一般定义见 ，但关于第 6D 章，请查阅第 700 条，然后查阅第 761A 条 包括

Prospectuses: Form & Content

• 2 levels of disclosure:
• basic eg nature of securities
• s710 general:

• consider:
• the nature of securities
• Financial position, performance & prospects of company

Liability under

Consequences for breach Ch6D

• stop order on prospectus: 5739
• civil liability: s729
• criminal liability: s1311
• rescind & have money refunded
• injunction: s1324

Takeovers

• Generally,
• "Takeover" - change of control in a company
• Bidder acquires voting shares in the target
• Regulated by Ch 6
• Note - only voting shares

• Ch 6 - attempts to protect shareholders in the target
• s602 - objectives:

1. The takeover should happen in an efficient, competitive and informed market.
   收购应在高效、竞争和知情的市场中进行。
2. The identity of the bidder should be known.
3. There should be reasonable time for the target company to consider the offer.
   目标公司应有合理的时间考虑收购要约。
4. There should be sufficient information of the takeover so shareholders and directors can form a reasoned judgment.
   应提供足够的收购信息，以便股东和董事做出合理判断。
5. Each shareholder should have an equal opportunity to participate.

Trigger

• S606(1) - prohibits certain increases in voting power, referred to as the threshold test
  第 606(1)条 - 禁止某些投票权的增加，称为门槛测试
• Subject to exceptions listed in s611
• Then sets out certain permissible methods
• Off market bid
• On Market bid

Trigger elements:

• Bidder
• Cannot acquire RELEVANT INTEREST
• In issued voting shares
• In listed or unlisted coy members

• Increases voting power to the threshold
• Threshold - 90%

• s606(1)

• The holder of the shares, or
• have power or ability to control the voting rights attached to that share, or
  有权力或能力控制该股份所附的表决权，或

• to control the disposal of a share
• A bidder does not need to own the shares to have a relevant interest in them
  投标人不一定要拥有股份才能拥有相关权益
• More than one person can have a RI in the same share

• Together 3 companies held of the shares in target mining company
• The three companies had an informal agreement not to sell their shares in the target
  这三家公司达成了一项非正式协议，不出售其在目标公司的股份。
• Held: this is enough for a relevant interest, so breach of s606

Trigger - Applying the threshold test

• FIRST, identify what the bidder is entitled to (ie % Relevant interest)
• SECOND, identify which of the 2 threshold tests applies
• THIRD, identify some transaction where the bidder's increase in relevant interest has increased voting power in shares - assosciate
  第三，确定竞标者增加相关权益增加了股份投票权的某些交易--联系

Trigger-definitions

• Voting power: s610
• A person's voting power

Associates 母公司和子公司, 集团公司和子公司,

• S12 defines associates:
• A second person is an associate of the
• primary person if:
• It is controlled by the primary person or
• it controls the primary person or
• It is a body corporate controlled by an entity that controls the primary person
  它是由控制主要负责人的实体控制的法人团体
• S 12 Also includes relationships where:
• there are agreements or proposed agreements for controlling or influencing the composition of the board or conduct of its affairs
  存在控制或影响董事会组成或其事务处理的协议或拟议协议
• The persons are acting or proposing to act in concert in relation to the entity's affairs
  这些人正在或打算在实体事务方面采取一致行动

Exemptions - Creeping Takeovers

• S611 item 11 - If bidder has greater than of voting shares for 6 months or more, bidder can acquire up to every 6 months
  S611 第 11 项 - 如果投标人在 6 个月或更长时间内拥有超过 的有表决权股份，投标人每 6 个月最多可获得

HD EDU

• Bidder sends bidder's statement to target and target shareholders
• S619 - all offers to must be the same
• Bidder sends offer to target shareholders
• Target sends target's statement to bidder and target shareholders
• Variation or withdrawal of offer
• Shareholders accept / reject offer

Bidder's statement

• Content s636
• Must disclose:
• sources of any cash to be provided under the takeover;
• identity of the bidder, directors, etc
• bidder's future intentions regarding the target
• any information material to the target shareholders whether or not to accept the offer
  对目标股东是否接受收购要约有重要影响的任何信息
• If a scrip takeover, must also comply with s710 prospectus disclosure
• statement must disclose
• Directors' recommendations as to the offer.
• any information material to the target shareholders whether or not to accept the offer
  对目标股东是否接受收购要约有重要影响的任何信息

• AMP prospectus (April 1998) contained forecast earnings for 1998-9
• AMP bidder's statement (September) stated that AMP Board had approved inclusion of prospectus forecast
  AMP 投标人声明（9 月）称，AMP 董事会已批准将招股说明书预测纳入其中

• Statement was misleading because AMP Board had not formally approved NOT because updated forecast required, as claimed by GIO
  声明具有误导性，因为 AMP 董事会尚未正式批准，并非如 GIO 所称需要更新预测

Market bid - The Announcement

• S635: Bidder company advises ASX that it will stand in the market - ie, purchase all shares target shares tendered to the market for a certain price.
  S635：投标公司通知 ASX，它将站在市场上，即以一定价格购买所有向市场投标的目标股份。
• s621(3): must be for cash
• S621(4): The minimum price to be paid will be the highest price paid by the bidder in the four months preceding the announcement
  S621(4):应支付的最低价格将是投标人在公告前四个月内支付的最高价格

Liability provisions - Misleading statements
s670A

• misleading or deceptive statements in takeover documentation
• Material omission
• New circumstance requiring disclosure
• s670B damages provision to any person who suffers loss

Defence:

• s670D - Person having reasonable grounds to believe that the statement was true.
  第 670D 条--有合理理由相信陈述属实的人。

Exceptions to the General Prohibition

Found at s611

• Authorised takeover bids whether on or off market
• Approval by target shareholders
• Less than 3% increase in 6 months - creeping take over.
• Scheme of arrangement

• Fine up to for individual and for a company and/or 6 months gaol s1311
• Transactions are not invalid
• Court orders as it sees appropriate s1325A
• S606(5) defence of inadvertence or mistake, but ignorance of the law is no defence
  第 606(5)条 以疏忽或错误为辩护理由，但对法律的无知不能作为辩护理由

Compulsory Acquisition

• Chapter 6A allows where:
• Bidder has relevant interests in at least AND
• Have acquired at least of the shares they bid for s661A
• Strategic stake: increasing your holding above mitigates (but does not eliminate) the risk of rival bidders because it limits their ability to compulsorily acquire remaining shares.
  战略股份：将持股比例提高到 以上，可减轻（但不能消除）竞争对手竞购的风险，因为这限制了他们强制收购剩余股份的能力。

Compulsory buy-out:

• Where threshold passed but do not use compulsory acquisition
• Instead offer minority holders the opportunity to sell shares at the same price as the takeover bid s662A to s663C
  而不是向少数股权持有人提供以与收购出价相同的价格出售股份的机会 第 662A 至 663C 条

s671B provision

• Person must notify a listed company if they begin or cease to have a substantial holding, that is
  如果个人开始或停止拥有实质性控股权，则必须通知上市公司，即
• Once a substantial shareholder then you must notify of changes in holding of or more, increases or decreases
  一旦成为大股东，则必须通知持股 或更多的变化、增加或减少
• S 9 definition of substantial holdings includes associates ( defined at s12)
  第 9 条中 "大量持股 "的定义包括联营公司（定义见第 12 条）。

• s1042 - definitions
• A - inside information
• C - generally available
• D - material effect
• s1043 - category of offences
• Trading
• Tipping
• Procuring
• Companies prohibited from acquiring shares in themselves - s260A

Continuous disclosure 考过

• Applies to all "disclosing entities"
• ASX Listing Rule 3.1 requires listed companies to disclose certain price sensitive information to the market as it occurs (subject to exceptions)
  澳大利亚证券交易所上市规则》第 3.1 条要求上市公司在出现某些价格敏感信息时向市场披露这些信息（例外情况除外）
• Corporations Act Ch 6CA underpins the Listing Rule requirements
• What must be disclosed?
• information concerning the company
• of which it is or becomes aware
• that a reasonable person would expect to have a material effect on the price of its shares.
  一个合理的人预计会对其股票价格产生重大影响。
• Some exceptions ASX Listing Rule 3.1A: confidential information, incomplete proposals, internal management information
  ASX 上市规则》第 3.1A 条的某些例外情况：机密信息、不完整提案、内部管理信息
• Must meet all 3 criteria to rely on exception: 考点
• Reasonable person would not expect disclosure
• Information is confidential
• One or more of the following apply
• Breach of law to disclose
• Incomplete proposal
• Matters insufficiently definite as yet
• Information for internal management use
• Trade secret
• S674 statutory liability for failing to disclose
• S1311 company has committed an offence
• S674(2A) person in company can be liable if involved
• It is a civil penalty offence
• ASIC can enforce using infringement notices (on the spot fines)

HD EDU

• As well as proper signing/sealing procedure, there must also be authority for the company to enter the contract
  除了适当的签署/盖章程序外，公司还必须有权签订合同
• normally comes from the board
• resolution # 1 approves company entering the

• resolution # 2 authorises the execution of the documents in a specified way ("formal authority")
  第 2 号决议授权以特定方式执行文件（"正式授权）

• There must be:
• a "holding out" (or "representation") - can

• by someone with actual authority
• on which the outsider relied - outsider must be "induced"

• Officers on public record at ASIC - assume proper appointment and customary authority s 129(2)
  澳大利亚证券和投资委员会公开记录中的官员--假定有适当的任命和惯常授权 第 129(2)条
• Persons held out as officers - same assumptions as above s 129(3)

• Assumption can be made even if an officer or agent acts fraudulently or forges a document s 128(3)
  第 128(3)条 即使官员或代理人有欺诈行为或伪造文件，也可作出推定

• Knowledge or suspicion that assumption is incorrect s 128(4)

HD EDU

理解即可 没考过

How can companies commit crimes?

Week10

External administration

• When in financial difficulty or insolvent external administration allows sound business decisions that allow best opportunity for debts to be repaid
  当出现财务困难或资不抵债时，外部管理部门可以做出合理的业务决策，为偿还债务提供最佳机会

• Receivership
• Private appointment (secured creditor)
• Court appointed (remedy)
• Voluntary administration
• Ends in a winding up; or
• Ends with a deed of company arrangement
• Winding up
• Court appointed
• Voluntary - initiated by shareholder resolution

Receivership 破产接管

• What is a receiver?

HD EDU

• Person appointed to take control of some or all of a company's assets
• Who is allowed to be appointed?
• A registered liquidator (with ASIC)
• Who may appoint a receiver?
• Court as a remedy eg s233 under oppression remedy
• Secured creditor as a term of a charge (loan agreement)

• Appointed by chargee pursuant to rights under the charge/debenture document ie company has defaulted, charge has crystallised or chargee entitled to crystallise the charge and appoint a receiver.
  由受押記人根據押記/債權文件所賦予的權利（即公司違約、押記已具體化或受押記人有權使押記具體化並委任接管人）委任。

• Application of ASIC s 1323
• Supreme Court's own power to appoint a receiver where "just and convenient" Eg where secured property is at risk
  最高法院本身有权在 "公正和便利 "的情况下指定破产管理人。

• unsecured creditors, unsuccessfully (ultimately) sought the appointment of a receiver.
  无担保债权人要求指定破产管理人，但未获成功（最终）。

Receiver's powers and duties

• S 420 wide powers of management
• Duties of receivers s 420A - to take reasonable care to sell for market value or best price reasonably obtainable
  接管人的职责 第 420A 条 - 采取合理的谨慎措施，以市值或可合理获得的最佳价格出售
• S 424 - receiver can apply to the court for directions

• Company continues in existence
• Directors still hold office but have no assets to manage - can still make some decisions eg to challenge appointment of receiver.
  董事仍担任职务，但无资产可管理 - 仍可做出某些决定，如质疑接管人的任命。

Breach of duty by receiver

• Officer of the company under Chapter 2D (duties of directors/officers)
• Court or ASIC may inquire into potential breach of duty s 423

Liability of Receivers

• Receivers are personally liable for debts incurred in the course of the receivership goods purchased, property hired, leased, used or occupied s 419
  接管人对在接管过程中产生的债务承担个人责任 购买的货物、租用、租赁、使用或占用的财产 第 419 条
• Receiver may repudiate contracts made by the co prior to receivership without
  接管人可撤回公司在被接管前签订的合同，而无需
  incurring personal liability although the other party may sue co for breach of contract
  尽管另一方可能会以违约为由起诉 co，但仍需承担个人责任

Termination of receivership

• Objective achieved
• Liquidator may apply that receiver cease to act
• Chargee may remove receiver
• Court may remove s 418
• Removal for misconduct s 434A
• Invalid appointment s 418A

VOLUNTARY ADMINISTRATION 自愿托管

• Objects s 435A
• Is to provide for the business property and affairs of an insolvent company to be administered in a way that:
  是规定破产公司的商业财产和事务的管理方式应符合以下条件

• Company s 436A
• Liquidator or provisional liquidator s 436B
• Person holding charge over the whole or substantially the whole of the company's property s 436C
  对公司全部或实质上全部财产持有押记的人 第 436C 条

• Statutory moratorium ss 440D
• key provision - gives company a breathing space as legal proceedings cannot be commenced against co while it is in administration except with administrator's written consent or with leave of the court
  关键条款 - 为公司提供喘息空间，因为在公司处于管理期间，除非得到管理人的书面同意或法院许可，否则不得对公司提起法律诉讼

• proceedings which have already been commenced cannot be proceeded with except as above
  除上述情况外，已开始的诉讼不得继续进行

• ie action to recover a judgment debt cannot be begun or proceeded with except with leave of the court
  除非获得法庭许可，否则不得开始或进行追讨判决债务的诉讼。

• cannot enforce a charge during administration without administrator's written consent Owners and lessors of property s 440C
  在沒有管理人的書面同意 下，不得在管理期間強制 執行押記 物業業主及出租人 第 440C 條

Exceptions

• Chargee with a charge over the whole or substantially the whole property s 441A
  对全部或实质上全部财产设有押记的承押记人 第 441A 条
• is entitled to enforce the charge if it does so before or during the decision period (13
  如果在决定期之前或期间执行，则有权执行收费（13
  days from appointment of administrator)
• Any charge can continue to be enforced if the circumstances in s 441B apply
  如果第 441B 条规定的情况适用，则可以继续执行任何收费
• Entered into possession
• Agreed to sell property
• Made auction arrangements
• Invited tenders
• Exercised other power in relation to the property
• Charges over perishable property ss 441C and 441G

• Recovery of property can continue if begun before the administration s 441F
  如果在行政管理之前就开始追回财产，则可继续追回第 441F 条
• Liabilities of administrator
• General law and statutory duties - administrator is an officer of the company and is in a fiduciary relationship
  一般法律和法定职责 - 管理人是公司的高级职员，具有信托关系
• Contracts (including employee contracts)s 443A, s 443D
• administrator is personally liable on contracts which he/she enters into and has a right of indemnity out of the company's assets (same as receiver)
  管理人对其签订的合同承担个人责任，并有权从公司资产中获得赔偿（与接管人相同）
• administrator may terminate existing contracts - any action for breach against the company rather than the administrator (same as receiver)
  管理人可终止现有合同 - 任何针对公司而非管理人的违约诉讼（与接管人相同）
• Leases s 443B and s 443D

• Company guarantees given by drs s 440J
• company guarantees given by directors cannot be enforced against them during the moratorium period
  在暂停期内，不能对董事提供的公司担保强制执行
• Transactions of the company
• anything done by the administrator in good faith is effective and not liable to be set aside by liquidator on winding up s 451C
  管理人真誠作出的任何事情均屬有效，清盤人在清盤時不得將之撤銷 第 451C 條
• only the administrator can deal with the company's property. Any transaction is void unless entered into by administrator or with his/her consent 437D
  只有管理人可以处理公司财产。除非由管理人进行或经其同意，否则任何交易都是无效的 437D

• Consent s 448A
• Disqualifications s 448C
• similar to auditor disqualifications, owing money or being owed money greater than , being director or auditor of the company, other matters which would compromise independence
  与取消审计员资格类似，欠钱或被欠钱超过 ，担任公司董事或审计员，其他有损独立性的事项

WINDING UP

• Members ss 491- 495
• Initiated by special resolution of members
• Company must be solvent

• Initiated by special resolution of members
• Proceeds as creditors voluntary winding up where drs do not make declaration of solvency or where liquidator forms the opinion that the company will be unable to pay its debts within 12 months
  在董事未作出偿付能力声明或清算人认为公司将无法在 12 个月内偿还债务的情况下，作为债权人自动清盘的收益

• Company
• Creditor (most common)
• Contingent or prospective creditor (needs leave of court)
• Contributory (needs leave of court)
• Director (needs leave of court)
• Liquidator/provisional liquidator
• ASIC (needs leave of court)
• Compulsory winding up - insolvency

• Remember s 95A definition of insolvency

• Execution of judgment returned unsatisfied
• Receiver appointed
• Possession of property taken (by creditor or agent without appointment of receiver).
  （债权人或代理人在未指定接管人的情况下）占有被夺走的财产。
• Statutory demands s 459E
• Written demand in prescribed form signed by or on behalf of creditor
• Specifies debt (s) more than the statutory minimum, presently
• Must require payment or to secure or compound the debt to creditor's satisfaction within 21 days
  必须在 21 天内要求付款，或为债务提供担保或复合担保，使债权人满意

• Irregularity
• Misstatement of an amount or total see below s
• Misdescription of a debt or other matter see below s 459H
• Misdescription of a person or entity however see B & M Quality Constructions Pty Ltd v WG Brady Pty Ltd (1994) 12 ACLC 970 where court set aside stat demand because creditor was referred to as WG Brady Pty Ltd instead of W & J Brady Pty Ltd
  对个人或实体的描述有误，但参见 B & M Quality Constructions Pty Ltd 诉 WG Brady Pty Ltd (1994) 12 ACLC 970，在该案中，由于债权人被称为 WG Brady Pty Ltd 而不是 W & J Brady Pty Ltd，法院撤销了统计要求。
• Overstatement of debt s - to be ignored so long as admitted debt is more than statutory minimum
  多报债务 s - 只要承认的债务超过法定最低限额，则不予考虑
• Co may dispute the debt or may have off-setting claim but demand my be varied if still above the stat minimum
  公司可以对债务提出异议，也可以提出抵消要求，但如果要求仍高于法定最低限额，则可更改要求
• Company must satisfy the court that the dispute or off-setting claim is genuine
  公司必须使法院确信争议或抵消性索赔是真实的
• Setting aside statutory demand s 459G - application must be made within 21 days of service of demand.
  撤销法定要求 第 459G 条 - 必须在要求书送达后 21 天内提出申请。
• (Failure to do so will limit the grounds upon which the application for winding
  (不这样做将限制申请清盘的理由

HD EDU

• Grounds other than insolvency s 461 include:
• Special resolution
• Failure to commence business
• No members
• Drs have acted in own interests
• affairs being conducted in a way that is oppressive or unfairly prejudicial or unfairly discriminatory to member of members
  处理事务的方式对成员造成压迫、不公平的偏见或不公平的歧视
• act or omission is oppressive etc
• ASIC has prepared report that the co cannot pay it debts and should be wound up
  澳大利亚证券和投资委员会（ASIC）撰写报告称，该公司无力偿还债务，应予以清盘
• The court is of the opinion that it is just and equitable that the company be wound up
  法院认为，对公司进行清算是公正和公平的。

Liquidator

• Official liquidator (regd liquidator regd by ASIC as official liquidator) for court appointment) - compulsory winding up
  正式清盘人（由澳大利亚证券和投资委员会重新指定为正式清盘人）供法院委任） - 强制清盘
• Registered liquidator (s1282) for members' voluntary winding up (except for pty co)
  成员自动清盘的注册清盘人（第 1282 条）（公司除外）
• Liquidator's functions and duties
• Take possession of assets, make a list of contributories, have disputed cases adjudicated, realise the assets and distribute to creditors and contributories
  接管资产，编制出资人名单，对有争议的案件进行裁决，变现资产并分配给债权人和出资人
• Official liquidator is an officer of the court and has responsibility to investigate past activities and take appropriate legal proceedings
  官方清算人是法院官员，有责任调查过去的活动并采取适当的法律程序
• Subject to statutory duties as an officer
• Powers of liquidator ss 477 and 506
• Carry on business so far as necessary for beneficial disposal of business
  在必要的范围内开展业务，以便对业务进行有益的处置
• Sell company's property
• Bring or defend legal proceedings in company's name

• A company goes into liquidation on a particular day.
• A liquidator may look back at transactions which the company has entered into prior to liquidation and seek to avoid (or reverse) some transactions.
  清算人可以回顾公司在清算前进行的交易，并寻求避免（或撤销）某些交易。
• The relation back period, the amount of time prior to liquidation over which the liquidator can seek to avoid transactions, depends on the type of transaction.
  追溯期，即清算人在清算前可以寻求撤销交易的时间，取决于交易类型。
• Voidable transactions

1. insolvent transaction entered 6 months prior to relation back date
2. s588FE(3) insolvent and uncommercial transaction entered up to 2 years before relation back date
   第 588FE(3)條 無力償債而在追溯既往日期前 2 年內訂立的非商業交易
3. Insolvent transaction with a related entity, relation back 4 years
4. Insolvent transaction with purpose of interfering with a winding up, relation back 10 years s588FE(5)
   以干扰清盘为目的的破产交易，追溯至 10 年前 第 588FE(5)条
5. Unfair loan made at anytime on or before winding up s588FE(6)
6. Unreasonable director related transaction, 4 years relation back period
   不合理的董事关联交易，4 年追溯期
7. Other similar types of transactions entered into when the company was in voluntary administration s588FE(2A)
   公司处于自愿管理状态时达成的其他类似类型的交易 第 588FE(2A)条

• Insolvent transaction s 588FC (company is insolvent or becomes insolvent as a result of the transaction)
  破产交易 第 588FC 条（公司破产或因交易而破产）
• Relation back period 6 months s 588FE(2)
• Factual question - Would creditor receive more than if the transaction were set aside and the creditor were to prove for the debt in a winding up?
  事实问题--如果交易被搁置，债权人在清盘中证明债务，债权人会得到比这更多的钱吗？

• Running account S588FA--- Air Services Australia v Ferrier
• Not a party to the transaction s588FG (1)--- Re Pacific Hardware Brokers Pty Ltd
  不是交易的一方 第 588FG(1)条--关于 Pacific Hardware Brokers Pty Ltd
• Good faith s588FG(2)--- Spedley Securities v South Sea Farms
• Solvency of debtor s588FC

• Insolvent transaction
• Relation back period 2 years s588FE(3)
• Would a reasonable person in the company's circumstances have entered into the transaction having regard to
  考虑到以下因素，一个合理的人在公司的情况下是否会进行交易
• Benefits to the company
• Detriment to the company
• Respective benefits to other parties to the transaction
• Other relevant matters

• Insolvent transactions
• Relation back period 10 years
• Entered into for the purpose of defeating creditors' claims (doesn't have to be the only purpose)
  为挫败债权人的债权而签订合同（不一定是唯一目的）

• Unlimited relation back period s 588FE(6)
• Interest or charges were or have become extortionate taking into account
  考虑到以下因素，利息或费用曾经是或已经是敲诈性的
• Risk to the lender
• Value of any security
• Term of the loan
• Schedule for repayments and amount of loan
• Other relevant matters

• Relation back period is 4 years s 588FE(6A)
• Company enters into transaction
• Payment,
• Conveyance
• Issue of securities or incurring the obligation to do so with a director or close associate or someone on behalf of either of those and a reasonable person would not have entered into the transaction.
  与董事或关系密切的合伙人或代表他们中任何一方的人发行证券或承担发行证券的义务，且一个合理的人不会进行该交易。

• Court can't make an order materially prejudicing a right or interest of a party to a voidable transaction (not an unfair loan or unreasonable dr related transaction) if
  在以下情况下，法院不能下达命令，实质性地损害可撤销交易（非不公平贷款或不合理的钻孔机相关交易）一方的权利或利益
• The person became a party to the transaction in good faith
• No reasonable grounds for suspecting insolvency
• Valuable consideration provided or person changed their position relying on the transaction
  提供了有价值的对价，或某人因交易而改变了立场

• Floating charge created within 6 months of winding up s 588FJ is void unless
  在清盤後 6 個月內設立的浮動押記 第 588FJ 條無效，除非
• Company was solvent
• The company received some benefit or consideration such as a fresh loan (eg not just providing extra security for an existing loan)
  公司获得了某些利益或对价，如新贷款（例如，不仅仅是为现有贷款提供额外担保）。
• Unregistered charge void against the liquidator s266
• A charge in favour of an officer of the company cannot be enforced within 6 months of its creation without leave of the court s 267
  未经法院许可，不得在公司设立后 6 个月内强制执行对公司高管的抵押 第 267 条

PAYMENT OF DEBTS

• Priorities
• s 555 general rule that all debts and claims rank equally and if assets insufficient will be paid proportionately
  555 一般规则：所有债务和债权一律平等，如果资产不足，则按比例偿还
• S 556 give priority to some payments - costs of winding up and employee entitlements
  第 556 条优先支付某些款项--清盘费用和雇员应得权利

• Secured creditors, then
• Expenses of winding up, then
• Unpaid wages, unpaid superannuation
• contributions, and other employee
• entitlements, then
• Unsecured creditors, then
• Members (assuming there is a surplus)

• fixed charge
• floating charge subject to s561

• priority
• SECURED CREDITORS:

UNSECURED CREDITORS

• Transactions to prevent recovery of employee entitlements s 596AB
• S 596AC liquidator may recover loss from person who has entered into an agreement in contravention of s
  第 596AC 條 清盤人可向在違反第 596AC 條的情況㆘訂立協議的㆟追討損失。
• Liquidator may recover compensation from director in relation to insolvent trading s
  清盘人可向董事追讨与在破产情况下 营商有关的赔偿 s

• A creditor claims for a debt or claim by lodging a proof of debt with the liquidator 553D
  债权人通过向清算人提交债务证明对债务或债权提出申索 553D
• The liquidator then admits the debt or rejects it
• A creditor is entitled to a set-off in relation to mutual debts or other mutual dealings ie to lodge a proof the net debt without having to pay their debt in full and claim for the full amount of the debt owed s 553C
  债权人有权就相互债务或其他相互交易进行抵消，即提出债务净额证明，而不必全额偿还债务，并要求全额偿还所欠债务第 553C 条
• Secured creditors can exercise their rights over the property which is subject to security and can lodge a proof of debt for the balance. A secured creditor can only prove for the whole debt if security is surrendered
  有担保债权人可以对附带担保的财产行使权利，并可就余额提出债务证明。有担保债权人只有在放弃担保的情况下才能为全部债务举证。
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