* 1

1 2 3.. 4 5 6 7 1986 8 9 2

4 14 40 3

" " 1995 99% 2001 74.8% " " 1985 1994 2000 1986 1994 2000 2000 2003 1978 2001 44 32 条 4

" " " 1994 11 20% 85 90% 80 20 5

" " 6

100 1. 2. 3. 7

8 1 1849 trustee (receiver)

( ) (Jay Gould). (receiver). 1884 ( ) ( ) 9

( trustee Insolvency practitioner 1. 1986 10

251 8 71 64 1/4 1986 399 410 12 120 1890 32 1893 1922 1922 71 72 1923 1952 157 169 13 : 265 11

1 1986 1986 12 2 6 43 2 1991 4 9 " 1986 12

3 1993 12 29 " " 110 " 10 4 1986 1999 2002 7 18 1232 13

1 1983 receiver 1986 2 6 3 2003 6 9 0067 0067 2003 6 6 (02388) 14

75% 2003 6 9 0067 0067 ] 2003-06-10 (New Nongkai Global Investments Limited) 7.46 2003-06-11 1985 1994 2000 1986 1994 2000 2000 2003 1978 2001 44 32 条 15

1 " " 2 3 " WTO 16

1 2 3 4 17

1 2 4 4 1 winding up or Liquidation company voluntary Liquidation CVL 2 Company arrangement Company voluntary arrangement CVA a. (CVA) 18

b. a. b. C. 3 Administration receivership Administration order administrator receiver company arrangement company reconstruction or company reorganization 3 Administration Administrative receivership and receivership administrator receiver administrative receiver 100 administration receivership receiver -receiver-manager 1952 172 19

10 receiver 4 3 4 4 2 1 120 1986 1-7 64 1986 2 20

Insolvency practitioner (IP). 1 ( ) 2 Insolvency practitioner 21

3 (1.) (2.) A. B. 22

C. 3 1 " " 2 3 23

UNCITRAL 1997 Model Law on Cross-Border Insolvencies 2000 EU Regulation on Insolvency Proceedings 24

1 2? 3 4 5 6, ( 7 25

8 9 10 11 12 13 ( ) 1. 2. 2 Administration Administrative receivership receivership 2 administrator administrative receiver receiver 1 Administration 26

2 Administrative receivership floating charge 100 administration receivership receiver -receiver-manager 14 (?) 15 16 Authorized (or licensed)ip 17 18 19 ( ) 20 21 27

1 2 3 4 5 22? 23 24 25 26 27 28 29 30 31 32 28

33 34 35 1 2 3 4 5 6 ; 36 37 38 39 1. 29

2. 3. 1 ( Ansset 94% 2 3 5 3 1 30

31 2 3 2 A.B. ; 4 5 6

; 7 8 3 : (a) ;(b) 10 9 32

10 11 3%- 15% 12 13 UNCITRAL 1997 UNCITRAL 1997 2000 EU Regulation on Insolvency Proceedings 14 2 1-2 33

34 1 2 3 4

35 5 6 5 5 7 8 9 10 11 12 13 14

15 16 17 18 19 20 21 22 15 ( ) ; ( ) 23 ( ) ; ( ) ( ) 24 ( ) ( ). ( ) 36

( ) 25 ( ) ( ) ( ). ( ) 26 27 28 29 30 31 32 37

33 34 35 36 37 38 39 40 38

1986 The Insolvency Act 1986 THE FIRST GROUP OF PARTS COMPANY INSOLVENCY - COMPANIES WINDING UP - Part I - Company Voluntary Arrangements Part II - Administration Orders Part III - Receivership Chapter I - Receivers and Managers (England and Wales) Chapter II - Receivers (Scotland) Chapter III - Receivers Powers in Great Britain as a whole Part IV - Winding Up of Companies Registered Under the Companies Acts Chapter I Preliminary Chapter II - Voluntary Winding Up (Introductory and General) Chapter III - Members Voluntary Winding Up Chapter IV - Creditor' Voluntary Winding Up Chapter V - Provisions Applying to both kinds of Winding up 39

Chapter VI - Winding Up by the Court Chapter VII Liquidators Chapter VIII - Provisions of general application in winding up Chapter IX - Dissolution of companies after winding up Chapter X - Malpractice before and during Liquidation: Penalisation of companies and company officers: Investigations and prosecutions Part V - Winding Up Unregistered Companies Part VI - Miscellaneous Provisions applying to Companies which are Insolvent or in Liquidation Part VII - Interpretation for first group of parts THE SECOND GROUP OF PARTS INSOLVENCY OF INDIVIDUALS BANKRUPTCY - Part VIII - Individual Voluntary Arrangements Part IX - Bankruptcy 40

Chapter I - Bankruptcy Petitions - Bankruptcy Orders - Chapter II -Protection of bankrupt's Estate and Investigation of his Affairs Chapter III - Trustees in Bankruptcy Chapter IV - Administration by Trustee Chapter V - Effect of Bankruptcy on certain rights, transactions etc Chapter VI - Bankruptcy Offences Chapter VII - Powers of Court in Bankruptcy Part X - Individual Insolvency: General Provisions Part XI - Interpretation for second group of parts THE THIRD GROUP OF PARTS MISCELLANEOUS MATTERS BEARING ON BOTH COMPANY AND INDIVIDUAL INSOLVENCY GENERAL INTERPRETATION FINAL PROVISIONS Part XII - Preferential debts in company and individual insolvency Part XIII - Insolvency Practitioners and their qualifications 41

Part XIV - Public Administration Part XV - Subordinate Legislation Part XVI - Provisions against debt avoidance (England and Wales Only) Part XVII - Miscellaneous and General Part XVIII Interpretation Part XIX - Final Provisions SCHEDULES Schedule 1. Powers of administrator of administrative receiver 1 Schedule 2. Powers of a Scottish receiver (additional to those conferred on him by the instrument of charge 2 Schedule 3. Orders in course of winding up pronounced in vacation (Scotland) 3 Schedule 4. Powers of liquidator in a winding up 4 Schedule 5. Powers of trustee in Bankruptcy 5 Schedule 6. Categories of Preferential debts 6 Schedule 7. Insolvency Pracritioners Tribunal 7 Schedule 8. Privisions capable of inclusion in company insolvency rules 8 42

Schedule 9. Privisions capable of inclusion in individual insolvency rules 9 Schedule 10. Punishment of offences under this Act 10 Schedule 11. Transitional provisions and savings 11 Schedule 12. Enactments Repealed 12 Schedule 13. Consequential amendments to Companies Act 1985 13 1985 Schedule 14. Consequential amendments to other enactments 14 43

1. 1992 8 20 2. 1993 4 24 3. 1994 6 7 4. 1994 7 12 5. 1995 5 22 6. 1996 4 19 7. 1996 7 25 8. 1996 8 20 9. " 1996 8 20 10. 1997 3 25 11. 1997 7 28 44

12. 1997 8 1 13. " " 1997 9 30 14. " " 1997 9 30 15. 1997 11 10 16. 1998 7 16 17. 1998 10 26 18. 1999 2 24 19. 1993 5 14 20. 1993 11 10 21.. < > 1991 11 7 45

22.. < > 1992 7 14 23.. 1993 8 28 24. 1993 9 17 25. 1995 4 10 26. 1996 8 13 27. 1996 11 22 28. 1997 3 6 29. 1997 7 25 30. 2000 11 14 31. 2002 7 18 1232 [ ] 46

the Insolvency Act 1986 1994 2000 UK the Companies Act 1985 1994 2000 UK Enterprise Act 2002 2003 UK BANKRUPTCY ACT 1966 (Australia) Corporations Act 2001 (Australia) COMPANIES ORDINANCE (HK) 条 CANADA BUSINESS CORPORATIONS ACT 1985 1994 Model Law on Cross-Border Insolvencies UNCITRAL 1997 EU Regulation on Insolvency Proceedings 2000 ( ) 11 Company code of California (English) 1998 2000 47