Case on the Bankruptcy of Guangdong International Trust & Investment Co., Ltd.@#
BASIC FACTS@#
Applicant: Guangdong International Trust & Investment Co., Ltd.. domiciled in Huangshi East Road, Guangzhou Municipality, Guangdong Province@#
Legal Representative: Mai Zhinan, general manager of the Trust & Investment Co., Ltd.@#
On January 11, 1999, Guangdong International Trust & Investment Co., Ltd. (hereinafter referred to as the Trust & Investment Co., Ltd.) applied to the Higher People's Court of Guangdong Province for bankruptcy due to its severe insolvency and incapacity to pay off its huge stake of debts.@#
The Higher People's Court of Guangdong Province held through hearing that:@#
Guangdong International Trust & Investment Co., Ltd. is originally named as Guandong Trust & Investment Co., Ltd., which was established upon registration in the Administrative Bureau for Industry and Commerce of Guangzhou Municipality and is a legal person enterprise as owned by the whole people, was approved as a non-bank financial institution by the People's Bank in 1983 and thus enjoyed the right to foreign exchange business. It was renamed as Guandong International Trust & Investment Co., Ltd. upon registration of alteration in the Administrative Bureau for Industry and Commerce with a registered capital of 1.2 billion yuan. Since 1992, the Trust & Investment Co., Ltd. conducted a lot of illegal operations such as allurement of deposits by high interest rates, beyond-account operations, unlawful borrowing and lending of funds and arbitrary investment, thereby failing to pay off its huge debts as due both at home and abroad, and was thus seriously insolvent. On October 6, 1998, the People's Bank of China decided to close down the Trust & Investment Co., Ltd and organized a bankruptcy liquidation group. During the period of liquidation, the relevant financial business as well as the related credits and debts of the Trust & Investment Co., Ltd. were subject to the trusteeship of the Bank of China, the Securities Business Departments as subordinated to the Trust & Investment Co., Ltd. were subject to the trusteeship of Guangdong Securities Co., Ltd. and the business operation thereof was carried on as usual. Through 3-month bankruptcy liquidation from October 6, 1998 to January 6, 1999, the total assets of the Trust & Investment Co., Ltd. were found to be 21.471 billion yuan and its liabilities 36. 165 billion yuan, with an overall debt-asset ratio of 168. 23 % and 14. 694 billion yuan of insolvency. On January 11, 1999, the Bank of China promulgated an Announcement on Clearing off the Credits of the Natural Persons of the Former International Investment Co., Ltd.. As to the fact that the Trust & Investment Co., Ltd. suffered from such severe insolvency that it was incapable of paying off its huge debts, the natural persons were only repaid the principals and without any interest. After the Bank of China cleared off the natural persons' debts owed by the Trust & Investment Co., Ltd., Guangdong Branch of the Bank of China declared the creditor's rights on behalf of the Fiscal Department of Guangdong Province and accepted the repayment according to the sequential order of bankruptcy liquidation as a general creditor.@#
．．．．．． | | 广东国际信托投资公司破产案@#
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申请人：广东国际信托投资公司。住所地：广东省广州市环市东路。 @#
法定代表人：麦智南，该公司总经理。 @#
１９９９年１月１１日，广东国际信托投资公司（以下简称广东国投公司）以严重资不抵债、无法偿付到期巨额债务为由，向广东省高级人民法院申请破产。 @#
广东省高级人民法院经审理查明： @#
广东国投公司原名为广东省信托投资公司，１９８０年７月经广东省人民政府批准在广州市工商行政管理局注册成立，系全民所有制企业法人。１９８３年经中国人民银行批准为非银行金融机构并享有外汇经营权；１９８４年３月经广东省工商行政管理局注册登记更改名称为广东国际信托投资公司，注册资金为１２亿元。１９９２年以来，广东国投公司由于经营管理混乱，存在大量高息揽存、帐外经营、乱拆借资金、乱投资等违规经营活动，导致不能支付到期巨额境内外债务，严重资不抵债。１９９８年１０月６日，中国人民银行决定关闭广东国投公司，并组织关闭清算组对其进行关闭清算。关闭清算期间广东国投公司的金融业务和相关的债权债务由中国银行托管，广东国投公司属下的证券交易营业部由广东证券有限责任公司托管，其业务经营活动照常进行。自１９９８年１０月６日至１９９９年１月６日为期三个月的关闭清算查明，广东国投公司的总资产为２１４．７１亿元，负债３６１．６５亿元，总资产负债率１６８．２３％，资不抵债１４６．９４亿元。１９９９年１月１１日，中国银行发布《关于清偿原省国投自然人债权的公告》，鉴于广东国投公司已严重资不抵债、无力偿还巨额债务，对自然人债权的清偿，只支付本金，不支付利息；中国银行清偿广东国投公司自然人债权后，中国银行广东省分行代广东省财政厅依法申报债权，以普通债权人的身份按破产清偿顺序受偿。 @#
广东省高级人民法院认为：《中华人民共和国企业破产法（试行）》（以下简称企业破产法）第三条第一项规定：“企业因经营管理不善造成严重亏损，不能清偿到期债务的，依照本法规定宣告破产。”第八条规定：“债务人经其上级主管部门同意后，可以申请宣告破产。”广东国投公司管理极度混乱，严重资不抵债，不能清偿境内外巨额到期债务，符合法律规定的破产条件，于１９９９年１月１６日裁定： @#
一、广东国投公司破产还债。 @#
二、指定清算组接管广东国投公司。 @#
裁定宣布后，广东国投公司的破产清算工作依法按以下步骤进行： @#
一、债权的申报、审核和确认 @#
１９９９年１月１６日，广东省高级人民法院分别在《人民日报》、《人民法院报》刊登受理广东国投公司破产申请公告，要求债权人自公告之日起３个月内申报债权，逾期未申报的，视为自动放弃。对广东国投公司的其他民事执行程序依法中止执行，申请执行人可凭生效的法律文书申报债权，对广东国投公司的其他民事诉讼程序也依法终结或中止。公告期限内，共计３２０家债权人申报了债权，申报债权总金额共计３８７．７７３８亿元（包括１６７家境外债权人申报债权３２０．１２９７亿元）。 @#
１９９９年４月２２日，广东省高级人民法院主持召开广东国投公司破产案第一次债权人会议，２４４家境内外债权人派代表出席了会议，占申报债权人总数的７６％。法院向债权人宣布了债权人会议的职权，并根据各债权人申报债权的数额，指定瑞士银行、日本第一劝业银行、美国花旗银行、中国银行等９家债权人组成债权人主席委员会。破产清算组向出席债权人会议的代表报告了债权申报情况。会议通过了由破产清算组提出的广东国投公司破产财产处理的原则。 @#
破产清算组对债权人申报的债权进行了登记和审核后，将审核结果分别以确认债权或拒绝申报的方式通知各债权申报人。债权人对清算组确认的债权无异议的，清算组提请债权人会议表决通过；债权申报人对清算组的确认结果有异议的，向广东省高级人民法院提请裁定。 @#
根据债权异议人的申请，广东省高级人民法院分别对广东国投公司破产案中６２件有关债权申报异议进行了公开审理，并分别作出了裁定： @#
１．对依据安慰函申报的担保债权全部予以否认。在确认债权诉讼中，有１５家广东国投公司香港子公司的债权人持广东国投公司出具的安慰函申报金额约２３亿元的担保（或然）债权，要求予以确认。广东省高级人民法院经审理认为，安慰函从形式上看，不是广东国投公司与特定债权人签订的，而是向不特定的第三人出具的介绍性函件；从内容上看，安慰函并无担保的意思表示，没有约定当债务人不履行债务时，代为履行或承担还债责任。因此，安慰函不能构成中国法律意义上的保证，不具有保证担保的法律效力，依据安慰函申报担保债权全部被拒绝。 @#
２．信托存款的存款人可以申报破产债权，但对信托存款无取回权。在确认债权诉讼中，有１７家债权人以信托存款为依据向广东国投公司清算组申报债权金额３８亿元。部分境内债权人认为信托存款属于信托财产，具有独立性，受托人广东国投公司对信托财产不具有所有权，只具有经营管理权，信托财产的所有权属于委托人，要求行使取回权。广东省高级人民法院审理认为，广东国投公司向存款人出具信托存款单，约定存款人将资金存入广东国投公司，到期取回本息，具有存款合同的特征，存款人与广东国投公司双方设定的是债权债务关系，并非信托关系。广东国投公司被宣告破产后，对于剩余存款应当确认为破产债权，存款人不享有取回权。 @#
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