【原】马来西亚公司清盘的法律事项（八）——清盘的应对策略

持续经营或拆解出售

Why is it more worthwhile to sell the company as a going concern rather than selling the assets as scrap?

一家已出售了的持续经营企业为一家并不会在出售后停止营业。根据马来西亚持续经营业务转移指南，持续经营业务转移（TOGC）可能涉及整体或部分持续经营业务的转移，且在仅有部分业务转移的情况下，该部分业务必须能够独立运营。 马来西亚TOGC指南还说明任何购买或转移公司资产却不导致买房接手公司业务的情况并不归纳入TOGC的定义之中。在法庭判例Abdul Aziz bin Abdul Majid & Ors v Kuantan Beach Hotel Sdn Bhd & Ors [2012] MLJU 1788中，法官引用了英国最高法院的判例 (Melon v Hector Powe Ltd [1981] 1 ALL ER) ，其中Lord Fraser说：

“业务或部分业务转移与实物资产转移之间的本质区别在于，在前者的情况下，业务以持续经营的方式转移，因此该业务仍然是同一业务，但掌握在不同的手中……而在后者的情况下，资产将转移到新所有权以用于其选择的任何业务。”

买方通常可以通过TOGC获得以下好处，但不仅限于这些：

·有形资产； （例如：房屋，商品，设施）

·无形资产和（例如：公司品牌，商标，专利和客户忠诚度）

·未来盈利能力

Going concern is a business which is still operating. According to theMalaysia Guide on Transfer of Business as a Going Concern, transfer of business as going concern (TOGC) may involve the transfer of a whole or part of a business as a going concern, and in the case where only part of the business is transferred, that part of the business must be able to operate on its own.  The Malaysia Guide on TOGC also illustrates that a mere sale or transfer of capital assets which does not result in the purchaser taking over the business of the seller does not come within the definition of TOGC. In Abdul Aziz bin Abdul Majid & Ors v Kuantan Beach Hotel Sdn Bhd & Ors [2012] MLJU 1788, the judge cited a UK Supreme Court case law (Melon v Hector Powe Ltd [1981] 1 ALL ER) in which Lord Fraser stated that

'the essential distinction between the transfer of business or part of a business, and a transfer of the physical assets is that in the former case the business is transferred as a going concern so that the business remains the same business but in different hands… whereas in the latter case, the assets are transferred to the new ownership to be used in whatever business he choose.’

Here are what the buyer can usually obtain through a TOGC, but not limited to these：

·tangible assets; (e.g.: premises, goods, facilities)

·intangible assets and (e.g.: company brand names, trademarks, patents and customer loyalty)

·future profitability

TOGC比单纯的资产转移能为买方带来更多收益。一些情况下，持续经营被出售是由于经营不善或投资策略错误导致无法盈利。因此，公司可在针对管理层面或者商业策略上进行改革或重整即可挽救甚至与振兴公司。由于持续经营企业一直具有完善的组织结构，因此经营者只需要付出相对较小的努力即可重建公司业务。现在，我们将着眼交易的各个部分以及它们如何使买方受益。

A TOGC can benefit the buyers more than transfer of mere assets. Sometimes, going concern is sold because it is not making profit due to improper management or wrongful investment strategy. So, some changes and improvements to the management level or business strategy can save the company and revive it. Since going concern always has well-established organizational structure, the effort to be put in to rebuild it is comparatively small. Now, we will look at each part of the transaction and how they are going to advantageous the buyers.