!Корпоративное право 2023-2024 / Sukhanov_E_a_Sravnitelnoe_Korporativnoe_Pravo_2014

f ɕɪɷɧɴɯɾɬɴɯʆ jɷɧɸɶɷɬɫɬɲɬɴɯʆ ɯɳɺʀɬɸɹɩɧy ɩ ɧɴɪɲɵ ɧɳɬɷɯɱɧɴɸɱɵɳ ɶɷɧɩɬ

§2. ОГРАНИЧЕНИЯ «РАСПРЕДЕЛЕНИЯ ИМУЩЕСТВА» КОРПОРАЦИЙ

ВАНГЛО-АМЕРИКАНСКОМ ПРАВЕ

1.Защита кредиторов корпораций в американском праве

ɉɧɳɬɷɯɱɧɴɸɱɵɳ ɱɵɷɶɵɷɧɹɯɩɴɵɳ ɶɷɧɩɬ ɵɹɱɧɮ ɵɹ ɵɨʆɮɧɹɬɲʃɴɵɪɵ ɺɸɹɧɩ ɴɵɪɵ ɱɧɶɯɹɧɲɧ ɱɵɳɶɧɴɯɰ ɶɵɸɲɬɫɵɩɧɲ ɩ ɪ ɶɷɯ ɶɵɫɪɵɹɵɩɱɬ ɯɮɳɬɴɬ ɴɯɰ ɩ ɓɵɫɬɲʃɴʂɰ ɮɧɱɵɴ ɵ ɱɵɳɳɬɷɾɬɸɱɯɼ ɱɵɷɶɵɷɧɽɯʆɼ ɪ ɵɶɺɨ ɲɯɱɵɩɧɴɴʂɼ ɩ ɪ ɩ ɩɯɫɬ ɓɵɫɬɷɴɯɮɯɷɵɩɧɴɴɵɪɵ ɳɵɫɬɲʃɴɵɪɵ ɮɧɱɵɴɧ

ɵɱɵɳɳɬɷɾɬɸɱɯɼ ɱɵɷɶɵɷɧɽɯʆɼ Revised Model Business Corporation Act – RMBCA Ɏɧɱɵɴɵɫɧɹɬɲʃɸɹɩɵ ɶɵɫɧɩɲʆʅʀɬɪɵ ɨɵɲʃɿɯɴɸɹɩɧ ɿɹɧɹɵɩ ɩɵɸ ɶɷɯɴʆɲɵ ɩɸɬ ɵɸɴɵɩɴʂɬ ɶɵɲɵɭɬɴɯʆ RMBCA əɷɬɨɵɩɧɴɯɬ ɳɯɴɯɳɧɲʃɴɵɪɵ ɺɸɹɧɩɴɵɪɵ ɱɧɶɯɹɧɲɧ ɸɵɼɷɧɴɯɲɵɸʃ ɲɯɿʃ ɩ ɾɬɹʂɷɬɼ ɿɹɧɹɧɼ ɯ ɻɬɫɬɷɧɲʃ ɴɵɳ ɵɱɷɺɪɬ ɑɵɲɺɳɨɯʆ ɬɪɵ ɷɧɮɳɬɷ ɮɫɬɸʃ ɸɵɸɹɧɩɲʆɬɹ ɵɹ ɫɵɲɲ ɩ ɕɱ ɲɧɼɵɳɬ ɫɵ ɹʂɸ ɫɵɲɲ ɩ əɬɼɧɸɬ ɉ ɵɸɹɧɲʃɴʂɼ ɿɹɧɹɧɼ ɫɲʆ ɸɵɮɫɧɴɯʆ ɱɵɷ ɶɵɷɧɽɯɯ ɻɵɷɳɧɲʃɴɵ ɫɵɸɹɧɹɵɾɴɵ ɸɯɳɩɵɲɯɾɬɸɱɵɪɵ jɱɧɶɯɹɧɲɧy ɩ ɽɬɴɹ əɬɶɬɷʃ ʄɹɵɹ ɶɵɫɼɵɫ ɸɵɸɹɧɩɲʆɬɹ ɵɸɴɵɩɺ ɫɲʆ ɱɷɯɹɯɱɯ ɬɩɷɵɶɬɰɸɱɵɪɵ ɱɵɷ ɶɵɷɧɹɯɩɴɵɪɵ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɧ ɶɷɬɭɫɬ ɩɸɬɪɵ ɉɹɵɷɵɰ ɫɯɷɬɱɹɯɩʂ Ɍɘ ɯ ɵɨɵɸɴɵɩɧɴɯʆ ɶɷɬɫɲɵɭɬɴɯɰ ɵɨ ɵɹɳɬɴɬ ɺɸɹɧɩɴɵɪɵ ɹɩɬɷɫɵɪɵ ɱɧɶɯɹɧ ɲɧ ɖɵɸɲɬɫɴɯɰ ɩ ɸɵɩɷɬɳɬɴɴɵɰ ɧɳɬɷɯɱɧɴɸɱɵɰ ɲɯɹɬɷɧɹɺɷɬ ɴɬɷɬɫɱɵ ɷɧɸ ɸɳɧɹɷɯɩɧɬɹɸʆ ɱɧɱ jɶɬɷɬɭɯɹɵɱy ɯɲɯ jɴɬɴɺɭɴʂɰ ɵɸɹɧɹɵɱy ʄɱɵɴɵɳɯɱɯ 9*9 ɩ ɴɬ ɩ ɶɵɸɲɬɫɴʅʅ ɵɾɬɷɬɫʃ ɨɲɧɪɵɫɧɷʆ ɹɵɳɺ ɵɨɸɹɵʆɹɬɲʃɸɹɩɺ ɾɹɵ ɧɳɬɷɯɱɧɴɸɱɯɬ ɸɺɫʂ ɯɮɴɧɾɧɲʃɴɵ ɴɬ ɶɷɯɲɧɪɧɲɯ ɺɸɯɲɯɰ ɩ ɶɷɬɶʆɹɸɹɩɵ ɩɧɴɯɯ ɵɨɼɵɫɺ ɶɷɬɫɶɷɯɴɯɳɧɹɬɲʆɳɯ ɹɷɬɨɵɩɧɴɯɰ ɱ ɺɸɹɧɩɴɵɳɺ ɱɧɶɯɹɧɲɺ ɧ ɩɳɬɸɹɵ ʄɹɵɪɵ ɯɸɱɧɲɯ ɯ ɴɧɼɵɫɯɲɯ ɯɴʂɬ ɷɬɿɬɴɯʆ

ɕɸɴɵɩɴɺʅ ɮɧɫɧɾɺ ɱɧɶɯɹɧɲɧ ɱɵɷɶɵɷɧɽɯɯ ɮɫɬɸʃ ɵɨʂɾɴɵ ɺɸɳɧɹɷɯɩɧ ʅɹ ɴɬ ɩ ɮɧʀɯɹɬ ɯɴɹɬɷɬɸɵɩ ɱɷɬɫɯɹɵɷɵɩ ɧ ɩ ɵɪɷɧɴɯɾɬɴɯɯ ɩɵɮɳɵɭɴɵɸɹɬɰ jɷɧɸɶɷɬɫɬɲɬɴɯʆ ɯɳɺʀɬɸɹɩɧy distribution ɱɵɷɶɵɷɧɽɯɯ ɳɬɭɫɺ ɬɬ ɾɲɬ ɴɧɳɯ ɶɺɹɬɳ ɬɪɵ ɸɵɼɷɧɴɬɴɯʆ ɫɲʆ ɸɲɺɾɧɬɩ ɴɬɸɵɸɹɵʆɹɬɲʃɴɵɸɹɯ ɖɷɯ ʄɹɵɳ ɩ ɧɳɬɷɯɱɧɴɸɱɵɳ ɶɷɧɩɬ ɸɧɳɧ ɶɵ ɸɬɨɬ ɴɬɶɲɧɹɬɭɬɸɶɵɸɵɨɴɵɸɹʃ insolvency ɬʀɬ ɴɬ ɩɲɬɾɬɹ ɵɨʆɮɧɴɴɵɸɹɯ ɵɹɱɷʂɩɧɹʃ ɱɵɴɱɺɷɸɴɺʅ ɶɷɵɽɬɫɺɷɺ ɾɹɵ ɵɹ ɲɯɾɧɬɹ ʄɹɺ ɱɧɹɬɪɵɷɯʅ ɵɹ ɸɵɨɸɹɩɬɴɴɵ ɨɧɴɱɷɵɹɸɹɩɧ ӎ bankruptcy ɇɴɪɲɵ

ɧɳɬɷɯɱɧɴɸɱɧʆ ɶɷɧɩɵɩɧʆ ɸɯɸɹɬɳɧ ɮɧʀɯʀɧɬɹ ɱɷɬɫɯɹɵɷɵɩ ɱɵɳɶɧɴɯɯ ɯɴʂ ɳɯ ɴɬɭɬɲɯ ɹɷɬɨɵɩɧɴɯɬ ɴɧɲɯɾɯʆ ɹɩɬɷɫɵɪɵ ɱɧɶɯɹɧɲɧ ɯ ɱɧɱ ɸɾɯɹɧɬɹɸʆ ɨɵɲɬɬ ɪɯɨɱɯɳɯ ɸɶɵɸɵɨɧɳɯ ɶɷɬɭɫɬ ɩɸɬɪɵ ɸ ɶɵɳɵʀʃʅ ɸɧɳɵɸɹɵʆɹɬɲʃɴɵ ɵɻɵɷɳɲʆɬɳɵɪɵ ɱɵɴɱɷɬɹɴʂɳɯ ɱɷɬɫɯɹɵɷɧɳɯ ɵɨɬɸɶɬɾɬɴɯʆ ɬɬ ɫɵɪɵɩɵɷ

ɵɨʀɬɸɹɩɧ ɴɧɶɵɲɵɩɯɴɺ ɧ ɹɧɱɭɬ ɺɸɹɷɧɴʆɬɹɸʆ ɴɬɵɨɼɵɫɯɳɵɸɹʃ ɶɺɨɲɯɱɧɽɯɯ ɵɨʁʆɩɲɬɴɯʆ ɵ ɷɬɪɯɸɹɷɧɽɯɯ ɩ ɸɲɺɭɬɨɴɵɳ ɶɷɯɲɵɭɬɴɯɯ jɉɬɴɸɱɵɰ ɪɧɮɬɹʂy ɸɹɵʆʀɬɰ ɬʀɬ ɵɱɵɲɵ ɬɩɷɵ

Ɋɲɧɩɧ ɚɸɹɧɩɴʂɰ ɱɧɶɯɹɧɲ ɯ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃ ɶɬɷɬɫ ɱɷɬɫɯɹɵɷɧɳɯ

ɴʂɼ ɵɨʆɮɧɹɬɲʃɸɹɩ ɶɬɷɬɫ ɴɯɳɯ nexus of contracts ɑɷɵɳɬ ɹɵɪɵ ɩ ɺɸɲɵɩɯ ʆɼ jɱɵɴɱɺɷɬɴɽɯɯ ɱɵɷɶɵɷɧɹɯɩɴʂɼ ɶɷɧɩɵɶɵɷʆɫɱɵɩy ɳɬɭɫɺ ɵɹɫɬɲʃɴʂɳɯ ɿɹɧɹɧɳɯ ɺɾɷɬɫɯɹɬɲɯ ɵɸɵɨɬɴɴɵ ɱɷɺɶɴʂɬ ɯɴɸɹɯɹɺɽɯɵɴɧɲʃɴʂɬ ɯɴɩɬɸɹɵ ɷʂ ɯ ɨɺɫɺʀɯɰ ɳɬɴɬɫɭɳɬɴɹ ɱɵɷɶɵɷɧɽɯɯ ɯɳɬʅɹ ɩɵɮɳɵɭɴɵɸɹʃ ɩʂɨɷɧɹʃ ɴɧɯɨɵɲɬɬ ɺɫɵɨɴʂɰ ɶɷɧɩɵɶɵɷʆɫɵɱ ɷɧɮɺɳɬɬɹɸʆ ɨɬɮ ɺɾɬɹɧ ɯɴɹɬɷɬɸɵɩ ɬɬ ɳɬɲɱɯɼ ɱɷɬɫɯɹɵɷɵɩ ɩ ɾɧɸɹɴɵɸɹɯ ɴɧɬɳɴʂɼ ɷɧɨɵɹɴɯɱɵɩ

ɔɧ ɶɷɧɱɹɯɱɬ ɷɬɧɲʃɴɵɬ ɯ ʄɻɻɬɱɹɯɩɴɵɬ ɵɨɬɸɶɬɾɬɴɯɬ ɫɵɪɵɩɵɷɴʂɼ ɵɨʆ ɮɧɹɬɲʃɸɹɩ ɱɵɷɶɵɷɧɽɯɯ ɫɵɲɭɴɯɱɧ ɶɵɲɺɾɧʅɹ ɩ ɵɸɴɵɩɴɵɳ ɬɬ ʄɱɵɴɵɳɯɾɬ ɸɱɯ ɸɯɲʃɴʂɬ ɱɷɬɫɯɹɵɷʂ ӎ ɴɧɶɷɯɳɬɷ ɨɧɴɱɯ ɶɷɬɫɵɸɹɧɩɲʆʅʀɯɬ ɱɷɬ ɫɯɹ ɯɲɯ ɱɷɺɶɴʂɬ ɶɵɸɹɧɩʀɯɱɯ ɲɯɨɵ ɶɵɱɺɶɧɹɬɲɯ ɹɵɩɧɷɵɩ ɺɸɲɺɪ ɤɹɵ ɲɯɿʃ ɺɼɺɫɿɧɬɹ ɶɵɲɵɭɬɴɯɬ ɨɵɲɬɬ ɸɲɧɨʂɼ ɱɷɬɫɯɹɵɷɵɩ ɴɧɶɷɯɳɬɷ ɪɷɧ ɭɫɧɴ ɶɵɹɷɬɨɯɹɬɲɬɰ ɯ ɴɧɬɳɴʂɼ ɷɧɨɵɹɴɯɱɵɩ ɱɵɳɶɧɴɯɯ ɴɬ ɪɵɩɵɷʆ ɺɭɬ ɵ ɹɷɬɨɵɩɧɴɯʆɼ ɯɮ ɫɬɲɯɱɹɵɩ ɱɵɹɵɷʂɬ ɴɬɩɵɮɳɵɭɴɵ ɮɧɷɧɴɬɬ ɵɨɬɸɶɬɾɯɹʃ ɧ ɹɧɱɭɬ ɵ ɹɷɬɨɵɩɧɴɯʆɼ ɴɧɲɵɪɵɩʂɼ ɵɷɪɧɴɵɩ əɬɵɷɬɹɯɾɬɸɱɯ ɩɵɮɳɵɭɴʂɬ ɶɬɷɬɪɵɩɵɷʂ ɸ ɶɵɹɬɷɶɬɩɿɯɳɯ ɵɹ ɫɬɲɯɱɹɵɩ ɩɸɬɪɫɧ ɴɧɶɷɧɩɲɬɴʂ ɴɧ ɮɧ ɩɬɫɵɳɵɬ ɺɼɺɫɿɬɴɯɬ ɯɼ ɶɵɲɵɭɬɴɯʆ ɩ ɸɷɧɩɴɬɴɯɯ ɸ ɨɲɧɪɵɶɷɯʆɹɴʂɳ ɫɲʆ ɴɯɼ ɸɹɧɹɺɸɵɳ ɶɷɬɫɺɸɳɵɹɷɬɴɴʂɳ ɫɬɲɯɱɹɴʂɳ ɶɷɧɩɵɳ ɧ ɶɷɬɫɵɸɹɧɩɲɬ ɴɯɬ ɴɧɲɵɪɵɩʂɳ ɹɷɬɨɵɩɧɴɯʆɳ ɪɵɸɺɫɧɷɸɹɩɧ ɶɷɬɯɳɺʀɬɸɹɩ ɶɷɯ ɴɬɶɲɧɹɬ ɭɬɸɶɵɸɵɨɴɵɸɹɯ ɨɧɴɱɷɵɹɸɹɩɬ ɱɵɷɶɵɷɧɽɯɯ ɴɬɯɮɨɬɭɴɵ ɵɸɺʀɬɸɹɩɲʆɬɹɸʆ ɮɧ ɸɾɬɹ ɯɴɹɬɷɬɸɵɩ ɳɬɲɱɯɼ jɫɵɪɵɩɵɷɴʂɼy ɱɷɬɫɯɹɵɷɵɩ

ɋɲʆ ɶɵɩʂɿɬɴɯʆ ɮɧʀɯɹʂ ɱɷɬɫɯɹɵɷɵɩ ɧɴɪɲɵ ɧɳɬɷɯɱɧɴɸɱɵɬ ɱɵɷɶɵɷɧ ɹɯɩɴɵɬ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɵ ɩʂɴɺɭɫɬɴɵ ɺɸɯɲɯɩɧɹʃ ɲɯɾɴɺʅ ɸɺɨɸɯɫɯɧɷɴɺʅ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃ ɫɯɷɬɱɹɵɷɵɩ ɱɵɳɶɧɴɯɰ ɵɸɵɨɬɴɴɵ ɴɧ ɸɲɺɾɧɰ ɸɵɩɬɷɿɬ ɴɯʆ ɯɳɯ ɷɯɸɱɵɩɧɴɴʂɼ ɸɫɬɲɵɱ ɩ ɶɬɷɯɵɫ jɶɷɬɫɨɧɴɱɷɵɹɸɹɩɧy ɼɵɹʆ ɩ ɷʆ ɫɬ ɸɲɺɾɧɬɩ ɷɧɮɳɬɷ ɶɷɬɫʁʆɩɲʆɬɳʂɼ ɯɳ ɹɷɬɨɵɩɧɴɯɰ ɮɧɩɬɫɵɳɵ ɶɷɬɩʂɿɧ ɬɹ ɷɧɮɳɬɷ ɯɼ ɲɯɾɴɵɪɵ ɯɳɺʀɬɸɹɩɧ ɧ ɸɧɳɧ ʄɹɧ ɩɵɮɳɵɭɴɵɸɹʃ ɸɵɮɫɧɬɹ ɫɲʆ ɺɶɷɧɩɲʆʅʀɯɼ ɩʂɸɵɱɯɰ ɷɯɸɱ ɸɫɬɷɭɯɩɧʅʀɯɰ ɯɼ ɯɴɯɽɯɧɹɯɩɺ ɧ ɹɧɱɭɬ ɺɭɬɸɹɵɾɧɬɹ ɴɵɷɳʂ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɧ ɵ ɴɬɸɵɸɹɵʆɹɬɲʃɴɵɸɹɯ ɯ ɨɧɴɱɷɵɹ ɸɹɩɬ ɑɷɵɳɬ ɹɵɪɵ ɧɳɬɷɯɱɧɴɸɱɯɬ ɸɺɫʂ ɪɵɷɧɮɫɵ ɾɧʀɬ ɬɩɷɵɶɬɰɸɱɯɼ ɶɷɯ ɨɬɪɧʅɹ ɱ ɶɷɵɽɬɫɺɷɬ jɶɷɵɱɧɲʂɩɧɴɯʆ ɱɵɷɶɵɷɧɹɯɩɴɵɰ ɳɧɸɱɯy piercing of corporate veil ɶɷɯɩɲɬɱɧʆ ɱ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹɯ ɶɬɷɬɫ ɱɷɬɫɯɹɵɷɧɳɯ ɯ ɳɯɴɵ ɷɯɹɧɷɯʆɳɯ ɱɵɷɶɵɷɧɽɯɰ ɯɼ ɳɬɴɬɫɭɳɬɴɹ ɯ ɱɵɴɹɷɵɲɯɷɺʅʀɯɼ ɺɾɧɸɹɴɯɱɵɩ

ɉ ɱɵɴɬɾɴɵɳ ɸɾɬɹɬ ɩɸɬ ʄɹɵ ɩɬɫɬɹ ɱ ɶɷɬɯɳɺʀɬɸɹɩɬɴɴɵɰ ɮɧʀɯɹɬ ɱɵɷɶɵ ɷɧɹɯɩɴʂɳ ɶɷɧɩɵɳ ɯɴɹɬɷɬɸɵɩ участников корпорации, а не ее кредиторов ɱɵɹɵɷʂɬ ɮɧʀɯʀɧʅɹɸʆ ɫɷɺɪɯɳɯ ɵɹɷɧɸɲʆɳɯ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɧ ɫɵɪɵɩɵɷ ɴʂɳ ɫɬɲɯɱɹɴʂɳ ɹɷɺɫɵɩʂɳ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɵɳ ɵ ɴɬɸɵɸɹɵʆɹɬɲʃɴɵɸɹɯ ɯ ɨɧɴɱɷɵɹɸɹɩɬ ɵ ɷʂɴɱɬ ɽɬɴɴʂɼ ɨɺɳɧɪ ɯ ɫɷ ɉ ɸɵɵɹɩɬɹɸɹɩɯɯ ɸ ɶɷɧɩɯ ɲɧɳɯ RMBCA ɮɧʀɯɹɧ ɱɷɬɫɯɹɵɷɵɩ ɶɵʆɩɲʆɬɹɸʆ ɹɵɲʃɱɵ ɩ ɸɲɺɾɧɬ ɴɬɶɲɧɹɬ

f ɕɪɷɧɴɯɾɬɴɯʆ jɷɧɸɶɷɬɫɬɲɬɴɯʆ ɯɳɺʀɬɸɹɩɧy ɩ ɧɴɪɲɵ ɧɳɬɷɯɱɧɴɸɱɵɳ ɶɷɧɩɬ

ɭɬɸɶɵɸɵɨɴɵɸɹɯ ɱɵɳɶɧɴɯɯ ɶɷɬɫɵɹɩɷɧʀɬɴɯɬ ɱɵɹɵɷɵɰ ɸɹɧɴɵɩɯɹɸʆ ɪɲɧɩ ɴɵɰ ɮɧɫɧɾɬɰ ɱɵɷɶɵɷɧɹɯɩɴɵɪɵ ɳɬɴɬɫɭɳɬɴɹɧ

ɉɧɳɬɷɯɱɧɴɸɱɵɰ ɸɺɫɬɨɴɵɰ ɶɷɧɱɹɯɱɬ ɯɸɱɯ ɱ ɫɯɷɬɱɹɵɷɧɳ ɵ ɴɧɷɺɿɬɴɯɯ ɴɧɮɩɧɴɴɵɰ ɵɨʆɮɧɴɴɵɸɹɯ ɫɵɸɹɧɹɵɾɴɵ ɷɬɫɱɵ ɶɷɬɫʁʆɩɲʆʅɹɸʆ ɱɷɬɫɯɹɵɷɧ ɳɯ ɱɵɳɶɧɴɯɰ ɯɲɯ ɩ ɯɼ ɯɴɹɬɷɬɸɧɼ ɪɵɷɧɮɫɵ ɨɵɲɬɬ ɷɧɸɶɷɵɸɹɷɧɴɬɴʂ ɯɸɱɯ ɺɾɧɸɹɴɯɱɵɩ ɱɵɷɶɵɷɧɽɯɰ ɱ ɯɼ ɳɬɴɬɫɭɳɬɴɹɺ ɵ ɴɧɷɺɿɬɴɯɯ jɵɨʆɮɧɴɴɵɸɹɯ ɸɵɨɲʅɫɧɹʃ ɲɵʆɲʃɴɵɸɹʃy ɶɵ ɵɹɴɵɿɬɴɯʅ ɱ ɱɵɳɶɧɴɯɯ duty of loyalty ɤɹɵ ɵɨʁʆɸɴʆɬɹɸʆ ɹɬɳ ɾɹɵ ɫɬʆɹɬɲʃɴɵɸɹʃ ɫɯɷɬɱɹɵɷɵɩ ɺɶɷɧɩɲʆʅʀɯɼ ɱɵɷɶɵɷɧ ɹɯɩɴɵɪɵ ɳɬɴɬɫɭɳɬɴɹɧ ɩ ɧɳɬɷɯɱɧɴɸɱɵɳ ɱɵɷɶɵɷɧɹɯɩɴɵɳ ɶɷɧɩɬ ɩɵ ɳɴɵ ɪɵɳ ɵɶɷɬɫɬɲʆɬɹɸʆ ɶɷɧɩɯɲɧɳɯ business judgment rule ɯɮɩɬɸɹɴʂɳɯ ɺ ɴɧɸ ɶɵɫ ɯɳɬɴɬɳ ɩɴɺɹɷɬɴɴɯɼ ɷɬɪɲɧɳɬɴɹɵɩ ɧ ɹɧɱɭɬ ɴɬɯɮɩɬɸɹɴʂɳɯ ɺ ɴɧɸ ɶɷɧɩɯ ɲɧɳɯ ɨɯɷɭɬɩɵɪɵ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɧ ɴɧɶɷɯɳɬɷ ɹɷɬɨɺʅʀɬɪɵ ɹɬɶɬɷʃ ɩ ɴɬ ɱɵɹɵɷʂɼ ɸɲɺɾɧʆɼ ɸɵɪɲɧɸɯʆ ɵɨʀɬɪɵ ɸɵɨɷɧɴɯʆ ɧɱɽɯɵɴɬɷɴɵɪɵ ɵɨʀɬɸɹɩɧ ɴɧ ʄɳɯɸɸɯʅ ɴɵɩʂɼ ɧɱɽɯɰ ɱɵɹɯɷɺɬɳʂɼ ɮɧɹɬɳ ɴɧ ɨɯɷɭɧɼ ɚɱɧɮɧɴɴʂɬ ɧɱɹʂ ɩ ɧɳɬɷɯɱɧɴɸɱɵɳ ɶɷɧɩɬ ɸɲɺɭɧɹ ɶɷɬɭɫɬ ɩɸɬɪɵ ɮɧʀɯɹɬ ɫɯɷɬɱɹɵɷɵɩ ɱɵɳɶɧɴɯɯ ɵɹ ɯɸɱɵɩ ɱɵɴɱɺɷɸɴʂɼ ɺɶɷɧɩɲʆʅʀɯɼ ɯɲɯ ɱɷɬɫɯɹɵɷɵɩ ɵɸɴɵ ɩɧɴɴʂɼ ɴɧ ɶɷɬɫɶɵɲɧɪɧɬɳɵɳ ɴɧɷɺɿɬɴɯɯ ɫɯɷɬɱɹɵɷɧɳɯ ɯɼ ɵɨʆɮɧɴɴɵɸɹɬɰ ɶɵ ɮɧɨɵɹɲɯɩɵɳɺ ɩɬɫɬɴɯʅ ɫɬɲ ɱɵɷɶɵɷɧɽɯɯ ɨɷɬɳʆ ɫɵɱɧɮʂɩɧɴɯʆ ɹɧɱɯɼ ɴɧɷɺɿɬɴɯɰ ɩɵɮɲɧɪɧɬɹɸʆ ɴɧ ɯɸɹɽɧ ɧ ɸɵɩɬɹ ɫɯɷɬɱɹɵɷɵɩ ɫɯɷɬɱɹɵɷ ɫɵɱɧ ɮʂɩɧɬɹ ɸɵɨɲʅɫɬɴɯɬ ɴɧɮɩɧɴɴʂɼ ɶɷɧɩɯɲ ɸɵɫɬɷɭɧɴɯɬ ɱɵɹɵɷʂɼ ɵɨʂɾɴɵ ɴɬɯɮɩɬɸɹɴɵ ɹɷɬɹʃɯɳ ɲɯɽɧɳ Ɍɫɩɧ ɲɯ ɶɵʄɹɵɳɺ ɫɧɴɴɺʅ ɸɯɸɹɬɳɺ ɮɧʀɯɹ ɴʂɼ ɳɬɷ ɸɲɬɫɺɬɹ ɸɾɯɹɧɹʃ ɸɺʀɬɸɹɩɬɴɴɵ ɶɷɬɩɵɸɼɵɫʆʀɬɰ ɹɷɧɫɯɽɯɵɴɴʂɬ ɮɧɶɧɫɴɵɬɩɷɵɶɬɰɸɱɯɬ ɶɷɧɩɯɲɧ

2.«Последующий контроль» за имущественным состоянием корпорации

ɉɧɴɪɲɵ ɧɳɬɷɯɱɧɴɸɱɵɳ ɶɷɧɩɬ ɴɧɲɯɾɯɬ ɺ ɱɵɳɶɧɴɯɯ ɯɳɺʀɬɸɹɩɧ ɴɬ ɵɨɼɵɫɯɳɵɪɵ ɫɲʆ ɺɫɵɩɲɬɹɩɵɷɬɴɯʆ ɹɷɬɨɵɩɧɴɯɰ ɬɬ ɱɷɬɫɯɹɵɷɵɩ ɵɨɬɸɶɬ ɾɯɩɧɬɹɸʆ ɴɬ ɹɷɬɨɵɩɧɴɯɬɳ ɴɧɲɯɾɯʆ ɺ ɴɬɬ ɳɯɴɯɳɧɲʃɴɵɪɵ ɯɲɯ ɹɩɬɷɫɵ ɪɵ ɺɸɹɧɩɴɵɪɵ ɱɧɶɯɹɧɲɧ ɧ запретом распределения ее имущества ɳɬɭɫɺ ɺɾɧɸɹɴɯɱɧɳɯ ɶɷɬɭɫɬ ɩɸɬɪɵ ɩʂɶɲɧɹ ɫɯɩɯɫɬɴɫɵɩ ɩ ɵɹɸɺɹɸɹɩɯɬ ɶɷɵɩɬɷ

ɱɯ ɬɬ ɷɬɧɲʃɴɵɪɵ ɯɳɺʀɬɸɹɩɬɴɴɵɪɵ ɸɵɸɹɵʆɴɯʆ ɉʂɶɲɧɹɧ ɫɯɩɯɫɬɴɫɵɩ ɯɲɯ ɯɴɵɬ ɷɧɸɶɷɬɫɬɲɬɴɯɬ ɯɳɺʀɬɸɹɩɧ ɱɵɳɶɧɴɯɯ ɳɬɭɫɺ ɬɬ ɺɾɧɸɹɴɯɱɧɳɯ ɫɵ ɶɺɸɹɯɳʂ ɹɵɲʃɱɵ ɶɷɯ ɶɷɬɩʂɿɬɴɯɯ ɯɲɯ jɯɮɨʂɹɱɬy surplus ɸɹɵɯɳɵɸɹɯ ɯɳɬʅʀɬɪɵɸʆ ɱɧɶɯɹɧɲɧ

ɖɷɯ ʄɹɵɳ ɩ ɱɵɷɶɵɷɧɹɯɩɴɵɳ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɬ ɿɹɧɹɵɩ ɋɬɲɧɩʄɷ

ɯɔʃʅ ɐɵɷɱ ɩ ɱɵɹɵɷʂɼ ɮɧɷɬɪɯɸɹɷɯɷɵɩɧɴɵ ɨɵɲʃɿɯɴɸɹɩɵ ɧɳɬɷɯɱɧɴ

Ɋɲɧɩɧ ɚɸɹɧɩɴʂɰ ɱɧɶɯɹɧɲ ɯ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃ ɶɬɷɬɫ ɱɷɬɫɯɹɵɷɧɳɯ

ɸɱɯɼ ɱɵɷɶɵɷɧɽɯɰ jɱɷɯɹɬɷɯɰ ɶɷɬɩʂɿɬɴɯʆy ɯɳɺʀɬɸɹɩɧ ɱɵɳɶɧɴɯɯ ɴɧɫ ɬɬ ɵɨʆɮɧɹɬɲʃɸɹɩɧɳɯ ɶɷɬɫɸɹɧɩɲʆɬɹ ɸɵɨɵɰ ɸɹɵɯɳɵɸɹʃ ɧɱɹɯɩɵɩ ɱɵɳɶɧɴɯɯ ɮɧ ɩʂɾɬɹɵɳ ɴɬ ɹɵɲʃɱɵ ɬɬ ɫɵɲɪɵɩ ɴɵ ɯ ɵɨʆɮɧɹɬɲʃɴɵɪɵ ɯɲɯ фиксированного, капитала stated capital ɱɵɹɵɷʂɰ ɶɷɯɴɽɯɶɯɧɲʃɴɵ ɳɧɲɵ ɾɬɳ ɵɹ ɲɯɾɧɬɹɸʆ ɵɹ ɬɩɷɵɶɬɰɸɱɵɰ ɱɧɹɬɪɵɷɯɯ ɳɯɴɯɳɧɲʃɴɵɪɵ ɺɸɹɧɩɴɵɪɵ ɱɧɶɯɹɧ ɲɧ ɔɵ ɶɵ ɸɩɵɬɰ ɶɷɧɱɹɯɾɬɸɱɵɰ ʄɻɻɬɱɹɯɩɴɵɸɹɯ ɱɷɯɹɬɷɯɰ ɻɧɱɹɯɾɬɸɱɵɪɵ ɶɷɬɩʂɿɬɴɯʆ ɯɳɺʀɬɸɹɩɧ ɺɸɹɺɶɧɬɹ ɬɩɷɵɶɬɰɸɱɯɳ ɶɷɧɩɯɲɧɳ ɵ ɶɵɫɫɬɷɭɧ ɴɯɯ ɷɧɮɳɬɷɧ ɺɸɹɧɩɴɵɪɵ ɹɩɬɷɫɵɪɵ ɱɧɶɯɹɧɲɧ ɶɵɸɱɵɲʃɱɺ ɷɧɮɳɬɷ ɻɯɱɸɯ ɷɵɩɧɴɴɵɪɵ ɱɧɶɯɹɧɲɧ ɬɪɵ ɵɽɬɴɱɧ ɯ ɯɮɳɬɴɬɴɯʆ ɵɶɷɬɫɬɲʆʅɹɸʆ ɯɸɱɲʅɾɯ ɹɬɲʃɴɵ ɶɵ ɺɸɳɵɹɷɬɴɯʅ ɸɵɩɬɹɧ ɫɯɷɬɱɹɵɷɵɩ ɱɵɷɶɵɷɧɽɯɯ

ɘɲɬɫɺɬɹ ɹɧɱɭɬ ɯɳɬɹʃ ɩ ɩɯɫɺ ɾɹɵ ɩ ɵɹɴɵɿɬɴɯɯ ɶɵɸɹɵʆɴɴɵɪɵ ɯɲɯ ɵɸɴɵɩɴɵɪɵ ɱɧɶɯɹɧɲɧ stated capital, legal capital ɱɵɷɶɵɷɧɽɯɯ ɧɳɬɷɯ ɱɧɴɸɱɵɬ ɶɷɧɩɵ ɻɧɱɹɯɾɬɸɱɯ ɮɧɱɷɬɶɲʆɬɹ ɫɩɧ ɷɧɮɲɯɾɴʂɼ ɶɵɫɼɵɫɧ jɹɷɧ ɫɯɽɯɵɴɴʂɰy ɱɵɹɵɷɵɪɵ ɶɷɯɫɬɷɭɯɩɧɬɹɸʆ ɴɬ ɳɬɴɬɬ ɿɹɧɹɵɩ ɩɱɲʅɾɧʆ ɋɬɲɧɩʄɷ ɯ ɔʃʅ ɐɵɷɱ ɯ jɸɵɩɷɬɳɬɴɴʂɰy ɴɧ ɱɵɹɵɷɵɳ ɵɸɴɵɩɧɴʂ ɮɧ ɱɵɴɵɫɧɹɬɲʃɸɹɩɵ ɵɸɹɧɲʃɴʂɼ ɿɹɧɹɵɩ ɩɱɲʅɾɧʆ ɑɧɲɯɻɵɷɴɯʅ ɯ ɴɵɷɳʂ RMBCA ɖɬɷɩʂɰ ɯɮ ɴɯɼ ɫɵɶɺɸɱɧɬɹ ɩʂɶɺɸɱ ɱɵɷɶɵɷɧɽɯɬɰ ɶɵ ɬɬ ɺɸɳɵ ɹɷɬɴɯʅ ɧɱɽɯɰ ɫɵɲɬɰ ɲɯɨɵ ɸ ɵɨʁʆɩɲɬɴɴɵɰ ɴɵɳɯɴɧɲʃɴɵɰ ɸɹɵɯɳɵɸɹʃʅ ɷɧɮɳɬɷ ɱɵɹɵɷɵɰ ɵɶɷɬɫɬɲʆɬɹ ɸɵɩɬɹ ɫɯɷɬɱɹɵɷɵɩ ɲɯɨɵ ɨɬɮ ɴɬɬ ɖɷɯ ʄɹɵɳ ɵɨʀɧʆ ɴɵɳɯɴɧɲʃɴɧʆ ɸɹɵɯɳɵɸɹʃ ʄɳɯɹɯɷɵɩɧɴɴʂɼ ɧɱɽɯɰ ɯ ɸɵɸɹɧɩɲʆɬɹ ɷɧɮ ɳɬɷ ɶɵɸɹɵʆɴɴɵɪɵ ɱɧɶɯɹɧɲɧ ɱɵɷɶɵɷɧɽɯɯ ɉʂɶɺɸɱ ɧɱɽɯɰ ɨɬɮ ɴɵɳɯɴɧɲɧ no par stock ɴɬ ɫɧɬɹ ɱɧɱɯɼ ɲɯɨɵ ɵʀɺɹɯɳʂɼ ɶɷɬɯɳɺʀɬɸɹɩ ɩ ɸɷɧɩɴɬɴɯɯ ɸ ɩʂɶɺɸɱɵɳ ɧɱɽɯɰ ɸ ɴɵɳɯɴɧɲʃɴɵɰ ɸɹɵɯɳɵɸɹʃʅ par value stock ɕɫɴɧ ɱɵ ɧɱɽɯɯ ɸ ɴɵɳɯɴɧɲʃɴɵɰ ɸɹɵɯɳɵɸɹʃʅ ɵɨʂɾɴɵ ɳɵɪɺɹ ɵɶɲɧɾɯɩɧɹʃɸʆ ɯɼ ɶɷɯɵɨɷɬɹɧɹɬɲʆɳɯ ɴɬ ɶɵɲɴɵɸɹʃʅ ɼɵɹʆ ɩ ɵɹɫɬɲʃɴʂɼ ɿɹɧɹɧɼ ʄɹɵ ɶɷʆɳɵ ɮɧɶɷɬʀɬɴɵ ɮɧɱɵɴɵɳ ɴɵ ɩ ʄɹɵɳ ɸɲɺɾɧɬ ɺ ɴɯɼ ɩɵɮɴɯɱɧɬɹ ɵɨʆɮɧɴɴɵɸɹʃ ɫɵɶɲɧɹʂ assessment) ɷɧɮɳɬɷ ɱɵɹɵɷɵɰ ɸɵɸɹɧɩɲʆɬɹ ɵɨʁɬɳ ɯɼ ɫɵɪɵɩɵɷɴɵɰ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹɯ ɶɬɷɬɫ ɱɵɷɶɵɷɧɽɯɬɰ ɯ ɫɬɲɯɱɹɴɵɰ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹɯ ɶɬ ɷɬɫ ɬɬ ɱɷɬɫɯɹɵɷɧɳɯ ɉɹɵɷɵɰ ɶɵɫɼɵɫ ɵɸɴɵɩɧɴ ɴɧ ɶɵɲɴɵɳ ɵɹɱɧɮɬ ɵɹ ɧɱ ɽɯɰ ɸ ɴɵɳɯɴɧɲʃɴɵɰ ɸɹɵɯɳɵɸɹʃʅ ɾɹɵ ɩɲɬɾɬɹ ɯɸɾɬɮɴɵɩɬɴɯɬ ɯ ɸɧɳɵɪɵ ɶɵɴʆɹɯʆ jɶɵɸɹɵʆɴɴʂɰ ɱɧɶɯɹɧɲy ɶɵɸɱɵɲʃɱɺ ɶɵɸɲɬɫɴɬɬ ɲɯɿʃ jɩɩɵɫɯɹ

ɔɧ ʄɹɵɰ ɵɸɴɵɩɬ ɸɺɫʃɬɰ ɉɬɷɼɵɩɴɵɪɵ ɘɺɫɧ ɘɟɇ Joseph Story ɨʂɲɧ ɫɧɭɬ ɷɧɮɷɧɨɵɹɧɴɧ jɱɵɴɽɬɶɽɯʆ ɹɷɧɸɹɵɩɵɪɵ ɻɵɴɫɧy trust fund theory ɸɵɪɲɧɸɴɵ ɱɵɹɵɷɵɰ ɶɵɸɹɵʆɴɴʂɰ ɱɧɶɯɹɧɲ ɱɵɷɶɵɷɧɽɯɯ ɶɷɬɫɸɹɧɩɲʆɬɹ ɸɵɨɵɰ ɯɳɺʀɬɸɹɩɵ ɴɧɼɵɫʆʀɬɬɸʆ ɺ ɴɬɬ ɩ ɹɷɧɸɹɬ ɩ ɶɵɲʃɮɺ ɬɬ ɱɷɬ ɫɯɹɵɷɵɩ ɱɵɹɵɷɧʆ ɵɫɴɧɱɵ ɶɵɫɩɬɷɪɲɧɸʃ ɬɫɯɴɵɫɺɿɴɵɰ ɱɷɯɹɯɱɬ ɩ ɾɧɸɹɴɵɸɹɯ ɸɵ ɸɸʂɲɱɵɰ ɴɧ ɹɵ ɾɹɵ ɶɵɸɱɵɲʃɱɺ ɯɳɺʀɬɸɹɩɵ ɻɯɮɯɾɬɸɱɵɪɵ ɲɯɽɧ ɴɬɲʃɮʆ ɸɾɯɹɧɹʃ ɴɧɼɵɫʆʀɯɳɸʆ ɺ ɴɬɪɵ ɩ ɹɷɧɸɹɬ ɩ ɶɵɲʃɮɺ ɬɪɵ ɱɷɬɫɯɹɵɷɵɩ ʄɹɵ ɫɵɲɭɴɵ ɷɧɸɶɷɵɸɹɷɧɴʆɹʃɸʆ ɯ ɴɧ ʅɷɯɫɯɾɬɸɱɯɼ ɲɯɽ ɸɳ Merkt H., Göthel S.R. 64 BNFSJLBOJTDIFT (FTFMMTDIBGUTSFDIU 4 ӎ

f ɕɪɷɧɴɯɾɬɴɯʆ jɷɧɸɶɷɬɫɬɲɬɴɯʆ ɯɳɺʀɬɸɹɩɧy ɩ ɧɴɪɲɵ ɧɳɬɷɯɱɧɴɸɱɵɳ ɶɷɧɩɬ

ɩ ɮɧɨɲɺɭɫɬɴɯɬy ɱɷɬɫɯɹɵɷɵɩ ɱɵɷɶɵɷɧɽɯɯ ɱɵɹɵɷʂɬ ɩ ɫɬɰɸɹɩɯɹɬɲʃɴɵɸɹɯ ɴɬ ɳɵɪɺɹ ɵɨɵɸɴɵɩɧɴɴɵ ɸɺɫɯɹʃ ɵ ɬɬ ɻɧɱɹɯɾɬɸɱɵɳ ɻɯɴɧɴɸɵɩɵɳ ɸɵɸɹɵʆɴɯɯ Ɋɲɧɩɴʂɳ ɹɷɬɨɵɩɧɴɯɬɳ ɩ ɲʅɨɵɳ ɸɲɺɾɧɬ ɸɹɧɴɵɩɯɹɸʆ ɴɬɵɨɼɵɫɯɳɵɸɹʃ ɸɵɨɲʅɫɬɴɯʆ ɺɸɲɵɩɯʆ ɵ ɹɵɳ ɾɹɵ ɱɵɳɶɧɴɯʆ ɴɬ ʆɩɲʆɬɹɸʆ ɯ ɴɬ ɸɹɧɴɬɹ ɴɬ ɶɲɧɹɬɭɬɸɶɵɸɵɨɴɵɰ ɩ ɷɬɮɺɲʃɹɧɹɬ ɶɷɵɯɮɩɬɫɬɴɴɵɪɵ ɬʅ jɷɧɸɶɷɬɫɬɲɬɴɯʆ ɯɳɺʀɬɸɹɩɧy ɤɹɵ ɫɵɸɹɯɪɧɬɹɸʆ ɶɺɹɬɳ ɵɨʆɮɧɹɬɲʃɴɵɰ ɶɷɵɩɬɷɱɯ ɻɧɱɹɯ ɾɬɸɱɵɪɵ ɯɳɺʀɬɸɹɩɬɴɴɵɪɵ ɸɵɸɹɵʆɴɯʆ ɱɵɳɶɧɴɯɯ ɴɧ ɳɵɳɬɴɹ ɷɧɸɶɷɬɫɬ ɲɬɴɯʆ ɬɬ ɯɳɺʀɬɸɹɩɧ əɧɱɺʅ ɶɷɵɩɬɷɱɺ ɫɯɷɬɱɹɵɷɧ ɱɵɳɶɧɴɯɯ ɵɨʆɮɧɴʂ ɶɷɵɩɬɸɹɯ ɸ ɶɵɳɵʀʃʅ «критерия состоятельности» Solvency test ɶɷɯ ɾɬɳ ɴɧɷɺɿɬɴɯɬ ʄɹɯɼ ɶɷɧɩɯɲ ɯ ɻɧɲʃɸɯɻɯɱɧɽɯʆ ɷɬɮɺɲʃɹɧɹɵɩ ɶɷɵɩɬɷɱɯ ɩɲɬɱɺɹ ɯɼ ɲɯɾɴɺʅ ɯ ɩɬɸʃɳɧ ɸɬɷʃɬɮɴɺʅ ɧɫɳɯɴɯɸɹɷɧɹɯɩɴɺʅ ɯ ɺɪɵɲɵɩɴɺʅ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃ ɉɳɬɸɹɬ ɸ ɹɬɳ ɹɬɸɹ ɴɧ ɸɵɸɹɵʆɹɬɲʃɴɵɸɹʃ ɴɬ ɹɷɬɨɺɬɹ ɾɹɵ ɨʂ ɷɧɮɳɬɷ jɴɬɹɹɵ ɯɳɺʀɬɸɹɩɧy ɱɵɳɶɧɴɯɯ ɶɵɸɲɬ ɷɧɸɶɷɬɫɬɲɬɴɯʆ ɳɬɭɫɺ

ɬɬɺɾɧɸɹɴɯɱɧɳɯ ɩɸɬɪɫɧ ɶɷɬɩʂɿɧɲ ɴɵɲʃ ɴɬ ɫɵɶɺɸɱɧɬɹɸʆ ɲɯɿʃ ɵɹɷɯɽɧ ɹɬɲʃɴɧʆ ɩɬɲɯɾɯɴɧ

ɉɶɵɫɶ ɯ f D RMBCA ɫɧɴɴʂɰ ɹɬɸɹ ɸɻɵɷɳɺɲɯɷɵɩɧɴ ɱɧɱ jɫɩɺɼɸɹɺɶɬɴɾɧɹʂɰy. ɖɬɷɩɺʅ ɸɹɺɶɬɴʃ ɸɵɸɹɧɩɲʆɬɹ ɹɬɸɹ ɴɧ ɲɯɱɩɯɫɴɵɸɹʃ ɯɲɯ ɶɷɵɩɬɷɱɧ jɫɵɨɷɵɸɵɩɬɸɹɴɵɰ ɴɬɶɲɧɹɬɭɬɸɶɵɸɵɨɴɵɸɹɯy equity insolvency test ɕɴ ɫɵɲɭɬɴ ɪɧɷɧɴɹɯɷɵɩɧɹʃ ɾɹɵ ɶɵɸɲɬ ɶɷɬɫɸɹɵʆʀɬɪɵ ɷɧɸɶɷɬɫɬɲɬ ɴɯʆ ɯɳɺʀɬɸɹɩɧ ɱɵɳɶɧɴɯʆ ɶɷɯ ɵɨʂɾɴɵɳ ɹɬɾɬɴɯɯ ɫɬɲ ɨɺɫɬɹ ɶɵ ɶɷɬɭɴɬ ɳɺ ɩ ɸɵɸɹɵʆɴɯɯ ɩ ɸɷɵɱ ɶɲɧɹɯɹʃ ɶɵ ɸɩɵɯɳ ɵɨʆɮɧɹɬɲʃɸɹɩɧɳ ɖɵɸɲɬɫɸɹɩɯɬɳ ɬɪɵ ɴɬɸɵɨɲʅɫɬɴɯʆ ɸɹɧɴɵɩɯɹɸʆ jɫɵɨɷɵɸɵɩɬɸɹɴɧʆ ɴɬɶɲɧɹɬɭɬɸɶɵɸɵɨɴɵɸɹʃy insolvency in the equity sense, ɯɲɯ equitable insolvency ɹ ɬ jɶɷɵɸɹɧʆy ɴɬ ɶɲɧɹɬɭɬɸɶɵɸɵɨɴɵɸɹʃ ɶɷɯ ɱɵɹɵɷɵɰ ɵɹɸɺɹɸɹɩɺɬɹ ɴɬɵɨɼɵɫɯɳɵɸɹʃ ɶɷɯ ɨɬɪɧɹʃ ɱ ɱɵɴɱɺɷɸɴɵɰ ɶɷɵɽɬɫɺɷɬ ɴɵ ɩɵɮɳɵɭɴɧ ɲɯɱɩɯɫɧɽɯʆ ɱɵɳɶɧɴɯɯ

ɉɹɵɷɺʅ ɸɹɺɶɬɴʃ ɸɵɸɹɧɩɲʆɬɹ ɨɧɲɧɴɸɵɩʂɰ ɹɬɸɹ balance sheet test ɩ ɷɬ ɮɺɲʃɹɧɹɬ ɱɵɹɵɷɵɪɵ ɱɵɳɶɧɴɯʆ ɫɵɲɭɴɧ ɪɧɷɧɴɹɯɷɵɩɧɹʃ ɾɹɵ ɵɨʀɧʆ ɸɺɳɳɧ

ɬɬɧɱɹɯɩɵɩ ɶɵɱɷʂɩɧɬɹ ɵɨʀɺʅ ɸɺɳɳɺ ɬɬ ɫɵɲɪɵɩ ɖɵɸɲɬɫɸɹɩɯɬɳ ɬɪɵ ɴɧɷɺ ɿɬɴɯʆ ɸɹɧɴɵɩɯɹɸʆ jɨɧɴɱɷɵɹɴɧʆ ɴɬɶɲɧɹɬɭɬɸɶɵɸɵɨɴɵɸɹʃy bankruptcy insolvency ɯɲɯ insolvency in the bankruptcy sense ɸɩʆɮɧɴɴɧʆ ɸ ɴɬɵɨɼɵɫɯɳɵ ɸɹʃʅ ɶɷɵɩɬɫɬɴɯʆ ɱɵɴɱɺɷɸɴɵɰ ɶɷɵɽɬɫɺɷʂ ɹ ɬ ɸɵɨɸɹɩɬɴɴɵ ɨɧɴɱɷɵɹɸɹɩɧ ɤɹɵ ɷɧɮɲɯɾɯɬ ɩɧɭɴɵ ɫɲʆ ɫɯɷɬɱɹɵɷɵɩ ɳɬɴɬɫɭɳɬɴɹɧ ɱɵɳɶɧɴɯɯ ɱɵ

ɹɵɷʂɬ ɳɵɪɺɹ ɨʂɹʃ ɶɷɯɩɲɬɾɬɴʂ ɱ ɫɵɶɵɲɴɯɹɬɲʃɴɵɰ ɲɯɾɴɵɰ ɯɳɺʀɬɸɹɩɬɴ ɴɵɰ ɧ ɩ ɷʆɫɬ ɸɲɺɾɧɬɩ ӎ ɱ ɧɫɳɯɴɯɸɹɷɧɹɯɩɴɵɰ ɯ ɫɧɭɬ ɱ ɺɪɵɲɵɩɴɵɰ ɵɹ ɩɬɹɸɹɩɬɴɴɵɸɹɯ ɮɧ ɴɬɴɧɫɲɬɭɧʀɬɬ ɩɬɫɬɴɯɬ ɬɬ ɫɬɲ ɉ ɶɬɷɩɵɳ ɸɲɺɾɧɬ ɷɬɾʃ ɯɫɬɹ ɵ ɴɬɵɨɼɵɫɯɳɵɸɹɯ ɶɷɵʆɩɲɬɴɯʆ ɫɯɷɬɱɹɵɷɧɳɯ ɵɨʂɾɴɵɰ ɮɧɨɵɹɲɯɩɵ ɸɹɯ ɧ ɩɵ ɩɹɵɷɵɳ ӎ ɵ ɴɬɵɨɼɵɫɯɳɵɸɹɯ ɯɸɶɵɲʃɮɵɩɧɴɯʆ ɸɵɩɬɹɵɳ ɫɯɷɬɱ ɹɵɷɵɩ ɱɵɳɶɧɴɯɯ ɯ ɬɪɵ ɾɲɬɴɧɳɯ ɴɧɫɬɭɴɵɪɵ ɱɷɯɹɬɷɯʆ ɫɲʆ ɶɷɵɩɬɷɱɯ ɬɬ

Ɋɲɧɩɧ ɚɸɹɧɩɴʂɰ ɱɧɶɯɹɧɲ ɯ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃ ɶɬɷɬɫ ɱɷɬɫɯɹɵɷɧɳɯ

ɸɵɸɹɵʆɹɬɲʃɴɵɸɹɯ ɾɹɵɨʂ ɵɨɬɮɵɶɧɸɯɹʃ ɸɬɨʆ ɵɹ ɩɵɮɳɵɭɴʂɼ ɹɷɬɨɵɩɧɴɯɰ ɱɷɬɫɯɹɵɷɵɩ Ɏɫɬɸʃ ɩɧɭɴɺʅ ɷɵɲʃ ɯɪɷɧɬɹ ɸ ɵɫɴɵɰ ɸɹɵɷɵɴʂ ɸɶɵɸɵɨ ɵɽɬɴ ɱɯ ɧɱɹɯɩɵɩ ɱɵɳɶɧɴɯɯ f E RMBCA ɫɵɶɺɸɱɧɬɹ ɶɷɯɳɬɴɬɴɯɬ jɲʅ ɨʂɼ ɷɧɮɺɳɴʂɼ ɳɬɹɵɫɵɩy ɹɧɱɵɰ ɵɽɬɴɱɯ ɧ ɸ ɫɷɺɪɵɰ ӎ ɶɷɧɩɵ ɱɷɬɫɯɹɵɷɵɩ ɴɧ ɵɸɶɧɷɯɩɧɴɯɬ ɲʅɨʂɼ ɫɬɰɸɹɩɯɰ ɱɵɳɶɧɴɯɯ ɵɨʁɬɱɹɯɩɴɵ ɩɬɫɺʀɯɼ ɱ ɶɵ ʆɩɲɬɴɯʅ ɺ ɴɯɼ ɺɨʂɹɱɵɩ ɸ ɶɵɳɵʀʃʅ ɸɶɬɽɯɧɲʃɴɵɪɵ ɯɸɱɧ law of fraudulent transfers ɶɵ ɸɺɹɯ ʆɩɲʆʅʀɬɪɵɸʆ ɷɧɮɴɵɩɯɫɴɵɸɹʃʅ ɯɮɩɬɸɹɴɵɪɵ ɬɩɷɵɶɬɰ ɸɱɵɳɺ ɶɷɧɩɺ jɖɧɺɲɯɧɴɵɩɧ ɯɸɱɧy ɬɪɵ ɷɬɭɯɳ ɶɷɬɫɺɸɳɵɹɷɬɴ ɸɶɬɽɯɧɲʃ ɴʂɳ ɓɵɫɬɲʃɴʂɳ ɮɧɱɵɴɵɳ ɪ Uniform Fraudulent Transfer Act, UFTA ɯ ɸɵɵɹɩɬɹɸɹɩɺʅʀɯɳɯ ɮɧɱɵɴɧɳɯ ɵɹɫɬɲʃɴʂɼ ɿɹɧɹɵɩ

əɧɱɯɳ ɵɨɷɧɮɵɳ ɮɧʀɯɹɧ ɯɴɹɬɷɬɸɵɩ ɱɷɬɫɯɹɵɷɵɩ ɩ ɧɳɬɷɯɱɧɴɸɱɵɳ ɶɷɧ ɩɬ ɵɸɺʀɬɸɹɩɲʆɬɹɸʆ ɹɵɲʃɱɵ ɩ ɶɬɷɯɵɫ ɴɧɸɹɺɶɯɩɿɬɰ ɯɲɯ ɪɷɵɮʆʀɬɰ ɴɬɶɲɧ ɹɬɭɬɸɶɵɸɵɨɴɵɸɹɯ ɹ ɬ ɶɵ ɸɺɹɯ ɵɶɷɬɫɬɲʆɬɹɸʆ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɵɳ ɵ ɨɧɴɱ ɷɵɹɸɹɩɬ ɯɸɱɲʅɾɧʅʀɯɳ ɫɬɰɸɹɩɯɬ ɵɨʂɾɴʂɼ ɶɷɧɩɯɲ ɾɧɸɹɴɵɪɵ ɶɷɧɩɧ ɖɵʄɹɵɳɺ ɵɴɧ ɶɵɲɺɾɯɲɧ ɴɧɮɩɧɴɯɬ ɸɯɸɹɬɳʂ ɶɵɸɲɬɫɺʅʀɬɪɵ ex post ɱɵɴ ɹɷɵɲʆ ɩ ɵɹɲɯɾɯɬ ɵɹ ɱɵɴɹɯɴɬɴɹɧɲʃɴɵɰ ɱɵɴɽɬɶɽɯɯ ɹɩɬɷɫɵɪɵ ɱɧɶɯɹɧɲɧ ɵɲɯɽɬɹɩɵɷʆʅʀɬɰ ɸɯɸɹɬɳɺ ɶɷɬɫɩɧɷɯɹɬɲʃɴɵɪɵ ex ante ɱɵɴɹɷɵɲʆ ɱɵɹɵ ɷʂɰ ɷɧɸɸɾɯɹɧɴ ɴɧ ɶɷɯɳɬɴɬɴɯɬ ɩ ɵɨʂɾɴʂɼ ɺɸɲɵɩɯʆɼ ɯɳɺʀɬɸɹɩɬɴɴɵ ɪɵ ɵɨɵɷɵɹɧ ɷɬɪɺɲɯɷɺɬɳɵɪɵ ɵɨʀɯɳɯ ɪɷɧɭɫɧɴɸɱɵ ɶɷɧɩɵɩʂɳɯ ɴɵɷɳɧɳɯ

ɘɯɸɹɬɳɧ ɶɵɸɲɬɫɺʅʀɬɪɵ ɱɵɴɹɷɵɲʆ ɯ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹɯ ɫɯɷɬɱɹɵɷɵɩ ɱɵɳɶɧɴɯɯ ɴɺɭɫɧɬɹɸʆ ɩ ɸɬɷʃɬɮɴɵɳ ʅɷɯɫɯɾɬɸɱɵɳ ɸɵɶɷɵɩɵɭɫɬɴɯɯ ɯ ɩ ɸɯɲɺ ʄɹɵɪɵ ɴɬɯɮɨɬɭɴɵ ɸɩʆɮɧɴɧ ɸ ɨɵɲʃɿɯɳɯ ɸɺɫɬɨɴʂɳɯ ɯɮɫɬɷɭɱɧɳɯ ɔɬ ɸɲɺɾɧɰɴɵ legal costs ɩ ɘɟɇ ʆɩɲʆʅɹɸʆ ɪɵɷɧɮɫɵ ɨɵɲɬɬ ɩʂɸɵɱɯɳɯ ɾɬɳ ɷɧɸɼɵɫʂ ɴɧ ɶɷɧɩɵɩɺʅ ɶɵɳɵʀʃ ɩ Ɍɩɷɵɶɬ ɖɵʄɹɵɳɺ ɫɧɴɴɧʆ ɸɯɸɹɬɳɧ ɧɱ ɹɯɩɴɵ ɶɵɫɫɬɷɭɯɩɧɬɹɸʆ ɴɬ ɸɹɵɲʃɱɵ ɱɷɺɶɴʂɳ ɨɯɮɴɬɸɵɳ ɲɯɿʃ ɻɵɷɳɧɲʃ ɴɵ ɴɬ ɮɧɯɴɹɬɷɬɸɵɩɧɴɴʂɳ ɩ jɹɷɧɴɮɧɱɽɯɵɴɴʂɼ ɯɮɫɬɷɭɱɧɼy ɶɵ ɻɵɷɳɯɷɵ ɩɧɴɯʅ ɯ ɶɵɫɫɬɷɭɧɴɯʅ ɹɩɬɷɫɵɪɵ ɱɧɶɯɹɧɲɧ ɸɱɵɲʃɱɵ ɩʂɷɧɭɧʅʀɯɳɯ ɬɪɵ ɯ ɸɩɵɯ ɸɵɨɸɹɩɬɴɴʂɬ ɯɴɹɬɷɬɸʂ ɱɵɷɶɵɷɧɹɯɩɴʂɳɯ ʅɷɯɸɹɧɳɯ ɴɧɸɹɧɯɩɧʅ ʀɯɳɯ ɴɧ ɮɧɳɬɴɬ ɯɳɶɬɷɧɹɯɩɴʂɼ ɮɧɱɵɴɵɫɧɹɬɲʃɴʂɼ ɴɵɷɳ ɵ ɻɵɷɳɯɷɵɩɧ ɴɯɯ ɺɸɹɧɩɴɵɪɵ ɱɧɶɯɹɧɲɧ ɼɵɮʆɰɸɹɩɬɴɴʂɼ ɵɨʀɬɸɹɩ jɶɵɸɲɬɫɺʅʀɯɳ ɱɵɴ ɹɷɵɲɬɳy ɮɧ ɯɼ ɫɬʆɹɬɲʃɴɵɸɹʃʅ ɵɸɺʀɬɸɹɩɲʆɬɳʂɳ ɲɯɿʃ ɶɷɯ ɩɵɮɴɯɱɴɵ ɩɬɴɯɯ ɶɷɯɮɴɧɱɵɩ ɨɧɴɱɷɵɹɸɹɩɧ ɱɵɷɶɵɷɧɽɯɰ

ɑɷɵɳɬ ɹɵɪɵ ɱ ɴɬɵɨɼɵɫɯɳʂɳ ɶɷɯ ʄɹɵɰ ɸɯɸɹɬɳɬ ɸɺɫɬɨɴʂɳ ɯɮɫɬɷɭɱɧɳ ɫɵɨɧɩɲʆʅɹɸʆ ɷɧɸɼɵɫʂ ɶɵ ɸɹɷɧɼɵɩɧɴɯʅ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹɯ ɳɬɴɬɫɭɳɬɴɹɧ ɱɵɹɵɷʂɬ ɹɧɱɭɬ ɩʂɴɺɭɫɬɴɧ ɴɬɸɹɯ ɱɵɳɶɧɴɯʆ ɉɸɬ ʄɹɯ постоянные ɹɬɱɺ ʀɯɬ ɷɧɸɼɵɫʂ ɱɵɷɶɵɷɧɽɯɯ ɩɵɮɴɯɱɧʅʀɯɬ ɶɷɯ ɸɯɸɹɬɳɬ ɶɵɸɲɬɫɺʅʀɬɪɵ ɱɵɴɹɷɵɲʆ ɵɨʂɾɴɵ ɮɴɧɾɯɹɬɲʃɴɵ ɶɷɬɩʂɿɧʅɹ ɬɬ ɩɵɮɳɵɭɴʂɬ разовые ɷɧɸ ɼɵɫʂ ɴɬɵɨɼɵɫɯɳʂɬ ɶɷɯ ɸɯɸɹɬɳɬ ɶɷɬɫɩɧɷɯɹɬɲʃɴɵɪɵ ɱɵɴɹɷɵɲʆ ɳɯɴɯ

f ɕɪɷɧɴɯɾɬɴɯʆ jɷɧɸɶɷɬɫɬɲɬɴɯʆ ɯɳɺʀɬɸɹɩɧy ɩ ɧɴɪɲɵ ɧɳɬɷɯɱɧɴɸɱɵɳ ɶɷɧɩɬ

ɳɧɲʃɴʂɰ ɺɸɹɧɩɴʂɰ ɱɧɶɯɹɧɲ ɷɧɸɼɵɫʂ ɴɧ ɷɬɪɯɸɹɷɧɽɯʅ ɱɵɳɶɧɴɯɯ ɯ ɴɬ ɮɧɩɯɸɯɳɺʅ ɵɽɬɴɱɺ ɴɬɫɬɴɬɭɴʂɼ ɩɱɲɧɫɵɩ

ɖɷɯ ʄɹɵɳ jɱɷɯɹɬɷɯɰ ɶɷɬɩʂɿɬɴɯʆy ɾɯɸɹʂɼ ɧɱɹɯɩɵɩ ɱɵɷɶɵɷɧɽɯɯ ɴɧɫ ɬɬ ɫɵɲɪɧɳɯ ɯ ɶɵɸɹɵʆɴɴʂɳ ɱɧɶɯɹɧɲɵɳ ɱɧɱ ɯ ɬɪɵ ɶɵɫɹɩɬɷɭɫɬɴɯɬ ɸ ɶɵ ɳɵʀʃʅ Solvency test ɶɷɧɱɹɯɾɬɸɱɯ ɳɧɲɵ ɾɹɵ ɮɧɷɧɴɬɬ ɪɧɷɧɴɹɯɷɺɬɹ ɱɧɱ ɬɬ ɱɷɬɫɯɹɵɷɧɳ ɹɧɱ ɯ ɬɬ ɺɾɧɸɹɴɯɱɧɳ ɘɧɳɯ ɧɳɬɷɯɱɧɴɸɱɯɬ ɱɵɳɳɬɴɹɧɹɵɷʂ ɴɬɷɬɫɱɵ ɺɶɵɫɵɨɲʆʅɹ ɸɯɸɹɬɳɺ ɶɵɸɲɬɫɺʅʀɬɪɵ ɱɵɴɹɷɵɲʆ jɿɩɬɰɽɧɷɸɱɵɳɺ ɸʂɷɺ ɸɵɸɹɵʆʀɬɳɺ ɶɷɬɯɳɺʀɬɸɹɩɬɴɴɵ ɯɮ ɫʂɷɵɱy ɉ ɸɵɬɫɯɴɬɴɯɯ ɸ ɩʂ ɸɵɱɯɳ ɷɯɸɱɵɳ ɯ ɨɵɲʃɿɯɳ ɷɧɮɳɬɷɵɳ ɶɵɹɬɴɽɯɧɲʃɴɵɰ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹɯ ɳɬɴɬɫɭɳɬɴɹɧ ɯ ɱɵɴɹɷɵɲɯɷɺʅʀɯɼ ɺɾɧɸɹɴɯɱɵɩ ɹɧɱɧʆ ɸɯɸɹɬɳɧ ɴɬ ɸɴɯ ɭɧɬɹ ɧ ɩ ɱɵɴɬɾɴɵɳ ɸɾɬɹɬ ɮɴɧɾɯɹɬɲʃɴɵ повышает «транзакционные издержки» ɴɬ ɶɷɬɫɵɸɹɧɩɲʆʆ ɩɮɧɳɬɴ ɴɯɱɧɱɯɼ ɵɸɵɨʂɼ ɶɷɬɯɳɺʀɬɸɹɩ ɹɵɪɫɧ ɱɧɱ ɸɯɸɹɬɳɧ ɹɩɬɷɫɵɪɵ ɱɧɶɯɹɧɲɧ ɩ ɲʅɨɵɳ ɸɲɺɾɧɬ ɸɵɱɷɧʀɧɬɹ ɴɧɮɩɧɴɴʂɬ ɯɮɫɬɷɭɱɯ ɶɵ ɱɷɧɰɴɬɰ ɳɬɷɬ ɹɬ ɱɵɹɵɷʂɬ ɩʂɴɺɭɫɬɴʂ ɴɬɸɹɯ ɱɷɬɫɯɹɵ ɷʂ ɱɵɷɶɵɷɧɽɯɯ

ɗɧɸɸɳɵɹɷɬɴɴɧʆ ɸɯɸɹɬɳɧ ɶɵɸɲɬɫɺʅʀɬɪɵ ɱɵɴɹɷɵɲʆ ɮɧ ɯɳɺʀɬɸɹɩɬɴ ɴʂɳ ɶɵɲɵɭɬɴɯɬɳ ɱɵɷɶɵɷɧɽɯɯ ɶɷɯɳɬɴʆɬɹɸʆ ɩ ɶɵɫɧɩɲʆʅʀɬɳ ɨɵɲʃɿɯɴ ɸɹɩɬ ɧɳɬɷɯɱɧɴɸɱɯɼ ɿɹɧɹɵɩ ɩɵɸɶɷɯɴʆɩɿɯɼ ɯɫɬɯ RMBCA ɕɫɴɧɱɵ ɩ ɵɹ ɫɬɲʃɴʂɼ ɿɹɧɹɧɼ ɑɧɲɯɻɵɷɴɯʆ ɇɲʆɸɱɧ ɶɷɯɳɬɴʆʅɹɸʆ ɪɵɷɧɮɫɵ ɨɵɲɬɬ ɸɹɷɵɪɯɬ ɾɬɳ ɫɧɭɬ ɬɩɷɵɶɬɰɸɱɯɬ ɶɷɧɩɯɲɧ ɵɹɴɵɸɯɹɬɲʃɴɵ ɵɨʆɮɧɴɴɵɸɹɯ ɱɵɳɶɧɴɯɰ ɸɵɼɷɧɴʆɹʃ ɵɶɷɬɫɬɲɬɴɴʂɰ ɵɨʁɬɳ ɸɵɨɸɹɩɬɴɴɵɪɵ ɯɳɺʀɬɸɹɩɧ ɶɷɯ ɬɪɵ ɾɧɸɹɯɾɴɵɳ ɷɧɸɶɷɬɫɬɲɬɴɯɯ ɳɬɭɫɺ ɺɾɧɸɹɴɯɱɧɳɯ əɧɱ ɴɵɷɳʂ ɱɵɷɶɵɷɧɹɯɩɴɵɪɵ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɧ ɑɧɲɯɻɵɷɴɯɯ ɹɷɬɨɺʅɹ ɾɹɵɨʂ ɶɵ ɸɲɬ ɲʅɨɵɪɵ ɷɧɸɶɷɬɫɬɲɬɴɯʆ ɯɳɺʀɬɸɹɩɧ ɱɵɷɶɵɷɧɽɯɯ ɳɬɭɫɺ ɬɬ ɺɾɧɸɹɴɯ ɱɧɳɯ ɩɱɲʅɾɧʆ jɴɬɩʂɶɲɧɾɬɴɴɺʅ ɶɷɯɨʂɲʃy ɸɵɵɹɴɵɿɬɴɯɬ ɬɬ ɧɱɹɯɩɵɩ ɯ ɫɵɲɪɵɩ ɸɵɸɹɧɩɲʆɲɵ ɨʂ ɳɯɴɯɳɺɳ ɱ ɕɫɴɵɩɷɬɳɬɴɴɵ ɯ ɩɸɬ ɱɷɧɹɱɵ ɸɷɵɾɴʂɬ ɵɨʆɮɧɹɬɲʃɸɹɩɧ ɱɵɳɶɧɴɯɯ ɫɵɲɭɴʂ ɨʂɹʃ ɲɯɨɵ ɶɵɲɴɵɸɹʃʅ ɶɵ ɱɷʂɹʂ ɸɹɵɯɳɵɸɹʃʅ ɬɬ ɵɨɵɷɵɹɴʂɼ ɸɷɬɫɸɹɩ ɲɯɨɵ ɯɼ ɸɵɵɹɴɵɿɬɴɯɬ ɹɧɱɭɬ ɫɵɲɭɴɵ ɸɵɸɹɧɩɲʆɹʃ ɳɯɴɯɳɺɳ ɱ ɖɷɯ ʄɹɵɳ ɴɧɮɩɧɴɴʂɬ ɶɷɧɩɯɲɧ ɵɷɯ ɬɴɹɯɷɺʅɹɸʆ ɴɧ ɫɵɸɹɧɹɵɾɴɵ ɭɬɸɹɱɯɬ ɕɨʀɬɶɷɯɮɴɧɴɴʂɬ ɶɷɯɴɽɯɶʂ ɵɹ ɾɬɹɴɵɸɹɯ Generally Accepted Accounting Principles – GAAP ɯɸɱɲʅɾɧʅ ʀɯɬ ɴɧɶɷɯɳɬɷ ɺɾɬɹ ɯ ɵɽɬɴɱɺ ɹɧɱɯɼ ɧɱɹɯɩɵɩ ɱɧɱ ɱɲɯɬɴɹɬɲɧ goodwill

ɤɹɧ ɸɹɵɷɵɴɧ ɧɳɬɷɯɱɧɴɸɱɵɪɵ ɵɶʂɹɧ ɶɵɲɴɵɸɹʃʅ ɮɧɳɧɲɾɯɩɧɬɹɸʆ ɩ ɵɹɬ ɾɬɸɹɩɬɴɴɵɰ ʅɷɯɫɯɾɬɸɱɵɰ ɯ ʄɱɵɴɵɳɯɾɬɸɱɵɰ ɲɯɹɬɷɧɹɺɷɬ ɪɫɬ ɵɨʂɾɴɵ

Manning B., Hanks J.J. -FHBM $BQJUBM SE FE 1 ɽɯɹ ɶɵ Engert A. ,BQJUBM HFTFMMTDIBGUFO PIOF HFTFU[MJDIFT ,BQJUBM -FISFO BVT EFN 64 BNFSJLBOJTDIFO 3FDIU %BT ,BQJUBM EFS "LUJFOHFTFMMTDIBGU JO &VSPQB #FSMJO 4 ;FJUTDISJGU GºS 6OUFSOFINFOT VOE (FTFMMTDIBGUTSFDIU ;(3 4POEFSIFGU

Ɋɲɧɩɧ ɚɸɹɧɩɴʂɰ ɱɧɶɯɹɧɲ ɯ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃ ɶɬɷɬɫ ɱɷɬɫɯɹɵɷɧɳɯ

ɸɸʂɲɧʅɹɸʆ ɴɧ ɮɧɱɵɴɵɫɧɹɬɲʃɸɹɩɵ ɿɹɧɹɧ ɋɬɲɧɩʄɷ ɯ ɹɵ ɲɯɿʃ ɩ ɾɧɸɹɯ ɱɧ ɸɧʅʀɬɰɸʆ ɩɵɮɳɵɭɴɵɸɹɯ ɸɵɮɫɧɴɯʆ ɾɧɸɹɴʂɼ ɱɵɷɶɵɷɧɽɯɰ private limited company ɨɬɮ ɺɸɹɧɩɴɵɪɵ ɱɧɶɯɹɧɲɧ ɯ ɱɧɱɯɼ ɲɯɨɵ ɯɴʂɼ ɯɳɶɬɷɧɹɯɩɴʂɼ ɹɷɬɨɵɩɧɴɯɰ ɹɬɳ ɨɵɲɬɬ ɱɧɸɧʅʀɯɼɸʆ ɯɼ ɫɧɲʃɴɬɰɿɬɪɵ ɻɺɴɱɽɯɵɴɯɷɵɩɧ ɴɯʆ ɤɹɵ ɶɵɮɩɵɲʆɬɹ ɺɳɧɲɾɯɩɧɹʃ ɫɧɭɬ ɵ Solvency test ɸɵɸɹɧɩɲʆʅʀɬɳ ɸɺ ʀɬɸɹɩɵ ɸɯɸɹɬɳʂ ɶɵɸɲɬɫɺʅʀɬɪɵ ɱɵɴɹɷɵɲʆ ɉ ɷɬɮɺɲʃɹɧɹɬ ɫɧɲɬɱɵ ɴɬ ɵɫɴɵ ɮɴɧɾɴʂɰ ɵɶʂɹ ɧɳɬɷɯɱɧɴɸɱɵɪɵ ɱɵɷɶɵɷɧɹɯɩɴɵɪɵ ɶɷɧɩɧ ɶɵɲɺɾɧɬɹ ɱɷɧɰɴɬ ɵɫɴɵɸɹɵɷɵɴɴɬɬ ɯ ɴɬɶɵɲɴɵɬ ɵɸɩɬʀɬɴɯɬ ɵɼɧɷɧɱɹɬɷɯɮɵɩɧɴɴɵɬ ɩ ɸɵɩɷɬ ɳɬɴɴɵɰ ɪɬɷɳɧɴɸɱɵɰ ɫɵɱɹɷɯɴɬ ɹɬɷɳɯɴɵɳ jɫɬɲɧɩʄɷɸɱɯɰ ɸɯɴɫɷɵɳy

ɇɴɧɲɵɪɯɾɴʂɬ ɶɵ ɸɺɹɯ ɶɷɧɩɯɲɧ ɮɧɱɷɬɶɲʆɬɹ ɯ ɧɴɪɲɯɰɸɱɵɬ ɱɵɷɶɵɷɧ ɹɯɩɴɵɬ ɶɷɧɩɵ Ɍʀɬ ɩ ɪ ɷɬɿɬɴɯɬɳ ɶɵ ɫɬɲɺ Trevor v. Whitworth ɨʂɲɵ ɺɸɹɧɴɵɩɲɬɴɵ ɾɹɵ ɱɧɶɯɹɧɲ ɱɵɳɶɧɴɯɯ ɸɲɺɭɯɹ ɷɬɮɬɷɩɵɳ ɫɲʆ ɬɬ ɯɳɺʀɬ ɸɹɩɬɴɴɵɰ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹɯ ɶɬɷɬɫ ɱɷɬɫɯɹɵɷɧɳɯ ɯ ɩ ɸɯɲɺ ʄɹɵɪɵ ɫɵɲɭɬɴ ɵɼɷɧɴʆɹʃɸʆ ɵɹ ɶɷɵɯɮɩɵɲʃɴɵɪɵ ɷɧɸɶɷɬɫɬɲɬɴɯʆ ɳɬɭɫɺ ɬɬ ɺɾɧɸɹɴɯɱɧɳɯ ɯ ɯɲɯ jɶɷɯɨɲɯɭɬɴɴʂɳɯy ɱ ɴɬɰ ɹɷɬɹʃɯɳɯ ɲɯɽɧɳɯ ɘɵɨɲʅɫɬɴɯʅ ʄɹɵ ɪɵ ɶɷɯɴɽɯɶɧ ɹɬɶɬɷʃ ɸɲɺɭɧɹ ɸɶɬɽɯɧɲʃɴʂɬ ɴɵɷɳʂ Ɏɧɱɵɴɧ ɵ ɱɵɳɶɧɴɯ ʆɼ ɪ ɉ ɸɵɵɹɩɬɹɸɹɩɯɯ ɸ ɴɯɳɯ ɷɧɸɶɷɬɫɬɲɬɴɯɬ ɯɳɺʀɬɸɹɩɧ ɩʂɶɲɧ ɹʂ ɮɧ ɸɾɬɹ ɱɧɶɯɹɧɲɧ ɱɵɳɶɧɴɯɯ ɶɵ ɵɨʀɬɳɺ ɶɷɧɩɯɲɺ ɫɵɶɺɸɹɯɳɵ ɹɵɲʃ ɱɵ ɯɮ ɨɧɲɧɴɸɵɩɵɰ ɶɷɯɨʂɲɯ ɶɷɯ ɬɬ ɴɧɲɯɾɯɯ ɖɷɬɫɲɵɭɬɴɯʆ jɪɷɺɶɶʂ ɗɯɱɻɵɷɫɧy ɸɳ ɫɧɲɬɬ ɵ ɫɵɶɺɸɹɯɳɵɸɹɯ ɹɧɱɵɪɵ ɷɧɸɶɷɬɫɬɲɬɴɯʆ ɯ ɶɷɯ ɵɹ ɸɺɹɸɹɩɯɯ ɺ ɱɵɷɶɵɷɧɽɯɯ ɨɧɲɧɴɸɵɩɵɰ ɶɷɯɨʂɲɯ ɴɵ ɶɷɯ ɶɵɫɹɩɬɷɭɫɬɴɯɯ ɬɬ ɸɵɸɹɵʆɹɬɲʃɴɵɸɹɯ ɸ ɶɵɳɵʀʃʅ Solvency test ɶɵɱɧ ɴɬ ɴɧɿɲɯ ɮɧɱɵɴɵɫɧ ɹɬɲʃɴɵɪɵ ɮɧɱɷɬɶɲɬɴɯʆ

ɑɷɵɳɬ ɹɵɪɵ ɾɧɸɹɴɧʆ ɱɵɳɶɧɴɯʆ ɳɵɭɬɹ ɺɳɬɴʃɿɯɹʃ ɸɩɵɰ ɱɧɶɯɹɧɲ ɩ ɹɵɳ ɾɯɸɲɬ ɶɺɹɬɳ ɬɪɵ ɷɧɸɶɷɬɫɬɲɬɴɯʆ ɹɵɲʃɱɵ ɶɵ ɸɶɬɽɯɧɲʃɴɵɳɺ ɷɬɿɬ ɴɯʅ ɩɸɬɼ ɺɾɧɸɹɴɯɱɵɩ ɯ ɲɯɨɵ ɸ ɸɵɪɲɧɸɯʆ ɸɺɫɧ ɲɯɨɵ ɶɵɸɲɬ ɶɵɫɹɩɬɷɭɫɬ ɴɯʆ ɬɬ ɸɵɸɹɵʆɹɬɲʃɴɵɸɹɯ ɫɯɷɬɱɹɵɷɧɳɯ ɖɷɯ ʄɹɵɳ ɱɧɭɫʂɰ ɯɮ ɫɯɷɬɱɹɵ ɷɵɩ ɱɵɳɶɧɴɯɯ ɸɩɵɬɰ ɶɵɫɶɯɸʃʅ ɶɵɫɹɩɬɷɭɫɧɬɹ ɾɹɵ ɯ ɶɵɸɲɬ ɩʂɶɲɧɹ ɯɲɯ ɯɴɵɪɵ ɵɹɾɺɭɫɬɴɯʆ ɯɳɺʀɬɸɹɩɧ ɱɵɳɶɧɴɯʆ ɵɸɹɧɬɹɸʆ ɩ ɸɵɸɹɵʆɴɯɯ ɩʂɶɵɲ ɴɯɹʃ ɯɳɬʅʀɯɬɸʆ ɺ ɴɬɬ ɵɨʆɮɧɹɬɲʃɸɹɩɧ ɚɱɧɮɧɴɴʂɬ ɶɯɸʃɳɬɴɴʂɬ ɶɵɫ ɹɩɬɷɭɫɬɴɯʆ ɴɧɶɷɧɩɲʆʅɹɸʆ ɩ ɷɬɪɯɸɹɷɯɷɺʅʀɯɰ ɵɷɪɧɴ ӎ jɶɧɲɧɹɺ ɱɵɳ ɶɧɴɯɰy Company House Ɍɸɲɯ ɶɷɵɩɬɷɱɧ ɸɵɸɹɵʆɹɬɲʃɴɵɸɹɯ ɱɵɳɶɧɴɯɯ

ɻɧɱɹɯɾɬɸɱɯ ɴɬ ɶɷɵɩɵɫɯɲɧɸʃ ɯɲɯ ɬɬ ɷɬɮɺɲʃɹɧɹʂ ɨʂɲɯ ɻɧɲʃɸɯɻɯɽɯɷɵ ɩɧɴʂ ɫɯɷɬɱɹɵɷɧɳɯ ʄɹɵ ɩɲɬɾɬɹ ɯɼ ɺɪɵɲɵɩɴɺʅ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃ ɖɷɯ ɶɵ ɲɺɾɬɴɯɯ ɸɵɪɲɧɸɯʆ ɸɺɫɧ ɴɧ ɺɳɬɴʃɿɬɴɯɬ ɱɧɶɯɹɧɲɧ ɱɵɳɶɧɴɯɯ ɬɪɵ ɩɶɷɧɩɬ

Reimann M. &JOGºISVOH JO EBT 64 BNFSJLBOJTDIF 1SJWBUSFDIU 4

Triebel V., Illmer M., Ringe W.-G., Vogenauer S., Ziegler K. &OHMJTDIFT )BOEFMT VOE 8JSUTDIBGUTSFDIU 4

f ɚɸɹɧɩɴʂɰ ɱɧɶɯɹɧɲ ɱɵɳɶɧɴɯɰ ɩ ɶɷɧɩɬ Ɍɩɷɵɸɵʅɮɧ

ɵɸɶɵɷɯɹʃ ɲʅɨɵɰ ɯɮ ɬɬ ɱɷɬɫɯɹɵɷɵɩ ɬɸɲɯ ɹɵɲʃɱɵ ɱɵɳɶɧɴɯʆ ɴɬ ɫɵɱɧɭɬɹ ɾɹɵ ɵɴɧ ɺɫɵɩɲɬɹɩɵɷɯɲɧ ɬɪɵ ɹɷɬɨɵɩɧɴɯʆ ɯɲɯ ɶɷɬɫɵɸɹɧɩɯɲɧ ɬɳɺ ɫɵɶɵɲ ɴɯɹɬɲʃɴɵɬ ɵɨɬɸɶɬɾɬɴɯɬ

ɖɺɨɲɯɾɴɧʆ ɱɵɳɶɧɴɯʆ ɳɵɭɬɹ ɺɳɬɴʃɿɯɹʃ ɸɩɵɰ ɱɧɶɯɹɧɲ ɹɵɲʃɱɵ ɸ ɸɵ ɪɲɧɸɯʆ ɸɺɫɧ əɧɱɵɬ ɺɳɬɴʃɿɬɴɯɬ ɮɫɬɸʃ ɴɬɫɵɶɺɸɹɯɳɵ ɫɧɭɬ ɶɵ ɷɬɮɺɲʃɹɧ ɹɧɳ jɶɷɵɩɬɷɱɯ ɸɵɸɹɵʆɹɬɲʃɴɵɸɹɯy ɶɵɸɱɵɲʃɱɺ ʄɹɵ ɶɷɵɹɯɩɵɷɬɾɯɲɵ ɨʂ ɹɷɬ ɨɵɩɧɴɯʆɳ ɉɹɵɷɵɰ ɫɯɷɬɱɹɯɩʂ Ɍɘ ɪ ɵɨ ɺɸɹɧɩɴɵɳ ɱɧɶɯɹɧɲɬ ɘɹɵɲʃ ɭɬɸɹɱɯɬ ɹɷɬɨɵɩɧɴɯʆ ɸɬɷʃɬɮɴɵ ɵɹɲɯɾɧʅɹ ɧɴɪɲɯɰɸɱɵɬ ɱɵɷɶɵɷɧɹɯɩɴɵɬ ɮɧ ɱɵɴɵɫɧɹɬɲʃɸɹɩɵ ɵɹ ɬɪɵ ɧɳɬɷɯɱɧɴɸɱɯɼ ɧɴɧɲɵɪɵɩ

§ 3. УСТАВНЫЙ КАПИТАЛ КОМПАНИЙ В ПРАВЕ ЕВРОСОЮЗА

1.Вторая директива ЕС и предложения об отказе от «системы твердого капитала»

ɖɷɯ ɶɷɯɸɵɬɫɯɴɬɴɯɯ ɱ Ɍɩɷɵɸɵʅɮɺ ɷɧɴɬɬ ӎ Ɍɤɘ ɉɬɲɯɱɵɨɷɯɹɧɴɯɯ

ɯ ɏɷɲɧɴɫɯɯ ɱɵɷɶɵɷɧɹɯɩɴɵɬ ɶɷɧɩɵ ɱɵɹɵɷʂɼ ɴɬ ɯɸɶɵɲʃɮɵɩɧɲɵ ɱɵɴɹɯɴɬɴ ɹɧɲʃɴɺʅ ɸɯɸɹɬɳɺ ɹɩɬɷɫɵɪɵ ɱɧɶɯɹɧɲɧ ɩɵɮɴɯɱɲɵ ɸɬɷʃɬɮɴɵɬ ɶɷɵɹɯɩɵɷɬɾɯɬ

ɩɸɵɫɬɷɭɧɴɯɯ ɵɹɫɬɲʃɴʂɼ ɴɧɽɯɵɴɧɲʃɴʂɼ ɶɷɧɩɵɩʂɼ ɯɴɸɹɯɹɺɹɵɩ ɖɵɶʂɹ ɱɵɰ ɸɴʆɹɯʆ ɷɧɮɲɯɾɯɰ ɧɴɪɲɵ ɧɳɬɷɯɱɧɴɸɱɵɪɵ ɯ ɬɩɷɵɶɬɰɸɱɵɪɵ ɱɵɴɹɯɴɬɴ ɹɧɲʃɴɵɪɵ ɶɵɫɼɵɫɵɩ ɱ ɸɯɸɹɬɳɬ ɱɵɴɹɷɵɲʆ ɮɧ ɯɳɺʀɬɸɹɩɬɴɴʂɳ ɸɵɸɹɵʆɴɯɬɳ ɱɵɷɶɵɷɧɽɯɰ ɸɹɧɲɵ ɶɷɯɴʆɹɯɬ ɘɵɩɬɹɵɳ Ɍɩɷɵɶɬɰɸɱɵɪɵ ɤɱɵɴɵɳɯɾɬɸɱɵɪɵ ɘɵɵɨʀɬɸɹɩɧ Ɍɤɘ ɋɯɷɬɱɹɯɩʂ ɵɹ ɫɬɱɧɨɷʆ ɪ ԋ Ɍɤɘ jɫɲʆ ɱɵɵɷɫɯɴɧɽɯɯ ɮɧʀɯɹɴʂɼ ɶɷɬɫɶɯɸɧɴɯɰ ɱɵɹɵɷʂɬ ɪɵɸɺɫɧɷɸɹɩɧ ɾɲɬɴʂ ɧɫ ɷɬɸɺʅɹ ɱɵɳɶɧɴɯʆɳ ɩ ɸɳʂɸɲɬ ɧɨɮ ɸɹ ɋɵɪɵɩɵɷɧ ɵ Ɍɩɷɵɸɵʅɮɬ Ɍɤɘ

ɩɯɴɹɬɷɬɸɧɼ ɺɾɧɸɹɴɯɱɵɩ ɱɵɳɶɧɴɯɰ ɯ ɹɷɬɹʃɯɼ ɲɯɽ ɩ ɵɹɴɵɿɬɴɯɯ ɸɵɮɫɧɴɯʆ ɧɱɽɯɵɴɬɷɴɵɪɵ ɵɨʀɬɸɹɩɧ ɧ ɹɧɱɭɬ ɸɵɼɷɧɴɬɴɯʆ ɯ ɯɮɳɬɴɬɴɯʆ ɷɧɮɳɬɷɧ ɬɪɵ ɱɧɶɯɹɧɲɧ ɸ ɹɬɳ ɾɹɵɨʂ ɵɨɬɸɶɬɾɯɹʃ ɷɧɩɴɵɽɬɴɴɵɸɹʃ ʄɹɯɼ ɶɷɬɫɶɯɸɧɴɯɰy ɴɧ ɮʂɩɧɬɳɵɰ ɵɨʂɾɴɵ ɉɹɵɷɵɰ ɫɯɷɬɱɹɯɩɵɰ Ɍɘ ɯɲɯ jɋɯɷɬɱɹɯɩɵɰ ɵ ɹɩɬɷɫɵɳ ɱɧɶɯɹɧɲɬy ɩ ɴɧɸɹɵʆʀɬɬ ɩɷɬɳʆ ɵɴɧ ɫɬɰɸɹɩɺɬɹ ɸ ɯɮɳɬɴɬɴɯʆɳɯ ɩɴɬɸɬɴɴʂ ɳɯ ɋɯɷɬɱɹɯɩɵɰ ɘɵɩɬɹɧ Ɍɩɷɵɸɵʅɮɧ ɵɹ ɸɬɴɹʆɨɷʆ ɪ ԋ Ɍɘ

ɘɲɬɫɺɬɹ ɯɳɬɹʃ ɩ ɩɯɫɺ ɾɹɵ ɉɹɵɷɧʆ ɫɯɷɬɱɹɯɩɧ ɮɧɱɷɬɶɯɩɿɧʆ ɬɩɷɵɶɬɰ ɸɱɯɬ ɹɷɬɨɵɩɧɴɯʆ ɱ ɹɩɬɷɫɵɳɺ ɱɧɶɯɹɧɲɺ ɷɧɸɶɷɵɸɹɷɧɴʆɬɹ ɸɩɵɬ ɫɬɰɸɹɩɯɬ ɹɵɲʃɱɵ ɴɧ ɧɱɽɯɵɴɬɷɴʂɬ ɵɨʀɬɸɹɩɧ ɯɮ ɶɵɫ ɬɬ ɫɬɰɸɹɩɯʆ ɨʂɲɯ ɩʂɩɬɫɬɴʂ ɱɵɴɹɯɴɬɴɹɧɲʃɴʂɬ ɵɨʀɬɸɹɩɧ ɸ ɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃʅ ɯ ɯɼ ɧɴ ɪɲɯɰɸɱɯɰ ɧɴɧɲɵɪ ɩ ɩɯɫɬ private limited company. ɖɵʄɹɵɳɺ ɶɷɯ ɹɷɧɴɸɻɵɷ ɳɧɽɯɯ ɹɷɬɨɵɩɧɴɯɰ ɉɹɵɷɵɰ ɫɯɷɬɱɹɯɩʂ ɩ ɸɩɵɬ ɴɧɽɯɵɴɧɲʃɴɵɬ ɮɧɱɵɴɵɫɧ ɹɬɲʃɸɹɩɵ ɉɬɲɯɱɵɨɷɯɹɧɴɯʆ ɯ ɏɷɲɧɴɫɯʆ ɷɬɻɵɷɳɯɷɵɩɧɲɯ ɹɵɲʃɱɵ ɴɵɷɳʂ

Ɋɲɧɩɧ ɚɸɹɧɩɴʂɰ ɱɧɶɯɹɧɲ ɯ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃ ɶɬɷɬɫ ɱɷɬɫɯɹɵɷɧɳɯ

ɵ ɱɧɶɯɹɧɲɬ ɶɺɨɲɯɾɴʂɼ ɱɵɳɶɧɴɯɰ public limited company ɹ ɬ ɧɱɽɯɵɴɬɷ ɴʂɼ ɵɨʀɬɸɹɩ ɩ ɬɩɷɵɶɬɰɸɱɵɳ ɶɵɴɯɳɧɴɯɯ ɫɲʆ ɱɵɹɵɷʂɼ ɨʂɲɵ ɩɩɬɫɬɴɵ ɹɷɬɨɵɩɧɴɯɬ ɳɯɴɯɳɧɲʃɴɵɪɵ ɺɸɹɧɩɴɵɪɵ ɱɧɶɯɹɧɲɧ ɾɬɹɩɬɷɹʃ ɱɵɹɵɷɵɪɵ ɶɵɫ ɲɬɭɧɲɧ ɵɶɲɧɹɬ ɴɧ ɳɵɳɬɴɹ ɯɼ ɸɵɮɫɧɴɯʆ ɴɵ ɵɸɹɧɩɲɬɴ ɩ ɴɬɶɷɯɱɵɸɴɵɩɬɴ ɴɵɸɹɯ ɯɳɺʀɬɸɹɩɬɴɴʂɰ ɷɬɭɯɳ ɾɧɸɹɴʂɼ ɱɵɳɶɧɴɯɰ

ɖɵɸɲɬ ɩɴɬɸɬɴɯʆ ɯɮɳɬɴɬɴɯɰ ɩɵ ɉɹɵɷɺʅ ɫɯɷɬɱɹɯɩɺ Ɍɘ ɩ ɪ ɯ ɶɷɯ ɴʆɹɯʆ ɱɧɱ Ɍɩɷɵɸɵʅɮɵɳ ɹɧɱ ɯ ɬɪɵ ɸɹɷɧɴɧɳɯ ɺɾɧɸɹɴɯɽɧɳɯ ɮɧɱɵɴɵɫɧ ɹɬɲʃɸɹɩɧ ɫɵɶɺɸɹɯɩɿɬɪɵ ɸɩɵɨɵɫɴɵɬ ɶɬɷɬɳɬʀɬɴɯɬ ɶɵ ɬɪɵ ɹɬɷɷɯɹɵɷɯɯ ɴɧɽɯɵɴɧɲʃɴʂɼ ʅɷɯɫɯɾɬɸɱɯɼ ɲɯɽ ɩɵɮɴɯɱ jɷʂɴɵɱ ɵɷɪɧɴɯɮɧɽɯɵɴɴɵ ɶɷɧɩɵɩʂɼ ɻɵɷɳy ɼɧɷɧɱɹɬɷɯɮɺʅʀɯɰ ɶɷɬɭɫɬ ɩɸɬɪɵ ɱɵɴɱɺɷɬɴɽɯʅ ɳɬɭɫɺ ɧɴɪɲɯɰɸɱɯɳɯ private limited company ɸɵɮɫɧɴɴʂɳɯ ɯ ɫɬɰɸɹɩɺʅʀɯɳɯ ɨɬɮ ɳɯɴɯɳɧɲʃɴɵɪɵ ɺɸɹɧɩɴɵɪɵ ɱɧɶɯɹɧɲɧ ɯ ɯɲɯ ɸ ɸɯɳɩɵɲɯɾɬɸɱɯɳ ɸɵɸɹɧɩɵɳ ɯɳɺʀɬɸɹɩɧ ɯ ɹɷɧɫɯɽɯɵɴɴʂɳɯ ɬɩɷɵɶɬɰɸɱɯɳɯ ɶɵ ɸɺɹɯ ɪɬɷɳɧɴɸɱɯɳɯ ɵɨʀɬɸɹɩɧɳɯ ɸ ɵɪɷɧɴɯɾɬɴɴɵɰ ɵɹɩɬɹɸɹɩɬɴɴɵɸɹʃʅ GmbH ɯ SARL ɤɹɯɳ ɯ ɮɫɬɸʃ ɨʂɲɯ ɶɵɷɵɭɫɬɴʂ ɸɵɳɴɬɴɯʆ ɩ ɽɬɲɬɸɵɵɨɷɧɮɴɵɸɹɯ ɫɧɲʃɴɬɰɿɬɪɵ ɸɺʀɬɸɹɩɵɩɧɴɯʆ ɹɩɬɷɫɵɪɵ ɱɧɶɯɹɧɲɧ ɴɬ ɵɨɬɸɶɬɾɯɩɧʅʀɬɪɵ ɶɵɲɴɺʅ ɮɧʀɯ ɹɺ ɯɴɹɬɷɬɸɵɩ ɱɷɬɫɯɹɵɷɵɩ ɯ ɴɬ ɪɧɷɧɴɹɯɷɺʅʀɬɪɵ ɱɵɳɶɧɴɯɯ ɵɹ ɨɧɴɱɷɵɹ ɸɹɩɧ ɴɵ ɮɧɸɹɧɩɲʆʅʀɬɪɵ ɶɷɬɫɶɷɯɴɯɳɧɹɬɲɬɰ ɴɬɸɹɯ jɨɵɲʃɿɯɬ ɯ ɴɬɵɶɷɧɩ ɫɧɴɴʂɬ ɯɮɫɬɷɭɱɯy ɶɵ ɻɵɷɳɯɷɵɩɧɴɯʅ ɯ ɶɵɫɫɬɷɭɧɴɯʅ ɳɯɴɯɳɧɲʃɴɵɪɵ ɯɲɯ ɯɴɵɪɵ ɹɩɬɷɫɵɪɵ ɱɧɶɯɹɧɲɧ

ɉɶɬɷɩʂɬ ɩɵɶɷɵɸ ɵ ɩɵɮɳɵɭɴɵɸɹɯ ɵɹɱɧɮɧ ɵɹ ɸɯɸɹɬɳʂ ɹɩɬɷɫɵɪɵ ɱɧɶɯ ɹɧɲɧ ɯ ɶɬɷɬɼɵɫɬ ɱ jɧɲʃɹɬɷɴɧɹɯɩɴʂɳ ɸɶɵɸɵɨɧɳ ɮɧʀɯɹʂ ɯɴɹɬɷɬɸɵɩ ɱɷɬ ɫɯɹɵɷɵɩy ɩɵɮɴɯɱ ɩ ɑɵɳɯɸɸɯɯ Ɍɩɷɵɸɵʅɮɧ ɩ ɪ ɯ ɹɵɪɫɧ ɭɬ ɨʂɲ ɶɬɷɬ ɫɧɴ ɴɧ ɷɧɸɸɳɵɹɷɬɴɯɬ jɤɱɸɶɬɷɹɴɵɰ ɪɷɺɶɶʂ ɩʂɸɵɱɵɪɵ ɺɷɵɩɴʆ ɩ ɵɨɲɧɸɹɯ ɱɵɷɶɵɷɧɹɯɩɴɵɪɵ ɶɷɧɩɧy ɪɷɺɶɶʂ ɉɯɴɹɬɷɧ ɔɧɮɩɧɴɴɧʆ ɪɷɺɶɶɧ ɩ ɸɩɵɬɳ ɫɵɱɲɧɫɬ ɪ ɩɵ ɳɴɵɪɵɳ ɵɸɴɵɩɧɴɴɵɳ ɴɧ ɶɵɲɵɭɬɴɯʆɼ ɧɳɬɷɯɱɧɴɸɱɵɪɵ RMBCA ɪ ɺɱɧɮɧɲɧ ɾɹɵ ɳɯɴɯɳɧɲʃɴʂɰ ɺɸɹɧɩɴʂɰ ɱɧɶɯɹɧɲ ɩ ɸɵɩɷɬ ɳɬɴɴʂɼ ɺɸɲɵɩɯʆɼ ʆɩɲʆɬɹɸʆ ɴɬ ɨɵɲɬɬ ɾɬɳ jɶɷɵɩɬɷɱɵɰ ɴɧ ɸɬɷʃɬɮɴɵɸɹʃy ɶɷɯ ɸɵɮɫɧɴɯɯ ɱɵɳɶɧɴɯɯ ɯ ɴɬ ɸɶɵɸɵɨɬɴ ɩʂɶɵɲɴʆɹʃ ɮɧʀɯɹɴɺʅ ɻɺɴɱɽɯʅ ɩ ɵɹɴɵɿɬɴɯɯ ɬɬ ɱɷɬɫɯɹɵɷɵɩ ɼɵɹʆ ɯ ɴɬ ɸɵɮɫɧɬɹ ɵɸɵɨʂɼ ɶɷɬɶʆɹɸɹɩɯɰ ɫɲʆ ɶɷɬɫɶɷɯɴɯɳɧɹɬɲʃɸɹɩɧ ɖɵʄɹɵɳɺ ɮɧɱɵɴɵɫɧɹɬɲʃɴʂɬ ɹɷɬɨɵɩɧɴɯʆ ɱ ɹɧɱɵɳɺ ɱɧɶɯɹɧɲɺ ɳɵɭɴɵ ɸɵɼɷɧɴɯɹʃ ɴɵ ɴɬ ɸɲɬɫɺɬɹ ɺɭɬɸɹɵɾɧɹʃ ɕɫɴɧɱɵ ɩ ɨɺɫɺ

ʀɬɳ ɫɲʆ Ɍɩɷɵɶʂ ɴɬɵɨɼɵɫɯɳɵ ɸɵɮɫɧɹʃ ɴɵɩɺʅ jɧɲʃɹɬɷɴɧɹɯɩɴɺʅ ɱɵɴɽɬɶ ɽɯʅ ɮɧʀɯɹʂ ɱɧɶɯɹɧɲɧ ɱɵɳɶɧɴɯɰy ɵɷɯɬɴɹɯɷɵɩɧɴɴɺʅ ɴɧ ɧɳɬɷɯɱɧɴɸɱɯɬ ɶɷɧɩɯɲɧ ɘ ɹɧɱɯɳ ɶɵɫɼɵɫɵɳ ɶɵ ɸɺʀɬɸɹɩɺ ɸɵɪɲɧɸɯɲɧɸʃ ɯ ɑɵɳɯɸɸɯʆ Ɍɘ ɶɷɯɮɴɧɩɿɧʆ ɩ ɷɬɿɬɴɯɯ ɵɹ ɳɧʆ ɪ ɶɷɯɴɽɯɶɯɧɲʃɴɵ ɩɵɮɳɵɭɴɵɰ ɮɧɳɬɴɺ ɹɩɬɷɫɵɪɵ ɱɧɶɯɹɧɲɧ ɸɯɸɹɬɳɵɰ ɯɴʂɼ ɧɲʃɹɬɷɴɧɹɯɩɴʂɼ ɸɶɵɸɵɨɵɩ ɮɧʀɯɹʂ ɯɴɹɬɷɬɸɵɩ ɱɷɬɫɯɹɵɷɵɩ