摘要
未届期股权转让出让人和受让人是否存在“恶意串通”规避出资义务情形,司法裁判可以综合以下因素判定:股权转让价格;股权成交时市场估价和成交价比较;未届期出资义务占股比例和份额;股权转让时机;股权转让后实际持股状况;股权受让人的出资能力;股权转让对公司偿债能力之影响;转让股权时公司的经营和负债情况。“恶意串通”转让未届期股权,转让后出资义务承担路径包括两种:一为传统民法路径。股权转让合同因恶意串通无效。无效后的出资义务承担,需要根据股权权属是否发生转移而定。如果双方仅签订股权转让合同,股权权属尚未转移,则出资义务由转让方承担;如果股权权属已经转移,则出资义务由受让方承担。另一为公司法路径。当事人“恶意串通”转让未届期股权时,应当否定股东的出资期限利益,判定未届期出资义务加速到期。基于出资加速到期后的出资违约事实,董事会负有出资催缴义务,其应当督促转让/受让股东及时缴足出资;此时,为保护公司债权人利益,亦可类推瑕疵股权转让规则要求股权出让人和受让人对未届期出资义务承担连带责任。
Whether the transferor and transferee of the unexpired equity transfer have‘malicious collusion’to avoid the obligation of capital contribution,the judicial judgment can determine the following factors:the equity transfer price;comparison of market valuation and transaction price at the time of equity transaction;the proportion and share of the unexpired investment obligation;timing of equity transfer;Actual shareholding status after equity transfer;the capital contribution capacity of the transferee;the impact of equity transfer on the company's solvency;the company's operations and liabilities at the time of the transfer of equity.There are two ways to bear the capital contribution obligation after‘malicious collusion’transfer of unexpired equity transfer:one is the traditional civil law path.The equity transfer contract is invalid due to malicious collusion.The commitment of capital contribution after the invalidation needs to be determined according to whether the equity ownership has been transferred.If the two parties only sign the equity transfer contract and the equity ownership has not been transferred,the obligation of capital contribution shall be borne by the transferor;If the ownership of the equity has been transferred,the obligation of capital contribution shall be borne by the transferee.The other is the corporate law path.When the parties‘maliciously collude’to transfer the rights of the unexpired shares,they shall deny the benefits of the shareholders'investment term and judge that the obligation of the unexpired investment term is accelerated to expire.Based on the fact of capital contribution default after the accelerated maturity of capital contribution,the board of directors has the obligation to call for capital contribution,and it should urge the transfer/transferee shareholders to pay in full capital contribution in time.At this time,in order to protect the interests of the creditors of the company,the defective equity transfer rule may also require the equity transferor and the transferee to bear joint and several liability for the unexpired investment obligation.
出处
《法治研究》
北大核心
2025年第4期90-104,共15页
Research on Rule of Law
基金
国家社会科学基金青年项目“公司减资对债权人通知义务研究”(项目编号:19CFX049)
深圳大学高水平大学三期建设项目“公司法修改背景下的资本法律责任研究”(项目编号:20231849)阶段性成果。
关键词
出资未届期
股权转让
恶意串通
出资义务承担
the unexpired period of investment
equity transfer
malicious collusion
commitment of capital contribution
