| 单词 | Debt subordination |
| 释义 | 債務後償 An agreement under which the creditors of a company decide amongst themselves on the order in which they will be repaid in the event of liquidation of the company. The creditors are usually divided into three different levels of priority: senior, mezzanine and junior creditors. No party to the subordination agreement may enforce any security or otherwise provide against the company without the agreement of the senior creditors. The senior creditors will be repaid first. Once they have been repaid in full, any remaining money will be used to repay other creditors in order. Ordinary shareholders will be automatically subordinated to all other creditors because they cannot usually realise their capital until all creditors of the company are repaid. Another form of subordination involves an agreement between creditors under which one or more of them will refrain from collecting their debt until the others have recovered their money in full. However, such a subordination agreement might not be upheld by a liquidator because a liquidator is required to distribute assets to unsecured creditors equally: National Westminster Bank Ltd v Halesowen Presswork & Assemblies Ltd [1972] AC 785 (HL); Macmillan Inc v Bishopsgate Investment Trust Plc (No 3) [1996] 1 All ER 585, 1 WLR 387 (CA). Subordination is used where the subordinated banks wish to have a better return on their loans (but assume greater risk as well), or where an unsecured bank requires any debts to borrower’s directors or parent company to be subordinated to its own. See also Creditor; Debt. 根據債務後償協議，公司的債權人互相決定，在有關公司清盤的情況下，這些債權人公司會獲得償還的次序。通常將債權人分為三個不同優先次序的等級：優先，中層和非優先債權人。在沒有優先債權人的同意下，債務後償協議的任何一方均不可針對有關的清盤公司，強制執行任何保證或其他所提供的方式。優先債權人會首先獲得償還。一旦他們獲得全數償還，便會使用任何剩餘的款項依次償還其他的債權人。普通股股東自動列於所有其他債權人之後，因為他們通常只有在公司所有股東獲得償還之後，才可變現他們的資本。另一種後償的形式涉及債權人之間的協議，在這協議下，一位或多位債權人將不收取債務，直至其他債權人已全數追回他們的款項為止。但清盤人可能不支持該等後償協議，因為清盤人須要向無抵押債權人平均分配資產：National Westminster Bank Ltd v Halesowen Presswork & Assemblies Ltd [1972] AC 785 （上議院）；Macmillan Inc v Bishopsgate Investment Trust Plc (No 3) [1996] 1 All ER 585, 1 WLR 387（英國上訴法院）。如後償銀行意欲就其貸款獲得較佳的回報（但同時也承擔更大的風險），或如無抵押銀行規定任何對借款人的董事或母公司／控股公司的債務須列於其本身之後，則可用後償協議。另見 Creditor; Debt。 |
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