The Current Status and Solutions for the Joint Liability of Corporate Controllers in Debt Restructur

The Current Status and Solutions for the Joint Liability of Corporate Controllers in Debt Restructuring

债务重组过程中企业实际控制人连带保证责任的现状与解决思路

Bankruptcy restructuring, as a key legal mechanism for maintaining economic order, aims to assist financially distressed companies in avoiding liquidation by restructuring their debts. However, corporate controllers (often the chairperson or major shareholders) frequently face significant financial risks due to their personal guarantees for corporate debts, adding complexity to both legal and financial aspects of the restructuring process. Therefore, exploring ways to mitigate the joint liability of corporate controllers while ensuring the smooth progress of corporate restructuring holds considerable practical and theoretical significance. While legislative reforms could offer long-term solutions, as legal adjustments take time, this article focuses on practical solutions that can be implemented immediately.

破产重组作为维护经济秩序的重要法律手段，旨在帮助财务困境中的企业通过债务重组避免清算。然而，企业的实际控制人往往因为对公司债务提供个人担保而面临巨大财务风险，导致重组过程中产生复杂的法律和财务挑战。因此，探讨如何有效减轻实际控制人的连带责任，同时保障企业顺利重组，具有重要的现实意义。虽然通过立法改革可以从根本上解决问题，但由于立法调整需要时间，本文重点探讨可以立即实施的实际操作方案。

Forward-looking Risk Assessment and Adjustment

前瞻性的担保风险评估与调整

Enterprises should establish a forward-looking and dynamic risk assessment system, particularly in the use of personal guarantees. By collaborating with financial teams and legal advisors, companies should regularly evaluate their financial and debt structures, gradually reducing personal guarantees when conditions allow. For instance, when the company is profitable and has a healthy cash flow, negotiations with financial institutions can help replace personal guarantees with alternative financing structures and more comprehensive risk management measures.

企业应在正常运营期间建立一个前瞻性、动态的风险评估体系，尤其是针对个人担保的使用。通过与财务团队和法律顾问合作，定期评估企业的财务状况及其负债结构，针对不同的财务状况，采取分阶段、逐步减少个人担保的策略。例如，当企业盈利稳定且拥有良好的现金流时，与金融机构协商调整融资方案，通过替代性融资方式逐步替换个人担保，并设立更合理的风险管理措施，降低个人担保的比例等。

Diversified Guarantee Structures

采用分散化担保方式

Enterprises can adopt more diversified guarantee structures in their financing arrangements, reducing reliance on personal guarantees. This includes pooling different company assets into a collective guarantee or using accounts receivable as collateral, thereby spreading the risk and protecting the personal assets of the controller. Such measures not only safeguard the controller’s financial interests but also provide the company with greater flexibility during financial difficulties.

企业可以在融资结构上采用更加多元化的担保方式，例如，可以通过引入不同的担保来源，如将公司内的多项资产组合成担保池，或引入“应收账款保理”服务，将企业的应收账款、库存等运营性资产纳入抵押担保范畴，从而降低单一担保的风险。这样既能够保护实际控制人的个人财产，也能使企业在遇到财务困境时有更多的操作空间。

Debt Capitalisation and Equity Financing

借助债务资本化与股权融资

By converting debt into equity, companies can effectively reduce the financial pressure on corporate controllers. Professional restructuring advisors or investment banks can assist in designing debt-equity conversion plans, offering creditors specific pathways for converting their claims into equity, thus avoiding the need to pursue personal assets. Additionally, private equity funds or strategic investors can be introduced to alleviate the debt burden and reduce the controller’s personal guarantee obligations, all while ensuring the controller retains necessary control over the company.

通过将债务转为股权的方式，可以有效减轻实际控制人的担保压力。在破产重组谈判中，建议聘请专业的重组顾问或投行团队，设计债务资本化方案，向债权人提供将债务转化为股权的具体操作路径，从而避免直接追偿个人资产。此外，企业可以通过引入私募基金或其他战略投资者，以股权融资形式减少债务负担，并通过签订协议避免实际控制人承担个人担保。同时，也要注意合理设计股东结构，确保债务资本化后，实际控制人仍保留必要的控制权。

Enhanced Internal Financial Management and Compliance Transparency

内部财务管理与合规透明度的提升

Improving financial transparency and compliance can bolster creditor confidence in the company’s ability to meet its debt obligations, thereby reducing the need for personal guarantees. Establishing clear financial reporting and disclosure mechanisms helps maintain creditor trust, which is critical during debt restructuring. Engaging external auditors for periodic reviews can ensure that the company’s financial management aligns with relevant legal standards, further strengthening creditor confidence.

通过加强企业的财务管理和合规制度建设，实际控制人可以增强债权人对企业偿债能力的信心，进而减少对个人担保的要求。企业需要建立更加透明的财务报告和信息披露机制，定期向债权人发布企业运营和财务报告、通报企业的财务状况和发展规划，增强信息的透明度与对称性，以维持债权人的信任，这一点建议看似简单，但是在笔者参与的诸多债务重组过程中发挥了巨大的实际作用，债务危机时刻，取得债权人的信任是重组成功最基本的前提条件。同时，可以考虑引入外部审计机构，对企业财务进行定期审核，确保企业的财务管理符合相关法规与标准，从而提高债权人对企业偿债能力的信心。

Leveraging Third-party Guarantee Services

积极运用第三方机构的担保服务

In restructuring, companies can collaborate with professional guarantee firms or credit enhancement agencies to reduce the proportion of personal guarantees. By securing third-party guarantees, companies can mitigate the financial risks posed to controllers and maintain access to diverse financing options. Introducing credit enhancement insurance in financing plans also provides additional protection for corporate debt, safeguarding the controller’s personal assets.

在重组过程中，可以积极与专业的担保公司或信用增级机构合作，通过担保公司为企业债务提供额外保障，减少企业破产时个人资产的追偿风险。在融资方案中引入“信用增级保险”，为企业的信贷或债务融资提供风险覆盖，避免实际控制人个人财产受到影响

Using Trusts to Protect Personal Assets

通过信托机制保护个人资产

Corporate controllers can establish personal or family trusts to separate their personal and corporate assets, ensuring that personal wealth remains protected during corporate restructuring. Trusts offer a robust solution for asset protection and wealth transfer but must comply with the “Trust Law of the People’s Republic of China” and related regulations. Trusts should be planned well in advance of any financial crisis, as setting them up in the face of imminent bankruptcy could be viewed as an attempt to evade debts and might be challenged by creditors.

实际控制人可以通过设立个人信托或家族信托的方式，将个人资产与公司资产隔离，确保个人财产在企业破产重组时不受债务追偿影响。信托机制不仅可以有效保护实际控制人的个人财产，还能够为其家族财富传承提供保障。这一措施在许多国际企业中已经得到了广泛应用，并且被视为保护企业家个人财产的有效手段。但是需要提醒注意的是，信托操作必须符合《中华人民共和国信托法》以及相关的法律法规。信托法明确规定，自然人可以设立以保护、管理或传承个人财产为目的的信托。然而，在企业破产重组过程中，信托的使用必须格外谨慎，尤其是在实际控制人试图通过信托隔离个人资产的情况下，需要注意设立时的合法性，要在企业尚未陷入困境时，提前规划和设立信托来隔离个人与公司资产是合法的财务规划工具。如果信托是在企业面临破产或债务危机时紧急设立，可能会被视为恶意转移资产，违反《企业破产法》或《合同法》等相关法律，甚至会面临债权人追偿的挑战。

Conclusion

结论

Mitigating the joint liability of corporate controllers is essential not only for the benefit of protecting personal assets but also for ensuring the long-term development of the company. In line with the central government’s policies aimed at optimising the business environment and promoting the healthy development of private enterprises, reducing the liability of corporate controllers will boost entrepreneurial confidence and encourage innovation. By employing strategies such as diversified guarantees and debt capitalisation, companies can optimise their financing structures and ensure sustainable growth. Additionally, freeing corporate controllers from personal financial burdens will allow them to focus on strategic development, playing a critical role in advancing high-quality economic growth and implementing national economic policies.

合理解除企业实际控制人的连带担保责任，不仅关系到控制人个人财产的安全，更是企业长远发展的关键所在。根据国家关于优化营商环境、促进民营企业健康发展的政策导向，减少实际控制人的担保责任，有助于提升企业家信心，激发企业创新活力。通过合理运用分散担保、债务资本化等措施，能够有效优化企业融资结构，保障企业稳健经营与持续增长。同时，摆脱个人财务负担的实际控制人将更专注于企业战略发展，这对推动高质量经济发展与国家经济政策的落实起到了至关重要的作用。