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2011年6月ACCA考试F4考试真题(3)

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 9     In October 2008 Ronger Properties Joint Stock Co successfully issued corporate bonds of RMB 12 million yuan for

three years. By the end of 2010 the net assets of Ronger Properties Joint Stock Co were RMB 80 million yuan. During

the past two years it has been able to repay the interests due for the corporate bonds.

In   order   to   expand   its   business,   the   board   of   directors   of   Ronger   Properties   Joint   Stock   Co   adopted   a   resolution

intending to issue another set of corporate bonds to the public investors.

Required:

Answer the following questions in accordance with the relevant provisions of the Securities Law of China, and

give your reasons for your answer:

(a)   State the maximum amount of corporate bonds Ronger Properties Joint Stock Co could issue for the proposed

issuance.                                                                                                            (5 marks)

(b)   State whether the proposed issuance of corporate bonds should be underwritten by an underwriting

syndicate.                                                                                                           (4 marks)

(c)   State the statutory period of underwriting for the proposed issuance.                                                 (1 mark)

(10 marks)

10    Due to the failure to settle the debts due, Jianshe Garment Trading Co Ltd (Jianshe Co) was declared bankrupt by its

creditors. In October 2010 the court rendered an order to accept the application of bankruptcy and designated a

bankruptcy   administrator.   During   the   process   of   bankruptcy   liquidation   the   bankruptcy   administrator   found   that

Jianshe Co had given up a credit of RMB 200,000 yuan owed by its affiliate enterprise in August 2009.

The bankruptcy administrator also found that some shareholders of Jianshe Co failed to made full capital contributions

as prescribed in the agreement of incorporation.

Required:

Answer   the   following   questions   in   accordance   with   the   Enterprise   Bankruptcy   Law   of   China,   and   give   your

reasons for your answer:

(a)   (i)  State whether the action of giving up credit can be revoked during the process of liquidation;

(4 marks)

(ii) State whether the court should grant an order to revoke the act of giving up credit.                            (3 marks)

(b)   State how to deal with the matter of the lack of full capital contributions by some of the shareholders of

Jianshe Co.                                                                                                          (3 marks)

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