第章重整與清算

第11章重整與清算

11.1財(cái)務(wù)失敗與財(cái)務(wù)失敗預(yù)警11.2財(cái)務(wù)重整（FinancialReorganization）

11.3企業(yè)清算(Liquidation)

11.1財(cái)務(wù)失敗與財(cái)務(wù)失敗預(yù)警1.財(cái)務(wù)失敗2.財(cái)務(wù)失敗預(yù)警1.財(cái)務(wù)失敗財(cái)務(wù)失敗是一個(gè)企業(yè)無(wú)力償還到期債務(wù)的困難和危機(jī)。

企銷業(yè)首財(cái)揚(yáng)務(wù)山失孩敗順預(yù)左警膀系煩統(tǒng)轉(zhuǎn)主售要裙有窯兩財(cái)種屑建行立版方清式：運(yùn)僻用買(mǎi)多偶變揀模勒式迫思繞路習(xí)建蘿立箭多叛元販線膛型令函批數(shù)俘公谷式鑰，嘩即職運(yùn)敘用鴨多膠種挨財(cái)頓務(wù)露指波標(biāo)筍加額權(quán)瞧匯摧總斧產(chǎn)肉生弟的復(fù)總央判緣瑞別輪分眨（矩稱啞為Z值航）葵來(lái)姜預(yù)炮測(cè)迎財(cái)隆務(wù)鉛危妹機(jī)鐮。盒其資判岸別畝函班數(shù)艱為剛：Z真=劑0雷.洪0款1提2精X1+危0清.述0角1異4掉X2+眼0圖.士0屋3竟3贈(zèng)X3+無(wú)0昂.柏0殃0寬6氣X4+屋0奏.譽(yù)9車9喂9曉X5該廟模她型厚實(shí)砌際快上天是散通總過(guò)鋤五扎個(gè)給變腦量醫(yī)（萄五廚種妨財(cái)柴務(wù)將比嘆率勺）胳，爹將姨反陪映脖企模業(yè)泉償月債蟲(chóng)能崇力瓦的帆指介標(biāo)奔（X1、主X4）施、獲齒利摟能掉力成指靠標(biāo)央（X2、醫(yī)X3）和苗營(yíng)未運(yùn)享能扛力攪指帆標(biāo)幼（X5）有跳機(jī)沒(méi)聯(lián)押系竿起磚來(lái)束，疑綜莊合附分季析澡預(yù)尸測(cè)暖企漏業(yè)墾失竭敗蠟或楚破樓產(chǎn)爛的竭可危能拔性燒。哲一辰般棄地然，Z值忍越懷低賣企欠業(yè)口越撞可刺能殘發(fā)濁生昂破規(guī)產(chǎn)漂。2瓣.財(cái)是務(wù)孩失灑敗相預(yù)忽警2漸.財(cái)尤務(wù)愈失堡敗階預(yù)塔警運(yùn)形用生單恒變降模珠式蓄思畢路爭(zhēng)通贊過(guò)散單艱個(gè)洞財(cái)腹務(wù)右比挖率萬(wàn)走解勢(shì)以惡相化湖來(lái)胳預(yù)瓶測(cè)謊財(cái)寇務(wù)蠟危祝機(jī)陰。預(yù)略測(cè)示企切業(yè)忠財(cái)共務(wù)腹失速敗彎的參比鑄率托主巡壽要怕有侵：債撲務(wù)珍保勒障仿率逮=冬現(xiàn)昆金豎流雕量傳÷責(zé)負(fù)本債鎖總闊額允；資功產(chǎn)武收盲益為率芬=慮凈誕收眉益剃÷間資貞產(chǎn)國(guó)總梅額結(jié)；資咬產(chǎn)翻負(fù)己債裝率疲=覽負(fù)糾債傻總右額竿÷汗資排產(chǎn)富總?cè)~犁；資蠶金江安涉全留率厲=褲資步產(chǎn)例變蔑現(xiàn)什率漲－悠資逐產(chǎn)知負(fù)退債愉率侮，圈其存中店，恥資或產(chǎn)蜘變提現(xiàn)因率著=曉資嗓產(chǎn)勒變浪現(xiàn)拳金血額差÷菜資歲產(chǎn)通帳絹面驕金鎮(zhèn)額羞。2需.財(cái)騙務(wù)蝦失燙敗嫌預(yù)蓮警通暑過(guò)演企活業(yè)撕安逝全做率柴進(jìn)謝行診財(cái)欄務(wù)和預(yù)樓警揚(yáng)的失原縮慧理盡。企濁業(yè)只安許全懶率飾時(shí)脊是再由丸兩恰個(gè)蔬因筑素繁交郊集須而肌成引：拆一帖是冷經(jīng)永營(yíng)琴安中全羨率窗，膀一徑是寸資駛金仔安塞全聲率嘩。經(jīng)閘營(yíng)淚安巾全悔率牛用落安我全縱邊址際捆率雷表坐示推：安唇全說(shuō)邊愉際抓率盞=景安常全屆邊亞際勾額牧÷從現(xiàn)決有陸（階預(yù)奧計(jì)舌）酬銷慘售弦額=尺（談現(xiàn)栽有質(zhì)或貓預(yù)援計(jì)宅銷所售裳額郵-將保北本譜銷四售的額筍）蘇÷餅現(xiàn)醉有倉(cāng)（肅預(yù)盞計(jì)鐘）獄銷雅售向額2諸.財(cái)鑄務(wù)訴失滲敗背預(yù)犁警資現(xiàn)金昨安暫全數(shù)率智計(jì)慶算李方門(mén)法炕是育：資畜金確安懶全搖率它=余資幻玉產(chǎn)弓變育現(xiàn)漆率牢-咬資鉤產(chǎn)挨負(fù)徐債燦率資榨產(chǎn)鋒變賤現(xiàn)脅率紙=鐵資徐產(chǎn)沃變額現(xiàn)冰金竊額甲÷消資州產(chǎn)糞帳大面徹金扶額資詢產(chǎn)幕負(fù)激債籮率錢(qián)=瞇負(fù)隊(duì)債駛額傻÷扭資赴產(chǎn)安總慰額資民金事安腰全泡率特＝值（基資懇產(chǎn)芝變附現(xiàn)答值范-盜負(fù)躁債榨額推）億÷撇資漢產(chǎn)欄帳煌面賀總穿額在姻企喇業(yè)裂的律預(yù)憤警細(xì)分轉(zhuǎn)析挖中鞏，裁可旁將警資亮金款安薄全提率團(tuán)與酬安坊全悉邊烏際征率油結(jié)白合活起哲來(lái)玩，各判足斷最企洞業(yè)伯的自經(jīng)淋營(yíng)桑情豈況場(chǎng)和詠財(cái)違務(wù)故狀肥況炎是丑否凱良刮好2繳.財(cái)昨務(wù)鍛失奴敗董預(yù)搖警2護(hù).財(cái)裳務(wù)旋失氧敗霜預(yù)州警當(dāng)手兩成個(gè)辛指殺標(biāo)練共蕩同織確紐奉定壟的鋸經(jīng)婚營(yíng)重安瞧全柜率妥落降在旱第馳Ⅰ肢象獵限晃，救表早示模企亦業(yè)將經(jīng)模營(yíng)縮慧狀涉況攪良儲(chǔ)好光，丸應(yīng)奶該泡采胡取剖有埋計(jì)決劃派經(jīng)寇營(yíng)沒(méi)擴(kuò)揚(yáng)張捕策舟略吸。經(jīng)蓋營(yíng)庫(kù)安絞全紀(jì)率舉落頃在述第甜Ⅱ市象斑限詢，敵表鎮(zhèn)示衛(wèi)企舒業(yè)模經(jīng)蹲營(yíng)大財(cái)笑務(wù)諸狀血況次尚塘好味，很但四是嬸市肆場(chǎng)患銷培售夫能左力馳明知顯任不幫足千，研應(yīng)友全匯盤(pán)借研賊究監(jiān)對(duì)妙策仍，課以射加嗚強(qiáng)慶企些業(yè)皺總費(fèi)體傻銷錦售鬼實(shí)絕力錄，扶創(chuàng)盛造南企根業(yè)賤應(yīng)與有學(xué)利渠潤(rùn)到。經(jīng)舅營(yíng)釀安醋全韻率鏈落鋼在磁第筍Ⅲ吸象溪限數(shù)，橋表?yè)鲜纠筵櫟麡I(yè)艇經(jīng)沃營(yíng)首已莊陷即入匠經(jīng)宜營(yíng)取不抬善多的爬境酷地繁，橋隨暖時(shí)況有快關(guān)嬌門(mén)蹤蝶的愿危盒機(jī)泡，彼經(jīng)岸營(yíng)黨者銳應(yīng)旅下芹決壞心暗立牌即柔采逐取嚼措換施距，叢進(jìn)閘行邪有戴效眨的原重途整假。經(jīng)醋營(yíng)蘭安逢全別率豆落誘在秤第跟Ⅳ否象測(cè)限汗，撈表渠示軌企蘆業(yè)疏財(cái)垂務(wù)但狀古況超已品露兆出悅險(xiǎn)鈴兆宏，攔經(jīng)雄營(yíng)旗者栗應(yīng)粥將團(tuán)改屋善慶財(cái)捕務(wù)否結(jié)容構(gòu)炮列費(fèi)為萄首系要手任借務(wù)兇，慢要糟求景企槐業(yè)寧全鏟員莊有蓋總并體遞現(xiàn)裕金友觀棕念挺，五自稻有靜資謎金通比完例狐提脅高高，備并莊積源極班進(jìn)拐行筋開(kāi)蠶源輝節(jié)館流楚，圾此做時(shí)倘對(duì)秒市歪場(chǎng)控營(yíng)報(bào)銷怕應(yīng)必采箱用煌適林度室的茶成抖長(zhǎng)敘策翅略棒，疫并帖且擇要潤(rùn)求姥營(yíng)味銷泊部據(jù)門(mén)級(jí)對(duì)嶼顧搞客蠅做借必塘要奴篩舟選朗，斜提河高覽信帶用本政茫策跳的判標(biāo)限準(zhǔn)章，隊(duì)以高防帶止壟不策良蒼銷椅售飲損供失洲，皆加后速役企叨業(yè)援財(cái)峽務(wù)舊狀賀況關(guān)的轟惡仍化扭。2槳.財(cái)凍務(wù)債失劇敗神預(yù)溜警返膝回1豬1巖.徑2顧財(cái)胞務(wù)口重丹整躲（F躲i書(shū)n掀a盡n象c事i猛a計(jì)l戶R糟e悅o代r攜g膝a忌n良i好z尖a械t毀i伏o亭n副）1側(cè).財(cái)?shù)竸?wù)知重籃整效的歡方災(zāi)式2滲.財(cái)葡務(wù)襖重伯整背的精程床序3擔(dān).財(cái)玻務(wù)燃重尋整卷的艦決笑策1盒.財(cái)炒務(wù)鹽重膛整匪的煮方畝式非持正珍式登財(cái)告務(wù)抄重乘整稼：安主加要狹是嶄債漂務(wù)稈展液期酷和歸債偶務(wù)煙和正解正漢式垮財(cái)玩務(wù)棋重吸整饒：在尊法班院撈受嘆理剃債煙權(quán)脅人泛申磚請(qǐng)寫(xiě)破爽產(chǎn)蔽案卻件繁的雞一瓜定疤時(shí)柴期橋內(nèi)抵，質(zhì)經(jīng)灑債餓務(wù)爐人內(nèi)及請(qǐng)其唇委鴉托快人擾申勿請(qǐng)巧，番與啄債竭權(quán)謀人巷會(huì)腦議損達(dá)硬成蠅和貸解掏協(xié)沿議肝，林對(duì)若企蘿業(yè)暮進(jìn)斗行欄整規(guī)頓暢、更重恐組張的疑一似種鳳制酬度予。2閥.財(cái)宿務(wù)奏重決整刑的私程杏序向斗法皂院籃提重出擋重規(guī)組從申羨請(qǐng)法半院舊任此命侮債綿權(quán)畜人胃委緩員輝會(huì)制傾定師企膊業(yè)贏重冒整懶計(jì)支劃槽：執(zhí)渣行漢企拉業(yè)佩重麻整融計(jì)羨劃經(jīng)紗法鞭院慶認(rèn)亂定銹宣稍告高終坑止償重鍋整3最.財(cái)柔務(wù)悠重元整劍的運(yùn)決病策企添業(yè)艘瀕小臨堂破宏產(chǎn)姨（B倡a滅n應(yīng)k堡r針u妖p艙t燦c匯y脹）時(shí)駝面湊臨滑一師項(xiàng)欠財(cái)肺務(wù)笑決虜策衫，露即葵是婚通張過(guò)選清家算命而詳使守企企業(yè)像解質(zhì)體墳，賤或?qū)捳呃餐ú策^(guò)田重飽整朽而憶生虛存辮下拒去記。儲(chǔ)影捉響確重吐整訂抑土或詳破值產(chǎn)發(fā)清趁算濾財(cái)墳務(wù)篇決垃策甩的準(zhǔn)重貪要獵因蔑素次，枝首壩先員是莊企奏業(yè)動(dòng)重阻整把價(jià)芽值敗與即清紫算既價(jià)那值懇之仗比破較畝?？淦錃⒋蜗鳎榉▽?xiě)院第或婚債卸權(quán)毅人隨對(duì)層企牲業(yè)剝重薄整龍的少認(rèn)握可賄是拌以秩重蛇整端計(jì)副劃陽(yáng)是飼否悼具省備訊公誼平博性涉和口可兇行必性柴為慚依略據(jù)都的永。返陳回1碧1飲.雀3銅企俗業(yè)散清瓜算(L碧i陽(yáng)q答u漂i蠶d注a巖t可i乓o儀n肚)1黃.企銜業(yè)框清笨算脅的賣類陰型2.說(shuō)破恭產(chǎn)桃清做算3刺.解足散測(cè)清故算4峽.企榜業(yè)游清廈算昌的跌實(shí)抽施1竭.企桐業(yè)滔清擱算收的脊類迎型企塞業(yè)爪清漿算忠按饞其級(jí)原插因擱，富可膏分澡為歪解備散疤清峽算翁和乏破麗產(chǎn)滅清鄰算依乒據(jù)司清明算板是票否晃自逝行司組籠織件，腔可完以兩分隙為比普原通傾清艙算模和眼特克別古清以算2.烏破趁產(chǎn)揚(yáng)清芝算破廁產(chǎn)構(gòu)界跑限破罩產(chǎn)培有河兩董層凱含谷義病：鉤其夢(mèng)一攔是退資絨不碧抵芬債侮時(shí)珠發(fā)必生味的嗓實(shí)貪際揭上格的躬破泛產(chǎn)；其陽(yáng)二穿是起指映債紅務(wù)跌人增因聲不孝能墊清漲償勉到線期凡債嗚務(wù)涉而驗(yàn)被需法咽院煮依助法仔宣吸告澆破散產(chǎn)物。在什破梳產(chǎn)滑立廳法薄上臨，男對(duì)界破念產(chǎn)檔界性限永有探兩顫種挪規(guī)系定爭(zhēng)方輸式肅：筒一榜種專是煤列跟舉宰方闊式滑，冷另備一柏種席方至式量是合概倒括染方剩式冶，貌其具通牙常寇有亞三診種帥概大括歪：蠟不噸能陸清部?jī)斀ɑ虬責(zé)o牢力蝦支飛付喊；踏債嶺務(wù)當(dāng)超皺過(guò)顏資四產(chǎn)舞，趟即島資環(huán)不音抵欣債摧；耐停觸止寨支甘付棉。2.策破刷產(chǎn)慢清伐算破藥產(chǎn)補(bǔ)清戀算嘉的隱一塵般軟程顧序提統(tǒng)出以破暈產(chǎn)宣申哈請(qǐng)法閣院拔接也受燈申夢(mèng)請(qǐng)債腥權(quán)兩人日申版報(bào)床債啞權(quán)法熱院?jiǎn)T裁詞定兆，溫宣剖告路企找業(yè)觀破序產(chǎn)組習(xí)建鈔清賢算竿組2.染破瘡產(chǎn)素清津算破敞產(chǎn)萌清供算算的甚一估般宿程蓋序接橫管渣破鼻產(chǎn)云企釋業(yè)衡，湊進(jìn)舉行園資晝產(chǎn)晃處熄置庭等俘工這作編搖報(bào)括、慎實(shí)艦施冷破天產(chǎn)羽財(cái)為產(chǎn)英分給配左方樓案報(bào)燙告屈清尋算菠工痛作注雞銷都破筑產(chǎn)悶企雙業(yè)3確.解宜散炸清躲算清繩算飲程灶序—薯—一牽般凍清晌算喜程連序確傭定勤清短算降人呈或汗成曠立共清侮算省組債醒權(quán)叉人塑進(jìn)饞行監(jiān)債匪權(quán)伙登縣記清情理枝公酬司鳴財(cái)翁產(chǎn)森，醉編桐制媽資含產(chǎn)殺負(fù)轟債靈表濫及滾財(cái)克產(chǎn)江清秧單在燒對(duì)槽公爪司械資慢產(chǎn)舌進(jìn)睬行劍估即價(jià)獸的器基搭礎(chǔ)威上押，遵制吼定瓶清首算環(huán)方蔥案執(zhí)碼行瓣清襖算喪方青案辦賺理低清婚