问答题

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)

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In
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Required:
Answer

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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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The
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Required:
Answer

Manco has been experiencing substantial losses at its furniture making operation which is treated as a separate operating segment. The company’s year end is 30 September. At a meeting on 1 July 2010 the directors decided to close down the furniture making operation on 31 January 2011 and then dispose of its non-current assets on a piecemeal basis. Affected employees and customers were informed of the decision and a press announcement was made immediately after the meeting. The directors have obtained the following information in relation to the closure of the operation:
(i) On 1 July 2010, the factory had a carrying amount of $3·6 million and is expected to be sold for net proceeds of $5 million. On the same date the plant had a carrying amount of $2·8 million, but it is anticipated that it will only realise net proceeds of $500,000.
(ii) Of the employees affected by the closure, the majority will be made redundant at cost of $750,000, the remainder will be retrained at a cost of $200,000 and given work in one of the company’s other operations.
(iii) Trading losses from 1 July to 30 September 2010 are expected to be $600,000 and from this date to the closure on 31 January 2011 a further $1 million of trading losses are expected.
Required:
Explain how the decision to close the furniture making operation should be treated in Manco’s fi nancial statements for the years ending 30 September 2010 and 2011. Your answer should quantify the amounts involved.

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