持續經營或拆解出售

Why is it more worthwhile to sell the company as a going concern rather than selling the assets as scrap?

一家已出售了的持續經營企業為一家并不會在出售后停止營業。根據馬來西亞持續經營業務轉移指南，持續經營業務轉移（TOGC）可能涉及整體或部分持續經營業務的轉移，且在僅有部分業務轉移的情況下，該部分業務必須能夠獨立運營。 馬來西亞TOGC指南還說明任何購買或轉移公司資產卻不導致買房接手公司業務的情況并不歸納入TOGC的定義之中。在法庭判例Abdul Aziz bin Abdul Majid & Ors v Kuantan Beach Hotel Sdn Bhd & Ors [2012] MLJU 1788中，法官引用了英國最高法院的判例 (Melon v Hector Powe Ltd [1981] 1 ALL ER) ，其中Lord Fraser說：

“業務或部分業務轉移與實物資產轉移之間的本質區別在于，在前者的情況下，業務以持續經營的方式轉移，因此該業務仍然是同一業務，但掌握在不同的手中……而在后者的情況下，資產將轉移到新所有權以用于其選擇的任何業務。”

買方通常可以通過TOGC獲得以下好處，但不僅限于這些：

·有形資產； （例如：房屋，商品，設施）

·無形資產和（例如：公司品牌，商標，專利和客戶忠誠度）

·未來盈利能力

Going concern is a business which is still operating. According to theMalaysia Guide on Transfer of Business as a Going Concern, transfer of business as going concern (TOGC) may involve the transfer of a whole or part of a business as a going concern, and in the case where only part of the business is transferred, that part of the business must be able to operate on its own.  The Malaysia Guide on TOGC also illustrates that a mere sale or transfer of capital assets which does not result in the purchaser taking over the business of the seller does not come within the definition of TOGC. In Abdul Aziz bin Abdul Majid & Ors v Kuantan Beach Hotel Sdn Bhd & Ors [2012] MLJU 1788, the judge cited a UK Supreme Court case law (Melon v Hector Powe Ltd [1981] 1 ALL ER) in which Lord Fraser stated that

'the essential distinction between the transfer of business or part of a business, and a transfer of the physical assets is that in the former case the business is transferred as a going concern so that the business remains the same business but in different hands… whereas in the latter case, the assets are transferred to the new ownership to be used in whatever business he choose.’

Here are what the buyer can usually obtain through a TOGC, but not limited to these：

·tangible assets; (e.g.: premises, goods, facilities)

·intangible assets and (e.g.: company brand names, trademarks, patents and customer loyalty)

·future profitability

TOGC比單純的資產轉移能為買方帶來更多收益。一些情況下，持續經營被出售是由于經營不善或投資策略錯誤導致無法盈利。因此，公司可在針對管理層面或者商業策略上進行改革或重整即可挽救甚至與振興公司。由于持續經營企業一直具有完善的組織結構，因此經營者只需要付出相對較小的努力即可重建公司業務。現在，我們將著眼交易的各個部分以及它們如何使買方受益。

A TOGC can benefit the buyers more than transfer of mere assets. Sometimes, going concern is sold because it is not making profit due to improper management or wrongful investment strategy. So, some changes and improvements to the management level or business strategy can save the company and revive it. Since going concern always has well-established organizational structure, the effort to be put in to rebuild it is comparatively small. Now, we will look at each part of the transaction and how they are going to advantageous the buyers.