Closing positions generally includes two ways, one is to calculate the total amount of each transaction or one by one, and the other is to make a net settlement of all transactions of each bond in a certain period of time, and calculate the net closing position of long or short positions.
In some markets, the central counterparty puts itself between the two parties to the transaction, that is, the parties to the transaction deliver or pay funds or securities to the central counterparty, and the rights and obligations of the two parties to the transaction are transformed into the rights and obligations between the two parties to the transaction and the central counterparty. The introduction of the central counterparty reduces the credit risk and liquidity risk, and also reduces the transaction cost. With the increase of trading volume, net settlement is becoming more and more common in the securities markets of various countries. Company liquidation is an act of checking, valuing, realizing, clearing up creditor's rights and debts and distributing surplus property during the termination of an enterprise in order to terminate its existing economic relations. In order to meet the requirements of the development of market economy and protect the legitimate rights and interests of investors and creditors, the enterprise financial system and relevant laws have made provisions on enterprise liquidation.
After the company is dissolved or closed down, the company no longer exists and its rights and obligations are unbearable. Therefore, when the company is dissolved, all kinds of legal relations that occurred during its existence should be properly handled and liquidated. The property of the liquidated enterprise includes all the property of the enterprise when the liquidation is announced and the assets obtained during the liquidation.
It should be noted that "enterprise property liquidation" and "property liquidation" are different.
(1) If the assets of the liquidation enterprise include the assets used by the enterprise to guarantee certain debts, the corresponding creditors often have the priority to dispose of these assets, so these assets cannot be used to pay off debts or distributed to enterprise investors in legal order like other assets. Instead, the mortgaged property is deducted from all the property of the enterprise, and the deduction amount is limited to the corresponding debt amount, and the part that exceeds the secured debt amount belongs to the liquidation property of the enterprise. It can be seen that the liquidation property of the enterprise at this time is less than the property amount of the enterprise.
(2) Whether the property acquired by an enterprise during the liquidation period is included in the liquidation property depends on its acquisition method.
Generally speaking, once an enterprise enters liquidation, it should not continue to engage in business activities unrelated to enterprise liquidation. Judging whether an activity is related to enterprise liquidation mainly depends on whether the activity is conducive to enterprise liquidation.
A. If an activity is beneficial to enterprise liquidation, it can be considered as related to enterprise liquidation, and the assets thus obtained shall be included in the liquidation property. For example, during the liquidation period, enterprises continue to produce some unfinished products and sell inventory products according to the normal business model. Obviously, these activities are conducive to realizing the assets of the enterprise and improving the overall liquidation value of the enterprise, so they can be considered as activities related to the liquidation of the enterprise, and the assets obtained from them, such as cash income and accounts receivable, will be included in the liquidation property of the enterprise. B. If an enterprise purchases various assets in order to maintain or expand its business during its operation, especially by means of credit purchase or obtaining loans, which makes the property relationship of the enterprise more complicated, thus increasing the difficulty of enterprise liquidation, the assets obtained by the enterprise through these activities explicitly prohibited during the liquidation period should be treated separately and not included in the enterprise liquidation property. At this time, the liquidation property of the enterprise is obviously less than all the property of the enterprise.
(3) In some cases, the liquidation property of an enterprise cannot be greater than the financial value of all the property at the time of liquidation. This is mainly because the liquidation of enterprises often involves many changes in interest relations, and some people may use some powers or other conditions to engage in malpractices for personal gain. In order to prevent this from happening, the system stipulates that during the period from six months before the termination of the enterprise announcement to the date of termination, the following acts are invalid: a. possession of shares or transfer of property without compensation.
Abnormal underpricing attribute.
C provide property guarantee for the original debt without property guarantee. D. Pay off the outstanding debts in advance.
E. give up your creditor's rights.
The common feature of the above behaviors is that it will harm the interests of enterprises and reduce the liquidation property actually owned by enterprises. Therefore, if the above-mentioned behavior actually occurs, once it is found out, the liquidation institution has the right to recover the corresponding property and incorporate it into the liquidation property. In this case, although the relevant property is no longer on the enterprise's books when the enterprise declares liquidation, the actual liquidation property can exceed the book property after j times.
In the process of clearing the enterprise's liquidation property, we must first clean up all the assets of the enterprise and list the assets; Secondly, it is necessary to strictly review all kinds of certification materials provided by relevant creditors in order to eliminate all kinds of assets that are not suitable for liquidation from all assets; Then check whether the enterprise's handling of property within the prescribed time limit is legal, so as to recover all kinds of illegally handled property; Finally, make a list of all assets that can be included in the liquidation property for reasonable valuation and proper disposal. Generally speaking, there are three methods to evaluate the liquidation property of an enterprise, namely, net book value method, revaluation method and realized income method.
① Based on the net book value. The net book value of assets refers to the remaining part of the original book value of assets after deducting the corresponding losses or expenses. In the liquidation property of an enterprise, all kinds of physical assets often deviate from the present value, so it is generally not appropriate to directly use the book value as the valuation standard of physical assets. The assets suitable for book value valuation are mainly various monetary assets, including cash on hand, bank deposits, receivables and prepayments.
② Valuation based on revalued value. The revaluation value of assets is the value formed by reassessing assets according to existing conditions. Due to different evaluation criteria, the revalued value of assets may also be inconsistent. In the process of enterprise liquidation, the evaluation of enterprise assets can mainly be evaluated by two standards; One is the replacement cost of assets; The other is the profitability of assets.
First, the replacement cost of assets. Asset replacement cost refers to the cost of repurchasing assets by function under current conditions. Valuation of assets according to replacement cost is mainly to determine their replacement net price, which is equal to the replacement full price of assets minus losses, in which the replacement full price of assets is equal to the cost of replacing new similar assets under existing conditions, and the other factor loss is to comprehensively consider various depreciation factors caused by tangible and intangible losses of assets. B. profitability of assets. Asset profitability refers to the net income that assets may bring in the normal operation process. The essence of evaluating assets according to net income ability is to capitalize the value of assets and evaluate them according to the value of capital market.
③ Valuation by realized value. The realized value of assets refers to the income that may be obtained by putting assets into the corresponding circulation market. Of course, the market mentioned here is a generalized market. Some assets have a relatively developed circulation market, and some assets may have an underdeveloped circulation market.
(3) Preparing the liquidation balance sheet
After liquidation value is determined, accounting statements can be completed according to the inventory compiled by liquidation value, mainly to liquidate the balance sheet. On the basis of reasonable valuation or realization of liquidation property, it can be used to pay liquidation expenses first.
Liquidation expenses refer to the necessary expenses incurred by an enterprise in the process of liquidation. Including: salary, travel expenses, office expenses, announcement fees, legal fees and other expenses necessary in the liquidation process, such as wages and labor insurance of enterprise employees during liquidation, other fixed expenses during liquidation and deposit interest. Therefore, the length of the liquidation period directly affects the occurrence of liquidation expenses, and shortening the liquidation period as much as possible is one of the important ways to save liquidation expenses. (1) Definition of maximum amount. A. The maximum solvency of a limited company is its registered capital. If the paid-in capital is inconsistent with the registered capital, the maximum repayment amount shall be paid-in capital. If the paid-in capital is not up to the existing capital and the debt is not paid off, the investor shall make up the subscribed capital.
B. An unlimited liability company shall bear unlimited liability for its debts. If the property is insufficient to pay off, compensation shall be made with personal property until the payment is completed.
② liquidation order. After paying the liquidation expenses, an enterprise shall pay off its debts in the following order:
I. Payable unpaid wages, labor insurance, etc. B. unpaid national taxes shall be paid.
C. Outstanding debts.
If it is not enough to pay off in the same order, it will be paid off in proportion. ① Calculation of surplus property. Remaining property = total equity of liquidation balance sheet-liquidation expenses-expenses to be paid-liquidation balance sheet does not include liquidation gains and losses.
Or: Remaining property = total equity of balance sheet during operating period-debit balance of liquidation profit and loss.
② Distribution of surplus property. After the enterprise pays the necessary income tax according to law, the remaining property can be distributed among the enterprise investors. The distribution of surplus property should adopt different ways according to different situations.
After the distribution of the remaining property, the financial treatment in liquidation is completed. At this time, the liquidation institution should issue relevant reports and statements, and hire certified public accountants to audit the liquidation process of the enterprise and the corresponding reports and statements. They should sign the audit report and submit it to the relevant institutions for confirmation together with the above liquidation report.