股东失权的法律后果解释论  

The Legal Consequences of the System of Forfeiture Due to Delayed Payment

作　　者：刘凯湘[1] 韩雪 LIU Kaixiang;HAN Xue

机构地区：[1]北京大学法学院

出　　处：《经贸法律评论》2025年第1期87-104,共18页Business and Economic Law Review

摘　　要：新《公司法》尽管创设了股东出资义务的催缴与通知失权制度,但对于失权的法律后果并未予以明确。对于瑕疵出资股东,失权通知发出后即丧失未出资部分的股权,但丧失的股权主要是指股权中的财产性权利,股权中的人身性权利并不完全丧失,而只是丧失其中与财产性权利对应的、有牵连关系的权利,主要是表决权。股东认缴但未实际缴纳出资的股权应按照一定比例计算表决权。股权被没收后不再享有表决权。股东失权后仍须向债权人承担补充赔偿责任,对外责任履行后其有权选择申请复权,或者形成债权债务关系,此须视股权处理情况而定。公司没收股权后,应优先考虑转让股权。若选择减资注销股权,则应降低失权减资决议的表决通过比例。对于其他股东,失权通知发出之日即为确定其范围的基准日。失权股东之前手股东责任应先于其他股东责任,若其他股东无法承担责任的,应由除其之外的其他股东进一步按照出资比例分担。Although the new Company Law has established the system for urging and notifying shareholders to fulfill their capital contribution obligations,it does not clarify the legal consequences of disqualification due to failure to fulfill these obligations.For shareholders with defective contributions,once the disqualification notice is issued,they lose their equity rights related to the defective contributions,including both property rights and corresponding personal rights.After the contribution period expires,the voting rights of shareholders who have not made their contributions should be calculated based on a certain proportion,and once the equity is confiscated,they will no longer have voting rights.After losing their rights,shareholders still have to bear supplementary compensation responsibilities to creditors.Whether they have the right to apply for reinstatement after fulfilling their responsibilities or whether it forms a creditor-debtor relationship depends on the handling of the equity.After the company confiscates the equity,priority should be given to transferring the equity.If a reduction in capital is chosen for cancellation,the voting threshold for the disqualification reduction resolution should be lowered.For other shareholders,the date of issuance of the disqualification notice serves as the reference date for determining their scope.The liability of the disqualified shareholder’s predecessor takes precedence over that of other shareholders,and if the other shareholders are unable to bear the responsibility,the remaining shareholders should further share the burden according to their contribution ratios.

关 键 词：催缴出资 股东失权 瑕疵股权转让 表决权限制 债权人利益 

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