Guodu Securities Co., Ltd. has released the Announcement of Guodu Securities Co., Ltd. on Convening the General Meeting of Fund Unitholders of Guodu Multi Strategy Hybrid Securities Investment Fund by Communication on May 31, 2023.
In order to ensure the smooth convening of the Fund Unitholders' Meeting, the second suggestive announcement on the convening of the Meeting is hereby issued.
1、 Basic information of the meeting
In accordance with the relevant provisions of the Securities Investment Fund Law of the People's Republic of China (hereinafter referred to as the "Fund Law"), the Administrative Measures for the Operation of Publicly Offered Securities Investment Funds and the Guodu Multi Strategy Hybrid Securities Investment Fund Contract (hereinafter referred to as the "Fund Contract"), the Guodu Multi Strategy Hybrid Securities Investment Fund (hereinafter referred to as the "Fund") ）Guodu Securities Co., Ltd. (hereinafter referred to as "the Fund Manager"), the Fund Manager of the Fund, and Industrial Bank Co., Ltd., the Fund Custodian of the Fund, have agreed to convene a general meeting of the Fund Unitholders of the Fund by means of communication to consider the termination of the Fund Contract and other relevant matters. The specific arrangements of the meeting are as follows:
1. The meeting shall be held by means of communication.
2. Voting method: paper voting.
3. The voting time of the meeting is from June 6, 2023 to 17:00 on June 30, 2023 (the voting time is subject to the time when the fund manager receives the votes).
4. Place of sending votes of the meeting:
Fund Manager: Guodu Securities Co., Ltd
Address: 9/F, 10/F, Guohua Investment Building, 3 Dongzhimen South Street, Dongcheng District, Beijing
Postal code: 100007
Contact: Sun Mingqi
Tel: 400-818-8118
Please indicate on the surface of the envelope: "For voting only at the general meeting of fund share holders of Guodu Multi Strategy Hybrid Securities Investment Fund".
5. Conference hotline: 400-818-8118
2、 Matters to be considered at the meeting
Proposal on Termination of Fund Contract of Guodu Multi Strategy Hybrid Securities Investment Fund (see Annex I).
For the contents of the above proposals, please refer to the Notes to the Proposal on Terminating the Fund Contract of Guodu Multi Strategy Hybrid Securities Investment Fund (Annex IV).
3、 Equity registration date of the general meeting of fund unit holders
The equity registration date of this meeting is June 5, 2023, that is, after the end of the trading hours on the afternoon of June 5, 2023, all fund unit holders registered in the registration authority have the right to participate in this fund unit holder meeting and vote.
4、 Way of filling in and sending votes
1. See Annex II for the votes of this meeting. Fund share holders may cut and copy their votes from relevant newspapers or log on to the Fund Manager's website (www.guodu. com) and the CSRC's fund electronic disclosure website（ http://eid.csrc.gov.cn/fund ）Download and print votes.
2. Fund share holders shall fill in relevant contents in accordance with the requirements of the voting vote, including:
(1) If an individual investor votes by himself/herself, he/she shall sign on the voting ticket and provide copies of the front and back of his/her ID card;
(2) If institutional investors vote on their own, they need to affix their official seal or authorized or recognized business seal (hereinafter collectively referred to as "official seal") on the votes, and provide a copy of the business license of the enterprise legal person with the official seal (public institutions, social organizations or other units can use the approval document, account opening certificate or registration certificate of the competent department with the official seal);
(3) If a QFII (including RMB QFII, the same below) votes on its own, it shall affix its official seal (if any) or have its authorized representative sign on the vote (if there is no official seal), and provide a copy of the front and back of the authorized representative's identity card or a copy of the passport or other identity documents, The power of attorney signed by the QFII or other documents certifying that the authorized representative has the right to sign the vote on behalf of the QFII, as well as the QFII's business license Copies of the business registration certificate or other valid registration certificates and the certification documents for obtaining the qualification of qualified foreign institutional investors;
(4) If an individual investor entrusts others to vote, the proxy shall sign or seal on the voting ticket, and provide copies of the front and back of the individual investor's identity card, as well as the original of the completed power of attorney (refer to Annex III). If the agent is an individual, a copy of the front and back of the agent's ID card shall also be provided; If the agent is an institution, it is also required to provide a copy of the business license of the enterprise legal person affixed with the official seal of the agent (public institutions, social organizations or other units can use the approval, account opening certificate or registration certificate of the competent department affixed with the official seal, etc.);
(5) If an institutional investor entrusts others to vote, the proxy shall sign or seal on the vote, and provide a copy of the institutional investor's business license of enterprise legal person with official seal (public institutions, social organizations or other units can use the official seal of the competent department's approval, account opening certificate or registration certificate, etc.), And the original of the completed power of attorney (refer to Annex III). If the agent is an individual, a copy of the front and back of the agent's ID card shall also be provided; If the agent is an institution, it is also required to provide a copy of the business license of the enterprise legal person affixed with the official seal of the agent (public institutions, social organizations or other units can use the approval, account opening certificate or registration certificate of the competent department affixed with the official seal, etc.);
(6) If a QFII entrusts others to vote, the proxy shall sign or seal on the voting ticket, and provide copies of the QFII's business license, business registration certificate or other valid registration certificates, as well as copies of the certification documents for obtaining the qualification of a QFII, And the original of the completed power of attorney (refer to Annex III). If the agent is an individual, a copy of the agent's ID card shall also be provided; If the agent is an institution, it is also required to provide a copy of the business license of the enterprise legal person affixed with the official seal of the agent (public institutions, social organizations or other units can use the approval, account opening certificate or registration certificate of the competent department affixed with the official seal, etc.);
(7) The official seal, approval, account opening certificate and registration certificate of the above items shall be subject to the approval of the Fund Manager.
3. The fund share holders or their agents shall deliver the completed voting tickets and relevant documents to the mailing place of the voting tickets listed in this announcement by hand, courier or registered mail within the period from June 6, 2023 to 17:00, June 30, 2023, And please indicate on the surface of the envelope: "For voting only at the general meeting of fund share holders of Guodu Multi strategy Hybrid Securities Investment Fund".
The time of delivery shall be subject to the time when the votes are received at the place of mailing listed in this announcement, that is, if delivered by hand, the actual time of delivery shall prevail; If it is delivered by express, the time of receipt by the fund manager shall prevail; If it is delivered by registered mail, the date of receipt indicated on the receipt of the registered mail shall be the date of delivery.
5、 Vote counting
1. The vote counting method of this communication meeting is: two supervisors authorized by the fund manager, under the supervision of the authorized representative of the fund custodian (Industrial Bank Co., Ltd.), will count the votes within two working days after the voting deadline of this communication meeting (i.e. June 30, 2023), and the notary office will notarize the vote counting process. If the Fund Custodian refuses to send representatives to supervise the counting of written votes, the counting and voting results will not be affected.
2. Each fund unit held by a fund unit holder has one vote.
3. The validity of votes is determined as follows:
(1) If the votes are filled in completely and clearly, the documents provided comply with the provisions of this announcement, and the votes are delivered to the place of mailing listed in this announcement within the specified time, they are valid votes; The effective votes shall be included in the corresponding voting results according to the voting opinions, and the fund units represented by them shall be included in the total number of fund units voted at the general meeting of fund unit holders.
(2) If the voting opinions on the votes are unfilled, overfilled, illegible, or unable to judge or contradict each other, but other items comply with the provisions of this announcement, it shall be deemed as abstention from voting, counted into valid votes, and counted into the corresponding voting results as "abstention", The fund units they represent shall be included in the total number of fund units voted at the general meeting of fund unit holders.
(3) If the signature or seal on the voting ticket is incomplete and unclear, or fails to provide valid documents to prove the identity of the fund share holder or the agent's effective authorization, or fails to deliver the voting ticket to the place of mailing listed in this announcement within the specified time, it is invalid; The invalid votes shall not be included in the total number of fund units voted at the general meeting of fund unit holders.
(4) If the Fund Unitholders submit voting votes repeatedly, if the voting opinions of each voting vote are the same, it shall be deemed as the same voting vote; If the voting opinions of each vote are different, the following principles shall apply:
① If the time of service is not the same day, the valid votes filled in on the last day of service shall prevail, and the votes served first shall be deemed to have been withdrawn;
② If the time of service is the same day, if the time of receipt can be judged, the valid vote filled in by the last one shall prevail, and the vote served first shall be deemed to have been withdrawn; If it is impossible to judge the time sequence of receipt, it shall be deemed that different votes have been made on the same vote, and shall be counted as abstention votes;
③ For the principle of delivery time, please refer to the relevant instructions in "IV. Filling in and Delivery Method of Votes".
6、 Conditions for the effectiveness of the resolution
1. When the fund units represented by the valid votes account for more than half (including half) of the total fund units on the equity registration date, it indicates that the fund unit holders represented by the valid votes have attended the communication meeting and the meeting is held effectively; On this basis, the Proposal on Termination of Matters Related to the Fund Contract of Guodu Multi Strategy Hybrid Securities Investment Fund shall be effective only after being approved by more than two-thirds (including two-thirds) of the voting rights of the fund share holders or their agents attending the meeting.
2. The Fund Manager shall, within five days from the date of adoption, report to the CSRC for the record the matters passed by the resolution of the Fund Unitholders' Meeting, and the resolution of the Fund Unitholders' Meeting shall take effect from the date of adoption. Where laws and regulations provide otherwise, such provisions shall prevail.
7、 The second convening of the general meeting of fund unit holders and the second authorization
According to the provisions of the Fund Law and the Fund Contract, this general meeting can be held only when the fund unit holders or their agents representing more than half (including half) of the total fund units on the equity registration date attend the meeting. If this meeting of fund unit holders fails to meet the above requirements and cannot be held successfully, the Fund Manager may reconvene the meeting of fund unit holders with respect to the original matters to be considered within 3 months and 6 months after the original announced time of the meeting of fund unit holders, The reconvened general meeting of fund unit holders shall be held only when more than one-third (including one-third) of the fund unit holders are present, and the equity registration date for determining the qualification of fund unit holders who are entitled to attend the meeting shall remain unchanged.
When the general meeting of fund unit holders is reconvened, unless otherwise specified in the authorization document, all kinds of authorization made by the fund unit holders during the authorization period of the general meeting of fund unit holders are still valid. However, if the authorization method changes or the fund unit holders re authorize, the latest method or authorization shall prevail, For details, please refer to the notice of reconvening the general meeting of fund share holders issued at that time.
8、 Relevant bodies of the conference
1. Convener: Guodu Securities Co., Ltd
Office address: 9/F, 10/F, Guohua Investment Building, 3 Dongzhimen South Street, Dongcheng District, Beijing
Contact: Sun Mingqi
Tel: 400-818-8118
Website: www.guodu.com
Post code: 100007
2. Fund Custodian: Industrial Bank Co., Ltd
Address: No.167, Yincheng Road, Pudong New Area, Shanghai
Contact: Jiao Ying
Tel: 021-62677777
Fax: 021-62535823
3. Notary office: Beijing Fangyuan Notary Office
Address: reception hall on the first floor of Beijing INN Building, 5 Dongshuijing Hutong, Dongcheng District, Beijing
Contact: Cui Jun
Tel: 010-85197622
Postal code: 100010
4. Witness law firm: Shanghai Tongli Law Firm
Address: 19/F, Times Financial Center, 68 Yincheng Middle Road, Shanghai
Contact: Lu Qi
Tel: 021-31358666
9、 Important tips
1. When submitting the votes, the fund share holders are requested to give full consideration to the time in transit by mail and send out the votes in advance.
2. Relevant announcements of the Fund Unitholders' Meeting can be made through the Fund Manager's website (www.guodu
. com), CSRC fund electronic disclosure website（ http://eid.csrc.gov.cn/fund ）If investors have any questions, they can call the fund manager's customer service hotline 400-818-8118 for consultation.
3. The Fund Manager has continuously released relevant advisory announcements within 2 working days, and please pay attention to the necessary explanations on the relevant situation of the Fund Unitholders' Meeting.
4. The relevant contents of this announcement shall be interpreted by Guodu Securities Co., Ltd.
Annex I: Proposal on Termination of Fund Contract of Guodu Multi Strategy Hybrid Securities Investment Fund
Annex II: Votes at the General Meeting of Fund Unitholders of Guodu Multi Strategy Hybrid Securities Investment Fund
Annex III: Power of Attorney (sample)
Annex IV: Statement on the Proposal on Terminating the Fund Contract of Guodu Multi Strategy Hybrid Securities Investment Fund
It is hereby announced.
Guodu Securities Co., Ltd
June 2, 2013
Annex I: About Termination of Guodu Multi Strategy Hybrid Securities Investment Fund
Proposal on Matters Related to the Fund Contract
Fund Unitholders of Guodu Multi strategy Hybrid Securities Investment Fund:
In accordance with the changes in market environment and in order to better protect the interests of fund share holders, and in accordance with the relevant provisions of the Law of the People's Republic of China on Securities Investment Funds, the Administrative Measures for the Operation of Publicly Offered Securities Investment Funds and the Guodu Multi Strategy Hybrid Securities Investment Fund Contract (hereinafter referred to as the "Fund Contract"), And agreed with Industrial Bank Co., Ltd., the fund custodian, to propose to convene a general meeting of fund share holders to terminate the fund contract and liquidate the fund assets.
For the specific scheme and procedures for the termination of the fund contract, please refer to Annex IV "Notes on the Proposal on Terminating the Fund Contract of the National Capital Multi Strategy Hybrid Securities Investment Fund".
In order to implement the proposal of this meeting, it is proposed to authorize the fund manager to handle relevant specific matters, including but not limited to determining the specific time for terminating the fund contract, organizing the liquidation of fund assets, etc.
Please consider the above proposal.
Fund Manager: Guodu Securities Co., Ltd
June 2, 2013
Annex II: Votes at the General Meeting of Fund Unitholders of Guodu Multi Strategy Hybrid Securities Investment Fund
Name of Fund Unitholder:
Fund share holder's ID card number (ID card number/unified social credit code):
Fund account No.:
Name of trustee (agent):
Agent ID No. (ID No./Unified Social Credit Code):
Deliberated items agree, disagree, abstain
Matters concerning the termination of the fund contract of Guodu Multi strategy Hybrid Securities Investment Fund
bill
Fund unit holder/trustee (agent) (signature or seal)
Date: 2023
explain:
1. Please indicate "Agree", "Disagree" or "Abstain" on the matter under consideration and mark "√" in the corresponding column. Only one vote can be selected for the same proposal; The voting opinions represent the voting opinions of all fund units held by the fund unit holders (subject to the fund units registered on the equity registration date).
2. If the voting opinion on the voting ticket is not filled in, overfilled, illegible, unable to judge the will or contradictory, but other items comply with the provisions of the meeting notice, it shall be deemed as abstention from voting and counted into the valid voting ticket; The "abstention" shall be included in the corresponding voting results, and the fund units represented by them shall be included in the total number of fund units represented by the fund unit holders who issue the voting opinions.
3. This vote can be obtained from the website of the fund manager (www.guodu. com) and the fund electronic disclosure website of the CSRC（ http://eid.csrc.gov.cn/fund ）Download, cut and copy from relevant newspapers or make your own in this format.
4. If the same fund share holder has multiple fund account numbers and needs to exercise voting rights separately according to the fund shares held in different accounts, he/she should fill in the fund account number, and it is not necessary to fill in other cases. In case of blank, over filling, wrong filling, and unidentifiable information, it will be defaulted to represent all units of the Fund held by the Fund Unitholders.
Annex III: Power of Attorney
It is hereby to authorize Mr./Ms. or the institution to participate in the General Meeting of Fund Unitholders of Guodu Multi strategy Hybrid Securities Investment Fund held by means of communication with the deadline of voting on June 30, 2023 on behalf of me (or the institution), and exercise the voting power of all proposals on behalf of me. The voting opinions of the trustee shall prevail. This authorization cannot be delegated. If the Guodu Multi strategy Hybrid Securities Investment Fund reconvenes the general meeting of fund share holders on the same proposal within the specified time, this authorization will continue to be valid unless the person (or the institution) re authorizes it.
Client (signature/seal):
Client ID No. (ID No./Unified Social Credit Code):
Fund account No.:
Trustee (agent) (signature/seal):
Certificate No. of the trustee (agent) (ID No./unified social credit code):
Date of entrustment: 2023
note appended:
1. The "fund account number" in this Power of Attorney refers to the fund account number of the fund unit holder holding this fund. If the same fund share holder has more than one such fund account number and needs to exercise voting rights respectively according to the fund shares held in different accounts, he/she should fill in the fund account number, and it is not necessary to fill in other cases. In case of blank, over filling, wrong filling, and unidentifiable information, it will be defaulted to represent all units of the Fund held by the Fund Unitholders.
2. This power of attorney shall be valid after being completely filled in, signed and sealed by newspaper cutting, copying or self-made according to the above format.
Annex IV: About Termination of Guodu Multi Strategy Hybrid Securities Investment Fund
Explanation of the Proposal on Matters Related to the Fund Contract
The fund contract of Guodu Multi Strategy Hybrid Securities Investment Fund (hereinafter referred to as "the Fund") came into effect on May 25, 2018, with Guodu Securities Co., Ltd. as the fund manager (hereinafter referred to as "the Fund Manager") and Industrial Bank Co., Ltd. as the fund custodian. According to the change of market environment and in order to better protect the interests of fund share holders, in accordance with the Law of the People's Republic of China on Securities Investment Funds (hereinafter referred to as the "Fund Law"), the Administrative Measures for the Operation of Publicly Offered Securities Investment Funds (hereinafter referred to as the "Operation Method") and the Fund Contract for Guodu Multi Strategy Hybrid Securities Investment Funds (hereinafter referred to as "the Fund Contract"). The Fund Manager, through consultation with the Fund Custodian Industrial Bank Co., Ltd., proposes to terminate the Fund Contract. The specific plan is as follows:
1、 Key points of the scheme for terminating the Fund Contract
1. Fund operation before the resolution of the general meeting of fund unit holders takes effect and is announced
The Fund will continue to operate in accordance with the operation mode agreed in the Fund Contract until the resolution of the general meeting of fund share holders on the Proposal on Terminating the Fund Contract of Guodu Multi Strategy Hybrid Securities Investment Fund comes into force and is announced.
2. Fund asset liquidation
(1) The resolution of the general meeting of fund share holders that passed the Proposal on Termination of Matters Related to the Fund Contract of Guodu Multi Strategy Hybrid Securities Investment Fund shall come into force as of the date of voting at the general meeting of fund share holders. The Fund Manager will make an announcement on the specified media within 2 days from the date when the resolution takes effect.
The Fund will enter into the fund asset liquidation procedure from the next working day after the resolution of the general meeting of fund unit holders takes effect and is announced.
(2) A liquidation group shall be established within 30 working days from the date of the termination of the Fund Contract. The Fund Manager shall organize a liquidation group of the Fund assets and carry out the liquidation of the Fund under the supervision of the CSRC.
(3) The members of the Fund assets liquidation team shall be composed of the Fund Manager, the Fund Custodian, certified public accountants and lawyers qualified to engage in securities related businesses, and personnel designated by the CSRC. The Fund assets liquidation team may employ necessary staff.
(4) The Fund Assets Liquidation Team shall be responsible for the custody, liquidation, valuation, realization and distribution of the Fund assets. The fund assets liquidation team may carry out necessary civil activities according to law.
(5) Fund asset liquidation procedures
1) In case of termination of the Fund Contract, the Fund Property Liquidation Team shall take over the Fund in a unified manner;
2) Liquidate and confirm the fund assets, claims and debts;
3) Valuation and realization of fund assets;
4) Prepare liquidation report;
5) Engage an accounting firm to conduct external audit on the liquidation report, and engage a law firm to issue a legal opinion on the liquidation report;
6) Submit the liquidation report to the CSRC for filing and announcement;
7) Distribute the remaining assets of the Fund.
(6) The time limit for liquidation of fund assets is 6 months.
(7) Liquidation expenses
Liquidation expenses refer to all reasonable expenses incurred by the Fund Assets Liquidation Group in the process of fund liquidation. The liquidation expenses shall be paid by the Fund Assets Liquidation Group from the Fund assets in priority.
(8) Distribution of residual assets in the liquidation of fund assets
In accordance with the distribution plan for the liquidation of the Fund assets, all remaining assets after the liquidation of the Fund assets shall be distributed in proportion to the Fund units held by the Fund unit holders after deducting the liquidation expenses of the Fund assets, paying the taxes owed and paying off the Fund debts.
3. Major issues related to the liquidation process must be announced in a timely manner; The fund assets liquidation report shall be audited by an accounting firm that complies with the provisions of the Securities Law of the People's Republic of China and issued a legal opinion by a law firm, and then submitted to the CSRC for filing and announcement. The Fund assets liquidation group shall make an announcement on the Fund assets liquidation within 5 working days after the Fund assets liquidation report is submitted to the CSRC for filing. The fund assets liquidation group shall publish the liquidation report on the prescribed website and the suggestive announcement of the liquidation report on the prescribed newspaper.
The Fund Contract shall terminate after the liquidation of the Fund assets is completed and the liquidation results are reported to the CSRC for filing and announced.
4. After the resolution of the general meeting of fund share holders takes effect, the fund share holders agree to exempt the restrictions on the proportion of investment portfolio and other terms agreed in the Fund Contract.
2、 Feasibility of terminating the Fund Contract
1. Legal aspects
The Fund Law stipulates that a general meeting of fund unit holders is required to terminate the fund contract; The Operating Measures stipulate that the matters decided by the general meeting of fund share holders shall take effect from the date of voting. The Fund Contract stipulates that the Fund Unitholders' Meeting shall be held to terminate the Fund Contract; When the fund units represented by the valid votes account for more than half (including half) of the total fund units on the equity registration date, it indicates that the fund unit holders represented by the valid votes have attended the communication meeting and the meeting is held effectively; The resolution of this general meeting of fund unit holders is a special resolution. On the premise that the meeting is held effectively, the resolution can take effect after being passed by more than two-thirds (including two-thirds) of the voting rights of fund unit holders or their agents attending the meeting.
Therefore, there are no legal obstacles to the termination of the Fund Contract.
2. Technical operation
After the Fund enters the liquidation procedure, a fund assets liquidation group will be established in accordance with the provisions on fund assets liquidation in the Fund Contract. The members of the Fund assets liquidation team shall be composed of the Fund Manager, the Fund Custodian, certified public accountants and lawyers qualified to engage in securities related businesses, and personnel designated by the CSRC. The Fund assets liquidation team may employ necessary staff. The Fund Manager and the Fund Custodian of the Fund have made full preparations for matters related to property liquidation, which is technically feasible. The liquidation report will be externally audited by an accounting firm conforming to the provisions of the Securities Law of the People's Republic of China, and the law firm will issue a legal opinion, which will be reported to the CSRC for filing and announcement.
Therefore, there are no technical obstacles to the termination of the Fund Contract.
3、 Main risks and preparatory measures for terminating the Fund Contract
1. Risk of the proposal being rejected by the general meeting of fund share holders
Before proposing to terminate the Fund Contract and designing a specific plan, the Fund Manager shall communicate with the Fund Unitholders, carefully listen to relevant opinions, and comprehensively consider the requirements of the Fund Unitholders before drafting the proposal. After the announcement of the proposal, the Fund Manager will also consult the Fund Unitholders again. If necessary, the Fund Manager will, in accordance with the opinions of the Fund Unitholders, make appropriate amendments to the plans and procedures for the termination of the Fund Contract and make a new announcement. The Fund Manager may, if necessary, reserve sufficient time to make full preparations for the second meeting or postponement of the general meeting of Fund Unitholders.
If the proposal is not approved by the general meeting of fund share holders, the fund manager plans to resubmit the proposal to terminate the Fund Contract to the general meeting of fund share holders in accordance with relevant regulations.
2. Liquidity risk of centralized redemption of fund units by holders
After the announcement of the Fund on the matters concerning the convening of the general meeting of fund share holders by means of communication and the Proposal on Matters Related to the Termination of the Fund Contract of Guodu Multi Strategy Hybrid Securities Investment Fund, some fund share holders may choose to redeem their fund shares in advance.
Before the Fund enters the liquidation procedure, the holder's application for redemption of the Fund units held by him shall still be carried out in the manner agreed in the Fund Contract. In the event of a huge redemption or the Fund Contract stipulates that redemption can be suspended, the Fund Manager can still decide to fully redeem, partially postpone redemption, or suspend accepting the redemption application of the Fund according to the current asset portfolio of the Fund. At the same time, the Fund Manager will make liquidity arrangements in advance to realize assets in response to possible redemption.
In the extreme case that all fund units are redeemed, the Fund will still enter into the property liquidation procedure from the next working day after the resolution of the general meeting of fund unit holders takes effect and is announced. After the Fund enters the liquidation procedure, all liquidation expenses will be paid by the Fund Manager, avoiding the risk that the Fund assets are insufficient to pay the liquidation expenses.