Exit – Termination, Liquidation and Bankruptcy

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1、24/08/2012EXIT–TERMINATION,LIQUIDATIONANDBANKRUPTCYDoingBusinessinChina2012VivienneBath2Exit:liquidationandbankruptcy-issues•Lawsrelatingtoliquidationofforeigninvestmententerprisesdonotincludebankruptcy•Difficultieswithexitineventofdisputeduetorequirementsconcerningunani

2、mousvoteofdirectors•BankruptcyLaweffective1June2007;includesFIEsDoingBusinessinChina2012VivieneBath124/08/2012DoingBusinessinChina2012VivieneBath3Terminationofcontract;expirationofterm•Relationshipbetweencontracttermination,expirationandliquidation•Liquidationanddissolut

3、ion•Triggersfordissolution•Procedures•Whathappenstotheassets?•Whatifthebreak-upiscontested?DoingBusinessinChina2012VivieneBath4LiquidationofFIEs•NowcoveredbychapterXofCompanyLaw–regulationsonFIEliquidationrepealedinJanuary2008•Groundsforliquidation–assetoutincontractorAA

4、(eg.,expirationofterm):•votebyboard(unanimousapproval);•mergerordivision;•cancellationofbusinesslicenceorordertoclosedown;•dissolutionbycourt;•declarationofbankruptcy;•asotherwiserequiredbylaw224/08/2012DoingBusinessinChina2012VivieneBath5Liquidation–requirementsandproce

5、dures•Approvalofexaminingandapprovalauthority•Appointmentofliquidationcommittee•Notificationofcreditorsandlistingofassets•Submitliquidationplantoauthority•Paytaxes,debtsandclaims;distributeproceeds•Cancelbusinessregistration•Note:profitsonliquidationaretaxableDoingBusine

6、ssinChina2012VivieneBath6Mandatoryliquidation-issues•Jointventures–unilateralvbilateralliquidation•CompanyLawArt183CompanyLawSecondInterpretation2009andGuidingOpiniononDissolutionandLiquidationofFIEs•SPCNoticeonMandatoryLiquidation2009324/08/2012DoingBusinessinChina2012V

7、ivieneBath7EnterpriseBankruptcyLaw2006•Scopeoflaw•Roleofgovernment–courtrunprocess•Financialinstitutions•Roleoftheadministrator•Rehabilitation•Prioritiesindistributionofassets•Cross-borderbankruptciesDoingBusinessinChina2012VivieneBath8Bankruptcy-Issues•Enterpriseswhicha

8、reclearlyinsolventoftencontinuetotrade-creditorsnorealisticabilitytoforcethemintobankruptcy•Previousreg