China's New Judicial Interpretation on the Company Law – A Step Toward Systemized Corporate Exit Mechanisms

On May 12, 2008 the Supreme People's Court promulgated the Interpretation of Some Issues regarding the Application of the PRC Company Law, which became effective on May 19, 2008. The new interpretation provides guidelines on the application of Chapter 10 of the Company Law on dissolution and liquidation of companies incorporated in China, including foreign invested enterprises and domestically owned companies, both limited liability companies and joint stock companies.

5 minute readMay 08, 2008 at 12:58 AM

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BACKGROUND

The Supreme People's Court of the People's Republic of China promulgated the Interpretation of Some Issues regarding the Application of the PRC Company Law (最高人民法院关于适用《中华人民共和国公司法》若干问题的规定 (二))(Judicial Interpretation 2) on May 12, 2008, and it became effective May 19, 2008.

Judicial Interpretation 2 is reported to have originated from a 2001 draft judicial interpretation entitledProvisions on Some Issues regarding the Trial of Dissolution Cases involving Legal Person Enterprises (关于审理涉及企业法人解散案件若干问题的规定)

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