China's New Judicial Interpretation on the Company Law

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    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. The Measures set forth the criteria for recognition as a hi-tech enterprise. After obtaining qualifications as a hi-tech enterprise, the enterprise is entitled to tax reduction or exemption. (see full article)

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