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Difference between Dissolution and Bankruptcy
Update: 20/1/2017 | 10:15:29 AM - Dragon Law Firm
Although company dissolution and bankruptcy will lead the company to stop operating. However, the nature of the two procedures are completely different.
Enterprise dissolution is the enterprises to terminate its existence because they have achieved their goals or they have bee dissolved in accordance with the law. The dissolution must meet the conditions and follow the certain procedures prescribed by law.
Enterprise bankruptcy is the condition of enterprises, cooperatives is disability to pay debts and is requested by the People's Court to declare bankruptcy.
To distinguish dissolution and bankruptcy of enterprises, we can consider the following criteria:
|
Enterprise Dissolution |
Enterprise Bankruptcy |
|
Procedure |
|
|
Administrative |
Judicial |
|
Competence to Handle |
|
|
Company owner to apply to Business Registration Office |
Court |
|
Legal Consequences |
|
|
- Company stop to operate - Debt payment to be controlled |
- Company can be recovered and continued to operate if the recovery procedure is successfully completed - Debt payment not to be controlled |
|
Conditions |
|
|
- Company has not lost the ability to pay - Voluntary to dissolve or compulsory to dissolve as prescribed by law - Fully pay all debts is compulsory - Not in the process of settling disputes in court or arbitration - Creditors are fully paid and other property obligations of company |
- Company has lost the ability to pay - Fully pay all debts is not compulsory - Pay by the remaining assets only (except for private companies and partnerships) - Can pay fully or not fully to all debts to creditors
|
|
State’s Regulation to Owners |
|
|
The State does not set any restrict to the business freedom of managers, owners |
Managers, owners are prohibited to practice, manage, operate businesses in one certain period |
Dragon Law Firm with a team of lawyers has knowledge and extensive experience of law on enterprise, labor, insurance, commercial disputes … We would like to provide the legal advice services in consulting dissolution, bankruptcy of enterprises, including:
Legal Service to Company Dissolution:
1. Process to make the meeting of Board of Members/General Meetings of Shareholders to the company dissolution
2. Process to make the decisions on issolution
3. Process to make notify dissolution to relevant organizations and individuals: creditors, employees …
4. Procedure to publish about company dissolution
5. Process to liquidate the company assets
6. Procedure for closing tax code
7. Procedure to close bank accounts (to opened bank accounts) or commitment not to open bank accounts
8. Procedure to cancel the seal and return the certificate of seal registration
9. Procedure to return certificate of business registration
Legal Service to Company Bankruptcy:
1. Advice on rights and responsibilities of the judge to conduct the bankruptcy procedures
2. Consult regulations on the team of management, asset liquidation
3. Advise on tasks, rights and responsibilities of team of management and asset liquidation
4. Advice on the right to file the petition for bankruptcy by creditors
5. Advise on the right to apply for the opening of bankruptcy proceedings of the employees
6. Advice on obligations to file the petition for bankruptcy of enterprises, cooperatives falling into bankruptcy
7. Advice on the rights to apply for the opening of bankruptcy proceedings of the joint stock company's shareholders
8. Advice on the rights to apply for the opening of bankruptcy proceedings of the members of the partnership;
9. Advice on obligations and responsibilities of the applicant requesting the opening of bankruptcy proceedings
10. Consult on the announcement to enterprises, cooperatives falling into bankruptcy
11. Advice on bankruptcy fees and pay in advance to bankruptcy charges
12. Consult on the acceptance of the bankruptcy petition
13. Consult on the announcement of acceptance of applications for opening of bankruptcy proceedings
14. Consult on the cases to be returned the bankruptcy petition
15. Consult about the complaints on return of the bankruptcy petition
16. Consult to determine the obligations of enterprises as falling into bankruptcy
17. Consult measures to preserve assets for the enterprise
18. Consult the manner of the meeting of creditors
19. Consult procedures to business recovery
20. Advise to asset liquidation procedures
21. Consult on declaration of company bankruptcy
22. Other relevant contents of bankruptcy proceedings
Any questions about the procedure to company dissolution or company bankruptcy, Clients please contact to lawyers at Dragon Law for quick and efficient advice!
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