Introduction

Fixed and floating charges – why are they important?

They give a lender a higher position in the queue for the net proceeds of a borrower’s assets in the event of a borrower’s insolvency.

《国家税务总局关于纳税人资产重组有关增值税问题的公告》(02/18/2011)

The State Administration of Taxation released the Announcement onIssues Concerning Value-Added Tax Relevant to Taxpayers’ Assets Restructuring (the “VAT Announcement”) on February 18, 2011. The effective date of the Announcement is March 1, 2011.