To deepen government reform and improve government efficiency, the State Council of the People's Republic of China recently released the Plans for Government Institutional Reform and Function Change (the Restructuring Plan), and was approved by People’s Congress at its first session and it took effect on March 14, 2013.
Understanding your rights as a creditor while navigating under China’s bankruptcy laws is becoming a must these days, especially for foreign creditors. As many foreign companies engage in business with Chinese companies, chances are likely that you will encounter a failing Chinese company that will file for bankruptcy in China. A China bankruptcy filing can have a tremendous impact upon foreign creditors. If you are doing business with Chinese companies or have investments in Chinese companies, you should be aware of your rights as a creditor under Chinese bankruptcy laws.
Key Points
- Announcement 72 to elaborate on how the cross-border equity transfer can qualify for the special tax treatment
- Clarifies the rules to ensure no tax-avoidance purpose would be involved in the restructure as well as sets forth the rule on relevant filing procedures
Background
风险投资人会投资多家目标公司，以寻找下一个苹果或谷歌。在很多此类投资案例中，风险投资人仅持有少数 股份，因此他们不会对被投资公司的日常经营拥有控制权。在这些投资案例中，大多数投资人相信，根据中国 公司法项下的有限责任原则，如果投资失败，赔掉当初投资的金额将会是最坏的结果。然而，中国法院最近判 决的一些案例表明并强调：如果少数股东不能适当履行其对于被投资公司清算时的义务，则存在"揭开公司面 纱"的风险。
1. 案例
2005年，中国的一家国有风险投资公司--深圳市国成科技投资有限公司（"国成"）向深圳协雅精密工业制品有限 公司（"深圳协雅"）投资了六十一万美元，深圳协雅是一家被协雅国际工业有限公司（"协雅国际"）100%持股 的外商独资企业。投资交割后，国成成为持有深圳协雅约15%股权的少数股东，其有权向深圳协雅董事会任命 一名董事。遗憾的是，国成的投资很快就被证明是令人失望的。雪上加霜的是，深圳协雅卷入了一宗与上海东 洋炭素有限公司（"上海东洋"）的诉讼中。根据深圳协雅与上海东洋达成的一份和解协议，深圳协雅确认其欠 付上海东洋人民币155.4万（约合25万美元）。然而，深圳协雅未能根据和解协议向上海东洋支付上述款项。
Venture capitalists will invest in lots of portfolio companies to look for the next Apple or Google. In many such investments, venture capital investors will only hold a minority share, which do not give them control over the portfolio companies' daily operation. In such cases, most investors believe that to lose the amount of invested capital will be the worst case if such investments turn out to be a failure given the "limited liability" rule under PRC Company Law.
On 21 October 2013, the financially troubled company Hainan PO Shipping applied for bankruptcy and winding up before the People’s Court of Hainan Yangpu Economic & Development Zone (“Yangpu Court”). The Yangpu Court approved the application on 31 October 2013, and the Court has since nominated the administrators of Hainan PO Shipping.
The bankruptcy of Suntech Power Holdings Co. Ltd. ("Suntech") is a reminder of the challenges that foreign creditors face when a Chinese company goes into bankruptcy.
2014年5月15日 环球法律专递 Global Legal Updates
对赌条款的法律风险防范
——以司法实践为视角
作者：孙海珊｜张韬
近日，中银国际旗下海外投资机构Apollo Investment Asia Limited（下称“阿波罗”）向法院提交了启动赛维LDK太阳能公司（下称“塞维LDK”）的实际控制人彭小峰个人破产程序的申请。据媒体报道，阿波罗之所以提交前述个人破产申请，是由于赛维LDK未能实现其在2011年签署的投资协议中对阿波罗所作出的“下属公司两年内实现分拆上市”的承诺。根据该协议，彭小峰作为塞维LDK的实际控制人向阿波罗承担现金补偿的连带担保责任。
这一带有明显对赌色彩的协议安排，再一次引起了各界对“对赌条款”效力问题的关注及讨论。因此，本文拟以近年来受到广泛关注的几起与“对赌条款”有关的案例作为基础，就中国司法实践对“对赌条款”这一常见的商业安排的影响及启示进行简要的梳理和讨论。
案例简介
Payment of debts to individual creditors (hereinafter also referred to as “individual payoff”) refers to the debtor’s payment to individual creditors when the debtor is already subject to bankruptcy because of a certain reason. The P.R.C.
On 11 June 2014, the Supreme People's Court of the People's Republic of China ("PRC" or "China") handed down its ruling in the case of Sino-environment Technology Group Limited ("Sino-environment") v Thumb Env-Tech Group (Fujian) Co., Ltd ("Thumb").