Alarge number of companies exist in a state of limbo. The whereabouts of their personnel may be unknown, the status of their property unclear. They may no longer operate as a going concern, and they no longer file accounts, but they have not legally ceased to operate. This may seriously harm the interests of their creditors and act as a brake on economic development.
The Supreme People’s Court recently issued the Handling of Cases In Which a Creditor Has Filed an Insolvency Liquidation Petition Against a Debtor the Whereabouts of Whose Personnel Is Unknown or the Status of Whose Property is Unclear Official Reply.
In respect of insolvency cases involving companies in this kind of limbo, the Official Reply
(1) determines the principles for the acceptance of cases by courts, lowers the threshold for the acceptance of cases and ensures that cases are handled according to the correct procedure;
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Wu Libei is a parter at Dacheng Law Offices
12/F-15/F, Guohua Plaza,
3 Dongzhimennan Avenue, Beijing
Postal code: 100007
Tel: +86 10 58137799
Fax: +86 10 58137788, +86 10 58137766