| Company liquidation refers to a legal system in which liquidators clean up property of company and end its legal relationships to eliminate legal personality of company eventually after its dissolution. As a normal retreat mechanism for market economic entity, company liquidation system helps market economy maintain eternal vitality and order through the metabolism of market economic entity. Being one of the important means to retreat from market orderly, company liquidation system bears a heavy burden of responsibility for maintaining interest balance between creditors, shareholders and other interest parties, achieving corporate social responsibility and ensuring social and economic order and stability at the final stage of the legal personality existence of a company.In recent years, though domestic related legislation has established a sound system of the company liquidation, there are still many rough rules with poor operability, which can be manifested as follows: absence of rules on general liquidation term, imperfect confirmation mechanism of liquidation report; no provision of rules on the preservation of company accounts and liquidation information after the company liquidation is over; no specific rules on appointment qualifications for the liquidator; lack in rules on the liquidator's legal liability and so on. Due to these, liquidation cannot be fully implemented and adapted to the needs of the development of market economy effectively in present judicial practice, which may jeopard the legal interests of shareholders, company creditors and some related interest subjects. Through the research approach of comparative law, based on in-depth investigation on mature company liquidation systems in other countries and areas, under the premise of paying attention to realistic situation and local resources in our country, absorbs advanced legislation experience and pushes forward specific legislative improvement suggestions on the issues that exist in company liquidation.
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