| The article 183 of the"Company Law of the People's Republic of China"establishes a system of dissolving a corporation. This regulation provides small and medium sized shareholders with a means to protect their own legal rights and interests, while at the same time providing companies that meet difficulties during their operation or in their management with a legal way to withdraw from the market as quickly as possible, thus preventing further losses. However, the relevant provisions in the Company Law are imprecise and vague. Although the subsequently unveiled Second Explanation on the Company Law gave more specific regulations regarding problems that might arise in the course of legal practice, their applicability and workability is rather low and numerous problems remain when these types of cases are heard in court. Our efforts therefore shall be directed towards a deep and systematic studying– and also perfecting– of the system of dissolving a corporation as stipulated in the Company Law. This paper aims to offer a comparative analysis of various country's and region's systems of corporate dissolution, proceeding then to presenting some humble opinions regarding the refining and perfecting of the respective system in the People's Republic of China. |
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