| Stock transfer is the most popular way for shareholders to implore his stock rights. But the new bankruptcy law isn’t related to shares transfer and the concrete operation procedures on bankruptcy liquidation.The retrial case of shares transfer dispute between China travel service group and Chinese securities asset management co. LTD is a typical case. As the sponsor of the Chinese securities shareholder, China travel service group and Chinese securities asset Management Company signed share transfer contract during the lock-up period. Later, Chinese securities went into bankruptcy. They spent six years in the proceedings for solving effect on the equity transfer contract under bankruptcy liquidation; equity transfer formalities and responsibility of equity impairment risk these three questions and got five different verdicts. Analyze on the dispute and effect on the equity transfer contract under bankruptcy liquidation, equity transfer formalities and responsibility of equity impairment risk in detail. Then draw the following conclusion: the equity transfer agreement in lock-up period shall be deemed to be valid as long as no violation of Mandatory Rules on Effectiveness; business failures, if the company exists in legal,then the shareholding can be transferred, bankruptcy administrator shall assist the transfer of equity shareholders; depreciation of equity transfer is a typical business risks not changed circumstances.This kind of situation also greatly affected the judicial authority and stability. Thus in the end, the thesis put forward the author’s opinion: to refine the bankruptcy administrator rights and responsibilities through perfecting legislation and to introduce implementing rules by judicial interpretation for helping people to find solutions in this field. |
