🔥 Deadlocked companies: Breaking up can be hard to do | Practical Law

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State Council measures to increase job stability 5 June Shihui adds capital market partner 5 June At a crossroads Recognizing homebuyers as financial creditors in the event of insolvencies is a welcome move, but the RERA remains the preferred route for recovering funds. Are companies facing higher cybersecurity risks with most employees working from home? In the specific design of the system, attention should be paid to the following issues: first, the power to appoint an interim receiver should be exercised by a court; second, an interim receiver must be eligible, must have no interest in the company concerned and must possess the appropriate expertise and experience; and third, an interim receiver must have a term limit. Charlie Wu reports. Shihui adds capital market partner. Contemporary English and American courts are most willing to take such an alternative legal remedy, likely to be accepted by both parties, because it can enable a company to continue operating, resolve a corporate deadlock, and protect the rights of minority shareholders. Interview with Jiang Wenlu, general manager, legal department of Sinochem International Jiang Wenlu, general manager, legal department of Sinochem International shared his insight with us on team management. Please send any press releases, deal announcements, details of new hires, newsletters and any other news items to: news vantageasia. This article examines and compares the treatment of stolen goods in common law jurisdictions and in mainland China. Compulsory dissolution. Recognizing homebuyers as financial creditors in the event of insolvencies is a welcome move, but the RERA remains the preferred route for recovering funds. With the outbreak of the COVID pandemic, international co-operation in areas such as pandemic prevention and control, new drug development and medical treatment have become crucial. A corporate deadlock will create great harm if it is not resolved promptly. Home and safe? Jiang Wenlu, general manager, legal department of Sinochem International shared his insight with us on team management. This allows more parties to be able to participate in applying for breaking the corporate deadlock, and offers more remedies so as to further improve the remedial mechanism. In judicial practice, there are common precedents in which corporate deadlocks are resolved by means of this concept. This article examines options to improve liquidity and effect restructurings at a time when COVID is causing economic pain on an unprecedented scale. COVID corporate compliance risks. Latest on Vantage Asia. The Company Law does not provide for an interim receiver regime, but China can refer to the Bankruptcy Law for a reorganisation and administrator system. Article of the Company Law gives shareholders the right to request a court to dissolve a company compulsorily after satisfying the following four requirements. In countries like the US, which has a relatively sound corporate system, a receiver system is generally introduced under which a court will appoint an independent receiver during the course of proceedings to manage the business of a company. Interim receiver regime. The Company Law does not precisely provide that shareholders can break a corporate deadlock by way of the exercise of appraisal rights. All rights reserved.{/INSERTKEYS}{/PARAGRAPH} Common precedents. In judicial practice, judges are aware of applying this rule to dealing with corporate deadlocks. Fourth, the deadlock cannot be solved by other means. With COVID raging across the region, governments are trying to avoid knockout blows for their territories as they counter with life or death policy moves and decisions affecting business survival. So, it is necessary to be extremely cautious in applying for compulsory dissolution of a company. Since such a request is related to the future and destiny of the company, it is necessary to prevent the abuse of the right of action by individual shareholders. Representative actions. The institution of representative actions by shareholders is an effective form of safeguarding the interests of minority shareholders and eventually maintaining the legitimate rights and interests of the company. If some corporate deadlocks cannot be resolved within a short period of time, and have severely jeopardised the interests of a company, and if the directors or supervisors of the company are negligent in discharging their duties and powers to safeguard the interests of the company, minority shareholders can file subrogation litigation pursuant to article of the Company Law. {PARAGRAPH}{INSERTKEYS}The Company Law does not provide for corporate deadlocks. Stolen goods This article examines and compares the treatment of stolen goods in common law jurisdictions and in mainland China. Once a corporate deadlock fails to be resolved, a court should terminate the receivership and rule to dissolve the company according to the law for protecting the interests of all parties in a timely manner. Max Zhang, assistant general counsel of Becton Dickinson Medical Devices China shared his insight with us on team management. This remedy gives all parties to a company sufficient buffer time, providing an opportunity for them to attempt to break the deadlock, and also encourages them to resolve their differences as soon as possible to end the management of the company by external people. After extensive editorial research, China Business Law Journal has compiled a list of China's young elite lawyers. State Council measures to increase job stability. Third, the continuity of an impasse will severely jeopardise the interests of the shareholders. With COVID forcing companies to implement work-from-home policies, Jim Fitzsimmons helps us understand the cybersecurity risks posed by a remote workforce. Exercising appraisal rights.