Author:
Chambers Yang Source:
Law Bridge Date: 2010-10-28 11:26:39 Hits:
A Singaporean company and a Wuxi company seriously conflicted due to different management values soon after they founded a joint venture. Mr. Yang and his team were engaged by the Singaporean company to solve the JV disputes. Since the Wuxi company misappropriated the JV funds, they had adopted a no-cooperation attitude which disturbed the dispute solving process a lot. Besides, in order to develop business before the JV project was officially launched, these two companies had entrusted some affiliated natural persons of the Wuxi company to establish a domestic-funded company for the preparation work. This fact further complicated the disputes. Repeated consultations led nowhere; both companies believed they could not continue the cooperation and thus agreed to dissolve and liquidate the JV. However, the Wuxi company refused to offer the necessary assistance regardless of their own votes for the dissolution. Their noncooperation caused the discontinuance of the liquidation and the Singaporean company had to turn to the people??s court for remedies. Mr. Yang accepted the authorization to file the request with a competent court and provide further legal services. Wuxi Intermediate Court accepted the application and initiated the first mandatory corporate liquidation in Wuxi.
After the case was officially accepted, Wuxi Intermediate People??s Court appointed a liquidator to conduct the liquidation affairs pursuant to the law. Mr. Yang and his team played a positive role in the communication and negotiation with the judges and the liquidator regarding the determination and disposal of assets, credits and debits, and other liquidation issues. Recently, Wuxi Intermediate Court made the decision to terminate the mandatory liquidation; the liquidation was successfully completed.
