On the afternoon of May 23, Longan Guangzhou successfully held a special salon for the Company Law Special Committee and an appointment ceremony for new members. Lawyer Sha Yuchen, founding partner of Longan Guangzhou, Lawyer Zhang Jing, senior partner of Longan Guangzhou and director of the Company Law Special Committee, and other colleagues from the law firm attended the event. Lawyer Ke Cheng, partner of Longan Guangzhou and deputy director of the Company Law Special Committee, and Lawyer Chen Yiqian, partner of Longan Guangzhou in Hong Kong, shared insights on related topics. Lawyer Zeng Rui, senior partner of Longan Guangzhou and deputy director of the Company Law Special Committee, served as the host of this event.
Lawyer Zeng Rui
Senior partner of Longan Guangzhou and deputy director of the Company Law Special Committee
Lawyer Zeng Rui mentioned that after a public solicitation and careful selection by the Longan Guangzhou Company Law Special Committee, new members will join the committee and hold various positions. He expressed his sincere gratitude to all those who participated actively, contributed generously, and gave selfless service. We will be full of hope and strive harder for future development. The future is promising.
Lawyer Sha Yuchen
Founding partner of Longan Guangzhou
Lawyer Sha Yuchen delivered a speech at the event. Lawyer Sha pointed out that the establishment of the Company Law Special Committee in Longan Guangzhou aims to provide more professional, efficient, and high-quality legal services to enterprises. Since the revision of the new Company Law, many changes have occurred. This salon event can further promote exchanges in the legal field related to company law, and discuss how to ensure legal operations for enterprises and avoid legal risks. Since the establishment of the Longan Guangzhou Company Law Special Committee, many high-quality salon events have been held, achieving satisfactory results. The addition of new members now provides fresh blood to the committee. We hope that the Company Law Special Committee will develop better in the future. Through salon sharing activities, the level of legal research will be improved, and the growth of lawyers’ business will be enhanced.
Lawyer Zhang Jing
Senior partner of Longan Guangzhou and director of the Company Law Special Committee
Lawyer Zhang Jing gave a brief introduction to the Longan Guangzhou Company Law Special Committee and said that the addition of new members has expanded the team of experts in the committee, laying a solid foundation for more salon events on company law in the future. In the future, the Longan Guangzhou Company Law Special Committee will further focus on professional development, hold more salon events on company law, write professional books, and develop legal services related to company law.
Then, during the appointment ceremony for new members, Lawyer Sha Yuchen, founding partner of Longan Guangzhou, presented letters of appointment to six new advisors of the Company Law Special Committee: Wu Rangjun, Xie Xin, Lu Chunlin, Liu Qingwei, Chen Gonghui, and Wang Baoxin.
Lawyer Zhang Jing, senior partner of Longan Guangzhou and director of the Company Law Special Committee, presented letters of appointment to three new deputy directors: Chen Wenxin, Ke Cheng, and Liu Huan.
Lawyer Zeng Rui, senior partner of Longan Guangzhou and deputy director of the Company Law Special Committee, presented letters of appointment to the secretary-general and committee members. The new secretary-general is Lawyer Dai Keyingying, and the new committee members are Liu Rennan, Jin Li, Wang Jing, Tian Shuangli, Li Wenjuan, Chen Changqin, Pan Yetong, Chen Zhilong, Wang Jiawei, Chen Luowei, Li Shaoyuan, Zhan Shangli, Xie Biru, Zheng Shuangjie, and Feng Yingyi, a total of 15 lawyers.
Lawyer Ke Cheng
Partner of Longan Guangzhou and deputy director of the Company Law Special Committee
During the salon session, Lawyer Ke Cheng shared insights on “Legal Risks and Guidelines for the Dissolution of Companies under New Company Law”. The new Company Law requires shareholders to pay their full contributions within five years. Under this requirement, in addition to fulfilling the payment, shareholders can also address these issues through equity transfer, capital reduction, or dissolution. Lawyer Ke analyzed the applicable conditions, procedures, and legal risks related to simple and ordinary dissolution under the new Company Law. Regarding simple dissolution, there are three important conditions: no existing debts, all shareholders promise to bear responsibility for the company’s debts, and the company is not listed in the negative list. Lawyer Ke pointed out that during the simple dissolution process, shareholders face legal risks of being liable for the company’s debts. For ordinary dissolution, when the company is dissolved due to voluntary dissolution, administrative dissolution, or court dissolution, or when it is declared bankrupt, or under other legal circumstances, the company must be dissolved, and liquidation must be carried out before dissolution. Under the new Company Law, directors are required to act as liquidators. Lawyer Ke detailed the requirements for the liquidation team, compared the differences between simple and ordinary dissolution in terms of procedures, and analyzed the legal risks faced by directors, the liquidation team, shareholders, actual controllers, and other shareholders or promoters at the time of company dissolution.
Lawyer Chen Yiqian
Partner of Longan Guangzhou in Hong Kong
Lawyer Chen Yiqian discussed “The Realization of Creditor Claims: Practical Procedures for Bankruptcy in Hong Kong” on the theme of “Realization of Creditor Claims: Practical Procedures for Bankruptcy in Hong Kong”. He introduced three legal procedures for recovering debts in Hong Kong. The first is filing a summons, which is the most common method for recovering debts. The plaintiff can retain all recovered amounts. The second is bankruptcy proceedings, where the plaintiff must share all recovered funds equally with other unsecured creditors. The third is personal bankruptcy proceedings. Assistant Lawyer Wang Jiaxin analyzed the legal procedures and conditions related to personal bankruptcy proceedings. To file for bankruptcy, the debtor must have Hong Kong as their residence, or be in Hong Kong on the day of filing, or have a regular residence in Hong Kong during the three years from the date of filing. Then, Lawyer Chen Yiqian compared the differences between summons proceedings and bankruptcy proceedings in terms of amounts, company assets, timing, and enforcement of judgments. Lawyer Chen concluded that documents signed by financial institutions like banks with debtors are generally complete, and bankruptcy proceedings can be considered for recovery. When a single creditor prefers bankruptcy proceedings, the defendant may actively defend, making it impossible to obtain a bankruptcy order, and it is necessary to restart the summons proceedings, which increases litigation costs. It is recommended to conduct a thorough evaluation in advance.
After the salon session, the guests and Lawyer Chen Yiqian discussed further issues related to personal bankruptcy proceedings. The atmosphere at the event was lively, and it was announced that the event was successfully concluded.
LONGAN
Since the establishment of the Company Law Special Committee in November 2022, the Longan Guangzhou Company Law Special Committee has been committed to studying company law and its new changes, to better serve enterprise needs, and has held many high-quality salon events. By adding new members to the Longan Guangzhou Company Law Special Committee, the experts who specialize in new company law are gathered together to engage in theoretical and practical research on new company law. They also participate in series of cross-firm activities, which is important for promoting regional integration in the Longan Bay area.