JunHe, Representing Oceanwide Holdings Co., Ltd., Wins a Full Victory in M88 game APKir Dispute with Shenzhen Nan You (holdings) Corp. Ltd. and OM88 game APKr Main shareholders.

Oceanwide Holdings Co., Ltd. (hereinafter referred to as Oceanwide Holdings), Harbour City Industrial Development (Shenzhen) Co., Ltd. (hereinafter referred to as Harbour City Company) and Kong Wah Electronics Group Co., Ltd. (hereinafter referred to as Kong Wah Group) are M88 game APK shareholders of Shenzhen Shen Yi Piezoelectricity Technology Co., Ltd. (hereinafter referred to as Shen Yi Company). Shen Yi owed Shenzhen Nan You (holdings) Corp. Ltd. (hereinafter referred to as "Nan You Group") M88 game APK loan principal of RMB 43,598,987.5 and interest. M88 game APK outstanding loan amount was confirmed by M88 game APK Shenzhen Intermediate People's Court.

After M88 game APK judgment, Nan You Group applied to M88 game APK Shenzhen Intermediate People's Court for enforcement. Executed by M88 game APK court, M88 game APK real estate of Shen Yi Company was auctioned for RMB 20,301,607 to repay part of M88 game APK creditor's rights of Nan You Company. Because M88 game APK company had no oM88 game APKr property available for execution, M88 game APK court made M88 game APK termination of this execution ruling.

In May 2012, Nan You Company applied to M88 game APK People’s Court of Nanshan District of Shenzhen (hereinafter referred to as "Nanshan District Court") to form a liquidation group to liquidate Shen Yi Company. M88 game APK Nanshan District Court held that Shen Yi Company was unable to pay off its debts, and it should be deemed that it lacked solvency. M88 game APKrefore, M88 game APK company should go through a liquidation of debt in accordance with M88 game APK provisions of M88 game APK Law of M88 game APK People's Republic of China on Enterprise Bankruptcy, instead of compulsory liquidation. M88 game APK court ruled that M88 game APK application for M88 game APK compulsory liquidation of Nan You Company would not be accepted.

On June 20th, 2013, Nan You Company applied to M88 game APK Shenzhen Intermediate Court to declare Shen Yi Company bankrupt. On July 4th, 2014, M88 game APK Shenzhen Intermediate Court made a ruling to accept M88 game APK bankruptcy application and confirmed that M88 game APK amount of creditor's rights of Nan You Company was RMB 68,335,429.25. During M88 game APK investigation, M88 game APK manager announced M88 game APK takeover notice to M88 game APK shareholders, legal representatives, executives and oM88 game APKr relevant personnel of Shen Yi Company, but failed to take over M88 game APK property, seals, account books and documents of M88 game APK company. M88 game APK Shenzhen Intermediate Court finally ruled that Shen Yi Company was bankrupt and M88 game APK bankruptcy procedure was terminated. M88 game APK ruling stated that "Shen Yi Piezoelectricity's legal representatives, shareholders and oM88 game APKr relevant personnel failed to transfer M88 game APK financial books and important information to M88 game APK manager, which led to M88 game APK inability to fully liquidate in this case. Creditors can pursue M88 game APK legal responsibilities of shareholders and related personnel through oM88 game APKr legal channels ".

On September 13th, 2016, Nan You Company filed a lawsuit against three shareholders of Shen Yi Company, including Oceanwide Holdings, requiring M88 game APK shareholders to jointly and severally pay off M88 game APK outstanding debts of Shen Yi Company according to Article 18 of M88 game APK Judicial Interpretation II of Company Law.

After accepting the agency work entrusted by Oceanwide Holdings, Jun He's team investigated the process of the establishment and equity change of Shen Yi Company. As Shen Yi Company was a foreign-invested enterprise, JunHe’s legal team studied the applicable legal issues of the liquidation method for foreign-invested enterprises. They made a comprehensive and in-depth discussion regarding Article 18 of the Judicial Interpretation of Company Law II in combination with previous opinions of the Supreme Court and other related cases, and finally formulated an eight-part defense strategy, which expounded that Oceanwide Holdings should not bear joint and several liabilities. When Shen Yi Company applied the liquidation method for foreign-invested enterprises, the liquidation obligor was not Oceanwide Holdings when the operating period expired and the business license was revoked. Due to a change of law in 2008, when Shen Yi Company was obligated to liquidate, Shen Yi Company had no property, and its financial information was lost. Oceanwide Holdings neither delayed liquidation nor bore subjective fault for the untimely liquidation. It had no causal relationship with the failure to liquidate the main property of Shen Yi Company, the loss of Shen Yi Company's account books and the failure to pay off the creditor's rights of Nan You Group. Nan You Group, as the actual controller of Shen Yi Company, was subjectively responsible for the debt occurrence and untimely liquidation of Shen Yi Company, and the equity transfer was not truthfully disclosed. Shen Yi Company had entered the bankruptcy liquidation procedure, so the company's compulsory liquidation liability regulations should not apply. The creditor's rights and debts between Nan You Company and Shen Yi Company have been resolved through an agreement reached by both parties.

After M88 game APK trial of M88 game APK first instance, M88 game APK Supreme People's Court issued M88 game APK Minutes of M88 game APK Ninth National on Courts’ Civil and Commercial Trials Conference. Among M88 game APK minutes, M88 game APK guiding contents regarding M88 game APK shareholders' responsibility for liquidation, and M88 game APK functional differences between mandatory liquidation and bankruptcy liquidation confirmed M88 game APK accuracy of M88 game APK analysis and previous judgment made by JunHe’s team. On this basis, JunHe's team again supplemented M88 game APK agency’s opinions and submitted M88 game APKm to M88 game APK court according to M88 game APK spirit of M88 game APK Minutes of M88 game APK Ninth National on Courts’ Civil and Commercial Trials Conference.

After a long wait, M88 game APK Shenzhen Intermediate People's Court made M88 game APK first instance judgment and referred to M88 game APK regulations on M88 game APK functional differences between compulsory liquidation and bankruptcy liquidation in M88 game APK Minutes of M88 game APK Ninth National on Courts’ Civil and Commercial Trials Conference. It was considered that "for enterprises entering bankruptcy liquidation, relevant obliges can seek relief from M88 game APK relevant provisions of M88 game APK Enterprise Bankruptcy Law. In this case, Shen Yi Company has been declared bankrupt and M88 game APK bankruptcy procedure has ended. M88 game APK plaintiff has no right to ask M88 game APK shareholders of Shen Yi Company to bear M88 game APK legal responsibility for delaying liquidation according to M88 game APK second paragraph of Article 18 of Judicial Interpretation II of M88 game APK Company Law. "On this basis, all claims by Nan You Group were rejected.

Nan You Group refused to accept M88 game APK judgment of M88 game APK first instance and appealed to M88 game APK High People's Court of Guangdong Province (hereinafter referred to as "Guangdong High Court"). M88 game APK confrontation between M88 game APK two sides in M88 game APK second trial was fierce. To safeguard M88 game APK victory of M88 game APK first trial, JunHe’s lawyers submitted several in-depth argumentation opinions and special opinions again in view of M88 game APK controversial focus in M88 game APK second trial and M88 game APK application of M88 game APK Minutes of M88 game APK Ninth National on Courts’ Civil and Commercial Trials Conference. After unremitting efforts, M88 game APK Guangdong High Court recently made a second-instance judgment, rejecting M88 game APK appeal of Nan You Group and upholding M88 game APK original judgment. Through M88 game APK diligent work of JunHe, M88 game APK debt loss of Oceanwide Holdings is much higher than RMB 68,335,429.25, effectively safeguarding M88 game APK interests of Oceanwide Holdings.

This case lasted for more than five years. It involved many difficult and complicated legal application issues, among which was M88 game APK complex determination of shareholders' liquidation liabilities. JunHe’s work was meticulous, comprehensive and in-depth. M88 game APK team paid attention to judicial trends in real time and made timely comments and supplements. Through M88 game APKir unremitting efforts, M88 game APK success of M88 game APK case was finally achieved. This was a typical case of applicable law after M88 game APK publication of M88 game APK Minutes of M88 game APK Ninth National on Courts’ Civil and Commercial Trials Conference, which will have a positive guiding role for similar cases in M88 game APK future.

M88 game APK JunHe lawyers’ professional, dedicated and meticulous work in this case has been highly recognized by M88 game APK judges and M88 game APK clients.

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