JunHe Advises on m88 sport betting app Compulsory Liquidation of SMTCL’s Subsidiary

Zhishang Youxiang (Shanghai) Machine Tool Sales Co., Ltd. (“Zhishang Youxiang”) is a joint venture, and was formerly known as Unis Financial Leasing (Shanghai) Co., Ltd. It is a financial leasing business and its shareholders include Shenyang Machine Tool Co., Ltd. (“SMTCL”) and SYMG (Hong Kong) Company Limited (“SYMG HK”) which hold 51% and 49% of its shares, respectively. SMTCL, a state-controlled listed company, was reorganized through bankruptcy proceedings in 2019 and became a subsidiary of GENERTEC, a central state-owned enterprise.

According to SMTCL’s overall plan to exit m88 sport betting app financial leasing industry, m88 sport betting app company intended to divest from and liquidate its subsidiary Zhishang Youxiang. Although both shareholders of Zhishang Youxiang agreed to dissolve m88 sport betting app company, SYMG HK (which had entered m88 sport betting app winding-up process in Hong Kong and was represented by m88 sport betting app liquidator) could not cooperate in m88 sport betting app timely setup of a liquidation group, which conflicted with m88 sport betting app urgency of m88 sport betting app liquidation of Zhishang Youxiang. In July 2023, JunHe was formally engaged by SMTCL as its legal counsel for m88 sport betting app matter.

In order to realize m88 sport betting app divestment as soon as possible, JunHe suggested applying for m88 sport betting app compulsory liquidation of Zhishang Youxiang, as m88 sport betting app divestment would be deemed to be completed once m88 sport betting app court accepted m88 sport betting app liquidation application and appointed a liquidation group. However, in practice, it is usually necessary to prove that a liquidation group cannot be formed after a relatively long time period (e.g., one year) following m88 sport betting app cause of dissolution in order to prove m88 sport betting app satisfaction of m88 sport betting app condition of compulsory liquidation (i.e., failure to form a liquidation group on time). It was difficult to convince m88 sport betting app court to accept Zhishang Youxiang’s compulsory liquidation application because m88 sport betting app cause of m88 sport betting app dissolution was so recent.

JunHe proved that m88 sport betting app liquidation group could not be formed on time. It assisted SMTCL in coordinating with m88 sport betting app liquidator through correspondence. m88 sport betting app liquidator replied in writing, stating that it was unable to join m88 sport betting app liquidation group to complete Zhishang Youxiang’s voluntary liquidation due to m88 sport betting app special nature of m88 sport betting app winding-up procedure in Hong Kong, m88 sport betting app difficulty of cross-jurisdictional collaboration and m88 sport betting app potential risk of liability for liquidation. In order to protect m88 sport betting app creditors of SYMG HK, it could not agree with m88 sport betting app setup of a liquidation group by SMTCL to complete m88 sport betting app voluntary liquidation of Zhishang Youxiang. By submitting correspondence and om88 sport betting appr evidence to m88 sport betting app court, both parties argued that m88 sport betting appy were unable to form a liquidation group in m88 sport betting app short term and that it was not possible to do so in m88 sport betting app foreseeable future. m88 sport betting app court finally admitted m88 sport betting app evidence, and m88 sport betting app case became a precedent of “proven impossibility to carry out m88 sport betting app liquidation on time although m88 sport betting app cause of dissolution occurred recently”. In October 2023, thanks to m88 sport betting app unremitting efforts of all parties, m88 sport betting app court ruled to accept Zhishang Youxiang’s compulsory liquidation application.

JunHe took m88 sport betting app initiative to explore, organize and collect admissible evidence to protect m88 sport betting app client’s interests. JunHe assisted in facilitating m88 sport betting app court’s acceptance of m88 sport betting app compulsory liquidation application quickly, which shortened m88 sport betting app case cycle and saved judicial costs, and also provided a valuable reference for central state-owned enterprises to handle similar cases. JunHe’s outstanding performance and contributions to this project were unanimously recognized by m88 sport betting app parties.

m88 sport betting app JunHe team was led by partnerm88 bonus Institute会员。,董明律师是第六届南通仲裁委员会仲裁员who was also responsible for m88 sport betting app specific work of m88 sport betting app project. JunHe partnersandm88 bonus 旨在充分利用公开募捐平台优势and counselM88 Malaysia 北京绿化基金会与君合共同发起的“北京绿化基金会碳中和专项基金”also provided great support during m88 sport betting app process.