What Is Voluntary Termination?

Voluntary dissolution is the company's decision to dissolve. At the shareholders meeting, resolutions were passed on behalf of shareholders with more than two-thirds of the voting rights, and the company was deemed to be dissolved without the need for continued existence. The dissolution procedure is as follows: First, the shareholders' meeting makes a special resolution to announce the dissolution, and then the directors and supervisors apply to the government authority for dissolution registration. After the dissolution and approval of the dissolution registration is approved by the government authority, the dissolution will take effect. If the directors and supervisors do not apply for dissolution registration with the competent government authority after the shareholders' meeting, the competent government authority may cancel the registration of the establishment of the company in accordance with their functions and powers or at the request of interested parties. ^[1]

Voluntary dissolution

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Voluntary dissolution is the company's decision to dissolve. At the shareholders meeting, resolutions were passed on behalf of shareholders with more than two-thirds of the voting rights, and the company was deemed to be dissolved without the need for continued existence. The dissolution procedure is as follows: First, the shareholders' meeting makes a special resolution to announce the dissolution, and then the directors and supervisors apply to the government authority for dissolution registration. After the dissolution and approval of the dissolution registration is approved by the government authority, the dissolution will take effect. If the directors and supervisors do not apply for dissolution registration with the competent government authority after the shareholders' meeting, the competent government authority may cancel the registration of the establishment of the company in accordance with their functions and powers or at the request of interested parties. ^[1]

According to the provisions of China's "Company Law", a company may be dissolved voluntarily if it has one of the following circumstances:

1. As stipulated in the company's articles of association

1. The shareholders' meeting makes a resolution to dissolve. The dissolution resolution of the shareholders' meeting shall be made by a serious special resolution.

2. Directors and supervisors applied for dissolution registration. Within a certain period of time after the start of dissolution, the directors and supervisors applied to the government authority for registration of dissolution.

As soon as the dissolution registration is approved by the competent government authority, the dissolution will become effective.

If the directors and supervisors do not apply for dissolution registration with the competent government authority within a certain period of time after dissolution, the competent government authority may revoke the registration of the establishment of the company in accordance with its powers or at the request of interested parties.