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Due to a failure to pay its debts, in October 2014 the court accepted an application for bankruptcy by the creditors of Hangle Garment Co and designated a bankruptcy administrator. The bankruptcy administrator found that:
(i) Hangle Garment Co had given up a credit of RMB 500,000 yuan owed by its affiliate enterprise in August 2013;
(ii) Some shareholders of Hangle Garment Co failed to make full capital contributions as prescribed in the articles of association of the company;
(iii) There was a contract between Hangle Garment Co and Bright Department Store, which was concluded before the bankruptcy application was accepted and had been partly performed.
Required:
In accordance with the Enterprise Bankruptcy Law of China:
(a) State whether the action of giving up credit could be revoked during the process of liquidation. (2 marks)
(b) State how the lack of full capital contributions by some of the shareholders of the company should be dealt with. (2 marks)
(c) State what right the bankruptcy administrator has regarding the partly-performed contract between Hangle Garment Co and Bright Department Store. (2 marks)
Required:
In accordance with the relevant provisions of the Company Law:
(a) Describe the relevant voting requirement by the general shareholders’ meeting of Dano Stock Co to approve the merger. (2 marks)
(b) Explain why such a voting requirement by the general shareholders’ meeting is needed to pass a resolution. (2 marks)
(c) State what right the creditors of the LLC should have once they receive notice of the company merger. (2 marks)
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