What are the procedures for dissolution and liquidation of the joint venture company?

The liquidation procedure for the dissolution of the joint venture company is to set up a liquidation group within 15 days after the company decides to dissolve. The liquidation group shall clean up the company's property, prepare a balance sheet and a property list respectively, pay off the taxes owed and the taxes generated in the liquidation process, and formulate a distribution plan.

legal ground

Article 183 of People's Republic of China (PRC) Company Law

Where the company is dissolved due to the provisions of Item (1), Item (2), Item (4) and Item (5) of Article 180 of this Law, a liquidation group shall be established within 15 days from the date when the reasons for dissolution appear to start liquidation. The liquidation group of a limited liability company is composed of shareholders, and the liquidation group of a joint stock limited company is composed of directors or personnel determined by the shareholders' meeting. If a liquidation group is not established for liquidation within the time limit, the creditor may apply to the people's court to appoint relevant personnel to form a liquidation group for liquidation. The people's court shall accept the application and promptly organize a liquidation group to carry out liquidation.

Article 184

The liquidation group shall exercise the following functions and powers during the liquidation period:

(1) Clean up the company's assets and prepare a balance sheet and a list of assets respectively;

(2) Notify and announce creditors.

(3) Handling the unfinished business of the company related to liquidation;

(4) Paying taxes owed and taxes generated during the liquidation.