Even the person in charge who holds 70% of the shares cannot cancel the company by himself. To cancel the company, the shareholders' meeting must be held to pass the resolution to dissolve the company, which requires more than two thirds of the shares to pass, so the shareholders who account for 70% of the shares can pass the resolution to dissolve the company as long as they agree.
After the company's dissolution resolution is passed, according to Article 183 of the Company Law, a liquidation group shall be established within 15 days after the shareholders' meeting passes the dissolution resolution.
Article 185 The liquidation group shall notify creditors within 10 days from the date of its establishment and make an announcement in a newspaper within 60 days. Creditors shall, within 30 days from the date of receiving the notice, and within 45 days from the date of announcement if they have not received the notice, declare their claims to the liquidation group.
After the liquidation, if the liquidation group finds that the assets are insolvent, it will go through bankruptcy proceedings; If there is any surplus property after paying taxes, employees' salaries, creditor's rights and debts, you can apply to the Market Supervision Bureau for cancellation through liquidation plan.