Wans Law Firm Deregistered a Wholly Foreign Owned Company

After over five years hard and non-give-up working, Wans Law Firm eventually secured the permission and the decision from Business Registrar to deregister a wholly foreign owned company.

To register a wholly foreign owned company in China needs a couple of month, but to deregister such company is a pain-taking and long time job. Bankruptcy is not a common practice to wind up a company. Court rarely accepts a motion for liquidation. To close a company needs approvals, resolutions, financial and taxation auditings. The company to be closed has to clear all accounts payable and accounts receivable, if any. When holders have to wind up a company, they may have no more time, money and people to take care of those job.Those jobs are hard to be carried.