The Realistic Dilemma and Institutional Optimization of Compulsory Liquidation of Contractual Private Equity Funds
The excessive reliance of private equity funds on the exit mode of IPO has led to the problem of'diffi-cult exit',and the exploration of the mandatory liquidation system of private equity funds can help optimize the market allocation of resources and protect the rights and interests of private equity fund investors.However,the current manda-tory liquidation of contractual private equity funds is plagued by the lack of statutory circumstances for mandatory liqui-dation,unclear provisions on the obligations of the main body of liquidation,lack of supervision over the implementa-tion of liquidation procedures,and poor working mechanism of the liquidation group.Therefore,it is necessary to con-struct a perfect institutional process from initiation to governance to the handling of affairs after liquidation.Firstly,the commencement procedure of compulsory liquidation should be improved,and the fund manager should be clearly de-fined as the subject of the liquidation obligation;secondly,the internal governance mechanism of the liquidation group should be improved,the composition and replacement mechanism of the members of the liquidation group should be clarified,and a sound and effective working and supervisory mechanism should be established;then,the ju-dicial appraisal procedure is selectively introduced;finally,the post-liquidation duty system is improved to ensure that the compulsory liquidation of contractual private equity funds is lawful and compliant,so that the construction of the compulsory liquidation system for contractual private equity funds is carried out in an orderly manner along the track of the rule of law.
contractual private equity fundscompulsory liquidationindependence of fund property
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