Improvement and applicability of the new corporate capital reduction system
Capital reduction is an important part of the corporate capital regulation system.The new corporate law issued in December,2023 has made great amendment to the capital reduction system,with its value investigation turning from single creditor-protection to integrating company autonomy and the shareholder equality into the framework of balancing the overall benefit.Its specific manifestations are as follows.Structurally,a simplified capital reduction procedure is newly established which is applicable to covering the deficit.Technically,basic rules are clarified for typological capital reduction,hence plugging the loophole of the existing liability system concerning capital reduction,and including all the share-holders,directors,supervisors and senior executives into the range of liable entity.However,judging from the coordination of capital system and its legal application,there leaves enough room for further optimization and improvement.And subsequent legislation should supply properly looser explanation of the application terms for simplified capital reduction procedure.Besides,the newly-built liability system of illegal capital reduction integrates returning and compensating,and it needs cautious consideration as to how to embed it into accountability system of our country's corporate law to abut with such issues as the directors'and shareholders'responsibilities as well as the liability sequence and range among various liability entities.
capital reductionamendment of the corporate lawcreditorshareholderdirectors
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