CHINA: An Introduction to Corporate/Commercial: Sichuan: Contentious (PRC Firms)
Overview of Commercial Litigation in Chinese Companies
中国公司商事诉讼概述
On 29 December 2023, the Standing Committee of the National People's Congress reviewed and passed the newly amended "Company Law of the People's Republic of China" ("New Company Law"), which will come into effect on 1 July 2024. The current Company Law was enacted and implemented in 1993. Over the past 30 years, with the continuous improvement of China's economic development and legal system, the Company Law has undergone four amendments and two comprehensive revisions. Following the first comprehensive revision in 2005, the current revision marks the second comprehensive revision. The current revision not only summarises and draws on past practical experience and theoretical achievements, but also adapts to China's strategic development and market demand, aiming to further improve the modern enterprise system with Chinese characteristics. The New Company Law has substantially added and amended more than 110 articles, making significant adjustments to aspects such as the company's capital system, shareholders' rights, and the responsibilities of controlling shareholders, actual controllers, directors, supervisors, etc., which will significantly impact corporate commercial litigation. Combining the current status of corporate commercial litigation in China in 2023, this paper conducts research and analysis on the impact of the revised provisions of the New Company Law on corporate commercial litigation, aiming to provide preliminary guidance for the challenges and opportunities faced by the development of corporate commercial litigation.
2023年12月29日，全国人大常委会审议通过新修订的《中华人民共和国公司法》（以下简称“新公司法”），并于2024年7月1日起施行。现行公司法制定并施行于1993年，三十年来，伴随着我国经济发展和法治建设的不断完善，公司法进行了四次修正、两次全面修订，继2005年第一次全面修订后，本次修订为第二次全面修订。本次修订既总结汲取了过往的实践经验和理论成果，又适应了我国战略发展和市场需求，旨在进一步完善中国特色现代企业制度。新公司法实质新增和修改条款110余条，对公司资本制度、股东权利以及控股股东、实际控制人和董监高责任等层面作出重大调整，将对公司商事诉讼产生重大影响。结合2023年中国公司商事诉讼领域的现状，本文针对新公司法部分条款修订对公司商事诉讼的影响进行研究分析，旨在为公司商事诉讼发展面临的挑战与机遇提供初步指引。
The Current Status of Corporate Commercial Litigation in China in 2023
一、2023年中国公司商事诉讼现状
According to the public search on the Judgment Document Network, using "Cause of Action: Disputes related to companies," "Case Type: Civil Cases," and "Document Type: Judgments" as search criteria, a total of 7,895 civil judgments related to "disputes related to companies" were retrieved for the year 2023 (as of February 18, 2024). Under the sub-causes of action for company-related disputes, the leading types of cases by the number of judgments were as follows: equity transfer disputes (2,408 cases, accounting for 30.50%), shareholder liability for harming the interests of company creditors (1,134 cases, accounting for 14.36%), shareholders' right to access company's information disputes (606 cases, accounting for 7.68%), requests to change company registration disputes (569 cases, accounting for 7.21%), shareholder contribution disputes (544 cases, accounting for 6.89%), shareholder qualification confirmation disputes (396 cases, accounting for 5.02%), and company dissolution disputes (384 cases, accounting for 4.86%). Overall, the causes of corporate commercial litigation cases in 2023 showed a highly concentrated and diversified characteristic, with the main cases still highly concentrated in the areas of internal corporate governance such as transfer of shareholdings, shareholders' rights and obligations, and company registration.
经裁判文书网公开检索，以“案由：与公司有关的纠纷”“案件类型：民事案件”“文书类型：判决书”为搜索条件，我们检索到2023年度“与公司有关的纠纷”案由及其项下子案由的民事判决书共计7895份（检索日期为2024年2月18日）。在公司类纠纷的三级案由项下，判决书数量占比前列的案由分别为股权转让纠纷（2408件，占比30.50%）、股东损害公司债权人利益责任纠纷(1134件，占比14.36%)、股东知情权纠纷（606件，占比7.68%）、请求变更公司登记纠纷（569件，占比7.21%）、股东出资纠纷（544件，占比6.89%）、股东资格确认纠纷（396件，占比5.02%）及公司解散纠纷（384件，占比4.86%）。总体上，2023年度公司商事诉讼案件的案由呈现出高度集中、多项分化的类型特征，主要案件仍高度集中于股权转让、股东权利义务、公司登记等公司内部治理领域。
Commercial Regime for Chinese Companies Under the New Regulations
二、新规下的中国公司商事制度
Compared to the current Company Law, the revised New Company Law has made substantive changes in improving the company capital system, optimising corporate governance and strengthening the protection of shareholders' rights. This article, in light of the characteristics presented by corporate commercial litigation disputes, focuses on analysing the following key points:
相较于现行公司法，修订后的新公司法在完善公司资本制度、优化公司治理以及加强股东权利保护等方面做出了诸多实质性变更。本文结合公司商事诉讼纠纷呈现的特征，重点选取如下几点进行剖析：
1.Improvements to the Company's Capital System
Improving the company's capital system to substantively optimise capital injection The New Company Law introduces a five-year period for limited liability company shareholders to make subscribed capital contributions, marking the first tightening of the company's registered capital system. It introduces an authorised capital system for limited liability companies and requires promoters to fully pay the share capital subscribed by them. At the same time, the New Company Law legally mandates the board of directors to verify whether shareholders have made timely and full capital contributions, specifies the conditions under which the company or creditors with matured claims may request the accelerated expiry of the shareholders' paid-in obligations, and adds a system of shareholders' loss of rights, specifies the shareholders' liabilities for compensation, adds and refines provisions on the reduction of the company's registered capital and so forth. This amendment will guide the market to reshape its trust in the registered capital of the company, substantively resolve the problem of deflation of the registered capital of the company, and effectively safeguard the legitimate interest of the creditors of the company as well as the stability of the trading market. However, in the short term, there may be a large number of company commercial litigation disputes surrounding the reduction of the company's capital, as well as reducing the maturity of the company's registered capital.
1. 完善公司资本制度
实质优化公司注资新公司法新增有限责任公司股东5年的认缴出资期限，是对公司注册资本制度的首次紧缩；在股份有限公司中引入授权资本制，并要求发起人按照其认购的股份足额缴纳股款。同时，新公司法从法律层面规定了董事会负有核查股东是否按期足额出资的义务，明确了公司或已到期债权的债权人要求股东实缴义务加速到期的条件，并增设股东失权制度、明确股东的赔偿责任、增设和细化公司减少注册资本的规定等。此次修订有助于引导市场重塑对公司注册资本的信赖，实质化解公司注册资本虚化的问题，切实维护公司债权人的合法利益以及交易市场的稳定，但短期内可能会出现围绕公司减资缩期产生大量的公司商事诉讼纠纷。
2. Standardisation of Internal Corporate Governance
Standardising internal corporate governance and strengthening the responsibilities of controlling shareholders, actual controllers, directors, supervisors and senior management. To optimise the corporate governance structure, the New Company Law focuses on strengthening the responsibilities of controlling shareholders, actual controllers, directors, supervisors and senior management, with several significant adjustments focusing on the powers and responsibilities of the board of directors in the corporate governance process. Specifically, it introduces the right of other shareholders to request repurchases in case of abuse of rights by controlling shareholders, which provides a new relief path for the protection of the interests of small and medium-sized shareholders of the company. Moreover, the New Company Law strengthens the separation of ownership and management, clarifies the identification of controlling shareholders and actual controllers, imposes more restrictions and liabilities on them; and refines the obligations of directors and supervisors to act faithfully and diligently, such as strengthening the regulation of connected transactions of the directors and supervisors, the responsibility to maintain the company's capital adequacy, and the establishment of the Audit Committee, etc. Meanwhile, it clarifies the liabilities of the directors and senior management. The amendment will significantly impact the corporate internal governance structure, and in the future commercial litigation centred on internal corporate governance will remain an important part of corporate commercial litigation.
2. 规范公司内部治理
在强化控股股东、实际控制人和董监高责任在公司治理结构的优化上，新公司法重点强化了控股股东、实际控制人和董监高的责任，重点就董事会在公司治理过程中的权责进行了多项重大调整。具体包括新增控股股东滥用权利情形下其他股东的回购请求权，对公司中小股东利益保护提供了新的救济路径。同时，新公司法强化了公司所有权和经营权的分离，对控股股东、实际控制人的认定进行明确，并对其施加了更多的限制和责任；针对董监高的忠实勤勉义务进行了细化完善，如强化了对董监高关联交易的规范、维护公司资本充实的责任、增设审计委员会等，并明确了董事、高级管理人员的责任。此次修订，对于公司内部治理结构将产生重大影响，未来围绕公司内部治理的商事诉讼仍将是公司商事诉讼的重要部分。
3. Protecting the Rights of Shareholders and Creditors
Strengthening the protection of the rights of shareholders and creditors, expanding the path of judicial remedies As one of the primary remedies for corporate disputes, commercial litigation has been incorporated and refined in several provisions of the New Company Law, drawing from practical experiences. In terms of safeguarding shareholder rights, it establishes the basic framework for a dual shareholder representative litigation system, expands the scope of shareholders' access to documents, and incorporates and improves the statutory periods for actions challenging resolutions and seeking their annulment. Regarding the protection of creditor rights, it introduces the horizontal legal person disregard system, improves the system for shareholder contributions and liabilities, clarifies the compensation obligations of liquidators, and imposes joint liability on shareholders for false commitments made during the simplified dissolution process. The revisions in the New Company Law expand the scope of commercial litigation involving companies, effectively safeguarding the judicial remedies available to both company creditors and shareholders, thereby contributing to the creation of a more stable, fair, transparent, and predictable legal business environment.
3. 加强股东、债权人的权利保护
拓展司法救济路径商事诉讼作为公司类纠纷的主要救济路径之一，新公司法结合实践情况，汲取并完善了多条涉及公司商事诉讼的条款。在股东权利保障方面，构建双重股东代表诉讼制度的基本框架、扩大股东查阅材料范围、吸收并完善公司决议不成立之诉和决议撤销之诉的除斥期间等；在债权人权利保障方面，增加了横向法人人格否认制度、完善公司股东出资制度和股东责任、明确公司清算义务人的赔偿责任和公司经简易程序注销情形下股东承诺不实的连带责任等。新公司法的修订拓展了公司商事诉讼范畴，切实充分地保障了公司债权人、股东权利的司法救济路径，有助于营造更加稳定公平透明、可预期的法治化营商环境。
Challenges and Opportunities in Corporate Commercial Litigation
三、公司商事诉讼的挑战与机遇
With the implementation of the New Company Law and changes in the market environment, Chinese companies will face new opportunities and challenges in commercial litigation. Companies need to seize the transitional opportunity, take advantage of the situation to adjust their development strategies, as well as strengthen the construction and improvement of the company's compliance system, such as completing the paid-up registered capital before the implementation of the new regulations, to ensure that the company operates by the law. Meanwhile, the law firm also needs to follow the market changes and regulatory guidance, provide professional legal support for the construction of the company's compliance system and legal risk control, assist the company in legal risk assessment and litigation tactic development, and provide a full range of legal services and professional support in the case of the company involved in litigation, to safeguard the legitimate rights and interests of the client company under the law.
随着新公司法的实施和市场环境的变化，中国公司的商事诉讼将面临新的机遇和挑战。公司需要紧抓过渡时机，因势利导调整发展战略，加强公司合规体系的建设与完善，如在新规施行前完成注册资本实缴等，保障公司依法合规经营。同时，律所也需紧跟市场变化和监管导向，为公司的合规体系建设、法律风险控制提供专业支撑，协助公司进行法律风险评估与诉讼策略制定，并在公司涉诉情境下提供全方位的法律服务与专业支撑，依法维护公司客户的合法权益。