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Judicial freezing over shares in enterprises will be posted publicly online

30 October 2014

The PRC Supreme People's Court and the State Administration for Industry and Commerce jointly issued on October 10, 2014 the "Circular on Strengthening Information Cooperation, Standardizing Judicial Enforcement and Assistance in Judicial Enforcement". The said Circular includes 19 articles which set out regulations on mutual connection of information systems, enforcement by using online means, disclosure of enforcement information, assistance in enforcement, etc..

The said Circular requires that the administrative authorities for industry and commerce shall set up a section of "Judicial Assistance" in the "Enterprise Credit Information Publication System" available for online search. The new section shall specify information of judicial freezing (if any) over shares held in the relevant enterprise, which shall include the amount of shares frozen, name of relevant enforcement court, the serial number of relevant court ruling, etc.. Therefore, we can expect that we may soon find out easily through online search the information of share freezing relevant to target enterprises.

The said Circular stipulates that the term of judicial freezing over shares shall not exceed two years and each renewal shall not exceed one year period, while there is no restriction on times of renewals.


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Disclaimer
Any legal information contained in this newsletter is general in nature and laws and regulations are changing from time to time and compliance will always depend upon the particular circumstances. We have not attempted to give exhaustive descriptions of law or to give a legal opinion on specific legal issues. You should not rely on this newsletter as a legal advice for any particular purpose.

                                           

 

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