Acclime is a recognised leader in providing corporate financial restructuring & turnaround solutions to under-performing enterprises in China.
Acclime is a recognised leader in providing corporate financial restructuring and turnaround solutions to under-performing enterprises. Our broad base of expertise and international experience sets the benchmark by which turnaround firms manage their most difficult commercial challenges in China.
If your investment is not achieving sufficient returns and is at risk of insolvency, we can assist you in quickly analyzing the decisive factors that affect your firm’s survival and implement critical change to halt the losses and put the company back on the road to recovery. Steps taken often include:
Acclime’s senior partners take an active role in analysing the company and its issues and work with you to suggest optimum solutions.
Our senior partners take responsibility to help you in stabilizing the the company, approving the recovery plan and monitoring its execution.
We work together with management to maximize the value of your enterprise as it returns to operational efficiency, cash sufficiency and profitability.
Our team of experts takes early action to assist troubled companies avoid bankruptcy and liquidation. Specific measures include:
These services require the distressed company to be committed to recovery. At this stage, we assist management in setting a strategy and in executing a plan of reorganization. Each plan of reorganization plan is based on a company’s unique situation and will usually include some of each of the following components:
When it has been determined that maximum value can be achieved for shareholders only through the cessation of commercial activity, we will lead the company through the liquidation process. Our focus here would involve:
Closing down a representative office in China can be a lengthy process if it is not handled in the correct way, particularly if the office was not originally established entirely in accordance with the law, but rather through “back-door” connections. China’s legal system is becoming more and more transparent and administrative bodies are increasingly enforcing the law, so it pays to do things the right way. Simply walking out of the country is not the way to go!
There are several steps required to close down an office.
Firstly, tax payment certificates and receipts from the national and local tax bureaus must be given to the authority responsible for closing the office, along with a brief statement about the settlement of debts and credits. The Tax Bureau will require the closure audit report to be approved by a Certified Public Accounting firm.
Secondly, various documents need to be prepared and given to the relevant authorities. Cancellation forms need to be submitted to the Industrial and Commercial Bureau, along with a detailed explanation as to why the office is closing. Both Chief Representative and the authorised person of the parent company must sign the forms. A separate application also needs to be made by the holding company’s letterhead, and must be stamped with the holding company’s seal. There must also be a board resolution that agrees to the closure of the office or a statement expressing the company’s wish to close the office, signed by the chairman of the parent company. The Certificate of Incorporation must be returned to the Industrial and Commercial Bureau.
Furthermore, the bank must provide a notice that confirms the cancellation of the office’s bank account. The official seal and financial seal should be returned to Public Security Bureau. If all the necessary documents are provided and taxes have been paid, the closure procedure should take roughly 9 to 18 months.
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