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How to deal with assets after cancellation of private non-enterprise units
Legal basis: Civil Code of People's Republic of China (PRC).
Article 68 If liquidation and cancellation of registration are completed according to law for one of the following reasons, the legal person shall be terminated: (1) The legal person shall be dissolved; (2) The legal person is declared bankrupt; (3) Other reasons prescribed by law. Where laws and administrative regulations stipulate that the termination of a legal person shall be approved by the relevant authorities, such provisions shall prevail.
Article 70 Where a legal person is dissolved, except for merger or division, the liquidation obligor shall set up a liquidation group in time to carry out liquidation. Directors of legal persons, directors of executive organs or decision-making bodies and other members are liquidation obligors. Where laws and administrative regulations provide otherwise, such provisions shall prevail. If the liquidation obligor fails to perform the liquidation obligation in time and causes damage, it shall bear civil liability; The competent authority or interested party may apply to the people's court to appoint relevant personnel to form a liquidation group for liquidation.
Article 72 A legal person shall exist during the liquidation period, but shall not engage in activities unrelated to liquidation. The remaining property of a legal person after liquidation shall be disposed of in accordance with the provisions of the articles of association of the legal person or the resolution of the authority of the legal person. Where there are other provisions in the law, those provisions shall prevail. The legal person shall terminate when the liquidation is completed and the registration of the legal person is cancelled; If it is not necessary to register as a legal person according to law, the legal person shall be terminated at the end of liquidation.
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