Research On The Action Of The Anonymous Shareholder's Enforcement Objection

In judicial practice,it is a major problem for judges and lawyers to deal with the conflict of interest between the creditor of nameless shareholders and nameless shareholders.The draft of "Nine People's Records" for soliciting opinions once stipulated that: in the execution of monetary creditor's rights,the people's court shall take compulsory enforcement measures for the equity and real estate of the limited liability company registered under the name of the person subjected to execution;However,if the hidden shareholder can show effective evidence to prove that he is the actual investor,that is,he is the actual owner or shareholder in the name of the named shareholder to buy a house or hold shares,the court should agree to the request of the hidden shareholder to block the execution.On August 7,2019,the Supreme People's Court(SPC)issued the Minutes of the National Courts' Meeting on Civil and Commercial Judgment(hereinafter referred to as the Minutes of the nine People's Meeting)and solicited opinions from the whole society.).Although both views are set out in the draft opinion,there is no final explanation for them when the official document comes out.Was promulgated in 2019,the Supreme People's Court on the application of law execution objection lawsuit cases question the interpretation of the(a)to solicit opinions from the public(draft)about Chinese court net the Supreme People's Court for execution objection lawsuit cases on the legal problem of(a)(draft)publicly to the society.] It is enough to see the entanglement and hesitation of the Supreme Court,and it is enough to reflect the difficulty of judicial value measurement.When the creditor of the named shareholder proposes to the court to enforce the equity under the name of the named shareholder in order to repay the creditor's rights,if the anonymous shareholder launches an objection to the execution on the ground that he is the real owner of the equity,he makes a request to the court to exclude the compulsory execution.In this case,whether the private shareholders have civil rights and interests on the executed equity,and whether the civil rights and interests can be excluded from the compulsory enforcement measures,has become the focus of discussion.In judicial practice,the core focus of the court is whether to adhere to the rights of registration of equity rights in the appearance of the protection of the rights and interests of the creditors of the named shareholders or to adhere to the hidden shareholders as the real rights and interests of the actual capital contribution.At present,there are more cases of protection of general creditor interests of prominent shareholders by appearance based on equity registration,which actually damages the rights of hidden shareholders as actual investors.The first chapter of the paper traces to the source and explores the legislative evolution of the enforcement objection litigation system of hidden shareholders,which is helpful to understand the purpose of establishing the enforcement objection litigation system of hidden shareholders.As a kind of litigation system,the role of the enforcement objection litigation of hidden shareholders is to prevent the abuse of public power and is a relief means for the true right holders.The analysis of the legal relation of the action of the execution objection of the hidden shareholder can help to get a more acceptable and fair judgment.The second chapter in the face of dormant shareholders through examples show the current court execution objection lawsuit cases two main attitude,distinguish between involved in equity trading famous creditors and shareholders general creditors,intuitive summarizes the judicial practice to show general creditor benefit shareholders in the name of the main bone of contention,which show the general creditors equity registration of shareholders appearance has the trust interests?The third chapter through the analysis of the relief properties of the hidden shareholders' execution objection lawsuit system,clear analysis of the hidden shareholders' execution objection lawsuit system of protection of legal interests.The value of the hidden shareholders' execution objection lawsuit should be fair,its fair value should take precedence over the efficiency value,and its core value should be the substantive review.General creditors do not have trust benefits of the fourth chapter,analysis of the equity registration system origin and development,know the equity registration system was meant to protect the safety of commercial activities and pay attention to the efficiency of commercial activities,the purpose of the equity registration is subject to company survival and stable in cases involving equity trading and maintain the trusty interest of a third party,commercial system,adhere to the principle of efficiency first with fairness.Famous when shareholders general creditors and anonymity of conflicts of interest,famous shareholders of the general creditors equity registration do not have business transactions on the trust interests,protection of rights and interests of dormant shareholders will not reduce the commercial transaction efficiency,but also the nondestructive appearance in the commercial registration system,and adhere to the dormant shareholders execution objection to suit the purpose of the protection of rights and interests of the holder of the real system.It is proved from the opposite side that not protecting the interests of the general creditors of the prominent shareholders is not harmful to the commercial registration system,thus insisting that the rights and interests of the anonymous shareholders should be protected.The fifth chapter summarizes the procedure of hearing the execution objection lawsuit of hidden shareholders in judicial practice and divides the execution objection lawsuit of hidden shareholders into creditor involved in equity transaction and general creditor.In the case of equity transaction,in order to maintain the efficiency of the whole business transaction and maintain the development of social economy,creditors who have trust in equity registration should be protected.In dormant shareholder rights and interests of real cases,based on the equity disposal action filed and carry out a program of dormant shareholders execution objection lawsuit,dormant shareholders shall enjoy the corresponding property rights and interests of equity is that part of the property rights holder of the natural,support the execution objection lawsuit brought by dormant shareholders did not detract from actual rights of shareholders,there is no infringement general creditor's rights.Therefore,it is necessary to protect the lawsuit of execution objection filed by the valid hidden shareholders of the proxy shareholding agreement.