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In the midst of a global economic crisis of proportions unseen for generations, the financial woes of many businesses have become such that today, the pursuit of survival has taken the place of the pursuit of profit. Come the time for yearly accounting, companies based in the Macau SAR may be faced with a situation where their net value has decreased to such a level that the law mandates immediate action. Such is the case of Article 206 of the Commercial Code, the terms and provisions of which stipulate that, should the board of directors verify through the annual accounts that the company’s net value is lower than half of its share capital, it is compelled under the penalty of criminal law to submit for approval by the shareholders a resolution which embraces one of the three solutions set forth by the legislator.
After the establishment of the Macau Special Administrative Region (SAR) in 1999, much debate arose in Macau's courts, particularly regarding the statute of limitations for tax claims and the subsidiary liability of administrators for corporate tax debts. This debate focused on whether the provisions of the 1950 Tax Enforcement Code remained temporarily in force within Macau SAR’s legal framework or if were repealed under the Basic Law, as no Tax Code or General Tax Law has been approved in Macau since its establishment.
