After an enterprise is revoked, it cannot make loans or carry out activities unrelated to liquidation. To go through the cancellation procedures after a business license is revoked, a liquidation team must first be established to conduct liquidation, prepare a balance sheet and property list, and formulate and distribute a property plan.

Legal Basis

Article 183 of the Company Law of the People's Republic of China

The company shall If the company is dissolved under the provisions of Items (1), (2), (4) and (5) of this article, a liquidation group shall be established within fifteen days from the date when the reasons for dissolution arise and the liquidation shall begin. The liquidation team of a limited liability company shall be composed of shareholders, while that of a joint stock company shall be composed of directors or persons determined by the general meeting of shareholders. If a liquidation group is not established within the time limit for liquidation, the creditors may apply to the People's Court to designate relevant personnel to form a liquidation group for liquidation. The People's Court shall accept the application and organize a liquidation team to conduct liquidation in a timely manner.

Article 184

The liquidation team shall exercise the following powers during the liquidation period:

(1) Clean up the company’s assets and prepare a balance sheet and Property list;

(2) Notify and announce creditors;

(3) Handle the company’s unfinished business related to liquidation.