Group 1 - The core viewpoint of the article emphasizes the importance of timely liquidation of private equity funds and the legal responsibilities faced by fund managers in the event of delayed liquidation [2][22] - The article discusses the legal regulations regarding the liquidation period for partnership-based private equity funds, which must initiate the liquidation process within 15 days of the occurrence of dissolution events, estimating a total liquidation period of approximately 120 days [3][5] - For company-based private equity funds, similar regulations apply, requiring the establishment of a liquidation group within 15 days of dissolution events, although no explicit mandatory liquidation period is defined [4][5] Group 2 - The article outlines the self-regulatory rules from the Asset Management Association of China, which do not specify a clear liquidation period but emphasize the need for fund managers to report liquidation progress within 10 working days if liquidation cannot be completed within three months [6] - Fund contracts may not necessarily include a liquidation period as a mandatory clause, but it is common for contracts to specify a liquidation period of 6-12 months, with possible extensions based on partner decisions [7][8] Group 3 - The reasons for delayed liquidation are categorized into subjective and objective factors, with subjective reasons including intentional delays by fund managers and negligence in fulfilling their duties [9][10][11] - Objective reasons include difficulties in liquidating underlying assets and unclear responsibilities in the fund contracts regarding the liquidation process [12][13] Group 4 - The article discusses the legal responsibilities of fund managers in different scenarios of delayed liquidation, highlighting that legitimate extensions of the liquidation period can protect managers from liability [14][15] - Fund managers who diligently fulfill their obligations may be exempt from liability for losses incurred due to delays caused by external factors [17] - Conversely, fund managers who intentionally delay liquidation may face regulatory penalties, civil liabilities, and potential criminal charges [18][19][20] Group 5 - The conclusion stresses the necessity for clear agreements on liquidation periods in fund contracts to mitigate risks for both fund managers and investors [22] - Fund managers are advised to adhere to legal and contractual obligations during the liquidation process to avoid multiple risks associated with delayed liquidation [23]