Source: Xinwang Editor-in-Charge: Hui Hui 2021-10-27 17:48:03
On October 25, two staff representatives of Qingdao Chengchang Precision Electronics Co., Ltd. (hereinafter referred to as Chengchang Electronics) came to the Pingdu Court and handed over a pennant with the words "Fair, Honest, and Impartial Law Enforcement" to the hands of Teng Yongshuang, member of the party leading group and vice president, and Song Shusen, a full-time member of the adjudication committee, to express their gratitude to the judges.
(Source: Pingdu Court)
Founded in 2004, Sungchang Electronics is a Korean-owned enterprise that mainly produces electronic components. Affected by the international environment and poor management, Chengchang Electronics is heavily indebted. In June 2018, the legal representative, Xin Mouchun, abandoned the company and quietly returned to South Korea, losing contact. On the one hand, it faces the risk that the company's property is unmanaged, resulting in the loss and damage of the property, and on the other hand, the company's arrears of workers' wages cannot be paid. In order to ensure that the company's property is effectively controlled and the rights and interests of the company's employees are fully protected, the Pingdu court immediately adopts property preservation measures based on the creditor's application, and sells it for auction in a timely manner to save the price. At the same time, in view of the company's insolvency, it was decided to transfer the enforcement case to the bankruptcy trial.
In August 2018, five applicants applied for bankruptcy liquidation on the grounds that Chengchang Electronics was unable to pay off its debts as they became due. The Pingdu court made an enforcement decision to transfer the case to bankruptcy review, and in December 2018, the Pingdu court ruled to accept the Chengchang electronic bankruptcy liquidation case.
After the bankruptcy case was accepted, the Pingdu court attached great importance to it, with Vice President Teng Yongshuang as the presiding judge and Song Shusen as the presiding judge, strictly in accordance with the law, actively and steadily advancing, in the liquidation by collecting the creditor's rights of the bankrupt debtor in accordance with the law, publicly auctioning and selling the company's assets, realizing the maximization of the assets of the bankrupt enterprise, and finally controlling and disposing of more than 630,000 yuan of property available for distribution, which was used to pay off the wages of the company's 25 employees and the arrears of basic pension insurance, medical insurance and emergency compensation. The legitimate rights and interests of enterprise employees are protected to the greatest extent. At the same time, because the company's location involves the government's demolition and relocation plan, the bankruptcy trial quickly disposed of the company's assets and vacated the factory building occupied by the company, which promoted the smooth development of the demolition and resettlement work.
In recent years, the Pingdu court has given full play to the role of bankruptcy adjudication, boosted the "cage for birds", concentrated on the transformation of new and old kinetic energy, and helped optimize the business environment of the rule of law. Since 2020, the Pingdu court has accepted a total of 12 enterprise bankruptcy cases, concluded 6 cases, applied summary procedures to try 1 case, properly resettled employees, revitalized idle land resources, and achieved good legal and social effects. In the next step, the Pingdu court will further improve the bankruptcy trial work mechanism, promote the professional construction of bankruptcy trial, improve the quality and efficiency of bankruptcy trial, give full play to the positive role of bankruptcy trial in improving the rescue and withdrawal mechanism of market entities, and realize the optimal allocation of resources, so as to provide a strong judicial guarantee for economic and social development.
[Source: Xinwang Editor: Hui Hui]
The Pingdu court made an enforcement decision to transfer the case to bankruptcy review, and in December 2018, the Pingdu court ruled to accept the Chengchang electronic bankruptcy liquidation case.