This article is compiled and produced by the team [Beijing Jingshi (Wuhan) Law Firm Investment Banking M&A Center].
【Responsible Editor】:Liu Shaoyun, full-time lawyer of Beijing Jingshi (Wuhan) Law Firm, Investment Banking M&A Center
【Responsibility Review】: Rao Guorong, Founding Partner of Beijing Jingshi (Wuhan) Law Firm and Director of the M&A Center of Investment Banking
<h1 class="pgc-h-arrow-right" > typical case of reorganization in the corporate bankruptcy law series</h1>
The typical cases of the Bankruptcy law series of bankruptcy and mergers and acquisitions of Beijing Normal Investment Bank are collected from various places, and typical cases of bankruptcy reorganization, liquidation and settlement are collected. He is the stone of the mountain and can attack jade.
Bankruptcy reorganization case of Shenzhen Huahan Technology Co., Ltd. in Guangdong Province
1. Basic facts of the case
Founded in 2000, Huahan Company is a leading enterprise in the national pipeline industry, with 186 patents and 58 software copyrights. In recent years, due to operational errors, the company has experienced a break in the capital chain, a decline in credit, and the inability to pay off the debts due, with a debt amount of more than 5 billion yuan, and it is difficult to sustain production and operation, technology research and development. In August 2018, upon the application of creditors, the Shenzhen Intermediate People's Court ruled that Huahan Company had entered bankruptcy liquidation procedures.
2. Judgment Results
The Shenzhen Intermediate People's Court held that although Huahan Company fell into operational difficulties, as a former leading enterprise in the pipeline industry, it still retained a relatively stable and complete R&D team and good production conditions, and had certain development prospects. Moreover, after fully soliciting the opinions of creditors through the hearing procedure, it was ruled to transfer the case to the reorganization procedure according to the application of Huahan Company, and approved Huahan Company to manage its own property and business affairs after fully soliciting the opinions of creditors through the hearing procedure. In December 2019, huahan company voted to approve the draft reorganization plan at the second creditors' meeting. The Court ruled to approve the restructuring plan of Huahan Company. After the outbreak of the new crown pneumonia epidemic this year, Huahan Company started construction on February 10 with the approval of the jurisdictional government and has resumed production, and has now supplied pipes for the No. 6 water treatment and quality improvement project in Kwai Chung Street, Dapeng New District, Shenzhen, the first phase of Shiqing Avenue road project in Longhua District, Shenzhen, and the third phase of Zhuguang New Town in Jinwan District, Zhuhai City.
3. Typical significance
When there is a bankruptcy crisis in the operation and development of private enterprises, the people's courts actively introduce financial relief through judicial reorganization, promote the rebirth of high-tech enterprises, and fully resume production and operation, which not only guarantees the employment of employees and state taxation, improves the proportion of repayment to creditors, but also enhances the core competitiveness of enterprises, and realizes a win-win situation for creditors, debtors and other stakeholders.
From 2019 to June this year, the Courts of Guangdong Province concluded a total of 765,000 civil and commercial cases involving private enterprises, including 5,223 bankruptcy cases, 1,306 "zombie enterprises" in accordance with the law, and 52 private enterprises recovered their vitality through bankruptcy reorganization, revitalizing tens of billions of yuan of funds.
Enterprise bankruptcy law focuses on bankruptcy protection. The spirit of bankruptcy is not "broken", but "production", regeneration, optimization!
Pay attention to us, publicize the concept of bankruptcy protection, and contribute to the creation of a law-based business environment!