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The third creditors' meeting of the bankruptcy liquidation case of Shandong Kong Fu Yan Co., Ltd. and Shandong Global Village Pure Wine Co., Ltd. was successfully held.

Published:

2021-04-13

Shandong Kong Fu Yan Co., Ltd., Shandong Global Village Pure Wine Co., Ltd. The third creditors' meeting of the bankruptcy liquidation case was successfully held.

On November 12, 2020, the third creditors' meeting of the bankruptcy liquidation case of Shandong Kong Fu Yan Co., Ltd. and Shandong Global Village Pure Wine Co., Ltd., which was managed by Shandong Zhongcheng Qingtai (Jinan) Law Firm, was successfully held in the People's Court of Yutai County through an online meeting. The meeting heard the work report of the bankruptcy administrator, and the two companies voted in favor of the "Bankruptcy Property Distribution Plan" drawn up by the administrator with a high vote of 97.05 per cent and 100 per cent of the total amount of unsecured claims represented by the creditors present at the meeting, and the meeting was successfully concluded.

The two companies in this bankruptcy liquidation were both restructured from the fission reorganization of the former Shandong Kong Fu Yan Distillery. Most of the company's assets were formed more than 20 years ago. There were many difficult problems in the process of asset disposal, including uneven asset files, inconsistent actual land measurement and registration area, cross-mixing of machinery and equipment, etc. After the People's Court of Yutai County appointed Shandong Zhongcheng Qingtai (Jinan) Law Firm as the administrator, the firm quickly formed a professional team to increase the realization rate of the bankruptcy property by actively seeking the support of the party committee and government and taking measures such as online judicial auctions, and finally the bankruptcy property was sold at an undiscounted price at the original appraised value.

In the formulation of the asset distribution plan, it is considered that some small natural person creditors are too old and difficult to earn money, and the Enterprise Bankruptcy Law stipulates that bankruptcy liquidation must be distributed in proportion. In order to protect the vulnerable groups and improve the pass rate of the bankruptcy distribution scheme, the administrator communicated with the secured creditor several times, and finally agreed to withdraw part of the funds from its priority payment amount to subsidize small natural person creditors. The move was key to the adoption of the bankruptcy distribution plan with a high approval rate.

The Kongfuyan Distillery used to be a pillar industry in Yutai County and enjoys a high reputation throughout the country. The Institute attaches great importance to this. Under the guidance and supervision of the court, all members of the administrator have worked hard to complete the bankruptcy in accordance with the work plan and legal provisions. The current stage of liquidation has sorted out related claims and debts, laying a solid foundation for the next step of the revival of the Kongfuyan Distillery. At the same time, the manager will always adhere to the principle of "according to law, standardization, efficiency and fairness", scrupulously perform their duties, overcome difficulties, and complete the follow-up liquidation work diligently and conscientiously!