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The creditors' meeting of Shanghe Weaving Factory in Jinan City successfully passed the bankruptcy property distribution plan.

Published:

2021-04-22

At 9:30 a.m. on October 31, 2019, the second creditors' meeting of the bankruptcy liquidation of Shanghe County Weaving Factory in Jinan City, which was the administrator of the firm, was successfully held in Shanghe. The meeting was held under the chairmanship of the collegial panel and the chairman of the creditors' meeting, and was attended by creditors, representatives of administrators, representatives of audit institutions, representatives of evaluation institutions, representatives of competent authorities and representatives of debtors. At the meeting, the creditors listened to the administrator's "report on the phased work of the performance of their duties", verified the claims, and voted to adopt the "bankruptcy property distribution plan".

Jinan Shanghe County Weaving Factory was founded on March 16, 1995. It is an enterprise owned by the whole people with 5.19 million registered capital. It is mainly engaged in cotton production and sales. It has made great contributions to the local economy in the development of more than 20 years. However, it was eventually declared bankrupt by the Shanghe County People's Court due to insolvency.

In this case, the Exchange, as the administrator, has always performed its duties diligently and faithfully in accordance with the the People's Republic of China Enterprise Bankruptcy Law and relevant laws and regulations, performed its duties as the administrator, and actively promoted the bankruptcy liquidation process. According to Article 11 of the Supreme People's Court's (III) on the Application of Judicial Interpretation of the the People's Republic of China Enterprise Bankruptcy Law, which came into effect on March 28, 2019, this meeting adopts a combination of on-site registered voting and off-site registered voting. According to statistics, the Bankruptcy Property Distribution Plan was adopted by a majority of the voting creditors present at the meeting, and the amount of claims represented by them accounted for more than 1/2 of the total amount of unsecured claims, and the Bankruptcy Property Distribution Plan was voted on at this meeting.

The smooth convening of this meeting has been highly appraised and recognized by the Shanghe County people's Court, competent authorities, creditors, and so on. It is the positive efforts made by the Institute to play the role of lawyers for Shandong Province to promote the transformation of new and old kinetic energy and optimize the allocation of social resources, and has made positive contributions to ensuring supply-side structural reform and promoting economic and social development in Shandong Province.

Key words:

The bankruptcy liquidation case of Shanghe County Weaving Factory in Jinan City, where we acted as the administrator, once again successfully held a creditors' meeting and voted to pass the distribution plan.

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