Recently, Hubei Yingda Law Firm successfully handled a bankruptcy reorganization case. The Wuhan Hanyang District People’s Court approved the reorganization plan of Hubei Coal Sales Co., Ltd. with a debt of up to 550 million yuan and successfully “reborn from the fire” of the company that was applied for bankruptcy by creditors. This is a classic case that realizes the unity of legal effect and social effect, fully guarantees the rights and interests of employees and national tax revenue, and protects the legitimate rights and interests of creditors and enterprises.
The core issue of bankruptcy reorganization is undoubtedly the interest game between creditors. All creditors hope to maximize their own interests and are unwilling to compromise and make concessions. The coal sales company has a small number of creditors but complex debt relationships and huge amounts of debt. It encountered some obstacles in bankruptcy reorganization.
Facing the resistance encountered in the reorganization process, the administrator showed its strong professional knowledge and comprehensive ability. First of all, following the principle of easy first and difficult later, steady and gradual progress, the administrator carefully solved the identification of claims and repayment order, relied on its own negotiation experience, continuously carried out many legal interpretation work in the work process, patiently persuaded most creditors, and provided network voting methods under the background of normalized epidemic prevention and control. To maximize the legitimate voting rights of small and medium-sized creditors.
Through the unremitting efforts of the administrator and all parties, on May 7, 2022, under the guidance and supervision of the court, the draft reorganization plan was voted through by investment groups, priority creditor groups, ordinary creditor groups, employee creditor groups, and tax creditor groups. After the reorganization plan is launched, investors will inject at least 50 million yuan in reorganization funds into Hubei Coal Sales Co., Ltd., which will be used to restore operation and continue to develop profits. The ordinary creditor repayment rate of the company will exceed 20%.
The handling results of bankruptcy liquidation and reorganization cases are important indicators for measuring the business environment. This time, Hubei Yingda Law Firm as an administrator is not afraid of difficulties in handling bankruptcy reorganization cases with high difficulty, multiple affairs, and long cycles. It has worked hard to promote successful reorganization, resolve corporate debt and operating crises, smoothly return companies to the market. It undoubtedly achieved the effect of promoting local employment, optimizing regional resource allocation, maintaining social stability, and contributed to improving the business environment.
Recently, Hubei Yingda Law Firm successfully handled a bankruptcy reorganization case. The Wuhan Hanyang District People’s Court approved the reorganization plan of Hubei Coal Sales Co., Ltd. with a debt of up to 550 million yuan and successfully “reborn from the fire” of the company that was applied for bankruptcy by creditors. This is a classic case that realizes the unity of legal effect and social effect, fully guarantees the rights and interests of employees and national tax revenue, and protects the legitimate rights and interests of creditors and enterprises.
The core issue of bankruptcy reorganization is undoubtedly the interest game between creditors. All creditors hope to maximize their own interests and are unwilling to compromise and make concessions. The coal sales company has a small number of creditors but complex debt relationships and huge amounts of debt. It encountered some obstacles in bankruptcy reorganization.
Facing the resistance encountered in the reorganization process, the administrator showed its strong professional knowledge and comprehensive ability. First of all, following the principle of easy first and difficult later, steady and gradual progress, the administrator carefully solved the identification of claims and repayment order, relied on its own negotiation experience, continuously carried out many legal interpretation work in the work process, patiently persuaded most creditors, and provided network voting methods under the background of normalized epidemic prevention and control. To maximize the legitimate voting rights of small and medium-sized creditors.
Through the unremitting efforts of the administrator and all parties, on May 7, 2022, under the guidance and supervision of the court, the draft reorganization plan was voted through by investment groups, priority creditor groups, ordinary creditor groups, employee creditor groups, and tax creditor groups. After the reorganization plan is launched, investors will inject at least 50 million yuan in reorganization funds into Hubei Coal Sales Co., Ltd., which will be used to restore operation and continue to develop profits. The ordinary creditor repayment rate of the company will exceed 20%.
The handling results of bankruptcy liquidation and reorganization cases are important indicators for measuring the business environment. This time, Hubei Yingda Law Firm as an administrator is not afraid of difficulties in handling bankruptcy reorganization cases with high difficulty, multiple affairs, and long cycles. It has worked hard to promote successful reorganization, resolve corporate debt and operating crises, smoothly return companies to the market. It undoubtedly achieved the effect of promoting local employment, optimizing regional resource allocation, maintaining social stability, and contributed to improving the business environment.
