The People’s Court of Yizheng City judged and accepted the bankruptcy liquidation of Yizheng Zhonghongji Real Estate Development Co., Ltd. and Jiangsu Lehua Real Estate Co., Ltd. on December 5, 2019. Upon competition and lottery, Beijing Gaopeng & Partners Law Firm Yangzhou Office (Gaopeng & Partners Yangzhou Office) was designated as the administrator of the two companies on May 12, 2020.

The First Meeting of the Administrator Task Force was held at Gaopeng & Partners Auditorium in the afternoon of June 4, 2020, witnessing the participation of the legal representatives, finance managers, sales directors of both companies, and heads of audit, appraisal and cost consultation project, as well as the administrator team.

The Meeting was presided over by Director Qiaohong HAN. Legal representatives of both companies introduced their assets and liabilities, staff resettlement and principal contradictions at present; then, the audit, appraisal and cost consulting agency exchanged views on the work plan and the contents to be coordinated; after that, the administrator made arrangements for next steps.

For now, due diligence, asset status investigation, clearing of labor relations of employees and creditor’s rights declaration of the bankrupt enterprises have been underway in an orderly manner. The deadline for creditor’s rights declaration is August 20, 2020, and the First Meeting of Creditors will be held on September 4, 2020.

(This article is translated by software translator for reference only.)