On the morning of May 30,2021,the on-site review meeting of the top ten outstanding performance cases of bankruptcy administrators in Zhejiang Province in 2020 was successfully held in Hangzhou.
A total of 37 cases were collected for this case evaluation.After preliminary evaluation,15 cases were shortlisted for this on-site evaluation,including the Youkang bankruptcy reorganization case jointly undertaken by Beijing Gaopeng Law Firm,Beijing Gaopeng(Hangzhou)Law Firm,Zhejiang Zhejing Law Firm,and Dahua Certified Public Accountants(Special General Partnership)Zhejiang Wanbang Branch.
Gao Peng attached great importance to this review and made a positive response and sufficient preparation.In combination with the PowerPoint presentation,he focused on the characteristics,difficulties,and highlights of the case,presenting and summarizing the basic situation of the case and the performance of the manager in a visual,vivid,and high-quality manner.After a comprehensive evaluation of the case writing and on-site presentations by various participating units by the expert review team,the"Merger,Bankruptcy,and Reorganization of Ten Youkang Enterprises"undertaken by Gaopeng was successfully selected as the top ten outstanding performance cases of bankruptcy administrators in Zhejiang Province in 2020.Most of the cases selected this time have complex circumstances and significant social impact.The bankruptcy administrator has been conscientious and responsible in the handling process,fearing no difficulties,and has safeguarded the legitimate rights and interests of relevant stakeholders in bankruptcy proceedings such as creditors and debtor enterprises in accordance with the law,promoting social harmony and stability.The handling of the case has achieved good legal and social effects,demonstrating the professional quality and high professional level of the bankruptcy administrator in diligently and faithfully performing his duties.
On May 30,2021,the Zhejiang Bankruptcy Administrator Association issued a"Certificate of Honor"to Gaopeng Institute as a token of encouragement.
Selected as one of the top ten outstanding performance cases of bankruptcy administrators in Zhejiang Province in 2020-Introduction to the merger,bankruptcy,and reorganization case of ten enterprises of Youkang Department
[Key words]"Bankruptcy without stopping production";"Overall merger+partial reorganization"
[Acceptance Court]Hangzhou Jianggan District People's Court
[Manager]Zhejiang Zhejing Law Firm,Beijing Gaopeng Law Firm,Beijing Gaopeng(Hangzhou)Law Firm,Dahua Certified Public Accountants(Special General Partnership)Zhejiang Wanbang Branch
[Basic Case]On September 11,2018,the People's Court of Jianggan District ruled that the ten companies of Youkang Group merged and went bankrupt.Currently,the restructuring of the Youkang food sector has been completed,with the restructuring investors paying all the restructuring consideration as agreed,and the transfer of control over the restructuring assets has been completed.The administrator has completed the first allocation of this case.
[Performance of managers]
A total of 977 claims were accepted,and a ruling confirmed claims of 3.51 billion yuan.In December 2020,the restructuring investor paid all the restructuring consideration as agreed,and the transfer of control over the restructured assets was completed.Since then,the Youkang brand has been saved,and more than 600 employees have retained their jobs,which has positive social significance.In this case,the repayment rate of the original ordinary creditor's rights has been raised from almost zero to the current 4.5%,and it is likely to be increased in the future.Through bankruptcy and reorganization,the regeneration of the enterprise has been achieved,the brand has been retained,and the employment of employees has been stable.The Pearl Channel conducted a full process follow-up of the case,and the article"Rebirth of Youkang Food"was eagerly reported by various local media.In March 2021,this case was selected as one of the top ten typical bankruptcy trials by Zhejiang courts in 2020,and the top ten typical bankruptcy trials by Hangzhou courts in 2020,
[Highlights of this case]
(1)Stabilize production and achieve"bankruptcy without stopping production"
"Youkang"has a history of more than 20 years,and the brand has special emotions in the hearts of consumers.Currently,there are over 700 employees still in production.After the administrator moved in,he proposed the principle of"bankruptcy without suspension of production".During more than two years of closed operation,Youkang Food's new products have been continuously introduced to the market,brand sales and average employee wages have increased,and brand value has been maintained.
(2)Innovation and restructuring mode
The manager has determined the"overall merger+partial reorganization"model,adopted a"reverse sale"restructuring method,and divided the ten enterprises of Youkang into restructuring entities and liquidation entities.The assets necessary for the continued production and operation of the food sector will be collectively gathered to the restructuring entity,and the restructuring process will be initiated with this entity;The consideration and other asset disposal funds obtained are attributed to the liquidation entity and used to centrally repay the debts of ten enterprises.This model is a typical case of retaining effective productivity in bankruptcy proceedings and ultimately achieving effective integration of market resources.
(3)Large number of creditors and large debt scale
The manager has accepted 977 claims,with a confirmed amount of 3.51 billion yuan.The administrator has innovatively used the"Bankruptcy Liquidation Management Platform"of ICBC Ronge Lian APP,which improves the efficiency of creditor declaration and review work and facilitates the majority of creditors through creditor internet declaration,online review,and online participation in creditor meetings.
(4)Effectively divest assets and reasonably reduce expenses
After reporting to the People's Court for approval,the administrator specially hired a professional tax agency to issue a tax consultation report.According to the advice provided by the tax authorities,the administrator made full use of a series of preferential tax policies issued by the national tax authorities,reducing the cost of more than 50 million yuan in tax alone,thereby increasing the distributable property.
(This article is translated by software translator for reference only.)
