In just 14 days, the Court in Pudong helped small “zombie companies” exit the market quickly

2022-06-15 0 By

It only took 14 days for the bankruptcy tribunal of Shanghai Pudong New Area People’s Court to complete all the procedures mentioned above, from receiving the application for bankruptcy liquidation to making a ruling to accept the case, appointing the bankruptcy administrator and taking over the enterprise by the administrator.Recently, qian Hui, the attorney of Shanghai Youyi Information Technology Co., LTD., got the (2022) Shanghai 0115 No. 1 civil award from the judge. She couldn’t help feeling: “The efficiency is too high.”As the first bankruptcy court of a municipality directly under the Central Government in China, the Bankruptcy tribunal of Pudong Court was formally established on January 7 this year. On January 10, Leisurely Company applied to the court for bankruptcy liquidation.After receiving the case materials, the judge immediately reviewed the application materials, informed the applicant to appear in court to talk, review whether the case meets the conditions of bankruptcy liquidation, to ensure efficient and timely case processing.The judge quickly found out that the debtor’s account assets in this case were small and only one known creditor, so the bankruptcy court immediately started the summary bankruptcy procedure in accordance with the rules to help small “zombie enterprises” quickly exit the market.According to the filing, The company is insolvent, unable to repay its debts when due and has the cause of bankruptcy.According to the Shanghai pudong new area to perfect the market under the rule of law provisions enterprise bankruptcy system, bankruptcy case fact clear clear, clear the status of the property, creditor’s rights debt relations, and has “the debtor book assets of ten million yuan the following, known creditors 30 people, known for one million yuan worth of debt under the following” three kinds of circumstances, the first summary of bankruptcy proceedings.On January 24, Shanghai Pudong Court ruled to accept the bankruptcy liquidation case of Ease.According to the city high court random lottery results, Pudong court appointed Shanghai Jintiancheng law firm as the bankruptcy administrator of this case, take over the various affairs of leisurely company, and simultaneously in the national enterprise bankruptcy restructuring case information network issued a declaration of creditor’s rights announcement.On the same day, the court sent the administrator an acceptance order and a decision to appoint the administrator.The debtor and the management will hand over the business license, company seal, and financial records on the spot and will hold the first creditors’ meeting as soon as possible.