Bankruptcy liquidation

liquidation and Bankruptcy Business

liquidation and bankruptcy business is our firm’s important service. The scope of business includes enterprise bankruptcy (bankruptcy liquidation, reorganization, and reconciliation), compulsory liquidation and voluntary liquidation. Our firm is the first legal service provider in Jinan City in area of enterprise liquidation and bankruptcy and can provide comprehensive legal service for client. As the main founder, our firm has established a municipal level bankruptcy administrator association—Jinan Bankruptcy Administrator Association that has established bankruptcy assistance fund and carry out seminar on bankruptcy business and administrator training program. The association plays important role in helping enterprise orderly withdraw from the market.

◆Business Scope

（一）Take position as bankruptcy administrator.

Take over bankrupt enterprise.
Take over debtor’s property, seal, account book, and document material.
Decide the staff who are left in bankrupt enterprise.
Carve stamp of administrator
Open specified account for administrator in financial institutions to be used in financial settlement in liquidation and bankruptcy business. 
Hire necessary employees.

Discharge preservative measure of debtor’s property, terminate debtor’s legal proceedings, or arbitration or execution, and file application for possible property preservation to the court that accepts or hears a bankruptcy case.

Conduct general checkup on the assets and property of debtor.

Investigate debtor’s financial condition and compile financial report.
Make decision to continue or terminate debtor’s operation before the first meeting of creditors. 
Manage and settle debtor’s property including disposing improper property; revoking payoff act, handling invalid disposal of debtor’s property; recovering abnormal income of board director, supervisor and top managers of debtor; recovering misappropriated property; making decision to discharge or execute not-fulfilled contract entered into by debtor and its counterpart before the court accepts bankruptcy application; and making decision accept or decline payment for underlying asset in transportation.

Ascertain the situation concerned with debtor’s right of exclusion, recall right, and right of set-off and handle them.

 Ascertain situations concerned with debtor’s employee-allocation, staff salaries, compensation, payment of social insurance premiums.

Ascertain investment situation of debtor’s contributor.
Carry out other works according to case need.
Determine debtor’s internal administrative affairs.
Determine debtor’s daily expenses and other necessary expenses.
Participate in legal proceedings, arbitration or other legal procedure on behalf of debtor.
Propose to hold meeting of creditors.
Accept creditor's rights declaring, file record and examine and compile creditor's rights table.

Other responsibilities that administrator should perform.

（二）Function as member of compulsory liquidation team and provide legal service in the whole process.

（三） Function legal consultant in voluntary liquidation company and provide legal service in the whole process of voluntary liquidation.

（四） Function as legal consultant for creditor, shareholders of the debtor, liquidation obligor and interested party in liquidation or bankrupt (bankruptcy liquidation, reorganization, and reconciliation) company to participate in liquidation and bankruptcy procedure on behalf of them to safeguard their legitimate interest.

◆Classic Case

 China Jinan Chemical Fiber Controlling Corporation (including China Jinan Chemical Fiber Controlling Corporation No. 1 Cotton Mill)

This case is a policy-mandated bankruptcy project approved by government, and is also a key project of Jinan Municipal Government to overcome financial difficulties of China Jinan Chemical Fiber Controlling Corporation. This case involves debt of 3.8 billion RMB Yuan and 8,350 workers. This case is the largest bankruptcy liquidation case that is accepted by Jinan Intermediate People's Court. Our firm provided quality legal service and is highly recognized by Jinan Intermediate People's Court, Jinan Municipal Government State-Owned Assets Supervision and Management Committee.

Some cases in which our team functions as administrator

Bankruptcy liquidation case of Shandong Yeshun Property Development Co., Ltd

Bankruptcy liquidation case of Jinan Public Gas Co., Ltd
Bankruptcy liquidation case of Jinan Renfeng Industrial Development Co., Ltd
Bankruptcy liquidation case of Jinan Sanyuan Yinran Co,Ltd
Bankruptcy liquidation case of  Printing and Dyeing Co, Ltd
Bankruptcy liquidation case of Shandong Boxinda Trade Co., Ltd
Bankruptcy liquidation case of Jinan Runfa Mechanical Engineering Co., Ltd
Bankruptcy liquidation case of Shandong Engineering Machinery Steel Ring Factory Co., Ltd
Some cases in which our team functions as legal service provider
Function as legal consultant in bankruptcy liquidation case of Shandong Xiaoya Group Water Heater Co., Ltd
Function as legal consultant in bankruptcy liquidation case of Shandong Xiaoya Group Freezer Co., Ltd
Provide legal service for creditor in bankruptcy reorganization case of Qufu Jinhuang Piston Co., Ltd
Provide legal service for shareholders of the debtor in  bankruptcy liquidation case of Yanzhou Chuangshiji Meat Joint Co., Ltd 
Provide legal service for liquidation obligor in compulsory liquidation case of Yantai Yushun Properties Co., Ltd