News

Tje First Creditors' Meeting Was Held for The Liquidation Case

of Wuzhou Commercial Plaza Development

2020-09-30


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On September 28, 2020, the first creditors' meeting of Shenyang Wuzhou Commercial Plaza Development Co., Ltd.was held in Heping District People's Court of Shenyang City. DeHeng Law Offices and Baker Tilly China Certified Public Accountants (Special general partnership) acted as joint administrators for the company. It attracted 624 attendees, including members and staff of the collegiate panel of the bankruptcy trial team of the Court, joint administrators, debtor representatives and creditors. The meeting was held online, and attended in person by some senior creditors or creditors who are not familiar with the Internet.


At the meeting, the presiding judge introduced the organizational form, the attendees, the chair of the creditors' meeting, the case acceptance, and the meeting agenda. The liquidation administrators' lawyers Fan Liya and Huang Xiaoxing, accountant Zhang Jing and appraiser Zhang Weijun each made a report on their execution of duties according to their management authority and professional category. Through the meeting, creditors gained a relatively comprehensive picture of the company's property status and liabilities, and especially owner creditors among them, learned more about bankruptcy, which will be critical for smooth advancement of the bankruptcy procedures of Wuzhou. 


The Wuzhou project, developed in 2004, is located in the core area of Taiyuan Pedestrian Street, covering an area of 28,000 square meters and a building area of 260,000 square meters. Later, the execution applicant Zhang Hongquan filed an application for "procedure transfering from enforcement to bankruptcy" after it failed to pay off the due debts. In November 2019, with the strong support of the Heping District Party Committee and Government, the Court selected bankruptcy administrators throuph nationwide public bidding, DeHeng and Baker Tilly beat competitors with their rich experiences in handling bankruptcy cases. On August 14, 2020, the Court made a decision to appoint administrators. Then, in accordance with relevant laws and regulations including the Corporate Bankruptcy Law, the administrators quickly assembled a professional team, formulated a detailed work plan, and performed all duties faithfully, diligently and conscientiously. 


After the submission of proof of claim started, DeHeng and Baker Tilly selected more than 30 lawyers and accountants to work on the case at full capacity in different roles. They received creditors' proof of claim, soothed their emotions, explained laws and regulations, and guided them to fill in forms in the day; checked data, sorted out forms and problems found, and discussed plans at night. They worked more than 40 days and nights, received and handled more than 700 claims, and sorted more than 5,000 applications and more than 20,000 sets of data, which laid a solid foundation for the follow-up of the case.


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Given the large amount of money and multiple parties involved, and its long time span, the liquidation case is difficult to advance. To ensure the success of the meeting, the administrators and the Court repeatedly confirmed the meeting agenda in advance, set up the meeting place, organized the sign-in, security check and other logistics for the meeting, and coordinated the assistance of police and medical workers. Next, the administrators will continue to uphold the principles of loyalty, diligence, professionalism, responsibility, high quality and efficiency in the follow-up tasks to serve creditors, the company and the local government as responsible corporate citizens. 


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Relevant Lawyer

  • Liya FAN

    Partner

    Tel:+86 10 5268 2888

    E-mail:fanly@dehenglaw.com

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