Guangzhou Bankruptcy Court judge went to Coria Company for investigation.
A good business environment is productivity and competitiveness. In the World Bank business environment assessment indicator system, "bank handling" is an important indicator of the business environment.
In recent years, the Guangzhou Intermediate People's Court has aimed at helping to create a market-oriented, legal and internationalized business environment, and has continued to deepen the reform and innovation of bankruptcy trial work, continuously released bankruptcy trial services, and ensured the effectiveness of high-quality development of , providing strong judicial services and guarantees for Guangzhou to realize new vitality in the old city and "four new and outstanding achievements".
Since the establishment of the Guangzhou Bankruptcy Court in December 2019, it has received 3,569 new cases of bankruptcy and compulsory liquidation, concluded 3,419 cases, and resolved a total of 63.537 billion yuan in debt. In the national and provincial business environment evaluation, Guangzhou's "bank handling" indicator ranks first for two consecutive years and has been rated as the best practice in the country.
Text/Wei Lina, Tan Hexin, Liu Dongmei, Zhang Yahui, Zhang Jingyi
Strengthen the treatment function
More practical measures to support enterprises in distress
In the second half of 2020, the well-known domestic daily chemical products manufacturer, Guangzhou Langqi Industrial Co., Ltd. (referred to as " Guangzhou Langqi "), a well-known domestic daily necessities manufacturer, (referred to as " Guangzhou Langqi "), was issued a risk warning for delisting due to the "explosion" of the trade sector.
Considering that Guangzhou Langqi's main business has good operating conditions, it has restructuring value. In order to achieve the early rescue of enterprises in distress, the Guangzhou Intermediate People's Court decided to pre-reorganize Guangzhou Langqi on April 6, 2021.
htmlOn November 9, the Guangzhou Intermediate People's Court presided over the first creditors meeting of Guangzhou Langqi to vote on the draft reorganization plan. The draft reorganization plan was passed with high votes. On the 11th, the Guangzhou Intermediate People's Court ruled to approve the Guangzhou Langqi reorganization plan ., as the first reorganization case of listed companies of the court, took only 43 days, creating conditions for Guangzhou Langqi to resume continuous operations, stabilize the stock price of the secondary market, and maintain its listing qualification.
It is worth mentioning that Guangzhou Langqi operates normally during the pre-restructuring and reorganization period.
To this end, the Guangzhou Intermediate People's Court guided the debtor and temporary manager to negotiate with the Financial Creditors Committee and obtained the necessary and controllable credit support for Guangzhou Langqi, such as re-loans and extension of loans and .
"Establish a normalized reorganization and pre-reorganization identification mechanism and a full-process bankruptcy reorganization mechanism, and continuously enrich the practice of bankruptcy reorganization and reorganization systems. 462 difficult enterprises have been saved through mediation, reorganization and reorganization systems." Yang Zhenggen, Secretary of the Party Group and President of the Guangzhou Intermediate People's Court, said.
Guangzhou Intermediate People's Court broadens the treatment channels for enterprises in difficult situations and provides more and better treatment plans according to the needs of different enterprises. Formulate implementation opinions on helping small and medium-sized enterprises to treat and withdraw, put forward 11 measures in five aspects, publish typical cases, and guide small and medium-sized enterprises in difficult situations to achieve regeneration and orderly exit through bankruptcy procedures in a timely manner.
At the same time, a "combination punch" for the treatment of small and medium-sized enterprises is launched - clarifying the identification standards for the application of simple liquidation procedures and simple reorganization procedures for small and medium-sized enterprises, and increasing the treatment efforts for small and medium-sized enterprises; exploring the early warning mechanism for bankruptcy, reducing the institutional cost of reorganization by streamlining the review process of small and medium-sized enterprises, shortening the trial cycle of simple reorganization, and flexible application of management candidates, etc.; broadening the financing channels for reorganization of small and medium-sized enterprises, and providing liquidity support for the reorganization of small and medium-sized enterprises.
As of June this year, the Guangzhou Intermediate People's Court has accepted 9 pre-reorganization cases and 29 reorganizations, approved 17 reorganization plans, and concluded 911 bankruptcy cases under simple procedures. Through pre-bank mediation, 422 small and medium-sized enterprises have been rescued as soon as possible. Using the bankruptcy settlement system has saved 23 small and medium-sized enterprises from bankruptcy liquidation.
Strengthen technology empowers
A larger platform promotes the comprehensive upgrade of bankruptcy trials
"As the administrator of this case, my biggest feeling is that the trial of reorganization cases in Guangzhou is speeding up and shifting gears." The administrator of Naswell Company expressed his feelings.
Guangzhou Intermediate People's Court has enabled the reorganization of enterprises to accelerate in Guangzhou through technological innovation.
During the Naswell Company's reorganization quick review procedure, the Smart Bankruptcy System (referred to as the "Smart Break" system) was used to hold an online creditor meeting, which greatly saved the time cost and expenses of the vote. All assets that need to be disposed of were also sold online on the reorganization Zhirong platform (referred to as the "Zhirong" system), minimizing the main expenses in the reorganization stage, and taking advantage of the platform's large traffic and wide coverage, it quickly matched the reorganization investors. It took only 19 days from issuing an announcement to recruiting to reorganization investors.
only 23 days from the decision to accept the reorganization to the approval of the reorganization plan, Naswell's operating capabilities have been able to survive.
"Smart Break" system was officially launched on June 13, 2019. It is the first smart management system for regional bankruptcy cases in the country, achieving "four firsts": the first local manager intelligent service platform in the country, the first dynamic supervision platform in the country, the first creditor evaluation and supervision platform in the country, and the first blockchain collaboration platform in the country.
As of June this year, a total of 215 online creditor meetings were held through the "Smart Break" system, providing services to 47,971 creditors, and transferring 14,551 bankruptcy funds, totaling 3.905 billion yuan.
In response to the pain points such as difficulty in disposing of bankruptcy property and difficulty in financing for reorganization of enterprises in bankruptcy trials, the Guangzhou Intermediate People's Court has also launched the "Zhirong" platform for bankruptcy reorganization, integrating the advantageous resources of the asset disposal ecosystem such as online auction institutions, financial institutions, industry investors, etc., and providing full-process services for asset disposal such as project promotion, transaction manipulation, evaluation and inquiry, and recruitment of logistics, to establish an efficient and accurate online docking "bridge" between creditors, debtors, and investors.
It is understood that more than 100 investment promotion information was published through the "Zhirong" platform, with a total of more than 200,000 views, attracting 126 investors to contact managers, and 11 reorganized companies match investors through the "Zhirong" platform.
Strengthening system construction
Improve the quality and efficiency of bankruptcy case handling
On August 13, 2020, a cultural company in Guangzhou applied for bankruptcy liquidation from the Guangzhou Intermediate People's Court because it was unable to repay its due debts and was insolvent.
htmlOn August 17, the Guangzhou Bankruptcy Court ruled to accept the case, considering that the debt-to-debtor relationship and the property status were clear, the collegial panel decided to apply the rapid trial procedure. html On September 18, the first creditors' meeting was held. On September 28 and 29, it was ruled to declare a cultural company bankruptcy and recognized the bankruptcy property distribution plan. On the 30th, it was ruled to end the bankruptcy procedure, which took only 43 days from the application to the conclusion of the trial."Explore the mechanism for diversion of traditional and simple bankruptcy cases, and by simplifying procedures, optimizing processes, intensive handling, informatization means, and strengthening guidance and supervision and management, a simple bankruptcy case with clear creditor-debtor relationships is quickly tried, and bankruptcy cases are concluded fairly and efficiently, so as to prompt market entities that fail in market competition to quickly withdraw." Wu Xiang, member of the Party Leadership Group and Vice President of the Guangzhou Intermediate People's Court, said that the case sets a record of the shortest trial time for bankruptcy cases with account audits and property available for distribution.
According to reports, the current application rate of quick trials is 76%, and the fast trial and closing period is 127 days. The reform experience of "dividing traditional and simple traffic, and dividing fast and slow traffic" in bankruptcy cases has been selected as the State Council's innovative measures and has been promoted nationwide.
In order to implement the requirements of the " Regulations on Optimizing the Business Environment " of the State Council, Guangzhou Court has improved the coordination mechanism for bankruptcy work, promoted the joint meeting system for bankruptcy and compulsory liquidation, and established a green channel for bankruptcy and compulsory liquidation cases.
Guangzhou Court has signed 10 documents related to the withdrawal of enterprises, tax-related handling, financial affairs handling, judicial disposal of state-owned enterprises, and protection of private enterprises with the Municipal Market Supervision Bureau, Municipal Taxation Bureau, etc., to achieve the normal operation of the government-official linkage mechanism for bankruptcy work.
At the same time, a long-term guarantee mechanism for bankruptcy liquidation public welfare fund, state-owned assets special funds, and special fiscal funds will be established to solve the problem of starting a case that can be solved by proletarian cases. Break down data barriers, complete 46 shared data requirements, and realize "cross-departmental, cross-field, and cross-level" data sharing with 14 units.
has established a priority online auction mechanism for bankruptcy properties, and the debt repayment rate will be improved overall. As of June this year, the cumulative online auction transaction volume of bankruptcy property was 2.165 billion yuan.Explore the diversion of traditional and simple bankruptcy cases and the simplified cancellation of liquidation enterprises, so as to achieve rapid exit and survival of the fittest market entities.
Strengthen innovation and lead
Deeper bankruptcy reform at the forefront
Guangzhou Kailushi Bicycle Co., Ltd. is a secondary supplier of shared bicycles " Xiaoming Bicycle ", and has suffered huge losses due to the withdrawal of "Xiaoming Bicycle" from the market.
In February 2019, the creditor filed for bankruptcy reorganization from the Guangzhou Intermediate People's Court. During the case trial, the administrator leveraged the advantages of rich restructuring experience and tailored the restructuring plan for the company. On April 8, 2020, the court ruled to approve the reorganization plan.
"In this case, the management candidates are selected innovated. By recommending and applying by the main creditors, it is of great practical significance to choose a law firm with rich reorganization experience in China to serve as bankruptcy administrators." Liu Dongmei, president of the Guangzhou Bankruptcy Court, said that the full protection of the interests of creditors is one of the main principles of in the Bankruptcy Law. The "credential participation index" is an important part of the World Bank's evaluation of the level of bankruptcy handling in the business environment.
The bankruptcy administrator is the executor of bankruptcy affairs. The Guangzhou Intermediate People's Court innovates the selection and supervision mechanism of management personnel, allowing the debtor to negotiate and recommend the administrator with the main creditors, and select the administrator in a competitive manner in major cases to fully guarantee the creditor's decision-making power in major property disposal.
In order to implement the national pilot work list for innovation in business environment, the Guangzhou Intermediate People's Court continues to strengthen the reform of the guarantee and facilitation mechanism for managers to perform their duties, clarify the legal qualifications of managers to represent bankrupt enterprises, and open up channels for handling bankrupt enterprises.
"Enterprises are the 'engine' of the market economy . They must not only survive the fittest, but also 't exaggerate the old and accept the new'." Yang Zhenggen said that through rapid bankruptcy and reorganization, the vitality and endogenous motivation of market entities can be effectively stimulated. Next, the Guangzhou Court will give full play to the role of a good bankruptcy system in deepening supply-side structural reform and optimizing the business environment, and provide more powerful judicial guarantees for high-quality economic and social development.
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