On the morning of September 26, the Guangyao Group Manager issued an announcement on the bankruptcy of Guangyao Group Co., Ltd.. The main target of the announcement was the creditors of Guangyao Group Co., Ltd. The bankruptcy announcement also meant that it was founded in 2002. Guangyao Group, a star real estate company in Huizhou, officially came to an end.
The announcement stated that the Huizhou Intermediate People’s Court (hereinafter referred to as "Huizhou Intermediate Court") ruled in accordance with the law to accept the bankruptcy of Guangyao Group Co., Ltd. (hereinafter referred to as "Guangyao Group") [(2017) Guangdong 13 No. 19], and on February 26, 2018, Shenzhen Jindaan Liquidation Co., Ltd. and Guangdong Zhuofan Law Firm were appointed as the managers of Guangyao Group.
After two votes by the creditors' meeting of this case, the "Reorganization Plan of Guangyao Group Co., Ltd. (Draft)" was not passed, and Guangyao Group complies with Article 2 and Article 88 of " Enterprise Bankruptcy Law of the People's Republic of China" As stipulated that the reorganization procedure should be terminated and declared bankrupt, the administrator has submitted a ruling to the Huizhou Intermediate People's Court to terminate the reorganization procedure of Guangyao Group and declare Guangyao Group bankrupt on March 15, 2021.
Huizhou Intermediate People's Court issued (2017) Yue 13 Po 19-67 "Civil Ruling" on September 8, ruling to terminate the reorganization process of Guangyao Group and declare Guangyao Group bankrupt. In the next step, the administrator will advance the bankruptcy liquidation work in accordance with the law under the guidance of the court and the cooperation of all creditors and house buyers.
In early 2002, Guo Yaoming, a native of Shanwei, founded Shenzhen Guangyao Group Co., Ltd. The first project was the development of Dutch water town with a total planned area of approximately 800,000 square meters. Since then, Guangyao Group has successively developed several large markets in Huizhou , such as Guangyao City, Dutch Town, Jiangjun Lake, Mark Residential District, and Feili Port. Guangyao Group's sales performance and industry rankings have also jumped rapidly. Not only did it double its performance for four consecutive years from 2008 to 2011, it also ranked among the top 100 real estate companies in China in 2011 after climbing the Huizhou sales champion in 2007. ".
In 2009, the headquarters of Guangyao Group moved to Shenzhen, and quickly deployed in Hangzhou, Linyi, Shanghai, Tianjin, Dongguan, Beijing and other cities, and even went to the sea to expand to South Korea and Malaysia. The total development area once exceeded 2 million square meters. Nearly 8 million square meters of reserve land
Since 2011, Guangyao Group has tried to acquire the Xindu Hotel and the two mines in Hunan in order to seek a curve listing, but the backdoor that cost hundreds of millions of dollars ended in failure. In 2014, the real estate market fluctuated downward, and financial institutions began to tighten real estate credit. Guo Yaoming has gone to Hong Kong since the glorious thunderstorm. The small Dutch town and Guangyao Feiligang have been unfinished.
The bankruptcy of a company refers to all the property owned by the bankrupt for bankruptcy to pay off when the bankruptcy is announced and before the bankruptcy proceedings. The order of repayment of the bankruptcy property is bankruptcy expenses, common-benefit debts, and debts arising from the debtor’s improper gains.
" Civil Procedure Law" Article 199 stipulates: "If an enterprise legal person is unable to pay off due debts due to serious losses, the creditor may apply to the People's Court for a declaration of the debtor's bankruptcy and debt repayment, and the debtor may also apply for a declaration to the People's Court. Bankruptcy and debt repayment."
It is written by Nandu reporter Jiang Qizheng
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