SMM News: June 21, Shijiazhuang Jingxing Mining District people's Court issued the "Mining District Court held Hebei Fengda Iron and Steel Co., Ltd. Bankruptcy liquidation case the first creditors meeting."
On June 21, 2019, the Jingxing Mining District people's Court of Shijiazhuang City (hereinafter referred to as the "Mining area Court") organized and held the first creditors' meeting of Hebei Fengda Iron and Steel Co., Ltd., which was attended by nearly 100 creditors, legal representatives of Hebei Fengda Iron and Steel Co., Ltd., staff representatives, managers, as well as leaders of higher courts, deputies to the District people's Congress, members of the Chinese people's political Consultative Conference, and government representatives. This case is the first bankruptcy liquidation case of the mining area court since the implementation of the Enterprise bankruptcy Law of the people's Republic of China, and actively explores the unified coordination mechanism of government-courtyard linkage in the process of hearing. The smooth progress of the trial is of good judicial significance to the further optimization of the business environment and the structural reform of the service supply side.
On April 17, 2019, the applicant Zhang Mou applied to the mining court for bankruptcy liquidation of Fengda Iron and Steel Co., Ltd., on the grounds that the assets of the debtor Hebei Fengda Iron and Steel Co., Ltd. The Mining District Court ruled on 29 April 2019. From the court's decision to accept the case according to law to the convening of the first creditors' meeting, the government and the court coordinated the linkage, and the administrator members, proceeding from the overall situation and overcoming difficulties, completed the work of taking over the enterprise and clearing up assets in less than two months, and examined the claims declared, investigated and cleaned up the receivables and labor claims of workers, and so on, and the bankruptcy liquidators were actively promoting. Through the audit of the assets and liabilities of the debtor enterprises, as of April 29, 2019, the total assets and liabilities of Hebei Fengda Iron and Steel Co., Ltd. are 41604044.44 yuan, the total liabilities are 757035926.49 yuan, the owner's equity is-715431882.05 yuan, and the asset-liability ratio is 1819.62%. Its assets are no longer sufficient to pay off all its debts. The Mining District Court declared Hebei Fengda Iron and Steel Co., Ltd. bankrupt on June 18, 2019.
The creditors' meeting was convened by the mining area court, and the collegial panel informed the acceptance and hearing of the case, read out the relevant legal documents, and designated the chairman of the creditors' meeting. Subsequently, the administrator made a "report on the performance of his duties by the administrator of Hebei Fengda Iron and Steel Co., Ltd.", the "report on the assets status of Hebei Fengda Iron and Steel Co., Ltd." and the "report on the examination of creditor's rights of the administrator of Hebei Fengda Iron and Steel Co., Ltd." and submitted to the creditors' meeting for consideration and vote on the debtor's property management plan, the bankruptcy property price change plan and the bankruptcy property distribution plan. After a vote at the creditors' meeting, the above three options were adopted by a unanimous vote at the creditors' meeting. The creditors' meeting successfully concluded all its agenda.
The convening of the creditors' meeting has opened up a good situation for the bankruptcy liquidation of the case to continue to advance. Next, the mining area court will continue to strengthen the bankruptcy trial work, actively and steadily deal with "zombie enterprises", accurately identify, classify and implement measures, so as to add fuel to the optimization of the business environment.
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