The Insolvency Liquidation of Beijiao Chemical Plant Is Concluded Quickly with ZhongYin as the Administrator
On July 24, 2019, the Market Supervision Administration of Changping District, Beijing approved to cancel the registration of Beijing Beijiao Chemical Plant (“Beijiao Chemical Plant”). To this end, the case of insolvency liquidation of Beijiao Chemical Plant is quickly ended with ZhongYin Law Firm as the administrator (“Administrator”).
On January 18, 2019, based on the application from Beijing Beijiao Chemical Industry Co., Ltd., the People's Court of Changping District, Beijing (“Changping Court”) ruled to accept the case of bankruptcy and liquidation of Beijiao Chemical Plant. On January 25, 2019, Changping Court appointed ZhongYin as the Administrator of Beijiao Chemical Plant. ZhongYin’s management committee members and senior partners Liu Zhenyu and Wu Guanghong, senior associates Hou Wenjie, Lan Qin, Gao Sheng, Gong Fu, Fu Ying, Jiang Dongxia, and others participated in the project.
On March 22, 2019, the Administrator held the first meeting of creditors for the bankruptcy and liquidation of Beijiao Chemical Plant. At the meeting, the Administrator made the Administrator’s Duty Performance Report and other four working reports; the creditors presented voted on the Plan for Administrating, Liquidating and Realizing the Properties under Bankruptcy and the Administrator’s Compensation Scheme.
On April 29, 2019, upon audit of the Administrator, Beijiao Chemical Plant was insolvent. The Administrator applied to the Changping Court for conclusion of the bankruptcy proceedings. On April 30, 2019, Changping Court ruled that the bankruptcy proceedings against Beijiao Chemical Plant shall be concluded.
In spite of difficult audit, the insolvency liquidation of Beijiao Chemical Plant was concluded after nearly four months’ effort of the Administrator. The quick conclusion of the case relied on the diligence of ZhongYin attorneys and protected the interests of creditors to the largest extent. ZhongYin has handled a large number of cases of bankruptcy and reorganization/liquidation, gained expertise in advising commercial law related matters in this area, and can comprehensively assess risks in all dimensions and from many perspectives, accurately and quickly find the best solution to balance the interests of all parties involved, and provide good and efficient legal services to the clients with its solid professional proficiency.