Source title: Beijing Bankruptcy Court established a judicial reorganization system for more than three years to help save 46 companies
Liu Shuangyu, vice president of the Beijing Higher People’s Court, introduced on August 11 that since the establishment of the Beijing Bankruptcy Court, 46 companies have been saved, more than 800 companies have been helped to continue their operations, and the jobs of more than 90,000 employees have been stabilized.
On August 11, the Beijing Higher People’s Court held a press conference on optimizing the business environment reform. Liu Shuangyu, member of the party group and vice president of the Beijing Higher People’s Court, introduced that the Beijing Court made full efforts to save enterprises and took the lead in issuing normative documents for pre-reorganization. , promote the orderly connection of out-of-court debt restructuring and reorganization procedures, and improve the success rate of reorganization through reorganization value identification review, negotiation, and investor introduction. Since the establishment of the Beijing Bankruptcy Court, it has rescued 46 companies, introduced a total of more than 150 billion yuan in investment, resolved various debts of more than 550 billion yuan, helped more than 800 companies continue to operate, stabilized the jobs of more than 90,000 employees, and re-established The whole function has been exerted in advance, providing judicial guarantee for enterprises to resolve the debt crisis as soon as possible.
On January 30, 2019, the Beijing Bankruptcy Court was officially inaugurated at the Beijing No. 1 Intermediate People’s Court. This is the second bankruptcy court established nationwide following Shenzhen, and the first bankruptcy court in Beijing.
According to the approval of the Supreme People’s Court, the newly established Beijing Bankruptcy Court mainly hears cases of compulsory liquidation of companies, corporate bankruptcy cases and derivative litigation cases; its jurisdiction includes hearing companies approved and registered by industrial and commercial administrations at or above the municipal level (including the same level) within the jurisdiction of Beijing. (Enterprise) compulsory liquidation, bankruptcy cases and derivative litigation cases, cross-border bankruptcy cases, etc.
The bankruptcy administrator team of lawyer Rui Jiehua, a member of the Beijing Bankruptcy Administrators Association, has just promoted the successful bankruptcy and reorganization of Beijing Huiyuan Food and Beverage Co., Ltd.
“Judicial reorganization takes into account the flexibility of reorganization and the rigor and coercive effect of judicial procedures. It is the ultimate means to resolve corporate crises and save them from difficulties.” Rui Jiehua said that in the reorganization of Beijing Huiyuan, the team not only passed the pre-reorganization system The framework plan was locked in, and Huiyuan’s many historical problems were resolved through a combination of judicial reorganization and extra-judicial reorganization, and finally Beijing Huiyuan got rid of the predicament, which fully reflects the judicial reorganization system in saving distressed enterprises. important role. The increasingly perfect reorganization trial mechanism and professional and efficient bankruptcy adjudication team of Beijing courts are the most solid guarantee for judicial reorganization to really play a role.
Liu Shuangyu also introduced that in view of the operating characteristics of small and medium-sized enterprises that are different from large-scale enterprises, such as insufficient liquidity, financing difficulties, and strong personal dependence on business operations, the Beijing court has formulated rescue procedures specially applicable to small and medium-sized enterprises, simplified the process links, and shortened some of the procedure cycles. Seize the “window period” of enterprise rescue. In recent years, Beijing courts have successfully rescued 34 small and medium-sized enterprises in distress, fostering new momentum for the development of a new generation of information technology and medical and health resources.
In response to the problem of bankruptcy and reorganization of enterprise groups and affiliated enterprises, the Beijing Court explored the substantive merger and reorganization system of affiliated enterprises, and took the lead in formulating the “Working Measures for Substantive Merger and Reorganization of Affiliated Enterprises (Trial)” to consolidate assets and external liabilities through intensive judicial means. Improve reformation efficiency.
Liu Shuangyu introduced that in the reorganization case of Peking University Founder Group Co., Ltd., the Beijing court applied the substantive merger and reorganization procedure to maintain the continuous operation of Founder Group and its subsidiaries, successfully introduced more than 70 billion yuan of investment, resolved more than 260 billion yuan of debt, and helped more than 400 people The company continued to operate, stabilized the jobs of 35,000 employees, and protected the legitimate rights and interests of various creditors and participants to the greatest extent possible.
According to reports, according to a third-party assessment by the Beijing Bankruptcy Law Society, the average trial time for bankruptcy liquidation cases in Beijing in 2021 will be shortened from 313 days in the previous year to 201 days. The reorganization case of the first listed company in Beijing (Beijing Huayi Marketing Consulting Company) took only 49 days, and the implementation of the reorganization plan took only 15 days, which saved 178 days compared with the average time of reorganization cases of 92 listed companies across the country. The “Beijing speed” of listed companies’ reorganization.