Datong (2371) today (29) on behalf of its subsidiary Huaying Company, has been declared bankrupt by the court ruling, and will hold its first creditors meeting on October 28 this year.
Datong still holds regarding 39.67% of Huaying’s shares. After Huaying was delisted from the Taiwan stock market, the company applied for reorganization. At present, Huaying’s total liabilities amounted to 41.833 billion yuan. Datong Company announced today on behalf of Huaying Company that the court ruled that Huaying declared bankruptcy and appointed accountant Ma Guozhu, lawyer Liu Huijun and lawyer Yang Xiaobang as bankruptcy administrators.
The period for the declaration of claims is from now until October 21 this year. The first creditors’ meeting is scheduled to be held at the Taoyuan District Court on October 28 this year.
Datong Company announced today that Huaying Company’s assets are insufficient to cover its liabilities, and many creditors are competing for the court to enforce Huaying Company’s land, buildings, equipment and other assets, and Huaying Company has been unable to continue production and operation.
On September 18, 2018, the board of directors of Huaying Company resolved to petition the court to declare bankruptcy in accordance with Article 211 of the Company Law, so that employees and creditors might receive fair compensation in accordance with the law. The court determined that Huaying Company might not repay the debts due and the assets were insufficient to repay all the debts. Therefore, the court ruled to declare bankruptcy.
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