In 2006, ZHH and Director Zhang Yong were honored with the first bankruptcy administrator qualifications by Chongqing Higher People's Court. In 2017, ZHH was included into the list of primary institutional administrators by Chongqing Higher People's Court and the list of secondary institutional administrators for bankruptcy cases by Chongqing No. 1 Intermediate People's Court and Chongqing No. 5 Intermediate People's Court. In 2018, Chongqing association of bankruptcy administrators was established, with Zhang Yong as its vice president and secretary general. After more than 20 years' accumulation and development, ZHH has laid a solid foundation in bankruptcy and has accepted over 50 bankruptcy cases, in which ZHH served as the administrator and provided a range of bankruptcy-related special legal advice services to bankrupt companies, shareholders of bankrupt companies, creditors of bankrupt companies and investors of bankrupt companies.
In 2018, ZHH set up the bankruptcy, liquidation and reorganization center, an elite legal team of over 10 partners and over 40 lawyers and paralegals. All of them graduated from top law schools, including more than 90% with graduate degrees, many with JDs and some even certificated with CPA and economist qualifications. All of them are practically experienced in bankruptcy, liquidation and reorganization. Training and exchanges are conducted at the center every week to share the experience in bankruptcy, reorganization and liquidation, discuss problems encountered in work, and ensure comprehensive, high-quality legal services. Each bankruptcy case is dealt with professionally and carefully as led by the managing partner in a teamwork-based and department-collaborative manner.
- to fully take over all matters of the bankrupt company as itsbankruptcy administrator
- to provide the bankrupt company with a bankruptcy and reorganizationplan and draft the reorganization plan as its consultant
- to represent creditors of the bankrupt company in filing for bankruptcy claims, participating in the meeting of creditors, giving legal opinions on related matters in bankruptcy proceedings, and when necessary raising an objection and even filing a lawsuit on behalf of such creditors
- to conduct due diligence on the bankrupt company, participate in investment negotiations, draft investment plans, and prepare investment-related agreements as the special consultant of intended investors of the bankrupt company
- to take over all mattersof the company under compulsory liquidation, dispose of the company's assets and liabilities, prepare the property distribution plan and execute it, and deregister the company as the liquidation group
Latest Typical Projects/Cases
- Legal advice services to Kaiyue for itsbankruptcy and reorganization
In late 2016, Kaiyue appointed us to provide special legal advice services for its bankruptcy and reorganization. Our lawyers drafted Kaiyue's petition for bankruptcy and reorganization, assisted Kaiyue in sorting out assets and liabilities, issued professional legal opinions on bankruptcy-related matters, and drafted its reorganization plan. In January 2017, the people's court accepted Kaiyue's petition for bankruptcy and reorganization. The reorganization plan has been submitted to the people's court, pending voting at the second meeting of creditors.
- As the administrator of Huacheng Hope Real Estate for bankruptcy and reorganization
In 2016, the people's court accepted Huacheng Hope Real Estate's petition for bankruptcy and reorganization, submitted to trial in Jiangjin District People's Court, which selected ZHH as the administrator. Huacheng Hope Real Estate owned assets worth over RMB 1 billion, but owed RMB 1.6 billion to almost 1000 people. Huacheng Hope Real Estate's project under construction was a key business project in Jiangjin District, with a floor area of some 400,000 sqm for over RMB 1 billion. After being appointed as the administrator, ZHH quickly took over the company, liquidated its assets, participated in litigations, reported and reviewed claims, introduced investors, and creatively proposed to resume construction before the drafted reorganization plan was put into voting at the meeting of creditors, in a way to greatly increase the value of assets, lay a foundation for reorganization and win the recognition and high acclaim of creditors, courts, and the district government. Huacheng Hope Real Estate's reorganization is now pushing forward in an orderly manner.
- As the administrator of 4 affiliates including Yangzidao Industry for merger, bankruptcy and reorganization
In October 2016, ZHH served as the administrator of 4 affiliates including Yangzidao Industry for bankruptcy and reorganization. Such 4 affiliates owned a number of operational entities including Yangzidao Hotel, Yangzidao Hotel Vista, and Yangzidao Bailin Hotel. Yangzidao Hotel, a four-star hotel located in the core of Chongqing Jiefangbei CBD and with nearly 200 employees, enjoyed some popularity in local catering industry. After being appointed as the administrator, ZHH's lawyers fully fulfilled their duties to the extent to protect the legitimate interests of employees, suppliers and other creditors by law, maintain social stability and reduce social conflicts. The second meeting of creditors has now been held for the merger and reorganization of Yangzidao's 4 affiliates to discuss the drafted reorganization plan. The bankruptcy proceedings are being pushed forward in an orderly manner.
- As the administrator of Zhaohua Technology
In November 2007, Chongqing No. 3 Intermediate People's Court accepted Zhaohua Technology's petition for bankruptcy and reorganization and selected ZHH as the administrator. Zhaohua Technology, a listed company on the Shenzhen Stock Exchange, owed over RMB 2 billion to a number of creditors at the time of petition. The meeting of creditors was held in December of the same year to adopt the drafted reorganization plan and have it approved by the court. It is so far the fastest and most reorganized case in China.