ZHH advises on Fuou’s bankruptcy liquidation

Date:2019/07/02 Views:1057

Chongqing Fuou Machinery Co., Ltd. (“Fuou”) was established on February 8, 2012 with a registered capital of RMB 30 million. On January 16, 2018, Chongqing Bishan District People's Court accepted the Fuou bankruptcy and restructuring case as Fuou was seriously insolvent. On January 28, 2018, ZHH served as the administrator of Fuou as designated by Chongqing No. 1 Intermediate People's Court. On July 18, 2018, Chongqing Bishan District People's Court ruled to terminate the restructure procedure of Fuou and declared the bankruptcy of it.

 

As the administrator, ZHH carefully fulfilled its duties by carrying out claim reporting, registration and review, asset administration and disposal, and participating in proceedings and asset collection on behalf of Fuou. For less than seven months after Fuou being put into liquidation from restructuring, the administrator had completed its first bankrupt property distribution to creditors, with 27.57% of ordinary claims repaid, in a way to maximize the interests of creditors. In this project, ZHH was unanimously recognized by the local government, court and creditors based on its professionalism and strict working style.

 

This project was led by Partner ZHAO Mingju and handled by Attorneys LIANG Bo and LI Ou.