Be diligent and responsible, and do a good job in the specific implementation of bankruptcy liquidation with high quality.
Time:
2020-07-15
Author:
Source:
Guangxi Tongwang Law Firm
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49
On July 14, 2020, the bankruptcy liquidation takeover ceremony of Guigang Cement Plant in Guangxi Zhuang Autonomous Region (hereinafter referred to as Guigang Cement Plant) was held in the conference room of the cement plant. So far, the administrator of Guigang Cement Plant has fully taken over the plant.
As a former benchmark enterprise in Guigang City, Guigang Cement Plant once made important contributions to the city's economic development. Due to overcapacity, long-term shutdown, and no hope of reversing losses, it was unable to pay off its due debts. The Intermediate People's Court of Guigang City ruled to accept the bankruptcy liquidation case of the cement plant on December 19, 2019, and ruled on May 29, 2020 that the liquidation team composed of 24 departments and social intermediary organizations such as the State-owned Assets Supervision and Administration Commission of Guigang Municipal People's Government (hereinafter referred to as Guigang SASAC), the People's Government of Tantang District, the Development and Reform Commission of Guigang City, the Human Resources and Social Security Bureau of Guigang City, and Guangxi Tongwang Law Firm (hereinafter referred to as Tongwang Firm) shall serve as the administrator of the cement plant and be fully responsible for the bankruptcy liquidation of the cement plant. Among them, Tongwang Firm is mainly responsible for the specific implementation of the bankruptcy liquidation of the cement plant, and conducts legal and compliance control over the entire process of bankruptcy liquidation. 
The heads and staff of Guigang SASAC, Tongwang Firm, Guigang Cement Plant and other units attended the takeover ceremony.
Liu Yingzhi, Deputy Director of Guigang SASAC and leader of the liquidation team, made an important speech, requesting the cement plant's Party branch and labor union to assume their due responsibilities, do a good job in the internal work of the enterprise, and actively cooperate with the administrator in performing their duties; requiring the administrator to be diligent and conscientious, faithfully perform their duties, report their work to the people's court, and accept the supervision of the creditors' meeting. Deputy Director Liu Yingzhi emphasized that the bankruptcy liquidation of the cement plant is a decision and deployment made by the Guigang Municipal Party Committee and Municipal Government to promote supply-side structural reform and accelerate the economic and social development of Guigang City; and called on all members of the liquidation team and Guigang Cement Plant to be diligent and conscientious in accordance with the "four timely initiatives" and "four clarifications" requirements put forward by the Guigang Municipal People's Government, and strive to complete the bankruptcy liquidation work tasks with high quality and as required.
Mo Liangzhi, Deputy Director of the Management Committee of Tongwang Firm, introduced the precautions for the takeover work, and stated that Tongwang Firm will, under the guidance and supervision of the Intermediate People's Court of Guigang City, under the leadership of the Guigang SASAC, the leader unit of the liquidation team, and with the support and cooperation of the member units of the administrator, faithfully perform the duties of the administrator in the spirit of being responsible to the court, the government, the enterprise, and the creditors, in accordance with laws, regulations, and policy documents.
After accepting the designation, Tongwang Firm formed an administrator team headed by Deputy Director Mo Liangzhi, with 12 experienced professional lawyers as the backbone members, and fully invested in the bankruptcy liquidation of Guigang Cement Plant.
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