The second creditors' meeting of Guigang Hualong Real Estate Development Co., Ltd. bankruptcy liquidation case passed the rules of procedure for the creditors' meeting and the property distribution plan with a high number of votes.
Time:
2020-09-13
Author:
Huang Xuni
Source:
Guangxi Tongwang Law Firm
Visits:
173
On September 11, 2020, the second creditors' meeting of the bankruptcy liquidation case of Guigang Hualong Real Estate Development Co., Ltd. (hereinafter referred to as Hualong Company) was held at the Guigang International Hotel. 15 creditors attended the meeting and listened to the bankruptcy administrator's report on the review of creditor claims, and voted on the "Rules of Procedure for Creditors' Meetings" and the "Property Distribution Plan." The "Rules of Procedure for Creditors' Meetings" was approved by 100% of the creditors with voting rights present at the meeting, and the amount of claims they represented accounted for 100% of the total amount of unsecured claims; the "Property Distribution Plan" was approved by 81% of the creditors with voting rights present at the meeting, and the amount of claims they represented accounted for 99.32% of the total amount of unsecured claims.
▲The picture shows the meeting site
▲The picture shows the administrator making a work report
According to the approved "Property Distribution Plan", the distribution method adopts physical distribution. According to the administrator's audit and statistics, the total amount of Hualong Company's reviewed and verified claims is 955771416.57 yuan, the total value of distributable property this time is 128620662.00 yuan, the amount of priority claims is 60545662.92 yuan, and after priority is given to the acceptance fee, evaluation fee, and bankruptcy administrator's advance payment, the repayment rate of ordinary claims is 1.859%.
Hualong Company is a limited liability company established by Yang Mouqiu and Yang Moujiao in October 2005 with a registered capital of 10.8 million yuan, mainly developing the Hualong Ginza Shopping Mall and residential real estate projects. After the completion of the shopping mall and residential area, Hualong Company's management was chaotic, lacking financing capabilities, and repeatedly used its real estate for mortgage loans and private lending, with external debts amounting to more than 900 million yuan. The amount of Hualong Company's creditor and debt is large, and the creditors are strongly dissatisfied. In order to avoid the expansion of creditors' interests, the Guigang Intermediate People's Court ruled to accept the case on July 30, 2018. In more than two years, the administrator has promoted and auctioned bankrupt property through property investigation, asset evaluation, creditor claim review, and online judicial auction of Hualong Company, so as to improve the property realization rate, and finally determined that the method of physical distribution can better balance efficiency and the rights and interests of all creditors.
▲The picture shows the meeting voting, voting and statistics site
The smooth progress of Hualong Company's bankruptcy case is a concrete manifestation of the joint efforts of the bankruptcy administrator, the court, and the government to deeply implement the optimization of the business environment in judicial practice. Tongwang Bankruptcy Administrator actively practices the "government-court linkage" mechanism, contributing to Guigang City's optimization of the business environment, further revitalizing the economy, and creating a first-class business environment city at the autonomous region level.
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