Tongwang Dynamics: The First Creditors' Meeting of Guigang Cement Plant Bankruptcy Liquidation Case Successfully Convened

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2021-07-22

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On July 16, 2021, the first creditors' meeting of the bankruptcy liquidation case of Guigang Cement Plant in Guangxi Zhuang Autonomous Region (hereinafter referred to as Guigang Cement Plant) was successfully held. The meeting was presided over by the Guigang Intermediate People's Court, with more than 50 people including members of the liquidation team such as the Municipal State-owned Assets Supervision and Administration Commission, personnel from audit and evaluation institutions, relevant creditors, union representatives, and employees.

During the meeting, the administrator made reports on the debtor's basic situation, the administrator's performance of duties, and other matters, including the "Administrator's Work Report," "Financial Status Report," "Report on Verification of Claims," "Creditors' Meeting and Rules of Procedure," "Administrator's Remuneration Plan Report," and "Property Management and Bankruptcy Property Disposal Plan," and explained the evaluation and audit matters. For the agenda that should be deliberated and voted on in accordance with the law, on-site voting was adopted. With the on-site vote of creditors, the "Creditors' Meeting and Rules of Procedure" and other plans were passed by a high vote.

Promoting 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. It is the administrator's duty to make overall arrangements for employee resettlement, debt and debt settlement, asset disposal, safeguarding the safety of state-owned assets and social stability in accordance with the law, and ensure the smooth progress of bankruptcy work in accordance with the law. The successful convening of this meeting enabled creditors to have a comprehensive understanding of the debtor's debt situation, ensured the fair repayment of debts, and laid a solid foundation for the smooth progress of bankruptcy proceedings. The bankruptcy liquidation method allows 'zombie enterprises' that have no rescue value or hope of rescue to be cleared out in a timely manner, which not only prevents the accumulation of debt risks from triggering greater risk crises, but also allows various resources after bankruptcy liquidation to re-enter the market, continuously injecting new market vitality into local economic development.

In promoting bankruptcy-related work at the Guigang Cement Plant, the Guigang Intermediate People's Court has given full play to the active role of bankruptcy trial work in the socialist market economy's subject rescue and exit mechanism. In the future, under the guidance and support of the Guigang Intermediate People's Court, the administrator will continue to earnestly implement the liquidation work, as always adhere to a solid work style, be diligent and responsible, and fully promote the bankruptcy liquidation of the Guigang Cement Plant to maximize the protection of the legitimate rights and interests of creditors and employees, resolve regional stability risks, and help optimize the business environment.