Main achievements

1. Bankruptcy liquidation of seven companies including Jiangsu Yangfan Household Products Co., Ltd

On May 25, 2021, Liyang Court ruled to accept the bankruptcy liquidation case of Jiangsu Yangfan Home Furnishings Co., Ltd. (hereinafter referred to as Yangfan Home Furnishings Co., Ltd.). As the manager, Jiangsu Yuanbo Law Firm, in the course of performing its duties, has lost the independent personality of a legal person due to the fact that Yangfan Home Furnishings Co., Ltd. is confused with other seven companies in terms of personnel, business premises and property, Therefore, on June 22, 2021, Liyang Court filed an application for the merger and bankruptcy liquidation of seven companies including Yangfan Home Furnishing. After organizing a hearing, Liyang Court ruled on July 15, 2021 that the merger and bankruptcy liquidation of seven companies including Yangfan Home Furnishing would be carried out, and seven companies would enter into bankruptcy liquidation procedures at the same time. It was the first large-scale substantive enterprise merger and bankruptcy liquidation in Liyang District. Moreover, the personality of the seven companies is mixed, and the frequent changes of stock rights, the conversion of company types, and the change of currency of registered capital in affiliated companies have increased the complexity of the case.

With the efforts of the manager, the Bankruptcy Property Valuation Plan (Draft), Property Distribution Plan (Draft) and Off site Creditor Meeting Voting Rules were successfully passed at the first creditors' meeting of the consolidated bankruptcy liquidation case.

2. Legal due diligence on non-performing asset package of China Great Wall Asset Management Co., Ltd. Jiangsu Branch

In the project of China Great Wall Asset Management Co., Ltd. Jiangsu Branch (hereinafter referred to as "Great Wall Asset") commercializing the acquisition of the non-performing asset package of Jiangsu Jiangnan Rural Commercial Bank Co., Ltd. (hereinafter referred to as "Jiangnan Bank"), due to the numerous claims in the asset package and the coexistence of security methods, the collateral involves movable property, state-owned land use rights and rural collective land use rights, which is more complicated. After accepting the entrustment, our lawyers successfully completed the legal due diligence report on non-performing assets by checking the bottom file, multi platform retrieval and on-site investigation of collateral.