A new chapter in the judicial construction of the judicial service economy---the high-tech courts guide the bankrupt enterprises to reorganize and help them to return to life!

On the morning of September 20, 2016, the Zhengzhou High-tech Zone Court held a press conference to inform the successful reorganization of the bankruptcy case of Henan Dadi Agrochemical Co., Ltd., the first successful enterprise to achieve substantial restructuring in Henan Province. Bankruptcy cases are of great significance. More than a dozen media representatives including the case-solving case manager, creditor representative, strategic investor representative, enterprise employee representative and Henan TV, Henan Daily, Henan Legal News, Dahe Daily, Henan Business Daily and Zhengzhou TV Station attended the press conference.

 

The press conference was presided over by the spokesperson of the court, the full-time member of the judicial committee, and Gao Xiaoming, the organizer of the bankruptcy case of Henan Dadi Agrochemical Co., Ltd. The deputy secretary of the party group and vice president Gao Shan informed the representatives of all walks of life about the trial of the case and The main practice of the court and the payment of the first batch of creditor’s rights to the creditor’s representative answered the reporter’s questions about the handling of the case. Henan Dadi Agrochemical Co., Ltd. has a certain market awareness and exclusive enjoyment of the original production system of allicin. However, due to the large debts owed for many years, the conflicts between creditors, debtors, employees and other stakeholders are fierce. After the Zhengzhou High-tech Zone Court accepted the bankruptcy case, it did not simply break it. Instead, it was guided by the case and guided the bankruptcy and reorganization. Through multi-party visits and communication, the court digested various interests and instructed managers to invite strategic acquisition entities in various ways, and finally successfully introduced Zhengzhou Jinzhijie Industrial Co., Ltd. as a strategic investor. On September 9, 2016, the court ruled that the “Restructuring Plan” was approved, and Henan Dadi Agrochemical Co., Ltd. was successfully reorganized. During the reorganization period, the land agrochemicals updated environmental protection equipment, created some profits, and has fully resumed production. After the reorganization, the company reduced the debt burden of about 75 million yuan, the creditor's liquidation rate was improved, and the legitimate interests of employees, creditors and other rights holders were protected to the utmost extent. ,

 

In the course of hearing bankruptcy cases, Zhengzhou High-tech Zone Court adhered to the principle of “guaranteeing the legitimate rights and interests of creditors and debtors, promoting industrial transformation and upgrading”, and merger and reorganization as much as possible, less bankruptcy and liquidation, and good job placement. The successful handling of the bankruptcy reorganization case of Henan Dadi Agrochemical Co., Ltd. is a vivid practice of the high-tech zone court to successfully save the endangered enterprise after the bankruptcy settlement of Zhengzhou Weicai Pharmaceutical Co., Ltd. and Zhengzhou Zhongyuan Display Technology Co., Ltd. It is also another positive attempt by the court to implement the spirit of “three to one supplement and one drop” in the Central Economic Work Conference, to promote structural reforms on the supply side, and to promote sustained and healthy economic development.