Xinhua News Agency, Beijing, December 28 (Xinhua) -- On December 27, Xinhua Daily Telegraph published a report entitled "The Death and Life of a National-level "Little Giant" Enterprise.
It was as scary as a plane that was flying smoothly and suddenly crashed, but luckily we managed to land!”
On November 6, Zhang Zhenyu, who was over sixty years old, came to the familiar office with a smile on his face. The years have healed the pain, but no one knows how he experienced that great change.
In 2001, Zhang Zhenyu and his younger brother resigned together to found Zhuoli Company, and Zhang Zhenyu was responsible for product and technology research and development.
The company produces three series of products: mainly used for printing product barcode labels and other types of "barcode printing ribbons", mainly used for printing food packaging bags on the production date, batch number of the "hot coding ribbon", mainly used for printing information on the infusion soft bag "medical heat transfer film".
At that time, these products were all imported, very expensive, our products filled the domestic gap, cheap, coinciding with the rise of domestic small food processing enterprises in great demand, the products are very popular. He said.
The company's sales reached more than 3 million in the second year, more than 7 million in the third year, and more than 400 million in 2014.
With the rapid development, the company's employees have grown from four or five people in the early days to hundreds of people, and the operating area has grown from a basement of 150 square meters to an area of 400 acres and a total building area of nearly 100,000 square meters.
A good company suddenly walked to the edge of a cliff.
However, just when everything was going well, there was a thunder in the clear sky, which stunned Zhang Zhenyu.
In May 2015, the company's gate was suddenly blocked by a large truck in a horizontal row, followed by a crowd of people from all walks of life, and banks withdrew loansSome creditors rushed to court to seize business accounts and assets;Some even took the court's people to the downstream customers to directly ask for the ...... of enforcing the paymentFor a time, the enterprise stood on the edge of the cliff, and there was a danger of falling into the abyss at any time.
At this time, I realized that the company had expanded too fast in recent years, fell into a debt crisis, and the capital chain was broken!He said, "I haven't slept for a whole week, and I'm about to go crazy at 1.7 meters and lose 90 pounds!"”
We are a national enterprise with completely independent intellectual property rights, product research and development capabilities, process equipment level, market share and comprehensive competitiveness have been in a leading position in the domestic industry for many years, and the international market is also in the forefront. More than 10 products we produce have filled the domestic gap. Zhang Zhenyu said.
Among them, the medical heat transfer film used for infusion soft bags, due to the very high technical requirements, has been monopolized by foreign companies, after the successful research and development of Zhuoli, the other party will be squeezed out of the Chinese market, the domestic market share is as high as 85%, ranking first.
Obviously, there is no problem with Zhuoli's technology and products, and the revenue and profit are still growing steadily at a rate of about 10% every year
To save or not to save?How to save?
At that time, someone said that something had happened to Zhuo Li, and I was very surprised. ”
Shen Xiaodong was the deputy director of the Management Committee of Jiaozuo High-tech Industrial Development Zone, Henan Province, and Zhuoli Company was within his scope of responsibility.
Shen Xiaodong told reporters that Zhuo Li had three ways to go at that time:
1. Bankruptcy liquidation in accordance with the law, cancellation of the enterprise, and dismissal of employees. This is the easiest way, but Zhuoli employees will lose their jobs, a large number of creditors will lose their money, and it will bring instability risks to the society.
Second, no matter what, let the enterprise save itself. Zhuoli Company not only has a huge amount of debt, but also has a complex structure, which is difficult to resolve by relying on the company's own effortsOnce they can't get through this debt storm, companies will completely lose hope of revival.
3. Help enterprises go bankrupt and reorganize, so that enterprises can get a new life.
If the company's products and technologies have been eliminated from the market, there is only bankruptcy liquidation;But this is obviously not the case with Zhuo Li, although he is in crisis, he does not owe a cent of wages to his employees, and the company is very stable internally. The problem lies in the capital chain, so there is still a possibility of saving. Shen Xiaodong said.
However, how to save it?
As the debt problem is more and more exposed, the crisis of enterprise collapse continues to emerge: people from all over the world come to block the door to collect debts, different courts come to seize and enforce it, upstream and downstream partner enterprises have also suspended cooperation, employee instability has begun to spread, and the production order has been seriously affected ......The enterprise is on the brink of life and death!
In order to deal with the crisis, Shen Xiaodong led the relevant departments to form a Zhuoli disposal team and began to look for rescue methods: on the one hand, communicate and negotiate with the court, and let the court file a case for bankruptcy protection;On the other hand, the middle and high-level meetings of the enterprise are continuously held to stabilize the mood of employees and ensure the normal production of the enterprise. In addition, they also visited upstream and downstream partners with senior management of enterprises many times, showing the attitude of local governments to help enterprises overcome the crisis and stabilize the mood of all parties.
On December 13, 2015, the Jiaozuo Intermediate People's Court (hereinafter referred to as the Jiaozuo Intermediate People's Court) accepted the bankruptcy protection application of Zhuoli Company in accordance with the law, and ruled on the same day to establish a bankruptcy liquidation team of Zhuoli Company, with senior judge Shi Wenhui as the presiding judge.
Bankruptcy reorganization involves the adjustment of the interests of various creditors, and in judicial practice, it is very difficult to implement bankruptcy reorganization for enterprises with huge debts, and there are many cases of failure. Shi Wenhui said, "This kind of case not only needs to be handled by the court in accordance with the procedure, but also needs to be coordinated outside the case, and only the government and the court can form a joint force to create conditions for successful bankruptcy reorganization." ”
According to the law, after the application for bankruptcy reorganization of an enterprise is accepted by the court, all litigation and enforcement cases shall be suspended. As a result, all kinds of seizures and executions were stopped, and businesses temporarily gained respite.
How to link the government and the hospital?
Talking about the linkage between the government and the court, Wang Shengli, president of the bankruptcy court of the Jiaozuo Intermediate People's Court, said: "In the enterprise bankruptcy procedure, the court is in a dominant position, and the entire legal procedure needs to be advanced by the court in accordance with the law. ”
However, the nature of judicial power determines that it is difficult for courts alone to solve a series of social problems caused by enterprise bankruptcy.
Qiao Xueda, vice chairman of the Jiaozuo CPPCC, has served as the deputy mayor in charge of industrial enterprises for many years, and has studied the problem of enterprise bankruptcy. He said: "A series of social problems arising from enterprise bankruptcy obviously belong to the scope of responsibility, whether it is to maintain the stability of employees, or to communicate with creditors, the introduction of strategic investors, the first has unique conditions, and also has the advantages of functional resources in labor and social security, financial supervision, industry and commerce, taxation, public security, etc." It is precisely because it has the functions of public service and social management that it should and necessary to create conditions for the implementation of market-oriented bankruptcy procedures in accordance with the law. ”
According to reports, to deal with complex bankruptcy cases, the main matters to be coordinated and resolved are: social stability maintenance, employee relief and resettlement, reorganization of enterprise credit repair, tax payment issues, market supervision department registration, change and cancellation procedures and other issues, as well as coordination of relevant departments in land, taxation, enterprise qualifications and other aspects to create good investment conditions for investors.
In this way, after appointing the administrator, the court issued a public announcement to declare the creditor's rights. The administrator has also commissioned accountants and lawyers from professional institutions to carry out the statistics of the company's assets and liabilities.
According to statistics, the total liabilities of Zhuoli Company exceed 2 billion yuan, involving more than 260 creditors. In the event of bankruptcy liquidation, the proportion of debt repayment to ordinary creditors is less than 10% according to the calculation of professional institutions.
Solve two major problems, and the enterprise gets a new life.
Unable to get the money, the anger of all creditors was directed at Shen Xiaodong. "One or two hundred people surrounded me, and they didn't let me leave the office for days and nights, even going to the bathroom. Recalling the scene at that time, Shen Xiaodong said helplessly, "There is no way, I can only explain patiently, who let us represent **?"”
Shi Wenhui said: "Liquidation is naturally simple, as soon as the enterprise is auctioned, everyone will leave according to the proportion. But what about the thousands of employees including upstream and downstream enterprises?”
They unanimously agreed that there is no problem with Zhuoli Enterprise itself, and this is an enterprise that is worth working hard to save. So between liquidation and restructuring, they resolutely chose the latter, although the road was difficult.
After Shen Xiaodong and Shi Wenhui reported to their superiors on the implementation of the bankruptcy reorganization plan, they received strong support. On November 7, 2016, the Jiaozuo Intermediate People's Court ruled to approve the bankruptcy reorganization plan.
First of all, Shen Xiaodong and Shi Wenhui discussed to persuade creditors to agree to convert the debt into the company's equity, and only when everyone worked together to keep the company alive would there be hope for a return.
Talking about this matter, Shi Wenhui said with a smile: "I sit in the middle on behalf of the court, with the creditors on one side and Director Shen on behalf of the disposal team on the other, patiently accepting the creditors' questions in turn. I don't know how many times I've experienced such a scene!”
After repeated communication and patient persuasion, this plan was finally agreed by more than 70% of creditors. In accordance with the law, the court issued a ruling on the debt-for-equity swap, removing the biggest roadblock.
Then, they started to scramble to find investors.
We started with powerful upstream and downstream enterprises, screened and negotiated, and it took nearly a year. ”
In August 2019, it finally successfully introduced Hong Kong investor Li Xiongwei to implement a strategic restructuring of Zhuoli. On November 16, 2020, the Jiaozuo Intermediate People's Court ruled that Zhuoli's bankruptcy reorganization was over. The business, which was on the verge of collapse, has finally been given a new lease of life.
Establish a normalized government-hospital linkage mechanism.
In addition to Zhuoli, in recent years, Jiaozuo City has also explored and rescued a number of distressed enterprises such as Youyou Tire, Yuhua Glass, and Quanxing Calcium Industry through the linkage of the government and the hospital, and has achieved good social results.
In order to make the government-court linkage mechanism standardized and operable, and applicable to every bankruptcy case without the need for a case-by-case discussion, in 2021, on the basis of summarizing these cases, Jiaozuo City established a leading group for the government-court linkage mechanism headed by the mayor, and issued opinions and implementation plans for the normalization of the government-court linkage mechanism.
In June 2023, Jiaozuo City once again took the opportunity of further promoting the linkage mechanism between the government and the court, and used cutting-edge technologies such as the Internet, big data, and data encryption transmission to build and launch the "government-court communication" platform to build a multi-dimensional three-dimensional network of "online + offline" barrier-free communication with the court.
Baohetang (Jiaozuo) Pharmaceutical Co., Ltd. is a leading agricultural enterprise integrating planting, acquisition, processing and sales, and later encountered a debt crisis in its development. On September 22, 2023, under the guarantee of the government-hospital linkage mechanism, the company overcame the epidemic factors, insisted on resuming work and production, and successfully achieved bankruptcy reorganization and rebirth.
Relying on the "government-hospital communication", Jiaozuo City has built a "government-hospital nail" contact platform, a full-process bankruptcy case handling platform, and a multi-conflict and dispute resolution platform, and realized the networking, digitalization and intelligence of the normalized government-hospital linkage mechanism by building a "1+N" government-hospital linkage platform system. As of now, the bankruptcy estate has been disposed of51.2 billion yuan, revitalizing idle land and real estate 9040,000 square meters, 52 corporate debts resolved3.6 billion yuan.
* Hong Xianghua, a professor at the Party School (National Academy of Administration), said: "Bankruptcy reorganization is an effective enterprise rescue mechanism, which can be likened to saving a 'sick' enterprise through a 'surgery'. Through bankruptcy reorganization, the debt burden of the enterprise can be reduced, the operating value of the enterprise can be retained, and new strategic investors can be introduced. This is also the direction that the state actively promotes and encourages under the new situation. ”
At the end of the interview, the reporter met Zhang Zhenyu again, he said: "Since the accident in the company, I have taken antidepressant medicine for five years, and the company has been saved, and my illness is cured!."”
In March 2020, Jiaozuo City** actively coordinated the introduction of Jiaozuo Investment Group to participate in the state-owned equity of Zhuoli Company, optimize the company's equity structure, and enhance the company's competitiveness.
It is understood that Zhuoli Company has a good development momentum after the successful reorganization, and has been approved as a "national high-tech enterprise" and "national specialized, special and new small giant enterprise".Sales grew at a compound annualized growth rate of more than 5%, reaching 5200 million, the domestic and international market share has grown steadily;It has led to the employment of more than 500 people and paid more than 20 million yuan in taxes and fees for the local area every year.