Recently, Chongqing Xinye Shipbuilding Parts was successfully auctioned on the bankruptcy and liquidation platform of Ali Auction, realizing the "rebirth of the shell". The company used to be a leader in the production and processing of marine parts, but it fell into bankruptcy due to a mistake in its development strategy. However, with the active intervention and efforts of the Chongqing Dazu District People's Court, the company was able to regain its life.
Xinye Company is facing bankruptcy liquidation due to the rupture of the capital chain and heavy debt burden. Fortunately, Huang Gonggong, judge of the Second Civil Division of the Dazu District People's Court, found that Xinye Company has a good reputation in the local area, and its products are exported to overseas and have been certified by foreign classification societies. If the company goes bankrupt, it will have a serious impact on social stability, economic development and a law-based business environment in the jurisdiction.
Reported to the people's court.
In order to find a solution, the judge quickly organized a symposium to listen to the opinions and suggestions of all parties. The bankruptcy administrator proposed that despite the company's poor financial condition, it still had the ability to produce, operate and sell, and hoped to transfer the company from liquidation to reorganization procedures. In July 2017, after the application of the bankruptcy administrator, the Dazu District Court made a decision to transfer Xinye Company from liquidation to reorganization procedure.
During the reorganization period, Xinye Company maintained sales channels with a good reputation. However, due to the lack of funds, investment in technological transformation and environmental protection policy adjustments, the company did not obtain the consent of creditors for the two changes to the reorganization plan. In addition, the long-term non-payment of wages to employees has caused employees to gather to ask for wages, and the company's situation has not improved significantly.
In 2022, Xinye's report to the court showed that the company's external debt was as high as 2700 million yuan, a huge amount of arrears of wages, social security and taxes. Faced with this dilemma, the Dazu District Court proposed a plan to solve the debt problem by auction, and ruled to terminate the implementation of the reorganization procedure and put all the assets of Xinye Company up for auction.
in Street View.
Although many shipbuilding manufacturers have paid attention to the auction, the first few attempts have not been successful. In order to balance the speed of the auction and the transaction**, the judge conducted in-depth communication with the employee representatives and invited high-quality enterprises to participate in the auction.
Finally, in 2023, Yaxing New Chongqing Heavy Industry Co., Ltd. successfully bid for Xinye Company with 70.11 million yuan. Yaxing New Company plans to build a factory in the same place, continue the original business, and absorb the original company's employees to rejuvenate the industry. In order to promote the smooth transition and rapid development of the transferee enterprise, the Dazu District Court also carried out in-depth research work. At present, most of the employees of Xinye Company have signed a new labor contract with Yaxing New Company, and continue to shine in familiar positions.
Chen Jian, Secretary of the Party Leadership Group and President of the Dazu District People's Court, said: "The rule of law is the best business environment. It is our responsibility to create a good legal environment for the healthy growth of enterprises. We will continue to work hard to provide a strong judicial guarantee for the healthy development of private enterprises. This case fully demonstrates the positive role played by the court in helping and rescuing indebted enterprises, protecting the rights and interests of employees, and promoting economic development. By assisting the debtor enterprises to retain their organizational structure and production capacity, and attracting powerful enterprises to acquire, it not only successfully saved the enterprises, but also protected the interests of employees and made positive contributions to social stability and economic development.
This case has played a positive role in the subsequent reorganization of enterprises, those enterprises that have gone bankrupt, which one of the readers think is more regrettable for the collapse of the enterprise?