Greetings!Ziyang Case was selected as “National Classic Bankruptcy Case” in 2021

2022-05-28 0 By

The campaign by the “people’s FaYuanBao” editorial department, the BBS of politics and law newsroom, “applicable law” editorial department, the people’s justice “magazine,” Chinese trial “magazine,” journal of China university of political science and law under China Law Society, the editorial department, case law institute, a magic weapon of Peking University and China university of political science and law in bankruptcy law and restructuring research center jointly sponsored,It will be launched in February 2022.The purpose of the selection is to promote the unification of bankruptcy adjudication rules, grasp the direction of bankruptcy practice, contribute to the ongoing bankruptcy law revision, and promote the academic research on bankruptcy law.It is understood that the selection has received 123 cases independently or jointly declared by institutions across the country.All selected cases are directly selected by the judges.1. Basic facts In the process of BOT mode investment and construction of Sichuan section of Cheng-An-Chongqing Expressway, Sichuan Cheng-An-Chongqing Expressway Co., LTD., due to the fracture of capital chain, the project was completely stopped, and its franchise was recovered by Chengdu and Ziyang municipal governments.However, during the construction period, a large amount of debt, including construction costs and financial costs, was generated. Due to the confusion of management, related materials were not complete, and all parties had huge differences on the completed part of the project when Sichuan Chengan Chongqing Highway Co., Ltd. withdrew, so the settlement had not been carried out.After the lawsuit is brought to the court, it is difficult to be solved in a short time because of the huge target of the lawsuit, the complexity of the case and the huge dispute.Some cases that have already taken effect, Sichuan Chengan Chongqing Expressway Co., Ltd. also failed to perform, and was listed as persons subject to enforcement for trust-breaking in the national court information disclosure and inquiry platform.Upon the application of creditors, Ziyang Intermediate People’s Court (hereinafter referred to as “Ziyang Intermediate People’s Court”) ruled to accept the bankruptcy liquidation case of Sichuan Chengan Chongqing Expressway Co., LTD., and transferred to the reconciliation procedure after the application.The court considers that sichuan Chengan Chongqing Expressway Co., Ltd. should be liquidated according to law because it cannot pay off its debts due and is forced to do so by the people’s court.Shing, sichuan chengyu expressway co., LTD., after the people’s court accepts the bankruptcy petition, apply to a people’s court declare the debtor bankrupt before settlement and submit a draft settlement agreement, sources of funding of debts and repayment scheme is illustrated, with reconciliation feasibility of the application in accordance with law, the court allowed into the reconciliation process.Later, the creditors’ meeting passed the settlement agreement, and the resolution procedure was legal. The agreement content did not violate laws and administrative regulations, nor did it damage the general interests of the creditors.Therefore, the court ruled in accordance with the law: 1. Recognize the Reconciliation Agreement of Sichuan Chengan Chongqing Expressway Co., LTD.;2. Terminate the reconciliation procedure of Sichuan Chengan Chongqing Expressway Co., LTD.The settlement amount of the case reached 10.4 billion yuan, which is the largest case successfully transferred from liquidation to settlement in China.Source: Ziyang Intermediate Hospital