NEWS

On March 24th 2023, our firm was designated by Shanghai Third Intermediate People’s Court to handle the bankruptcy conciliation case of an enterprise in Shanghai. We actively communicated with the creditor and debtor, listened to opinions of multiple parties, and emphasized the adverse impact brought by long-term legal disputes and bankruptcy procedures that could be avoided through conciliation as well as the feasibility and benefits of bilateral cooperation and friendly solution, eventually achieving the bankruptcy conciliation recently.

Upon receiving the decision letter of Shanghai Third Intermediate People’s Court, our firm immediately contacted the debtor and was informed that the enterprise actually did not have the problem of insolvency and that it was because of the refusal of the debtor to perform the judgement of the court that it was filed for bankruptcy by the applicant. The reason why the debtor refused to perform the judgement was that he believed the facts of evidence in the previous case between the applicant and debtor was discrepant from the actual situation, thus disagreeing with the final judgement and reluctant to perform such liability.

In face of such condition, we actively contacted the debtor and got a detailed understanding of his opinion and reasons. We patiently listened to the debtor’s claim and made a deep analysis on the details and background of the case. After that, we clearly explained the legality and rationality of the court judgement, emphasized the importance of the judgement to maintaining economic order, and delivered our understanding and support for the debtor. Meanwhile, in order to further the debtor’s realization and acceptance, we shared a large amount of legal knowledge and case analysis with him and clarified the legal basis and rationality of the court judgement, as well as the significance of the judgement to the economic order.

At the same time, we also got in touch with the creditor, knowing about his claims and expectations of the case. We obtained the detailed information of the creditor’s interest demands and explained the debtor’s opinion and reasons to him. Through communication with the creditor, we persuaded him to make reasonable adjustments to his claims on the debtor, and stated the possibility and benefits of conciliation between both parties.

Eventually, under our coordination and guidance, the creditor and the debtor reached a conciliation agreement. According to the agreement, the debtor agreed to perform and payment duty of the judgement and promised to repay the debts in time. Both parties achieved a consensus and signed the conciliation agreement. With corresponding duties performed and a verdict issued by the court, the bankruptcy procedures were officially concluded.

The successful settlement of the case represents the professionalism and coordinating ability in the field of bankruptcy conciliation. We are deeply aware of the significance of bankruptcy conciliation to protecting the rights and interest of enterprises and creditors and also promoting social and economic stability. We will continue to strive to provide high-quality legal services with the aim of settling bankruptcy cases and promote economic development as well as social harmony.