Why Did The Flag King Go Through Bankruptcy And Liquidation? What Caused It?

This morning, the government of Luojiang District of Quanzhou said

Bankruptcy liquidation is being carried out and the Bankruptcy Rescue will be renewed.

Vitality.

The specific text is as follows:

Flag King (China)

Influenced by many factors such as domestic and international economic downturn, clothing Limited was sentenced to bankruptcy and liquidation by the intermediate people's Court of Quanzhou in August 5, 2016, but this is an opportunity for enterprises to regain new opportunities.

As the famous leisure clothing brand in Fujian and even the whole country, the brand of the flag king has always been at the forefront of the domestic Cowboy brand and enjoys many honors such as "national inspection free products" and "China well known trademarks".

In order to save the flag king and help him get rid of difficulties and get reborn, the Luojiang district government of Quanzhou city attaches great importance to it. The district leaders take the lead in grasping the total and set up a liquidation group composed of relevant functional departments and professional management teams to carry out the reorganization work.

At present, the liquidation group was appointed by the court as administrator in August 23, 2016, and became the backbone of bankruptcy and reorganization of the flag king.

In August 30, 2016, after the first meeting of the liquidation group, the decision was made by the manager to ask the court to agree to continue the production and operation of the flag King (China) textile and apparel Co., Ltd. to maintain the brand value of the flag king, to maintain the employment opportunities of the employees and to promote social harmony and stability.

Now the flag king business has been approved by the court and has been engaged in business affairs under the effective supervision of the manager.

We believe that under the joint efforts of local governments, courts and managers, the brand of the flag king will revitalize and revitalize the bankruptcy protection, rescue and rebirth system of China's enterprise bankruptcy law.

After receiving the message, the reporter interviewed the director of the professional team of the clearing team, Wu Jing Chu.

The following is an interview:

Reporter: why does the flag king go through bankruptcy and liquidation? What are the reasons?

Wu Jingchu: the dilemma of the flag king is still related to the present environment.

Now many enterprises are experiencing similar difficulties.

First, the impact of the economic downturn and the reduction in orders.

Secondly, it is related to the tightening policy of lending to banks. In addition, the real economy has been greatly affected by the electricity supplier in recent years. Many shops of the flag king have been forced to close because of losses, and their normal operating capacity can not meet the debt repayment ability, so they can only apply for bankruptcy reorganization.

Reporter: what is the specific loss of the flag king? What impact will the bankruptcy reorganization have on its company?

Wu Jingchu: the total number of liabilities of the whole flag king company is still under liquidation, and the specific amount can not be disclosed.

Bankruptcy reorganization is the preferred way of restructuring the Luojiang government.

The government also hopes to save Quanzhou brand through bankruptcy reorganization and the introduction of capable investors.

Through bankruptcy reorganization, Quanzhou brand enterprises can continue to exist.

To a certain extent, the enterprise bankruptcy law not only plays a role in liquidation of enterprises, but also protects the rights of creditors and debtors, and plays an important role in maintaining social stability.

Reporter: what will be the procedure for the bankruptcy reorganization of the flag king?

Wu Jingchu: the bankruptcy reorganization procedure of the flag king is expected to be completed by the end of the year, according to the government's request.

At present, it is in contact with three potential investors, and then will open recruitment of investors to open up the recruitment of flag investors.

The three potential investors are in line with the industry or the upstream and downstream industries.

Reporter: according to the express, is the flag king still operating normally?

Wu Jingchu: Yes, at this stage, the liquidation group composed of relevant government departments is authorized by the court to supervise and manage the enterprises, so that the enterprises can carry out production and operation in the condition of ensuring safety.

Therefore, at present, the flag king is still operating normally, not as closed as the outside world has closed down.