Another Famous Textile And Clothing Brand: Xi Dalong Bankruptcy! Debt 1 Billion 500 Million! Founder Was Sentenced To 6 Years!

In November 20th, Lin Shui pan, the legal representative of Xi De Long (China) Limited, was sentenced to six years' imprisonment and two million and five hundred thousand yuan for the crime of obtaining loans and bills by first instance of the Jinjiang court.

According to the court of Jinjiang, Lin Shui pan, as the head of the direct responsibility of the company, has obtained several times by fraudulent means of obtaining bank loans and acceptance of bills, which has caused particularly heavy losses to banks and other special circumstances.

In response, the Jinjiang court sentenced Lin Shui pan to six years' imprisonment and a fine of two million and five hundred thousand yuan, and ordered Lin Shui pan to continue to refund the corresponding economic losses of Jinjiang Agricultural Bank of the victim unit.

It is reported that this is the largest amount of loan fraud cases in Jinjiang. The case has been declared bankrupt by the court. However, as the company's direct responsible person, Lin Shui pan still has the corresponding criminal responsibility for fraud.

The second creditors' meeting successfully held

On the morning of November 16th,

The second meeting of creditors of China (China) Limited bankruptcy liquidation was successfully convened in the first instance court of the Jinjiang court.

Before the meeting, 252 creditors declared their claims to the manager, and the amount of claims confirmed by the manager was 1 billion 512 million yuan.

The creditors meeting will reach 193 creditors and 76.6% of the voting rights. The total amount of debt represented will account for 97.6% of the total amount of the debt.

At the meeting, the manager reported on the review of creditor's rights, the situation of liquidation of assets, and explained the audit and evaluation of bankruptcy liquidation cases.

In order to ensure the independent, standardized and effective exercise of the functions and powers of the conference, the conference first adopted the rules of procedure and the voting plan, and some of the creditors voted on the "bankruptcy property conversion plan" and "bankruptcy property distribution plan".

In addition, in order to fully protect the voting rights of the creditors, the collegial panel allows the creditors who are not able to vote at the scene to submit the voting tickets to the court within the prescribed time after the meeting, and is scheduled to open the ballot in the afternoon of November 26th. The final voting result confirmed by the court will be informed by the manager in an appropriate way.

Statistical vote

The case of Xi De Long bankruptcy is more complicated and has a larger social impact. The successful convening of the creditors' conference will effectively promote the effective disposal of the assets of the bankrupt enterprises, maximize the protection of the legitimate rights and interests of the creditors, and lay a good foundation for the breakthrough of the trial.

Aaron Kwok is the king of heaven.

In 1992, Lin Shui pan borrowed money to set up his own foundry shoe factory -- Kyushu Ben Ke.

The company was only two years later than Ding Shizhong founded Anta.

In 2001, Kyushu Ben Ke changed his name to Xi long, and hired the Chinese table tennis coach Cai Zhenhua for his endorsement and gradually opened up popularity.

In 2002, Xi Dalong invited Aaron Kwok, Hongkong's heavenly king, as the brand spokesperson, and began to enter the leisure clothing market in an all-round way, and began to lay down the channel under the line.

By 2004, the product will be sold 6 million 800 thousand pairs a year.

The annual output is 4 million 500 thousand sets.

The annual sales volume is as high as 620 million yuan, which is twice as much as that of Anta.

By the end of 2007, he had opened 2519 stores throughout the country.

In October 30, 2009, Xi Long lung successfully listed on Nasdaq, becoming the first brand of sports consumer brand that China landed on the US capital market.

Electricity supplier impact layout slow

The successful listing in the US did not resist the weakening of physical retail and the impact of the electricity supplier. Its performance began to decline sharply from 2012, down by 50% over the same period last year.

In addition, after the listing of Xi long long, a lot of horse racing, resulting in tight funds.

In March 2014, Xi De lung announced that it would convene a special shareholders' meeting in April 2014, and considered and voted through the privatization agreement concluded in December 2, 2013.

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In the face of increasingly fierce competition in the market, the product was slow. When the major brands were on the line, Xi long did not see anything. Only in March 19, 2015 did he see the layout of the network distribution system, and the products sold were basically old ones.

Under pressure from all sides, Xi Long lung declared bankruptcy.

Dust settled and forest water was seized.

The founder of Xi Dalong, Lin Shui pan, was 17 years old as an apprentice, 24 years old shoe factory, 41 year old company listed in the United States, and 48 years old was declared bankrupt. Until this year, the Jinjiang people's court pronounced the crime of swindling loans and acceptance of bills. The more than 20 year twists and turns of entrepreneurship of the grassroots entrepreneur finally came to a conclusion.

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In the wave of enterprise shock, Lin Shui pan did not seize the opportunity to rush out of the predicament in a proper way. Instead, he took advantage of deception to obtain bank loans and acceptance of bills to fight for a desperate struggle, which eventually led to the tragedy.

It is worth noting that the time of the crime of Lin Shui pan is in 2014 and 2015.

Because of the blind expansion of the fund, it has the impact of the electric business and other sports brands.

But in any case, the foundation of an enterprise is honesty. No matter what circumstances he is cheating, it is a criminal act.