Changzhou Dacheng Textile Group Bankruptcy Property Price Plan Won A High Pass.

Wujin court convened the first creditors meeting of Changzhou Dacheng Textile Group Co., Ltd.

Bankrupt property pricing plan won a high pass.

On the afternoon of 23 PM, the Wujin District People's court convened the first creditors meeting of Changzhou Dacheng Textile Group Co., Ltd.

Changzhou Dacheng Textile Group Co., Ltd. was established for the restructuring of Dacheng Textile Group Co., Ltd. jointly established by Changzhou first cotton textile mill and Changzhou butterfly Textile Group Co., with registered capital of 20 million yuan and residence at 22 Feng Ling Road, Wujin hi tech Zone. Due to the fragmentation of its capital chain, the company ceased production and business since October 2014. In February 27, 2019, Changzhou Dacheng Textile Group Co., Ltd. applied for bankruptcy and liquidation in Wujin District People's Court of Changzhou city because of its serious difficulties in production and operation, unable to repay its due debts and insufficient assets to repay all debts. In April 2, 2019, the people's Court of Wujin district ruled that the bankruptcy liquidation case was adjudication according to law, and appointed Jiangsu Sun Yue Tai law firm and Changzhou Hengxin accounting firm limited as bankruptcy administrator. The bankruptcy administrator published separately the bankruptcy notice in the people's Court Daily and the Changzhou daily, informing creditors of the legal consequences of the time limit and place of the creditor's rights and the overdue declaration of creditor's rights, and sending the notification of creditor's rights to the known creditors. Up to now, the creditors of Changzhou Dacheng Textile Group Co., Ltd. have reported 275 claims to the manager, and the amount of claims is 713969321.39 yuan.

On the 23 th of this month, the Wujin District People's court convened the first creditors meeting of Changzhou Dacheng Textile Group Limited. A total of 213 creditors were present at the meeting, and the amount of claims was 573304748.49 yuan. The agenda of the conference is mainly composed of seven main items: the basic information about the creditors who are informed of the meeting; the civil adjudication of bankruptcy declaring; the progress of the bankruptcy liquidation report; the progress of the bankruptcy administrator's report on bankruptcy and liquidation; the appointment of the chairman of the creditors' meeting and the presentation of the meeting by the chairman of the creditors' meeting; the manager's submission to the general assembly of the bankruptcy property conversion plan (Draft) and explanation; and the creditors' voting on the bankruptcy asset conversion plan (Draft) submitted by the bankruptcy administrator. The voting agreed that there were 211 households in the asset pricing scheme, accounting for 99.06% of the total number of creditors, and the debt amount was 569782880 yuan, representing 88.61% of the creditor's rights represented by the creditors. Therefore, the Dacheng company's bankruptcy property price plan was approved by a high pass.

The relevant officials of the Wujin court said that the next court will continue to supervise and instruct the insolvency administrator to seriously implement the pricing plan of the bankrupt property, ensure that the bankrupt property is auctioned and sold according to law, protect the legitimate rights and interests of all creditors, continue to supervise and instruct the bankruptcy administrator to do well in the publicity of the employee's claims, the examination of the unconfirmed claims and supplementary claims, the liquidation of the assets of the foreign investment enterprises, and the collection of receivables, etc., and continue to supervise and instruct the bankruptcy administrator to conscientiously prepare for the preparatory work of the second creditors' conference.