The First Creditor Meeting Of Changzhou Dacheng Textile Was Held, The Amount Of Debt Was 714 Million Yuan.

On the afternoon of August 23rd, the people's Court of Wujin District of Changzhou held the first creditors meeting of Changzhou Dacheng Textile Group Co., Ltd. in Wujin Vocational Education Center.

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 a registered capital of 20 million yuan, and its residence in 22, Feng Qi Road, Wujin high tech Zone, Changzhou City, Jiangsu province.

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 of Changzhou city ruled that the bankruptcy liquidation case was accepted according to law, and appointed Jiangsu Sun Yue Tai law firm and Changzhou Hengxin accounting firm limited as bankruptcy administrator. The bankruptcy administrator published the bankruptcy notice in the people's Court Daily and the Changzhou daily respectively, 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.

A total of 213 creditors were present at the meeting, and the amount of claims was 573304748.49 yuan.

The agenda of this meeting is mainly composed of seven items:

• Briefing the basic information of creditors;
• Read out a civil ruling declaring bankruptcy;
• To report on the progress of the bankruptcy liquidation case;
• The progress made by the bankruptcy administrator in reporting bankruptcy liquidation;
• The chairman of this creditors meeting shall be appointed and the chairman of the creditors' meeting shall make a speech at the conference.
• The manager shall submit the plan for the conversion of the bankrupt property to the general assembly and explain it, and the creditors shall vote on the plan for the change of the bankrupt assets 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.

Next step:

The court of Wujin will continue to urge and instruct the bankruptcy administrator to seriously implement the scheme of changing the price of 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 insolvency administrator to do well in the publicity, unconfirmed claims and audit of the declaration of claims, the liquidation of assets and the collection of receivables, etc., and continue to supervise and instruct the insolvency administrator to conscientiously prepare for the preparatory work of the second creditors' meeting. (source: Wujin court)