First case in Guangdong!A private school in Dongguan successfully went into bankruptcy and restructuring

In December 2021, the first Art Festival of Dongguan Nancheng Shangcheng School came as scheduled.A piece of art ushered in the teachers and students stop to appreciate.This lively scene is the biggest significance of dongguan court’s efforts to promote the bankruptcy reorganization of Shangcheng School.It is also the first private school in Guangdong province to successfully go through bankruptcy reorganization.”I still can not believe that the debt-laden school can be reborn, from bankruptcy restructuring to now, our school has resumed enrollment, I sincerely thank the Municipal Party Committee, the government, thank the court, thank all the people behind the bankruptcy restructuring silently pay.Vice principal Chen Xiao feng said excitedly.From lifeless to revitalized, the change of the school should be started from the first People’s Court of Dongguan (hereinafter referred to as “The First Court of Dongguan”) innovatively implementing bankruptcy restructuring and realizing the escape of private schools to change birds.At the beginning of 2019, cao, the actual operator of Shangcheng School, had personal debt problems and provided security for personal debt with school assets. As a result, the courts in Shenzhen, Heyuan and other places forced the deduction of school account funds, which had a serious impact on the normal operation of the school.On May 17, the First Court of Dongguan decided to accept the application for bankruptcy liquidation of Shangcheng School.The fate of 1,500 students is weighing heavily on the minds of parents.”Shangcheng school bankruptcy belongs to the special subject bankruptcy, which has the characteristics of complicated legal relations and great social risks.After receiving the case, we were very cautious. The trial team held several meetings to analyze the case, and repeatedly coordinated with the South City Street Office and the Municipal Education Bureau to ensure a safe handling.”Mo Ran, the head of the bankruptcy tribunal of the First Dongguan Court, recalled.Mo Ran mentioned that under the overall guidance of Dongguan Intermediate People’s Court, the trial team finally decided to adopt bankruptcy reorganization to promote the settlement of the Shangcheng School case.On March 27, 2020, the First Court of Dongguan ruled that Shangcheng School should be restructured and investors should be selected through open recruitment.After two rounds of public recruitment, dongguan Jiarong Industrial Investment Co., LTD. (hereinafter referred to as “Jiarong Company”) and dongjin School consortium were selected as the restructuring investor of the case.According to the restructuring plan, the investors’ funds are used to pay off the debts of Shangcheng School, among which the repayment rate of ordinary creditor’s rights of employees, tax and creditor’s rights of less than 1 million yuan is 100%.On April 9, 2021, the First Court of Dongguan approved the restructuring plan of Shangcheng School.On May 9, 2021, the bankruptcy administrator of the case submitted a report to the First Dongguan hospital that the restructuring plan had been successfully implemented, and the first Dongguan hospital confirmed the review.Subsequently, Jiarong company set up an education management team in Shangcheng School to take over the maintenance of school order.On June 28, 2021, Xiao Yafei, Secretary of Dongguan Municipal Committee of the CPC, visited Shangcheng School to learn about its operation.In September 2021, Shangcheng School officially welcomed another batch of new students.As a result, the parents of 1,500 new students at Sangseong School were relieved and their children’s education was guaranteed.”The teachers in Shangcheng School are very responsible, and the children are doing well in all aspects of the school. Parents are very relieved.”Ms. Hu, a parent of the students, said that when the bankruptcy occurred in 2019, some parents said that they would continue to let their children go to school in Shangcheng as long as the teachers did not leave.”Parents are very supportive of the bankruptcy process and it is our common wish that our children continue to attend school in Shangcheng.””Ms. Hu said happily.Shangcheng School Art Festival court “micro innovation”, properly promote restructuring after taking over the case, dongguan First Court bankruptcy court president Mo Ran immediately led the trial team to carefully comb the case details involved in the professional knowledge, and on this basis the creation of:Reference to enterprise bankruptcy reorganization system for the overall development direction, combining with the characteristics of “non-profit private schools” to make the trial scheme, and introduced “education management expert advisory committee provides reference for shang city school reforming opinions” “‘ first-choice ‘alternative investors double insurance draft reorganization plan” is legal compliance and fit the case features such as “innovation”,Properly promote school restructuring.”This case was first accepted in the form of bankruptcy liquidation, but we found in the process of trial, Shangcheng school geographical location, good educational conditions, students, parents and teachers have a high degree of recognition of the school, shangcheng school through bankruptcy liquidation disposal have resistance;Moreover, the fixed assets of Shangcheng School itself do not have the value of effectively paying off debts. If the case is dealt with in the form of liquidation, it will be extremely detrimental to the protection of creditors’ rights.”Moran said.Therefore, after thorough study and discussion, the bankruptcy court held that shangcheng School itself did not have problems in operation, only because its actual operators owed a huge amount of debt, leading to the school on the verge of bankruptcy.Then decided to “liquidation to reform” the way will be the case to deal with the direction of bankruptcy restructuring, from the external introduction of restructuring investors to revitalize the school.In the end, the restructuring funds issued by the restructuring investors are far higher than the liquidation evaluation value of Shangcheng school, which maximizes the proportion of creditor’s rights settlement. At the same time, Shangcheng school can also retain the main body to continue to operate, effectively maintaining social stability and giving the majority of students’ parents a reassuring.In the case of Sangseong School s bankruptcy reorganization, it was the fault of the organizer that caused difficulties in running a private school and violated the rights of students to receive education and teachers.Through bankruptcy reorganization to protect public social interests, according to the law to pay off debts, reflects the bankruptcy reorganization to resolve the debt crisis function, legal effect and social effect are very good.”The case came to an end, the case bankruptcy administrator Dai Yong gave a high evaluation of the case.Yu Yujia Yuan Xiaoyan statement: the copyright of this article belongs to the original author, if there is a source error or infringement of your legitimate rights and interests, you can contact us through email, we will promptly deal with.Email address:

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