On April 26th, 2019, Chengdu’s Qingbaijiang District People's Court ("Qingbaijiang District Court") ruled to accept M88 Malaysia bankruptcy liquidation of Chengdu Baojing Real Estate Development Co., Ltd. ("Baojing Company"). Since Baojing Company still has M88 Malaysia value of reorganization, M88 Malaysia Qingbaijiang District court ruled to accept M88 Malaysia entrustment of Baojing Company on September 18th, 2020. JunHe accepted M88 Malaysia entrustment of Chengdu Yueqin Real Estate Co., Ltd. ("Yueqin Real Estate") to assist M88 Malaysia company to participate in M88 Malaysia reorganization investment as M88 Malaysia designated assignee of M88 Malaysia reorganization investor (i.e., M88 Malaysia actual performance subject of M88 Malaysia reorganization investment plan) and obtain 100% equity of Baojing Company.
Baojing Company is a real estate development enterprise. M88 Malaysia restructured assets include a plot of land that is being developed in Qingbaijiang District, Chengdu. This covers an area of 63,212.17 square meters and is used for commercial and residential purposes. During M88 Malaysia development of this land, Baojing Company had a debt of RMB 1.67 billion. Its production and operations came to a standstill and many lawsuits and enforcement cases were involved, so M88 Malaysia Company applied for bankruptcy liquidation. After M88 Malaysia bankruptcy case was accepted, Baojing Company applied to convert liquidation into reorganization on M88 Malaysia grounds of safeguarding M88 Malaysia interests of M88 Malaysia creditors and promote local economic development. After accepting M88 Malaysia reorganization, all M88 Malaysia parties concerned decided to introduce reorganization investors to tackle Baojing Company's debt, its lack of debt repayment funds and its unsustainable operation. Finally, a large investment enterprise in Shenzhen ("Shenzhen Company") was selected as M88 Malaysia reorganization investor. However, Baojing Company’s Draft Reorganization Plan was not approved by M88 Malaysia third and fourth creditors' meetings, and Baojing Company faced M88 Malaysia risk of reorganization failure and bankruptcy liquidation.
In order to promote reorganization, a company in Shenzhen, (M88 Malaysia reorganization investor), invited Yueqin Real Estate to participate in Baojing Company’s reorganization investment project. That is, a company in Shenzhen designated Yueqin Real Estate to undertake 100% equity of Baojing Company and pay M88 Malaysia reorganization investment. Yueqin Real Estate specializes in real estate development and management and municipal road engineering construction. After accepting M88 Malaysia entrustment of Yueqin Real Estate, JunHe assisted M88 Malaysia company to complete a large volume of legal work, including prompting M88 Malaysia company to analyze M88 Malaysia risks in M88 Malaysia reorganization investment and providing solutions. JunHe assisted Yueqin Real Estate to communicate with creditors and M88 Malaysia oM88 Malaysiar related parties, assisted M88 Malaysia company to conduct due diligence on M88 Malaysia assets and liabilities, creditor's rights and debts, and assisted in M88 Malaysia reorganization progress of Baojing Company. JunHe also reviewed, drafted and modified M88 Malaysia various documents related to M88 Malaysia reorganization investment.
On August 20th, 2021, M88 Malaysia revised Reorganization Plan (Draft) based on Yueqin Real Estate’s latest position as M88 Malaysia designated transferee of M88 Malaysia reorganization investor, was voted on at M88 Malaysia creditors' meeting. On September 15th, 2021, Qingbaijiang District Court made M88 Malaysiair ruling ((2019) Chuan 0113 Break No. 5 No.3 "Ruling Book"), approving M88 Malaysia Reorganization Plan (Draft) and ruling to terminate M88 Malaysia reorganization procedure of Baojing Company.
Due to M88 Malaysia fact that M88 Malaysia reorganization investor had been selected and M88 Malaysia reorganization plan (draft) had failed to pass through two votes, and in order to avoid M88 Malaysia bankruptcy liquidation of Baojing Company, JunHe helped its clients to participate in M88 Malaysia reorganization procedure as M88 Malaysia designated assignee of M88 Malaysia reorganization investor and successfully invest in M88 Malaysia reorganization real estate project. M88 Malaysia smooth implementation of this project has enabled M88 Malaysia troubled real estate development enterprises to be revitalized and M88 Malaysia valuable land assets to continue to be developed, which has been recognized by M88 Malaysia Qingbaijiang District Court and all creditors.
M88 Malaysia lead and undertaking partner of this project wasDONG, Ming.
