The Bankruptcy Liquidation and M&A Restructuring Department successfully held the 2023 Annual Summary and Commendation Conference on December 30, 2023. At the meeting, Director Li Feng provided a comprehensive review of the department's work and performance over the past year and outlined the overall plan and requirements for team development and future operations in 2024. The department also recognized outstanding individuals, including Wang Qian, Sheng Aozhong, Zhu Yu, Zhang Shengrong, and Yuan Chenye, for their contributions in 2023.
In 2023, the department enhanced legal expertise, optimized case handling procedures, and efficiently completed various tasks in compliance with legal and regulatory requirements. Team members systematically studied the Nanjing Bankruptcy Administrator Work Guidelines, focusing on issues not explicitly addressed in the Enterprise Bankruptcy Law, such as asset disposal, creditor claims, due diligence, and corporate tax matters. The department also strengthened internal financial audits, conducted compliance reviews of bankruptcy funds, and participated in regulatory inspections by the Nanjing Bankruptcy Administrator Association.
Additionally, the department actively cooperated with the Nanjing Intermediate People's Court in compiling statistics and analyzing derivative bankruptcy litigation cases. Since June 2020, it has handled 82 derivative bankruptcy lawsuits, with the most significant cases involving Jiangsu Maireke Technology Industrial Co., Ltd., Nanjing Runsheng Construction Engineering Fourth Co., Ltd., and others. The department focused on reducing unnecessary litigation and improving dispute resolution efficiency.
Regarding case management, the team successfully handled 31 bankruptcy and compulsory liquidation cases in 2023, including 13 newly accepted cases and 13 concluded cases. Notably, two bankruptcy liquidation cases resulted in full repayment of creditor claims. The bankruptcy liquidation cases of Jiangsu Youmu Construction and Decoration Engineering Co., Ltd. and Nanjing New Energy Technology Research Institute Co., Ltd. were successfully resolved through asset recovery efforts, earning recognition from creditors.
In 2023, the department also contributed to significant legal precedents. The bankruptcy settlement case of Jiangsu Dongheng International Group Co., Ltd., in which the firm acted as the administrator, was recognized as a Supreme People's Court Gazette Case, setting an important precedent for handling small and medium-sized enterprise bankruptcies in China.
Looking ahead to 2024, the department will continue to uphold its commitment to professionalism and excellence, focusing on corporate restructuring and bankruptcy administration with integrity and legal expertise.