At the beginning of January this year, some media reported that CSCEC had been applied for pre restructuring, and the amount of liabilities exposed at that time reached 70 billion yuan. Ten months later, China Science and technology construction has entered the formal bankruptcy reorganization stage from pre reorganization.
Lu Shaohong, partner of Dacheng (Shanghai) law firm and leader of bankruptcy reorganization and liquidation professional group, said in an interview with first finance and economics reporter that from pre reorganization to bankruptcy reorganization, it means that from non judicial proceedings to judicial proceedings presided over by the court.
Lu Shaohong also said that the current situation should be that the debtor (bankrupt enterprise) is taken over by the administrator, and the administrator performs legal duties according to Article 25 of the enterprise bankruptcy law. Whether the original management of the enterprise will continue to assist the manager in managing the enterprise depends on the follow-up procedures. If the management continues to perform its duties, it should also be supervised by the manager.
A creditor of China Science and technology construction told the first finance and economics reporter after learning that China Science and technology construction has officially entered the reorganization stage, we have declared 236 million yuan of creditors rights to the court. Now, China Science and technology construction has entered the formal bankruptcy reorganization. Once we enter the bankruptcy procedure, how much can we actually get compensation? Next, we can only recover the debt according to the bankruptcy law, and do it according to the laws and regulations.
In order to further understand the situation, first finance reporter tried to contact the original management of China Science and technology construction. Xiong Zuoshen, former chief engineer of China Science and Technology Construction Co., Ltd., told the first finance and economics reporter that he had left his post, and the leading group of China Science and technology construction had been dissolved and no longer performed management. The company was handed over to the asset manager for disposal.
Formal reorganization procedure
On April 16 this year, the first creditors meeting of the pre reorganization case of China Science and technology construction revealed that from January 2 to March 26 this year, the administrator received 740 claims, involving 2035 creditors and a total amount of 69.923 billion yuan.
Nearly 70 billion yuan of debt should be the declared amount of creditors rights. Generally speaking, repeated declaration is likely to occur during the declaration of bankruptcy claims, and the final amount of creditors rights needs to be checked by the administrator; while the audit is generally conducted according to the companys financial information, and RMB 37.1 billion should be understood as the book value verified by the current audit. As the declaration of claims is still in progress, the amount of debt is still uncertain. Ultimately, it depends on the amount confirmed in the managers verification report. Lu Shaohong said.
China Science and technology construction is a state-owned enterprise wholly owned by the administrative bureau of the Chinese Academy of Sciences. It was established in 1991 and is owned by the whole people. Does the nature of state-owned enterprises have special meaning in their bankruptcy reorganization? Will the parent company be involved in the bankruptcy of CSCEC?
Lawyer Lu Shaohong told the first finance and economics reporter that the nature of enterprises owned by the whole people has no special impact on the repayment of enterprise loans in combination with the existing legal provisions and in terms of current cases and judicial practice.
According to the relevant provisions of the company law and the enterprise bankruptcy law, and in combination with the judicial interpretation of the above laws promulgated by the Supreme Peoples court, when the company enters the bankruptcy liquidation procedure, the shareholders of the company shall bear joint and several liability for the companys debts within the scope of the unpaid registered capital. Enterprises owned by the whole people, as non corporate legal persons, should refer to the above-mentioned provisions, depending on the investment situation at that time. If the superior unit has already made the capital contribution in place and has not provided guarantee for the bankruptcy subject, its parent company will not be affected. Lu Shaohong said.
How to operate after formal bankruptcy reorganization? Lu Shaohong said that the bankruptcy reorganization is to finally deal with the existing debts of the debtor (bankrupt enterprise) through the introduction of external investors and the draft reorganization plan (which can also be understood as a distribution scheme reached by the creditors) approved by the creditors meeting. After the creditors are paid in accordance with the draft reorganization plan, the debtor returns to the market and completes rebirth. How to pay off the debt depends on the draft reorganization plan.
Huge debts or affiliation with subsidiaries
Before 2012, CSCEC was mainly engaged in construction contracting and did not involve in other fields, and the enterprises basically had no financing loans. On October 1, 2014, the new leading group of the company was established. Gu Weiguo was promoted from deputy general manager to general manager. After that, it took four years. The business of China Science and technology construction expanded to real estate, new materials, urban supporting services, culture and tourism, trade, energy, automobile, biopharmaceutical and other fields, and the number of its subsidiaries also showed an exponential growth trend.
According to the data provided by qixinbao, there are 418 enterprises directly or indirectly invested by China Science and Technology Construction Co., Ltd., but its staff size is only 179.
After several years of blind running, the first time in May 2018, China Science and Technology Construction Co., Ltd. revealed that the golden chain of its investment was broken, and the companys business was on the verge of collapse.
It has been reported in the media that the debt problem of China Science and Technology Construction Co., Ltd. is expanding rapidly like a snowball. Part of the reason is that a considerable part of its branches and subsidiaries are affiliated with China Science and technology construction. They are interested in the status of state-owned enterprises of China Science and technology construction. When financing, the companies under the China Science and technology construction system guarantee each other and gain the trust of investors with the background of Administration Bureau of Chinese Academy of Sciences u3002 Once these affiliated companies fail to repay the loans as scheduled, China Science and technology construction may face financial crisis. The management of its subsidiaries is also quite weak.
In the first pre reorganization meeting of China Science and Technology Construction Co., Ltd., the manager disclosed that on December 24, 2019, the manager took over part of the seals and certificates at the first time when he was stationed in CSCEC. Up to now, the manager has received 89 seals and 57 certificates of China Science and technology construction (including branches) This also means that most of the subsidiaries and branches of CSCEC did not hand in their seals and licenses.
China Science and technology construction has also had litigation disputes with its subsidiaries due to the issue of shareholder qualification.