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Report of Shanghai Bankruptcy Court on Its Work in 2020
[2021-01-28]

 

    On January 28, 2021, Shanghai Bankruptcy Court held an online news conference to report on the work in 2020. Journalists from 30 media such as Xinhua News Agency, People's Daily, People's Court Daily, Liberation Daily, Economic Daily, Shanghai Securities News, International Finance News and FM93.4 Shanghai News Radio, etc. attended the conference, which was broadcast live on kankanews, pujiangtianping - the official Weibo account of Shanghai High People's Court, official WeChat account of Shanghai No.3 Intermediate People's Court and other platforms. Chen Yajuan, President of Shanghai No.3 Intermediate People's Court, reported on relevant work. Yu Qiuwei, Vice President of Shanghai No.3 Intermediate People's Court and President of Shanghai Bankruptcy Court, presided over the conference.

It's reported that in 2020, Shanghai Bankruptcy Court accepted a total of 1,567 cases involving bankruptcy, compulsory liquidation and derivative actions, up 32.7% year-on-year, and concluded 1,250 ones, up 102.27% year-on-year. Among them, 494 cases are in insolvency and compulsory liquidation proceedings, up 3.8% year-on-year, and 464 cases are related to derivative actions, involving 58 kinds of causes such as confirmation of bankruptcy claims and investigation of shareholders' contribution liability.  

In 2020, Shanghai Bankruptcy Court reorganized four enterprises successfully, leading to more than RMB 3.8 billion claims settled for more than 500 creditors, and retained 359 people in employment, creating new opportunities for more than 50,000m2 real estate, thousands of sets of machinery and equipment, patents and trademark rights worth over RMB 20 million and other production factors. By giving full play to the role of the Internet, the court managed to improve efficiency and reduce costs. More than 12,000 creditors submitted claims through its online claims submission system, 465 online creditors' meetings were held in the whole year, accounting for 89.8% of the total number of creditors' meetings in 2020, and about 16,000 creditors attended the online meetings. In addition, it gave full play to the advantages of online auction to improve the success rate and premium rate of bankruptcy assets realization, reduce the auction expenses and maximize the repayment rate of claims. In 2020, about 300 online auctions were held, realizing more than RMB 3 billion and saving commission of nearly RMB 10 million yuan.

Chen Yajuan said, over the past two years since its establishment, Shanghai Bankruptcy Court has continuously and deeply advanced the marketization, legalization, specialization and informatization of bankruptcy trials, promoted the optimization of legalized business environment, served the stability on the six fronts and security in the six areas, helped enterprises to resolve difficulties and worked hard to retain market entities, thereby safeguarding employment and protecting the industrial chain and supply chain.

Report of Shanghai Bankruptcy Court on Its Work in 2020.docx 

 

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