Earth News | Our bankruptcy case was successfully selected as one of the Top Ten Cases for Optimizing the Business Environment in Heilongjiang Province in 2023.

Deepening the Coordination between Government and Courts & Optimizing Bankruptcy Trials

Efficiently Concluding the Bankruptcy Reorganization Case of a Listed Company

Submitting Unit: Heilongjiang Higher People's Court

Case Overview: Focusing on the theme of "justice and efficiency", the Heilongjiang Higher People's Court has strived to achieve shorter processing times, lower costs, and higher recovery efficiency in bankruptcy cases through deepening the coordination mechanism between government and courts and improving supporting systems and mechanisms for bankruptcy trials, thus effectively improving the quality and efficiency of bankruptcy trials. In the bankruptcy reorganization case of Aurede, a listed company, the court guided the Harbin Intermediate People's Court to flexibly utilize methods to reduce the costs of bankruptcy procedures, adopting information technology means such as online application, credit review, online creditor meetings, and online voting. By legally applying the pre-reorganization mechanism, the time and procedural costs of bankruptcy reorganization were reduced. The reorganization of the listed company was completed in just 32 days, helping 36,500 small and medium-sized shareholders protect their "money bags", effectively revitalizing assets of 6.471 billion yuan, properly resolving debts of 4.378 billion yuan, and successively placing nearly 1,000 employees, accumulating valuable experience for the province in handling major, difficult, and complex bankruptcy cases.