China’s second bankruptcy court, launched in Beijing on Jan. 30 in a bid to improve liquidation and cross-border bankruptcy case and reduce the number of ‘zombie’ firms in China , has accepted its first compulsory liquidation case involving State-owned enterprise Beijing Keeven Aviation Instrument. Dentons Beijing represented Beijing Keeven on its application for liquidation of its machinery manufacturing enterprise. 

The state-owned enterprise ceased business in 2010 due to the captain chain rupture. Currently, it has no products with core technology and its business model lags far behind the marketing demands with RMB61.78 million ($9.1 million) debts. 

According to Lina Ma, the chief judge for the case, the deepening of supply-side structural reform means more and more ‘zombie’ state-owned companies are allowed to exit the market through bankruptcy.

The Dentons team was led by partners Xiuchao Yin, Zhiping Hu and Tiantian Ma. 

大成代理北京破产法庭受理的首个破产案

为加大破产保护法治力度与对跨境破产案件的审理，解决“僵尸企业”淘汰出清问题，1月30日北京破产法庭挂牌成立，这是全国第二家破产法庭。近期，北京破产法庭受理了首件破产案件——北京青云航空仪表有限公司申请中国航空机载设备总公司破产清算一案。大成律师事务所作为申请人的代理人参与该案。

因资金链断裂进入亏损运营状态，机载设备公司自2010年前后停止经营。经初步统计，该公司对外负债达6178万元（约合910万美元）。

北京一中院副院长马立娜亲自担任审判长，指出随着供给侧结构性改革的深入推进，越来越多的“僵尸企业”通过市场化、法治化的破产程序实现有序退出。

大成律师事务所合伙人尹秀超、胡治萍、马恬恬等律师为该处僵治困破产项目提供了整体策划和方案实施法律服务。

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