What Enlightenment does Zhejiang Glass Bankruptcy Give to Listed Companies?

. The enlightenment of Zhejiang Glass Bankruptcy Case to listed companies is that affiliated enterprises are in debt crisis and may obviously lose their solvency, so creditors apply to the court for bankruptcy and reorganization. Accordingly, in the case that the enterprise is obviously insolvent, the creditor has the right to file for bankruptcy reorganization, which conforms to the provisions on the cause of bankruptcy reorganization and the starting subject, and the court shall accept the application for bankruptcy reorganization. After the bankruptcy reorganization starts, a creditors' meeting will be held under the auspices of the court to vote on the draft reorganization plan. If the reorganization plan is not passed, explaining the reasons for the bankruptcy of the affiliated enterprise, the court has the right to decide to terminate the reorganization procedure and enter the bankruptcy liquidation procedure.

The case of merger and bankruptcy of Zhejiang Glass and its affiliated companies is a case in which the draft reorganization plan was passed without a vote on the basis of full respect for the autonomy of the parties, and it was transferred from reorganization to liquidation in time. During the trial of this case, the market rules were fully respected, and all major issues were voted according to law through the creditors' meeting on the basis of fully considering the market factors such as the industrial status and commercial risks of bankrupt enterprises. For the matters rejected by the creditors' meeting, the court respected the autonomy of the parties and did not take compulsory approval measures. In addition, Zhejiang Glass and its affiliated companies maintained normal production in bankruptcy, which enabled most employees to maintain stable work and economic income and maintained social harmony and stability.