Announcement: Zotye Automobile Co., Ltd. (hereinafter referred to as "the company") recently received a civil ruling ([2020] Zhejiang 0784 No.20) issued by the People's Court of Yongkang City, Zhejiang Province, and learned that Zotye New Energy Automobile Co., Ltd. (hereinafter referred to as "Zotye New Energy"), a wholly-owned secondary subsidiary of the company, was unable to pay off its due creditor's rights and its assets were insufficient to pay off.
I. Bankruptcy and liquidation of wholly-owned subsidiaries
The company recently received a civil ruling issued by Yongkang court ([2020] Zhejiang? 0784? Break 20? No), the applicants Hangzhou Tiecheng Information Technology Co., Ltd. and Jin Hu (China) Tire Sales Co., Ltd. applied for bankruptcy liquidation of Zotye New Energy on the grounds that Zotye New Energy could not pay off its due creditor's rights and its assets were insufficient to pay off all its debts. ? According to the relevant provisions of the Enterprise Bankruptcy Law of the People's Republic of China, the ruling is as follows:
1, put on record to accept the bankruptcy liquidation applications of the applicants Hangzhou Tiecheng Information Technology Co., Ltd. and Jin Hu (China) Tire Sales Co., Ltd. against the respondent Zotye New Energy Automobile Co., Ltd.
2. Designate Zhejiang Jingheng Law Firm as the bankruptcy administrator.
Second, the basic situation of Zotye New Energy
Name: Zotye New Energy Automobile Co., Ltd.
Type: limited liability company (wholly owned by a legal person invested or controlled by a non-natural person)
Address: Jinwen North Road, Baiyang Street, Hangzhou Economic and Technological Development Zone? 509? Number? 5? Architecture? (See the picture for details)
Third, the impact of bankruptcy liquidation on the company.
Zotye New Energy is a wholly-owned secondary subsidiary of the Company. After entering the bankruptcy liquidation procedure, if Zotye New Energy is subsequently transferred to the reorganization procedure due to legal circumstances, and the company, as a reorganization investor, promotes the successful reorganization of Zotye New Energy, Zotye New Energy will become an important profit source for the company and will play an important role in the company's sustainable operation and development. If Zotye New Energy is not transferred to the reorganization procedure and is finally declared bankrupt by the court, or if it is transferred to the reorganization procedure, the company will lose control of Zotye New Energy and Zotye New Energy will no longer be included in the scope of the company's consolidated statements.
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.