The shareholder of Zhuzhou Taizinai announced on Thursday that they had resolved to apply for a judicial re-organization of Zhuzhou Taizinai in accordance with China's Bankruptcy Law.
This application will be made to the Zhuzhou Court which will have the primary conduct of the judicial re-organization of Zhuzhou Taizinai, followed by similar applications for other Taizinai entities in the country to the local courts where these operations are based.
The shareholders of Zhuzhou Taizinai have appointed Mr. Han Chuanhua and Zhongzi Law Office to its restructuring committee to assist to and prepare for the judicial re-organization of Zhuzhou Taizinai.
Mr. Han is currently the vice-director of Economic Law Commission of All China Lawyers' Association (ACLA) and an arbitrator with China International Economic and Trade Arbitration Commission (CIETAC).
Zhongzi is a law firm specializing in company restructuring and liquidation in China. Zhongzi was once appointed the bankruptcy administrator for Beijing Wugudaochang Food Company by the Beijing Court in 2009 and the judicial re-organization for Beijing Wugudaochang Food Company was completed within 106 days.
The Shareholders of Zhuzhou Taizinai believe that a judicial re-organization of Zhuzhou Taizinai and other Taizinai entities under the Bankruptcy Law is likely to provide the best possible result to all creditors, suppliers and distributors of Taizinai Group.
The shareholders' aim is to facilitate a prompt and effective restructuring of Taizinai Group which will help enable protect and enhance the Taizinai products and its brand.
