Recently, the People's Court of Yindu District, Anyang City, Henan Province issued a civil ruling showing that the Intermediate People's Court of Anyang City issued a civil ruling (2024) Yu 05 Po Shen No.34-1 on December 20, 2024, ruling that the bankruptcy liquidation case of the applicant Wu Yongan and the respondent Anyang Kuangxi Cement Co., Ltd. should be heard by the Court. After filing the case according to law, the Court appointed Henan Daoyu Law Firm as the bankruptcy administrator of Anyang Mining West Cement Co., Ltd.
The Court found that Anyang Kuangxi Cement Co., Ltd. was established on October 31, 2006, with a registered capital of 10 million yuan, and the legal representative is Su Zhongbo (accounting for 99% of the shares). After entering the bankruptcy proceedings, the administrator contacted the legal person of the company, and the company only handed over the financial accounts after April 2017 to the administrator. The absence of the accounts from the establishment of the company in October 2006 to March 2017 resulted in the inability to audit the company's operation, assets and debts comprehensively, objectively and accurately. At the same time, by inquiring the company's bank flow, the administrator found that during the period from May 2011 to December 2018, the company made 251 bank transfers to the same personal account, 13 personal transfers to the company, involving a large amount of money, because of the lack of account books, it was impossible to confirm the use of the above funds and the reasons for the difference. On July 3,
2025, the first creditors' meeting of Anyang Kuangxi Cement Co., Ltd. was held. The administrator made a periodic work report, submitted to the creditors' meeting to verify the preliminary examination results of the creditor's rights, and listened to the creditors' opinions . More than half of the creditors disagreed with the proposal. The company was not allowed to enter bankruptcy proceedings.
The Court holds that after Anyang Kuangxi Cement Co., Ltd. entered the bankruptcy proceedings, it was unable to make a complete and objective evaluation of the company's operating conditions since its establishment due to the lack of a large number of account books and the inability to grasp the company's operating conditions and financial information. After many investigations, the administrator has doubts about the transfer between the company and the same person, and can not confirm the actual use of the transfer, and there is a big gap between the total registered assets and debts of the company, so the company has the possibility of concealing property and evading debts. According to the first paragraph of Article 14 of the Provisions of the Supreme People's Court on Several Issues Concerning the Trial of Enterprise Bankruptcy Cases, if the people's court, after accepting the bankruptcy application, finds that the debtor has concealed or transferred property and applied for bankruptcy in order to evade debts, it shall rule to reject the bankruptcy application.
To sum up, in accordance with Paragraph 2 of Article 12 of the Enterprise Bankruptcy Law of the People's Republic of China and Paragraph 1 of Article 14 of the Provisions of the Supreme People's Court on Several Issues Concerning the Trial of Enterprise Bankruptcy Cases, Wu Yongan's application for bankruptcy liquidation of Anyang Kuangxi Cement Co., Ltd. was rejected.
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