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Attorneys of Zhenzhou Help Building the Better Legal Environment of Free Trade Zone

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   Since this year, Zhejiang Zhenzhou Law Firm has launched the work plan of " Special Action on making the Best Business Environment Legal Service " around provinces and municipalities. It has fully implemented the decision-making plan of "Five Great Conflicts" and "Four Zhoushan" proposed by the Third Plenary Session of the Seventh Session of Zhoushan Municipal Party Committee. It relies on the platform of legal advisers and bankruptcy administrators of major projects to focus on the major project enterprises, e-commerce enterprises, etc, provide supporting legal services to help enterprises in the new area transform and upgrade:
I. Participation in Foreign-related Negotiations of Project Enterprises
    On January 31, 2018, Boeing delegation and China Commercial Aircraft Co., Ltd. delegation held another round of negotiations with China on Boeing project training. On behalf of China, lawyers Shao Hanjun and Lin Wanjun of Zhejiang Zhenzhou Law Firm put forward professional opinions and suggestions on legal issues, operability of agreements, effectiveness of language and writing, application of law, and clarification of duties, powers and responsibilities of all parties.
II. Transformation and Upgrading of Service Enterprises
    On February 13, 2018, the second creditors'meeting of the merger and bankruptcy reorganization case of Zhejiang Chuantan Industrial Investment Co., Ltd and other six companies, which is the administrated by Zhejiang Zhenzhou Law Firm, was held in the People's Court of Dinghai District, Zhoushan City. The administrator presented to the General Assembly the "Draft Restructuring Plan for Bankruptcy Restructuring of Seven Companies (Draft)" and its information. After 294 creditors attending the meeting (330 creditors) voted in groups by written or on-site voting, the draft reorganization plan was successfully adopted. Among them, 92.87% of creditors representing ordinary creditors agreed with the plan, and the support ratio reached a record high.
    According to this scheme, within two months after the approval of the bankruptcy reorganization plan by the court, creditors under 300,000 yuan will be 100% liquidated, and creditors over 300,000 yuan will be temporarily liquidated at 18%, which means that 227 creditors (more than two-thirds of creditors) can be fully liquidated, and the proportion of creditors within 1 million yuan will be as high as 42.6%, all of which set a new record in Zhoushan reorganization case, and will be liquidated at 2%. It can be fully realized within two months, and it is rare in the zhoushan.
    After the vote on the draft plan was passed, the people's court of Dinghai District of Zhoushan City said that after more than two years'efforts, it was very difficult to promote the reorganization, and fully affirmed the efforts and work made by the administrators.
    The bankruptcy reorganization cases of seven companies, such as Zhejiang   Chuantan Industrial Investment Co., Ltd., is a challenge and test for managers because of the large number of merged and bankrupt enterprises, employees,and creditors, the long duration, the great difficulty and the hard process. Through the unremitting efforts of the bankruptcy administrator, the draft reorganization plan was successfully adopted, and finally realized the "three high" situation with high support rate, high proportion of compensation and high efficiency of compensation, which is the best interpretation of the successful bankruptcy reorganization case.

  通过震舟所近3年的不懈努力,化腐朽为神奇,将一座老大难的烂尾楼打造成了金塘的高档小区,变成了抢手的“香饽饽”,解决了一件重大民生事项,得到政府部门、购房户和社会各界的高度认同。
    From May 26, 2018, the Shanghe International Garden Project began to formally hand over houses. Looking at this new-looking residential building, the stone in the hearts of householders finally fell.
    On May 26, 2015, the People's Court of Dinghai District of Zhoushan City decided to accept the bankruptcy liquidation application of Zhoushan Jintang Development and Construction Investment Co., Ltd. and appointed Zhejiang Zhenzhou Law Firm as the administrator of Zhoushan shanghe Real Estate Development Co., Ltd. At that time, Zhoushan shanghe Real Estate Development Co., Ltd as the developer of Shanghai Garden Project broke the capital chain , which led to the collapse of the building and the overdue delivery of the house. More than 140 buyers who had purchased the house were emotionally agitated, and they strongly demanded solutions through letters and visits, media and other means.
    After Zhejiang Zhenzhou Law Firm took over as the administrator, the project reconstruction was the first priority for the case handling. Through a series of arduous efforts, such as re-verification of the project volume, re-determination of the renewal units, multi-party difficult financing, successful pre-sale of the building, and so on, it finally passed the completion acceptance and registration on May 17, 2018, and began to formally hand over rooms on May 26.
    At present, the Jintang Cultural Center has been put into operation in the area where Shanghe International Garden Project are located, and the Jintang Administrative Service Center will soon be put into operation. It has become the political, cultural and commercial center of Jintang. The Shanghe International Project completed by the construction is the first landmark building seen by Zhoushan Sea-Crossing Bridge entering Zhoushan. It is the highest-grade residential district in Jintang at present. Now all the houses have been sold out and one room is hard to find. Only some villas and commercial buildings and hotels remain.
    Through the unremitting efforts of Zhenzhou law firm in the past three years, the decay was transformed into magic, and a dilemma of the rotten tail building was turned into a high-end residential district in Jintang, which became a hot cake and solved a major livelihood issue, which was highly recognized by government departments, buyers and all sectors of society.

III. Business management of power-assisted e-commerce enterprises
    Recently, with the help of Zhejiang Zhenzhou Law Firm, Zhoushan Kona Electronic Commerce Co., Ltd., its perennial legal consultant, successfully became the first registered enterprise of the "Import of Non-Special-Purpose Cosmetics" filing system in Zhejiang Free Trade Pilot Area, Zhoushan People's Government, at the launching ceremony of the pilot work of import non-special-use cosmetics filing in China (Zhejiang) Free Trade Pilot Area. Mayor He Zhongwei personally issued the user name and password.

IV. Providing Legal Services for Enterprise Financial Innovation
    On May 2, 2018, Zhejiang Ocean Lease Phase IV Asset Support Program was awarded "Letter without objection on Listing and Transfer of Zhejiang Ocean Lease Phase IV Asset Support Securities" by Shanghai Stock Exchange. The lawyer service team of Zhejiang Zhenzhou Law Firm, mainly Shao Hanjun and Bao Liqian, provides full legal service for the four-phase asset support special plan of Zhejiang Ocean Leasing, issues the Legal Opinion on the Application of Xingzhen Securities Asset Management Co., Ltd. for the establishment of the four-phase asset support special plan of Zhejiang Ocean Leasing, and successfully passes the examination and approval of Shanghai Stock Exchange.
    Asset-backed securitization financing model is an innovative financing model which has been developed and matured in recent years. Since the second half of 2016, Zhenzhou Institute has issued legal opinions for the second, third and fourth phases of asset-backed special plans for financial leasing enterprises for many years, supporting enterprises with a financing scale of more than 1.5 billion yuan.
    In the process of promoting the construction of Zhejiang Free Trade Pilot Zone, Zhenzhou Iaw firm actively implements the legal service for enterprises and people, supports the reform and innovation of enterprise financing, and escorts the diversified development of marine economic financing tools and means. In the future work, Zhenzhou law firm will provide more professional and comprehensive legal service support to enterprises in Zhejiang Free Trade Pilot Zone for financing, entrepreneurship innovation and financial industry transformation and upgrading, and help enterprises develop.
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