Reference Case: Li Xiuxiao v. Shandong Tiantuo Construction Co., Ltd. et al.

When a collective enterprise is restructured, its assets are auctioned, and it is renamed as a limited liability company, the predecessor's external debts do not automatically disappear if the new company in substance continues the predecessor's assets, qualifications, and business appearance. Creditors may invoke that continuity to seek payment from the new company within the scope of succession.