Reference Case: Taicang Shengnuo Alloy Casting Co., Ltd. Bankruptcy Liquidation
Where a company enters compulsory liquidation after judicial dissolution and the liquidation process establishes that bankruptcy grounds are present, the court may convert the matter into bankruptcy liquidation and carry forward the work already completed in the compulsory liquidation, thereby avoiding duplication and improving creditor recoveries.
Holding
Where a company enters compulsory liquidation after judicial dissolution and the liquidation process establishes that bankruptcy grounds are present, the court may convert the matter into bankruptcy liquidation and carry forward the work already completed in the compulsory liquidation, thereby avoiding duplication and improving creditor recoveries.
Issues
compulsory liquidation after judicial dissolutionfinding insolvencyprocedural coordination in conversion from compulsory liquidation to bankruptcy