On the afternoon of Feb. 17^th, the first creditors’ meeting for the bankruptcy liquidation of Shanghai Kubeiland Corporate Management Co., Ltd. (the “Company”) was convened at the Shanghai Xuhui District People’s Court (the “Court”). Court-appointed liquidation administrator W&B immediately took control of the Company’s property and business operations, and initiated property investigation and acceptance of claims declaration procedures. 

Due to the number of creditors and the complexity of the claims, the case has attracted substantial attention from the Xuhui District People’s Government, which has convened several meetings to discuss the case. Since the administrator was well-prepared for the meeting and since the Court offered strong venue and staffing support for the meeting, the creditors’ meeting proceeded in a smooth and orderly manner.

During the creditors’ meeting, the creditors reviewed the forms of the claims and the administrator presented an interim work report and answered creditor questions. At the administrator’s request, the Court declared the company bankrupt. The creditors also accepted the company’s asset management and asset conversion plans.

In the next phase, the administrator will actively advance bankruptcy liquidation procedures and will perform its duties on the principle of protection of creditor interests.