On February 7, under the organization of the Enping City Court of Guangdong Province, the manager of Enping Fengze Ceramics and the reorganization investor Foshan Taosheng Building Materials Co., Ltd. conducted an asset handover, handing over official seals, keys, documents, etc. on site, and Employees’ claims are paid in cash and bank transfers.
This also means that Enping Fengze Ceramics was officially acquired by Foshan Taosheng Building Materials, becoming the first corporate bankruptcy and reorganization case in Enping City in 2021.
▲Enping Fengze Ceramics manager and reorganization investor Foshan Taosheng Building Materials asset handover site.
Liabilities of 260 million yuan
Enping Fengze Ceramics goes bankrupt and reorganizes
"Ceramic Information" found in Tianyancha that Enping Fengze Ceramics was established in 2008 and is located in Puqiao New Building Materials Industrial Park, Shahu Town, Enping City. According to the "2017 Ceramics Industry Long March - National Ceramic Tile Production Capacity Survey Data", Fengze Ceramics has 4 production lines (2 polished tile production lines, 2 glazed tile production lines).
Since 2019, Fengze Ceramics has been involved in many disputes, including 17 sales contract disputes, 3 loan contract disputes, and 2 labor disputes. In 2020, he was listed as a dishonest person subject to execution for defaulting on private loans of approximately 16.47 million yuan.
In addition, Tianyancha shows that in July 2019, October 2019, and January 2020, Fengze Ceramics defaulted on value-added tax, corporate income tax, and urban maintenance and construction tax., stamp duty, environmental protection tax, etc. totaling approximately 8.62 million yuan.
▲Note: The tax arrears announcement displayed here only represents the tax arrears as of the release date.
On November 28, 2019, the People's Court of Enping City, Guangdong Province issued an announcement, ruling on July 12, 2019 to accept the bankruptcy liquidation case of Enping Fengze Ceramics Co., Ltd., and on November 19, 2019, designated Guangdong Jinzhen Law Firm is the manager of Enping Fengze Ceramics.
On July 13, 2020, Fengze Ceramics was listed as operating abnormal by the Enping Municipal Market Supervision and Administration Bureau of Jiangmen City, Guangdong Province for failing to disclose the annual report within the time limit specified in Article 8 of the "Interim Regulations on Enterprise Information Disclosure".
After investigation by the administrator, as of January 18, 2021, it was confirmed that Fengze Ceramics has a total of 354 employee creditors, and the total employee claims are 9.204 million yuan;
On November 12, 2020, in order to increase the repayment ratio of creditors and promote the smooth progress of the reorganization procedure, the administrator publicly recruited reorganization investors nationwide. According to the investor recruitment announcement for the reorganization of Enping Fengze Ceramics Co., Ltd., after creditors declared their claims and were initially reviewed and confirmed by the administrator, Fengze Ceramics’ external liabilities are: tax debt of 2714246.58 yuan, employee debt of 9203866.71 yuan, and general debt 237121555.72 yuan, a total of approximately 260 million yuan.
As a building ceramics company that has been established for more than ten years, Fengze Ceramics has fallen into operating difficulties due to sluggish domestic demand, suppression of foreign anti-dumping policies, outdated equipment, weak product competitiveness, and high debt.
After bankruptcy and reorganization
Will introduce investment of 360 million to Enping City
After accepting the bankruptcy application of Fengze Ceramics, the Enping City Court quickly sorted out the company’s employee list, liabilities, etc. and found that Fengze Ceramics owned multiple trademark rights and had good asset management. After recruiting investors and formulating reorganization plans, the Enping City Court After the draft plan, creditor's rights review and other procedures, on February 3, 2021, the Municipal Court ruled to approve the enterprise reorganization plan.
Through the bankruptcy and reorganization procedures, it is expected that 360 million yuan of investment can be introduced to Enping City, 200 acres of land can be revitalized, 262 million yuan of creditor's rights and debts can be cleared, and 2.7142 million yuan of taxes can be paid, realizing the rebirth of the enterprise, proper placement of employees, and the rights and interests of creditors. Guaranteed "three-win" effect.
At the same time, the acquirer of this case, Foshan TaoshengBuilding Materials Co., Ltd. can also strengthen its production strength through acquisitions and achieve a new era of development.
"Ceramic Information" learned that Foshan Taosheng Building Materials Co., Ltd. was established in 2016. Its marketing center is located at the Ceramic Sea International Ceramics Trading Center in Foshan, Guangdong. At the same time, it also has branches in Jinjiang, Fujian and other places. This time The acquisition of Enping Fengze Ceramics will further enhance Taosheng ceramic tile production, R&D and innovation capabilities and enhance the company's core competitive advantages.
(The article is reproduced from Ceramic Information)
