DeHeng Advised Creditors of ZOTYE Auto Sales on Achieving the Restructuring Objectives

2022-01-05

The People's Court of Yongkang City, Zhejiang Province, based on the application of the creditors Yichang Zhongwei Auto Sales Service Co., Ltd., Yichang Yuanheng Auto Sales Service Co., Ltd., and Jingmen Zhongwei Auto Sales Service Co., Ltd., ruled to accept the bankruptcy liquidation case of Zhejiang ZOTYE Auto Sales Co., Ltd. As the legal counsel of more than 80 dealers (i.e., creditors of ZOTYE Auto Sales) across the country, the DeHeng team, led by partner Dong Xueming, and with primary support from lawyers Han Liwei and Kang Jing, provided special legal services to some creditors and dealers of ZOTYE Auto Sales.  

On November 30, 2021, the People's Court of Yongkang City ruled to transition from the liquidation proceedings to the reorganization proceedings, and approved the plan of the coordinated reorganization of ZOYTE Auto Sales, ZOYTE Auto and its subsidiaries. On December 29, 2021, the court ruled that the reorganization plan was completed. By then the contract objectives of legal services were all accomplished. The DeHeng lawyers protected the client's rights to the greatest extent, and won high praises from the client.