{"id":2901,"date":"2026-04-13T17:15:34","date_gmt":"2026-04-13T09:15:34","guid":{"rendered":"https:\/\/www.zhenghan.com\/case\/2901.html"},"modified":"2026-04-13T17:15:34","modified_gmt":"2026-04-13T09:15:34","slug":"over-20-million-recovered-zhenghan-bankruptcy-team-receives-creditor-letter","status":"publish","type":"case","link":"https:\/\/www.zhenghan.com\/en\/case\/2901.html","title":{"rendered":"Over 20 Million Recovered! Zhenghan Law Firm’s Bankruptcy Team Receives Letter of Appreciation from Creditor"},"content":{"rendered":"

Recently, Zhenghan Law Firm received a formal letter of appreciation from a creditor, Taiping General Insurance Co., Ltd. Shanghai Branch<\/strong>. The letter highly commended the bankruptcy team’s patient guidance during the entire bankruptcy process\u2014including creditor claims filing and clarification of objections\u2014as well as their efficient and professional performance while serving as the bankruptcy administrator for Shanghai Mingcheng Network Technology Co., Ltd. (hereinafter referred to as “Mingcheng”). The creditor also expressed sincere gratitude for the team’s success in recovering significant economic losses. This letter of appreciation is both a recognition of the professional capabilities of Zhenghan Law Firm’s bankruptcy management team and a powerful testament to the firm’s unremitting pursuit of excellence in complex dispute resolution and the protection of creditors’ legal rights.<\/p>\n

I. Mission to Break Through the “No Assets” Dilemma<\/span><\/h2>\n

In June 2023, the Shanghai Third Intermediate People’s Court ruled to accept the bankruptcy liquidation case of Mingcheng and designated Zhenghan Law Firm as the administrator. At that time,Mingcheng had almost no assets available for repayment to creditors. Furthermore, the firm faced multiple challenges, including the actual controller being imprisoned and a total lack of funds on the books to pay for litigation costs, putting creditors’ interests at severe risk.<\/strong><\/p>\n

As the administrator, Zhenghan Law Firm quickly assembled a specialized team to take over the debtor’s records and conduct investigations into the asset status and review of creditor claims. Facing a complex situation, Zhenghan Law Firm aimed to protect the legal rights of all creditors and steadfastly sought a breakthrough for the creditors amidst the dilemma of “no bankruptcy assets.”<\/strong><\/p>\n

II. Professional Breakthrough: Leveraging Expertise in Complex Dispute Resolution to Advance Asset Recovery<\/h2>\n

During the asset recovery stage, after a comprehensive investigation, the administrator team identified “recovery of shareholder capital contributions” as the breakthrough point. However, advancing the procedure was extremely difficult:On one hand, the debtor lacked sufficient assets to pay for costs related to derivative litigation; on the other hand, the major shareholder and actual controller was involved in criminal proceedings, their family home was mortgaged, and the bankrupt enterprise possessed no bankruptcy assets whatsoever.<\/strong><\/p>\n

Faced with the predicament of having “no straw to make bricks,” the administrator team did not give up easily but rose to the challenge. Through phone calls, WeChat, and video conferences, the team conducted over 10 specialized communications with potential advancing creditors, patiently and thoroughly interpreting bankruptcy laws, regulations, and litigation plans. They eventually succeeded in dispelling the creditors’ concerns and solved the problem of advancing litigation costs.<\/p>\n

In the derivative litigation, the team relied on its outstanding ability to resolve complex disputes, combined with detailed evidence, to present powerful legal arguments during the hearings, successfully winning favorable judgments in both the first and second instances.<\/p>\n

Following the victory, the team did not relax for a moment and immediately initiated enforcement proceedings. Given the varying interests of the shareholders, the team conducted a comprehensive background check on the shareholders subject to enforcement and accurately identified high-value core shareholders with the capacity to repay. Regarding enforcement strategy, the team adopted a “carrot and stick” approach: through efficient asset preservation, comprehensive asset investigation, and precise fund deductions, supplemented by continuous pressure and communication, they ultimately facilitated an innovative settlement plan of “third-party payment + installment payments,” successfully recovering bankruptcy assets totaling 20,012,733.75 RMB, laying a solid foundation for creditor distribution.<\/strong><\/p>\n

In August and December 2025, the distribution of bankruptcy assets proceeded smoothly. Employee creditors, social insurance, and tax creditors received 100% full repayment, and the repayment rate for general creditors rose from 0 to 5.93%. Among them, a state-owned enterprise creditor received two distribution payments, totaling 10,964,421.12 RMB.<\/strong><\/p>\n

From “zero” recovery at the beginning of the case to the final recovery of over 20 million RMB, Zhenghan Law Firm’s bankruptcy management team fulfilled its promise to “protect the legal rights of creditors” through practical action, demonstrating the team’s professional ability to resolve conflicts and revitalize assets in complex bankruptcy cases. The successful handling of this case is inseparable from the diligence and responsibility of the team members, the trust and support of the creditors, and the guidance of the Shanghai Third Intermediate People’s Court and the presiding judge. Zhenghan Law Firm will continue to uphold the principles of professional, rigorous, and efficient performance, faithfully and diligently fulfilling its duties as an administrator to protect the legal interests of market entities in accordance with the law.<\/p>\n","protected":false},"author":3,"featured_media":0,"template":"","meta":{"_acf_changed":false},"case-category":[299,309],"case_tag":[599],"class_list":["post-2901","case","type-case","status-publish","hentry","case-category-provincial-municipal-level","case-category-others-industries","case_tag-bankruptcy"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.zhenghan.com\/en\/wp-json\/wp\/v2\/case\/2901","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.zhenghan.com\/en\/wp-json\/wp\/v2\/case"}],"about":[{"href":"https:\/\/www.zhenghan.com\/en\/wp-json\/wp\/v2\/types\/case"}],"author":[{"embeddable":true,"href":"https:\/\/www.zhenghan.com\/en\/wp-json\/wp\/v2\/users\/3"}],"wp:attachment":[{"href":"https:\/\/www.zhenghan.com\/en\/wp-json\/wp\/v2\/media?parent=2901"}],"wp:term":[{"taxonomy":"case-category","embeddable":true,"href":"https:\/\/www.zhenghan.com\/en\/wp-json\/wp\/v2\/case-category?post=2901"},{"taxonomy":"case_tag","embeddable":true,"href":"https:\/\/www.zhenghan.com\/en\/wp-json\/wp\/v2\/case_tag?post=2901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}