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JunHe Assists in the Reorganization of Medfavour

2019.01.29

On December 24, 2018, the Beijing No. 1 Intermediate People’s Court (“Beijing No.1 Intermediate Court”) ruled to approve the plan of the reorganization of Medfavour (Beijing) Medical Co., Ltd. (“Medfavour”). In this case, JunHe was appointed the administrator of Medfavour. This approval meant that the most crucial phase of Medfavour’s reorganization was successfully completed and the implementation of the plan for reorganization could begin.


The special features of the Medfavour case are as follows: the value of Medfavour’s reorganization was reflected in the registration certificates and production licenses held by Medfavour for three types of medical devices. However, as Medfavour had suspended its production for almost two years, these registration certificates and production licenses could not be renewed if production could not be recovered, which would result in a loss of the value of the reorganization.


The Beijing No. 1 Intermediate Court appointed JunHe the administrator of Medfavour on August 15, 2018. On September 11, 2018, the administrator elected the investors by an election competition, and subsequently completed the preparation of the draft reorganization plan before the first meeting of creditors, that was to be held on September 21, 2018. The draft reorganization plan was then put to vote at the first meeting of the creditors. Thanks to the efficient work and efforts by the administrator, the investors were confident of their investment in Medfavour. As a result, the preparatory work for restoring production was commenced prior to the court’s approval of the plan for the reorganization, enabling Medfavour to rapidly resume its production and operations.


The professionalism, diligence and efficient teamwork of JunHe’s lawyers has been well recognized by the employees, creditors and investors involved in the case and highly praised by Beijing’s No. 1 Intermediate Court, enhancing JunHe’s reputation. This case once again demonstrates the outstanding professionalism of JunHe’s lawyers and their willingness to undertake their social responsibilities.


The partner who led the project was Ms. HUANG, Xiang, and the primary partner was Mr. YANG, Li.

JunHe is the only Chinese law firm to be admitted as a member of Lex Mundi and Multilaw, two international networks of independent law firms. JunHe and selected top law firms in major European and Asian jurisdictions are “best friends.” Through these connections, we provide high quality legal services to clients doing business throughout the world.