According to the application of Hangzhou Guofeng Paper Co., Ltd., the People's Court of Fuyang District of Hangzhou made the (Civil Ruling Book of No. 38 of Zhejiang 0111) on December 29, 2018, and decided to accept Hangzhou Guofeng Paper Co., Ltd. (hereinafter referred to as "Guofeng Paper") bankruptcy case, and on December 29, 2018, Zhejiang Zhejiang Lian Law Firm was appointed as the administrator of Guofeng Paper Bankruptcy.

Guofeng Paper was established in 1999. The company mainly produces whiteboard paper. It used to have two paper machines with an annual output of about 35,000 tons.

After the intense and orderly preparations in the early stage, Guofeng Paper's bankruptcy takeover meeting was successfully held at the meeting room on the 4th floor of Hangzhou Guofeng Paper Co., Ltd. at 14:00 on January 2, 2019. The meeting was presided over by the People's Court of Fuyang District, introducing the acceptance of bankruptcy cases, emphasizing the relevant discipline of debtors during the bankruptcy, and making important instructions on the protection measures for employees' rights and interests. The person in charge of the manager's organization made a statement and promised to perform his duties in strict accordance with the law; Sun Chuanguo, the actual controller of the debtor, said that he would cooperate with the court and the administrator to promote the bankruptcy procedures.

The administrator took over Guofeng Paper in accordance with the law. The scope of the takeover included corporate seals, licenses, financial information, funds, etc., and made legal transcripts for legal representatives, senior management and financial personnel on issues related to corporate bankruptcy. At the same time, the administrator has inspected and consolidated the assets of office equipment such as Guofeng Paper, and prepared for the follow-up audit.

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