22 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 MARCH 2024 ALB launched 2024 ALB China Top 15 Insolvency & Restructuring Lawyers for the first time, aiming to spotlight the best in this field. Lawyers who firstly appeared on the list not only possess solid legal literacy and extensive experience, but also demonstrate great empathy and the courage in confronting challenges. 今年，ALB首次推出十五佳破产重组律师榜单，希望专注发掘该领域的佼佼者。首次登上榜单的律师不仅拥有扎实的法律 素养和过硬的办案经验，也极具同理情怀与敢于直面问题的担当。 RANKING BY ASIAN LEGAL BUSINESS, TEXT BY CHARLIE WU 排名：亚洲法律杂志 作者：吴卓言 TOP 15 INSOLVENCY & RESTRUCTURING LAWYERS 十五佳破产重组律师 TOP 15 INSOLVENCY & RESTRUCTURING LAWYERS Since the enactment of the Enterprise Bankruptcy Law of the People’s Republic of China in 2006, the insolvency and restructuring system of Chinese listed companies has been gradually improving. With the social economy facing increasing downward pressure, a growing number of distressed companies are emerging, making insolvency and restructuring (II&R) more commonplace and becoming one of the important strategies to salvage listed companies. According to the 2023 Annual Report on Insolvency and Restructuring of Chinese Listed Companies released by AllBright Law Offices, by the end of 2023, Chinese courts had approved the restructuring plans of 118 listed companies, with 64 of them being approved in the past five years, accounting for 54.24 percent of the total. The report also highlights that in the previous year, a total of 25 listed companies in China applied for insolvency and restructuring, marking a continued increase compared to the previous four years. Among them, 15 listed companies had their restructuring plans approved by the court. The rapid changes in the Chinese market and corporate survival environment undeniably bring more business opportunities for I&R lawyers. The complexity and technical expertise required in I&R cases, along with the unique situations and challenging issues faced by various companies, demand I&R lawyers to possess distinctive I&R thinking, excellent ability to unravel complex legal relationships, proficient application of relevant legal skills, strong resilience to withstand pressure, and effective project collaboration skills to assist clients in successfully completing projects. In light of these developments, ALB has introduced its inaugural Top 15 Insolvency & Restructuring Lawyers list this year, aiming to showcase the top professionals in the market. What are the hottest topics in the field? What qualities should a lawyer in this domain possess? How can one tackle constantly evolving project complexities and enhance their competitiveness? Several experts featured on the list share their career journeys, experiences in handling cases, and professional aspirations with ALB. A COINCIDENCE Xu Shengfeng, a senior partner at Zhong Lun Law Firm, has been deeply involved in the insolvency and restructuring field for 23 years. He candidly admits that his entry into this field was somewhat coincidental. “When I started working in 2001, I began to learn about bankruptcy and
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