26 ASIAN LEGAL BUSINESS CHINA • 亚洲法律杂志-中国版 MARCH 2024 Thirdly, they serve as promoters of bankruptcy culture. As bankruptcy laws are primarily imported, there’s a lack of localized understanding of corporate rescue culture. Hence, when insolvency and restructuring lawyers handle bankruptcy cases, they’re tasked with disseminating bankruptcy culture and reducing public resistance and aversion to bankruptcy proceedings. “I’ve encountered many restructuring lawyers in my career. They might not be financially prosperous, but they command widespread respect,” says Wang Zhaotong candidly. Xu Shengfeng has also received heartfelt gratitude in his work. He shares with ALB that, as a bankruptcy lawyer, the most honorable aspect isn’t receiving professional accolades. He believes that insolvency and restructuring cases have far-reaching effects. Behind every company are thousands of families, and restructuring can impact not just a company but the lives of many individuals. For example, in cases like CNNC Titanium Dioxide, STX Group, and Anxi Tieguanyin, Xu Shengfeng received sincere appreciation from workers for successfully rescuing distressed companies. This has further solidified his commitment to making distressed company rescue his lifelong pursuit. Wang Chunsheng also emphasizes that in the comprehensive project of corporate bankruptcy, apart from resolving fair debt settlement issues, it entails a range of derivative tasks such as land, credit, taxation, employee relief and resettlement, corporate assistance, and maintaining social stability. He views the court as the “main board,” relevant government authorities as the “engine” or crucial components, and themselves as the “screws” — common but indispensable. For instance, in handling bankruptcy liquidation transfer and settlement cases of Sichuan Cheng’anyu Expressway Co., Ltd., and the bankruptcy liquidation case of Sichuan Minjiang Snow Salt Chemical Co., Ltd., Wang Chunsheng and his team persevered to maintain the production capacity of upstream and downstream companies while resolving the company’s difficulties. In Xu Yu’s opinion, entering the field of bankruptcy reorganization, utilizing one’s own professional knowledge, helping enterprises to alleviate their difficulties, formulating a clear and scientific reorganization plan, revitalizing the enterprises so as to create a higher market value, and promoting the healthy development of the socialist market economy is the social responsibility that should be assumed by a lawyer in the industry. TEAM AND VISION When discussing future career development visions, topics such as teambuilding and management are inevitable for restructuring lawyers. For projects that are long-term and require large teams, having a strong team is crucial to ensure efficient and professional work handling. Therefore, areas like enhancing team professionalism, defining roles and responsibilities, fostering collective collaboration, continuous training, and risk management are all pertinent topics for insolvency and restructuring experts. Wang Chunsheng emphasizes that in the future, he and his team will delve deeper into various bankruptcy businesses. They aim to explore areas such as bankruptcy of listed companies, pre-restructuring of key companies, management of major and challenging bankruptcies, representation of important clients in bankruptcies, and bankruptcy planning. Additionally, they will closely monitor cross-border insolvency matters. Wang also aims to enhance the performance capabilities of bankruptcy administrators in Sichuan Province and improve the operating environment to lead the steady growth of the bankruptcy industry in the western region. He frequently advises young team members to carry out their duties prudently within the bounds of the law, a sentiment also echoed by Xu Shengfeng. Xu mentions that Zhong Lun’s insolvency and restructuring team regularly undergoes risk and business-related training and case analysis to stay abreast of market trends, policies, and advancements. Regarding the career development of young lawyers, Xu emphasizes that despite the complexity of bankruptcy cases and the challenges they entail, the firm’s young talent embraces hardships and seeks challenging tasks. Therefore, he ensures opportunities for them while respecting their individual traits and providing humanistic care to boost team members’ job satisfaction. Looking ahead, Xu Shengfeng plans to further explore the bankruptcy liquidation and restructuring business, aspiring to uphold the ideals of his predecessors and carve his own path in rescuing companies in crisis. Similarly, Zhao Jiuguang intends to deepen his involvement in insolvency and restructuring, augmenting his professional prowess and industry reputation. As the head of the Global Insolvency and Restructuring Business Department, Zhao also aims to bolster the department’s innovation and professionalism, thereby enhancing the overall strength and brand of Global Law Offices. Zhao adds, “The legal profession allows individuals to sustain their interest and motivation for learning and exploration, enabling them to pursue their ideals of fairness and justice tirelessly. Through handling cases and assisting clients, I derive a sense of career fulfillment, continuously realizing my self-worth, and contributing to society.” From Wang Zhaotong’s perspective, China’s insolvency and restructuring business holds vast potential. He believes that with wholehearted dedication, lawyers will reap the rewards they deserve. Looking forward, he asserts, “I will persistently work in the field, honing my business acumen, enhancing team effectiveness, fostering innovation, handling more high-quality cases, and delivering top-notch legal services to facilitate the exit and recovery of more companies.” Xu Yu will also continue to learn in the future, self-improvement, cultivate the team, and give back to the society. “With the economic environment, policy adjustments, market demand continues to change, China’s bankruptcy reorganization field is still in an important opportunity, the industry is still full of opportunities and challenges, of course, we also need to see the market competition continues to intensify. Therefore, TOP 15 INSOLVENCY & RESTRUCTURING LAWYERS
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