Overview
Restructuring and Insolvency is one of Everbright Law Firm’s signature practices. Since 2015, the team has handled hundreds of insolvency, restructuring and related complex matters. Its work spans out-of-court workouts and restructurings, court-supervised reorganisations, compositions and liquidations, non-performing asset disposals, cross-border insolvency co-operation, domestic and cross-border asset recovery, and related disputes.

We advise distressed companies, creditors, investors, financial institutions, shareholders, administrators and overseas liquidators. We balance stakeholder interests within the legal framework, assess and preserve going-concern value, and develop solutions that combine procedural compliance, commercial viability and effective implementation.

Main service contents：

● Business risk assessments; out-of-court restructuring; pre-reorganisation; court-supervised reorganisation; composition; and bankruptcy liquidation

● Acting as corporate restructuring officer, administrator, joint administrator or interim administrator

● Filing and verification of claims; debt arrangements; bank–company consultations; and creditor negotiations

● Sourcing restructuring investors; due diligence; transaction structuring; and preparation of reorganisation plans

● Acquisition, restructuring and disposal of non-performing claims and distressed assets

● Recognition of and assistance to domestic and overseas insolvency proceedings; cross-border filing of claims; and asset recovery

● Insolvency-related litigation and arbitration; asset preservation measures; and enforcement

Selected Experience

● Shengyi Kecheng Cross-Border Insolvency: Working with our Hong Kong office, we assisted the Mainland administrator in obtaining an order from the High Court of Hong Kong granting recognition and assistance to the Mainland insolvency proceeding. We subsequently assisted in taking control of the debtor’s Hong Kong subsidiary and recovering more than HK$460 million in cash assets. This was the first Shanghai bankruptcy proceeding to receive recognition and assistance from the High Court of Hong Kong following the signing of the Mainland–Hong Kong Record of Meeting on Mutual Recognition of and Assistance to Bankruptcy (Insolvency) Proceedings. The matter was named one of China Business Law Journal’s Deals of the Year 2025 and a LegalOne 2025 Benchmark Case.

● North Bund Corporate Out-of-Court Restructuring: Served as corporate restructuring officer, conducting operational, financial, governance and compliance assessments and helping establish a negotiation mechanism between the company and its banks. The matter formed part of China’s first out-of-court restructuring initiative combining a restructuring centre platform, restructuring officer-led diagnostics and bank–company negotiations.

● Keepwell Claims Relating to Chinese Offshore US Dollar Bonds: Represented an ad hoc group of US dollar bondholders and the bond trustee in a PRC court-supervised reorganisation, asserting claims totalling more than RMB5 billion against an onshore entity under keepwell deeds and coordinating the interface between the offshore bond arrangements and the onshore reorganisation.

● Bankruptcy Liquidation of Shanghai Chengkai Group Longcheng Property Co., Ltd.: Acted as court-appointed administrator, taking control of and maintaining operations at a major commercial complex valued at nearly RMB10 billion. We achieved a tenant retention rate of over 90% within one month and increased monthly rent collections to more than RMB10 million within 60 days.

● Cross-Border Loan Recovery: Represented a PRC banking syndicate in appointing receivers in Hong Kong and Singapore and disposing of assets in Indonesia, achieving full recovery of more than RMB450 million in principal, interest and costs from a debtor with assets across multiple jurisdictions.

● Rescue of Micro, Small and Medium-Sized Enterprises:
Handled matters involving conversion from a bankruptcy declaration to reorganisation, from bankruptcy liquidation to reorganisation, and from bankruptcy liquidation to composition. Three of these matters were included in Selected Insolvency Cases of the Shanghai Bankruptcy Court (2019–2024).

Thought Leadership and Industry Engagement

● The team led the editing and publication of Practical Guide for Bankruptcy Administrators and continues to contribute to research on insolvency and restructuring law and practice. In 2026, the team authored the China chapters of the 2026 editions of Lexology Panoramic: Restructuring & Insolvency and Lexology Panoramic: Corporate Reorganisations.

● In 2025, Everbright was a Platinum Sponsor of the INSOL International Shanghai Seminar.

● From 2024 to 2026, Everbright was shortlisted for three consecutive years for Insolvency & Restructuring Law Firm of the Year: East China – Local at the ALB China Regional Law Awards: East China.