June 17, 2014

On March 18, 2013 eight creditor banks of Wuxi Suntech Power Holding Co. Ltd ("Suntech"), one of the world's four major solar energy companies in Jiangsu province, jointly petitioned the Wuxi Intermediate People's Court for bankruptcy reorganization proceedings against Suntech. On March 20 the Wuxi Intermediate People's Court approved the petition under the Bankruptcy Law. On November 15, eight months after the court’s ruling, bankruptcy reorganization proceedings had enjoyrf such decisive progress that a reorganization plan was approved by the Wuxi Intermediate People's Court. 

Watson & Band, as legal counsel for Ricoh (China) Investment Co., Ltd. ("Ricoh China"), provided legal services to Ricoh in the settlement of the bankruptcy case.

Ricoh Co., Ltd. (“Ricoh”) is a well-known Japanese office equipment and optical equipment manufacturer that one of world top five hundred companies. Ricoh China is a wholly-owned subsidiary established by Ricoh to develop the Chinese market, and to effectively manage P.R.C. marketing efforts. Ricoh China established a long-term business relationship with Suntech pursuant to which it supplied Suntech with office printers and provided it with printer leasing and maintenance services. 

In this case, As a small- to medium-sized creditor, Ricoh encountered various degrees of controversy and resistance in recovery of non-bankruptcy property, bankruptcy claims reporting, recognition of assets, and repayment. Watson & Band utilized its rich experience in bankruptcy practice to provide Ricoh with detailed and comprehensive instructions and advice concerning resolution of the dispute and control of the entire proceedings.  

Watson & Band is qualified as one of the twelve top bankruptcy management law firms in Shanghai. It enjoys rich practical experience in corporate legal services relating to bankruptcy filing, liquidation and market withdrawal. Since the Bankruptcy Law came into force Watson & Band has been near the top of the list of Shanghai agents in terms of the total number of the bankruptcy / liquidation cases it participated in as a manager or liquidation group. Meanwhile, Watson & Band can also accept engagement by shareholders and creditors to organize and implement company self-liquidation.