The Online Seminar On "The Impact Of Us Enterprises Applying For Bankruptcy Protection On Chinese Suppliers" Was Successfully Held

Affected by the new crown epidemic, many well-known clothing retailers and brand manufacturers in the United States, such as JC Penney, J. crew, ascenda retail group, Lucky Brand, Brooks brothers and other well-known clothing retailers and brands have applied for bankruptcy protection, which has brought huge risks to Chinese export enterprises. In order to help enterprises better understand the relevant provisions of Chapter 11 bankruptcy law of the United States under the background of the epidemic situation, understand the risks and challenges they may face in the wave of bankruptcy in the United States, and do a good job in coping with and dealing with them, the China Textile Import and export chamber of Commerce, the business office of the Chinese Consulate General in Los Angeles and Lewis law firm of the United States were jointly held on August 7 Brisbois, China Chamber of Commerce for import and export of mechanical and electrical products and Zhuhai Economic and Trade Representative Office in North America (Los Angeles) jointly held an online seminar on "the impact of us enterprises applying for bankruptcy protection on Chinese suppliers".

The seminar was presided over by Liu Haiyan, commercial counselor of the Chinese Consulate General in Los Angeles. Senior lawyers of Lubo law firm introduced the concepts and procedures related to Chapter 7 bankruptcy liquidation and Chapter 11 bankruptcy protection, the recent application for bankruptcy protection by American enterprises, the impact on Chinese enterprises and suggestions, and answered relevant questions raised by enterprises.

Under the new crown epidemic situation, the impact of epidemic prevention measures such as physical sales closure and home isolation on clothing retailers is particularly great. In the process of self-help in bankruptcy of these enterprises, due to the characteristics of Chapter 11 of the American bankruptcy code, it is often the first choice for companies to seek survival from the desperate situation. Chapter 11 is an important source of garment industry, such as fabric, zipper, etc. In the face of bankruptcy, Chapter 11 may not be the basic tool to understand the bankruptcy crisis in the United States.

The event attracted nearly 300 export enterprises and institutions including Dongfang International, Sumida, Jiangsu Shuntian, Guangdong textile, Anhui clothing and other major textile and garment export enterprises to the United States to participate in and interact online.