On November 1, 2025, the 2025 Annual Conference of the Bankruptcy Law Research Association of Sichuan Law Society and the Corporate Law-Commerce Integration Research Association of Sichuan Law Society, alongside the 7th "Tianfu Forum on Bankruptcy Rule of Law" – Special Seminar on High-Quality Development and Bankruptcy Protection of Industrial Parks, was grandly held at the Tianfu Central Legal Services District in Sichuan Province.

With the theme "High-Quality Development and Bankruptcy Protection of Industrial Parks", the forum aimed to pool wisdom from all sectors to jointly explore ways to address key challenges facing industrial parks and enterprises – such as overcapacity, outdated industries, and high debt – through the rule of law. It sought to enhance risk resilience and contribute to high-quality economic development.

A key agenda item was the release and recognition of excellent papers and typical cases for the 7th "Tianfu Forum on Bankruptcy Rule of Law". It is reported that the event received a total of 165 papers and 23 cases submitted by professionals from judicial systems, research institutions, bankruptcy administrators, and related fields across the country. Following multiple rounds of rigorous anonymous evaluation by an expert panel, 9 first prizes, 20 second prizes, and 27 third prizes for papers were selected, along with 12 typical cases.

"Reconstruction of Unfinished Projects Empowered by Government-Court Collaboration: The Road to Rebirth of Zhenguo Real Estate Under the Legal-Commercial Integration Mindset", jointly submitted by Du Xuewen's lawyer team from Tahota Law Firm and investors, has been successfully selected as a "Typical Case" due to its innovative approach, remarkable results, and valuable reference value. This fully demonstrates that the firm's professional strength in the field of bankruptcy reorganization has been highly recognized by authoritative industry institutions.

The prominent highlights of this case are as follows: First, the innovative integration of legal and commercial thinking throughout the process; second, the systematic establishment of a normalized government-court collaboration mechanism; third, the organic unification of legal effects, social effects, and economic effects; fourth, the provision of a replicable and promotable practical model for the reorganization of similar unfinished project cases. These highlights enabled the case to stand out among numerous entries and become a model in the field of bankruptcy reorganization.

During the thematic discussion session of Sub-Forum 2, Lawyer Du Xuewen, Standing Director of the Bankruptcy Law Research Association of Sichuan Law Society and Partner of Tahota Law Firm, delivered a keynote sharing as a representative of award-winning entities. He focused on the innovative practices of the full-process application of the government-court collaboration mechanism and legal-commercial integration mindset in this case, elaborating on the following key aspects:

First, the team promoted the establishment of a high-level special working group for overall coordination. Faced with such a complex unfinished project, judicial procedures alone could not resolve all issues. It was imperative to build a collaborative mechanism between judicial and administrative authorities. The working group implemented a system of "weekly meetings, monthly summaries, and urgent matters handled promptly," and adopted a "problem list management" model to clarify responsible entities, set solution timeframes, and implement a task closure system upon completion.

Second, an innovative green channel featuring "defect-tolerant acceptance and parallel approval" was launched. Adopting the innovative approach of "prior technical review and subsequent administrative licensing," the project was allowed to proceed with construction while completing supplementary formalities.

Third, an information sharing and collaborative supervision mechanism was established.

Additionally, the full-process application of the legal-commercial integration mindset was emphasized:

1. During the due diligence phase, the team adopted a dual due diligence model integrating "legal and commercial assessments."

2. In the plan design phase, an innovative multi-dimensional model of "equity adjustment + debt restructuring + asset revitalization" was proposed.

3. Regarding fund supervision, an innovative "joint fund management mechanism" was established.

In terms of risk prevention and control, a full-process risk early warning system was constructed.

Through a series of innovative measures, the reorganization case of Zhenguo Real Estate has achieved remarkable results:

At the enterprise level, Zhenguo Real Estate has completed equity restructuring, established a three-tier governance structure of "Shareholders' Meeting - Executive Director - Professional Management Team", and introduced a digital management system, resulting in a 65% improvement in management efficiency. After the project's resumption of construction, it is expected to contribute approximately 30 million yuan in tax revenue upon full completion.

At the creditor level, the repayment rate of ordinary claims has increased from less than 5% to 30%. A total of 23 homebuyers have obtained full refund of their purchases, while priority claims for construction projects and tax claims have been fully repaid, truly maximizing creditor interests.

At the social level, the resumption of the project has driven the development of related industries such as building materials, decoration, and logistics, creating more than 200 jobs. It has resolved long-standing social stability risks and revitalized what was once an "urban scar".

At the investor level, the project is expected to achieve a return rate of over 25%. Meanwhile, it has established a sound social image, realizing a double harvest of economic and social benefits.

Going forward, Tahota Law Firm will continue to leverage its cross-border expertise in both bankruptcy administrator and investor legal services. With "government-court collaboration" as the cornerstone and "legal-commercial integration" as the core, the firm will provide more forward-looking and actionable professional solutions for courts, administrators, investors, distressed enterprises, and industrial parks. We are committed to contributing specialized strength to optimizing the business environment and promoting high-quality economic development.