The first bankruptcy court in Northwest China has been established in Xi'an

The first specialized bankruptcy court in Northwest China was officially established in Xi'an on the 12th, aiming to provide more professional judicial support for the restructuring of distressed enterprises and the orderly exit of market entities. According to reports, the Xi'an Bankruptcy Court will centrally hear cases involving compulsory liquidation, bankruptcy, and derivative litigation of related enterprises within Xi'an's jurisdiction, and will also handle crossborder bankruptcy and other related matters. The court said that this institution will help integrate judicial resources and optimize the handling mechanism for bankruptcy cases. Data shows that since 2022, the Xi'an Intermediate People's Court has accepted a total of 3,428 company liquidation and bankruptcyrelated cases and derivative litigation, and has concluded 2,980 of them; among these, 28 distressed enterprises have been rescued through restructuring or settlement, revitalizing assets worth more than 50 billion yuan and resolving nonperforming debts worth more than 70 billion yuan.