On the morning of February 27, news broke that Tianya Community had filed for bankruptcy review. The Tianyancha app shows that Tianya Community Network Technology Co., Ltd. has a new bankruptcy review case. A former senior executive of Tianya told a reporter from Upstream News (report email: [email protected]) that the term "being filed for bankruptcy" is somewhat misleading. The bankruptcy review was not filed by Tianya, but by a former employee who was owed wages. , any creditor can apply, but it is of little significance. The lawyer explained that creditors can indeed apply to the court for the debtor's bankruptcy, but the court may not necessarily accept it and will make a ruling based on evidence. Even if a bankruptcy application is accepted, before the debtor is declared bankrupt, if the review finds that it does not comply with the regulations, the application can still be dismissed. The
Tianyancha app shows that the applicant for this new bankruptcy review case is Zhang Xin, and the handling court is the Intermediate People’s Court of Haikou City, Hainan Province. Tianya Community Network Technology Co., Ltd. was established in April 1999. Its legal representative, chairman and general manager is Xing Ming, with a registered capital of 93 million yuan. Management Consulting Co., Ltd. and others jointly hold shares.
Tianyancha app shows that Tianya Community Network Technology Co., Ltd. has a new bankruptcy review case. Network diagram
In April 2023, the Tianya Forum was disconnected due to arrears of tens of millions of server fees to Hainan Telecom. In May 2023, Song Zheng (Lao Hei), the former executive editor of Tianya Community, announced the plan to "restart Tianya for seven days and seven nights", hoping to raise 3 million yuan in the form of live broadcast to restore access to the Tianya Community server, but in the end the goal was not achieved. .
html On the morning of February 27, a reporter from Upstream News called Song Zheng (Lao Hei), the former executive editor of Tianya Community. He said that he had heard about the matter, but after the end of "Restart Tianya", he had no communication with Xing Ming and Tianya. , without knowing the details, "I personally speculate whether there will be an asset reorganization."A former senior executive of Tianya Community, Mr. Zeng (pseudonym), told an upstream news reporter that after seeing the news, "I also learned about it. There are creditors. In fact, It was applied by a former employee. Tianya had been in arrears with wages before, and it should have been adjudicated by the court, but now it has not paid, and then it filed for bankruptcy (review). This is not the only similar situation, many former employees have sued. Arrears With such a large salary, Tianya Company has no choice. As far as I know, the current employees are also paying wages at different times."
risk information shows that currently, there are multiple persons subject to execution in Tianya Community Network Technology Co., Ltd. According to the information, the total amount executed exceeded 10.51 million yuan. In addition, there were multiple consumption restriction orders and equity freezing information. The final case (the court ruled to terminate the execution procedure because the person subject to execution had no property available for execution) showed that the company's unfulfilled amount exceeded 110 million yuan, and the unfulfilled ratio exceeded 98%.
Mr. Zeng believes that the “filed for bankruptcy” in the relevant news headlines is somewhat misleading. “Any creditor who has not paid off their claims has the right to submit a bankruptcy review to the court, but in the end it still depends on whether the court accepts the application and whether there are other The support of creditors. I personally feel that it is of little significance if such a small creditor proposes."
"According to the provisions of the Company Law on bankruptcy, if the majority of creditors agree, it is indeed possible to enter the bankruptcy process. The process is very long. , carry out asset evaluation, liquidation, and pay the remaining money in order, such as paying wages, mortgages, and other creditors, and finally the remaining money belongs to shareholders." Mr. Zeng said.
Song Zheng (Lao Hei)'s plan to "restart Tianya" ultimately failed to achieve its goal. Network picture
Fu Jian, director of Henan Zejin Law Firm, said that the biggest difference between filing for bankruptcy and being filed for bankruptcy is that the subject of filing for bankruptcy is the debtor itself, aiming to seek debt restructuring or repayment under legal procedures. It is an enterprise's attempt to get rid of its financial A legal action taken due to difficulties; being filed for bankruptcy is a legal action taken by external forces such as creditors or shareholders against a company, with the purpose of recovering arrears and forcing the liquidation of the debtor's assets through court procedures. In practice, both are required to follow the procedures and conditions stipulated in the bankruptcy law and are subject to court supervision and ruling.
Fu Jian said, “Generally speaking, companies will take the initiative to file for bankruptcy, and creditors who want to recover the debts they owe can also file for bankruptcy with the court. If the debtor is declared bankrupt, its assets will be liquidated to repay debts. "
Nie Weichang, partner and lawyer at Beijing Dacheng (Chongqing) Law Firm, explained, "Creditors can indeed apply to the court for the debtor's bankruptcy, but the court may not necessarily accept it and will make a ruling based on the evidence. For example, the applicant's reason for applying for bankruptcy is not valid. , the court will rule not to accept the application. Article 2 of the "Enterprise Bankruptcy Law" stipulates that only when the enterprise suffers serious losses, its assets are insufficient to pay off all debts, or it clearly lacks the ability to pay, the court will rule to accept the bankruptcy application. If it cannot If you prove it, it will not be accepted," Nie Weichang said.
"At present, the court only receives the application and also notifies the debtor. If the debtor has any objections, it will be submitted to the court. Usually the court will make a ruling within 15 days after receiving the application to see whether it is formally accepted." Nie Weichang said, "Enterprise Bankruptcy Law 》Article 12 also stipulates that even if the bankruptcy application is accepted by a legal ruling, if the review finds that the circumstances do not meet the provisions of Article 2 before declaring the debtor bankrupt, the application may still be rejected. Even if Tianya applies for bankruptcy, there is not only one type of bankruptcy liquidation, but also bankruptcy reorganization.
Tianya Community Douyin account is still being updated. Network map
On December 22, 2023, Xing Ming revealed Tianya’s “self-rescue plan” in an interview: to salvage the sunken hundreds of millions of users through live broadcast, and to use goods to radiate the glory of Tianya yesterday.
Focusing on the live broadcast business and e-commerce strategy, Xing Ming revealed that according to the plan, the official live broadcast will be launched after New Year’s Day; on March 1 next year, when the Tianya community celebrates its 25th anniversary, the Tianya platform will be officially restarted. At the same time, after the platform is restarted, the official version of "Tianya Shentie" will be launched as one of the membership products.
Xing Ming also revealed Tianya’s longer-term strategic plan: after Hainan Island is closed at the end of 2025, a new tax-free e-commerce model will be launched offline; based on the novels and copyright libraries born in the Tianya community, it may be combined with AI in the future to quickly Turn some of the content into a short play. Will
object to being filed for bankruptcy? On the 27th, reporters from Upstream News called Xing Ming several times, but received no response. The reporter noticed that the official Douyin account of the Tianya community is still being updated. Previously, the name of Tianya e-commerce was also collected from netizens.
upstream news reporter Tang Hao
