Tokyo Barrister: Start the law firm bankruptcy

Chapter 866 The battle begins

"What should I do, Lawyer Kitahara?" Shiga's voice was trembling. In fact, although he asked the young lawyer in front of him, he didn't dare to hope for an answer in his heart. Perhaps, he should accept the reality of his business failure. From an industrial worker to the boss of a small steel company, and finally carrying a heavy debt. All this is like a dream.

"I also heard a piece of gossip," Niwa said. "It is said that this time Nippon Steel is not only discussing new financing plans with banks, but also intends to introduce new strategic investors. This strategic investor seems to be Future Space Co., Ltd."

"It's Future Space?!" Miyakawa couldn't help but be surprised when he heard it. Miyakawa also knew the famous name of this space company.

This rumor did not bring any positive effects.

Without returns, others will not invest.

All investments in Nippon Steel will inevitably result in a share of Nippon Steel's assets.

this means--

Nippon Steel not only has banks but also is eyeing future space.

In other words, if workshop contractors represented by Shiga want to recover their debts, there are three mountains in front of them.

Banks, unions, future space.

Each of them is a very difficult character to mess with.

All of this makes Shiga's chances of recovering his debt seem so slim.

"There is another way." Kitahara said, "But once you use it, there is no turning back. Mr. Shiga, you also know the special significance of Nippon Steel to the people of the East. If you start taking legal action against Nippon Steel in a fair and open manner, you will most likely be criticized by the people."

There is another way?! Shiga was a little bit unconvinced when he heard Kitahara's answer, "How can we contractors fight against big banks, labor unions, and Future Space?"

Kitahara nodded, "Yes. This will be a brutal struggle, and all of you more than a hundred contractors will need to be prepared."

"We will!" Shiga said immediately with a rather excited look, "What is this method?"

"It's very simple." Kitahara said, "More than a hundred of our contractors have collectively applied to the Tokyo High Court for bankruptcy liquidation of Nippon Steel."

Kitahara's words fell.

Niwa and Miyagawa beside him looked so surprised that they couldn't be more surprised.

Niwa is an investigative journalist, so he certainly knows what a sensation it would be if Nippon Steel went into bankruptcy. Just think about it! The symbol of Japan! ! Nippon Steel went bankrupt. This effect is like seeing Toyota or Sony file for bankruptcy, which will cause a shocking psychological impact on the entire Japanese people.

And now-

Lawyer Kitahara will single-handedly lead the launch of this huge case.

Yes, in this little-known law firm.

The starting point of a major case that affects Japan is here.

Niwa even found it hard to believe that he was witnessing this incident right here.

As an investigative reporter, Niwa naturally hoped to see the whole process from the beginning to the end. However, when she actually saw the beginning of the incident, she was still shocked.

The starting point of all this - Lawyer Kitahara.

Miyakawa was also surprised. In fact, her father Imanishi had previously undertaken some legal service projects for Nippon Steel. Although Nippon Steel also had its own familiar law firms, some small overseas M&A projects would also be handed over to other law firms. Her father Imanishi took over.

Serving these big clients on a regular basis is something that commercial lawyers brag about.

Unexpectedly, one day, the big company Nippon Steel would also face bankruptcy.

"File for bankruptcy?" Shiga said with some disbelief.

"Yes, this is our last chance." Kitahara said, "If we delay any longer, we will really have nothing. Besides, you are lucky. Nippon Steel previously issued a debt certificate A to pay off its debts to your contractor. It just so happens that this certificate A and the factoring contract for accounts receivable between you and the bank can clearly show the creditor relationship between you and Nippon Steel."

"In addition, over the past month and a half, we have sent notices to Nippon Steel every five days demanding repayment of our debts. Nippon Steel has not made any move to repay. Therefore, Nippon Steel is actually unable to pay its due debts, and as creditors, we are legally qualified to file for Nippon Steel's bankruptcy."

"If you file for bankruptcy, will it be any different from a regular lawsuit?" Shiga asked.

"Put Nippon Steel under the sun." Kitahara showed a meaningful smile, "Such a large-scale enterprise has come to this point today. I don't know how many termites there are here, which have emptied Nippon Steel's assets to its current state. Once the bankruptcy process begins, the interests of the creditors will tend to be consistent, which means that they will try their best to find Nippon Steel's assets that are valuable enough."

"Nippon Steel is a listed company, or a group, with countless large and small subsidiaries and other properties." Kitahara continued, "If we only file a lawsuit against a single company within the group, it will be easy for them to transfer their assets. Only by filing for collective bankruptcy can we wipe them out in one fell swoop."

"Furthermore, filing for bankruptcy can quickly interrupt the bank's plan to obtain the mortgage rights of Nippon Steel's assets." Kitahara continued, "If the bank is allowed to continue to seize Nippon Steel's assets as collateral at the current pace, then it will be too late by then."

Listening to Kitahara's story, Shiga nodded.

As of now, there is nothing we can do.

Although it sounds a bit ridiculous, things in the world are so unpredictable.

He used to be a worker at Nippon Steel, but now he has to apply for bankruptcy liquidation of Nippon Steel through a lawyer.

"Mr. Kitahara, please!" Shiga bowed to Kitahara again.

……

……

……

After Shiga left, Miyakawa looked at Kitahara. She had just heard about the bankruptcy plan and couldn't help but ask, "Kitahara, if we enter bankruptcy proceedings, won't we only be compensated in proportion to other debtors? Nippon Steel owes so much debt, how can we guarantee that the amount of debt repayment from Nippon Steel will be enough for us?"

"You'll know when the time comes." Kitahara continued to smile and keep the suspense.

The two men then started working, preparing materials for filing for bankruptcy.

Niwa next to her naturally didn't understand the law, but she was also helping with some administrative matters such as organizing information.

The application materials for bankruptcy liquidation of Nippon Steel were prepared in a few days, and then submitted to the Tokyo High Court.

(End of this chapter)