Tokyo Barrister: Start the law firm bankruptcy

Chapter 909 Breakthrough

"We won't let you take any goods!" Toyama said this and then left. The remaining members of the inspection team guarded the factory gate.

"Why are you doing this!" Miyakawa raised his voice.

But there was no way out. With the union members stubbornly guarding against the goods, it was impossible to pick up the goods.

The group had no choice but to turn back.

On the way back, Niwa couldn't help but ask, "To be honest, I don't quite understand why the union is launching a strike now. Nippon Steel is in such a difficult financial situation now. Will this help save the company? If the strike is for the purpose of fighting for wages and improving the working environment, it is understandable. But at this critical juncture, what is the point of striking now?"

"Worker representatives do not necessarily represent the workers." A cold light flashed in Kitahara's eyes. "It is impossible for Nippon Steel to have come to this point without any problems with the union."

"You mean..." Niwa was a little surprised to hear Kitahara's statement, "Could it be possible that the labor union could also team up with the company's top management to engage in corruption?!"

"Strictly speaking, it's not the union, but the top union officials," Kitahara said. "Do you remember? We asked to cancel some unreasonable business contracts, and some of them were actually related to the union officials. In short, the relationship here is very complicated, and it's not something that outsiders like us can sort out."

"But they are... they are the secretaries of the union..." Miyakawa said in disbelief.

"Don't think that just because you're a union official, you're fine." Kitahara continued, "In recent years, union officials have also been arrested for corruption, such as misusing union membership fees."

"The evil of human nature is just like that. It will not change because of your beliefs, country, class, gender, wealth, or race. As long as you are a human being, you are equally dirty, selfish, evil, and corrupt."

Kitahara spoke in an emotionless tone.

……

……

……

At night, Eto Law Firm.

"Is there nothing we can do?" Miyakawa put down the heavy materials at the desk, and her eyebrows drooped unconsciously.

Niwa also fell silent.

Indeed, the current situation is very difficult to deal with.

The passage of the restructuring plan is imperative.

The cabinet working groups have been dispatched.

There is no chance of any turning point.

No one can resist the power of the cabinet.

Once the restructuring plan is approved, the interests of small creditors such as workshop contractors and suppliers will be completely sacrificed. What should be done next?

"Are we going to lose this time?" Niwa said unconsciously.

"Of course we still have a way." Kitahara's voice suddenly sounded.

Hearing this, Miyagawa and Niwa both shuddered at the same time.

"What's the solution?!" both of them said in unison.

Beiyuan looked at the two people in front of him and said in a deep voice:
“Bankruptcy Retrieval Rights.” [Bankruptcy Retrieval Rights]

[After the bankruptcy procedure is initiated, the bankrupt enterprise's property disposal, except for the circumstances stipulated by law, must be proportional and equally paid to creditors. However, there is one exception. That is, if there are other people's property in the bankrupt enterprise, then the owner of this property can exercise the right of reclaim and directly reclaim it, without having to receive equal compensation like the creditors.]

"What is this?" Niwa asked.

"To put it simply," Kitahara said, "for example, you give your gold jewelry to a gold shop for processing. Then, the gold shop goes bankrupt. The gold jewelry does not belong to the bankrupt property of the gold shop, but to your property. Therefore, you can exercise the right of recovery and take back your jewelry."

"The same is true in the Nippon Steel case," said Kitahara. "The workshop contractor also participated in a large amount of investment in the workshop. Many of the workshop's production lines, equipment, and systems are actually the property of the workshop contractor, not the property of Nippon Steel. In addition, there are many raw materials and steel sold to other companies, which are all the contractor's property. Therefore, the workshop contractor can exercise the right of recovery."

Kitahara's words fell.

Miyagawa and Niwa both opened their mouths wide.

Kitahara provided an extremely clever plan that circumvented the restrictions on debt repayment under the Bankruptcy Law.

Indeed, for workshop contractors, the biggest loss is the investment in the workshop.

If the workshop contractor can hold on to the production equipment in the workshop by exercising the right of recovery, then he will not lose all his money!
More importantly--

The restructuring plan issued by the Cabinet Working Group will not affect the exercise of the right of repatriation at all.

No matter how the reorganization plan reduces the interests of small creditors, it cannot hinder the right of recovery.

It was like being in the mountains during a rainstorm, and suddenly a road leading down the mountain appeared.

Find life again in desperate situation!!!

Kitahara also picked up a contract. "We are quite lucky. Remember before, Nippon Steel owed money to the workshop contractor? Nippon Steel's legal department was too smart. You can see how their contract was written."

"The contract states that Nippon Steel has the obligation to pay after the steel is delivered, but the payment can only be made after the steel quality is tested. Before it is determined that the product quality meets the requirements, the steel settlement payment will be transferred to Nippon Steel's special account and will be temporarily kept by Nippon Steel on behalf of the contractor."

"Have you seen the wording of the contract? It says that Nippon Steel will keep the money for the contractor. That is to say, the money in the special account belongs to the contractor, not Nippon Steel. In other words, the contractor can exercise the right to recover these settlement funds during the bankruptcy procedure."

"Nippon Steel's legal department may have drafted the contract this way in order to avoid overdue interest on unpaid payments. However, this way of writing can be used by us now."

This young male lawyer found a breakthrough in the current case.

He discovered a fatal flaw in the Nippon Steel contract.

It uses the statement "Nippon Steel will keep the settlement funds on behalf of the contractor."

In this way, there is a basis for exercising the right of recovery.

It is not just about exercising the right of reclaiming production equipment.

You can also exercise the right to withdraw the settlement amount!!!
This means that Kitahara can now bypass the big creditors like banks and directly get back the money that belongs to the workshop contractors!!!

That's how fate plays tricks on us.

At the most hopeless moment, they found a move that decided the outcome! Kitahara and the others began to prepare again, sorting out the materials for filing a lawsuit for the right of repossession. After going through bankruptcy filing, bank mortgage, and debt offset, now it is time for the battle for the right of repossession.

For Kitahara and others, this is the final battle in the Nippon Steel case!
(End of this chapter)