Research On The Project Design Of Disposition Of Non-performing Asset For BY Company

In recent years,due to multiple factors,such as macro economic downturn,small micro enterprise survival pressure surge and default on debt,has formed a huge amount of non-performing assets.On the disposal of non-performing assets,Small and micro enterprises have not strong asset denaturation ability.It is difficult to dispose of it.Meanwhile,the creditors paid too much attention to the timely recovery of the creditor's rights,and ignored the survival of small an micro enterprises after disposal.Some small micro enterprises that have high quality and competitive in the market have failed.This not only has a certain impact on the economic operation of our country,but also has created certain social bad influence.Therefore,how to deal with the non-performing assets of small micro enterprises and solve the existing disposal dilemma is realistic and urgent.As a famous furniture company in Hefei,BY company has formed a large number of non-performing assets due to the breakdown of enterprise capital chain.Due to the complex debt relationship and the fragmentation of the mortgage,the creditors have difficulty in effectively handling them.In this paper,the disposal plan of BY company's toxic assets is taken from the perspective of the security fund company.Starting from the current situation and causes of non-performing assets of BY company,we can clarify the current assets and debt situation of BY company,and also know the reasons for the debt default.Meanwhile,through the financing assistance plan and three companies restructuring plans by the security company,we can understand the difficulties in the process of disposal,learn from the experience and lay the foundation for the determination of the way of disposal.Then,sorting out the disposal methods of non-performing assets,four feasible ways of bankruptcy liquidation,public auction,land denaturation and debt restructuring have been preliminarily selected.According to the standards of the maximization of creditor's rights recovery,the coordination of the interests of all parties and the optimization of the expectation,a mixed mode of disposal is finally selected,namely,"debt restructuring combined with land denaturation".On the basis of determining disposition,we design a specific disposal plan based on the current situation of the non-performing assets of BY company and the disposal practice and the difficulties.First of all,considering that the company's debt is large and involves too many creditors,it is now proposed to make priority payment to the creditor who owns the third party property mortgage by stripping off some debts and assets.Thus reducing the reorganization of the members,reducing the difficulty of restructuring.At the same time,it exempts some of the debt and modifies the debt conditions to reduce the debt pressure of the BY company.And to carry out related issues of debt to equity swap,determine creditor equity and residual claims of all parties,then reconstruct corporate governance structure,establish a scientific business management structure and complete debt restructuring.Secondly,considering the poor credit quality of the company at present,there is a financing problem after the debt restructuring,which is not conducive to debt repayment.Intends to seek government help,restore the enterprise credit,and coordination of bank loans and loan funds to give preferential.Before the company returns to its normal credit,all creditors set up a financing support group to help BY company with financing,so as to solve the problem of financing and realize the normal operation of enterprises.In addition,in the process of debt restructuring,it is necessary to actively seek the support of the government and coordinate the conflicts of interests between the creditors of all parties.Finally,the annual net profit of the company was planned,and a certain proportion was set up to pay dividends and debt repayment,so as to guarantee the interests of the creditors.At the same time,the security fund company operates the land related issues of BY company,and the future remaining debt liquidation and equity withdrawal are mainly acquired and land degeneration market oriented transactions.The implementation steps of the scheme are also designed in this paper,and the implementation steps are divided into four stages.The first phase is the communication period,which mainly solves the conflict of interests between the creditors.The second stage is the restructuring period,start debt restructuring.The third stage is the operation period,which makes the enterprises return to normal operation,repay some debts,and actively operate land denaturation.The fourth stage is the withdrawal period,through the acquisition or land denaturation market transaction,complete debt repayment and equity withdrawal.Finally,this paper discusses the problems that should be paid attention to during the implementation of the plan,such as preventing debtors from concealing debts,preventing the loss of state assets and preventing the loss of creditor's rights.