Recently, under Hangzhou Intermediate People's Court's supervise, Hangzhou Xiaoshan District People's Court launched the election for bankruptcy liquidation manager for Zhejiang Longxiang Holding Group Co., Ltd. (aka Longxiang) and Zhejiang Tianchang Textile Co., Ltd. (aka Tianchang) in the press conference room of Hangzhou Intermediate People's Court. 

   After written test, interview and other qualification examination, the manager team that consisted of High Mark Law Firm, Grandhall Law Firm and Pan-China Certified Public Accountants won the position. 

    Longxiang and Tianchang were founded in 2000 and 2001 and had total asset of 50 million yuan respectively. The primary businesses of the two companies included textile, textile manufacturing, processing and sale. Longxiang was the controlling shareholder and legal body of Tianchang. In 2009, Tianchang became the largest air vortex spinning manufacturer in the nation. Later due to crisis in local capital chain and guarantee chain, the two companies went bankrupt. 

After the court appointed the liquidation, High Mark, Grandhall and Pan-China put together a team of experienced lawyers and accountants and properly completed the liquidation of the two companies.