Borgward China announces bankruptcy liquidation property disposal announcement: 798 patents starting at approximately 647,000 yuan

According to news from this site on September 19, the Beijing Equity Exchange website showed that the announcement of the bankruptcy liquidation of Baowo Automobile (China) Co., Ltd. was released. On April 20, 2023, the Beijing First Intermediate People's Court ruled to accept the bankruptcy and liquidation case of Borgward Automobile (China) Co., Ltd. ("Borgward China"), and on the same day designated Borgward China's liquidation team to serve as Borgward China's administrator. On August 4, 2023, the Beijing Intermediate People's Court ruled that Borgward China was declared bankrupt, and the administrator disposed of Borgward China's properties in accordance with the law.

The administrator will publicly conduct bidding and disposal activities through online bidding on the Beijing Assets and Equity Exchange from 10:00 on September 26 to 10:00 on September 27 (excluding the delay period).

The content that needs to be rewritten is: auction items

• 798 Borgward China patents. (The fifth auction)

• Evaluated price: 1578735.00 yuan; starting price: 646649.86 yuan; deposit: 50,000 yuan; price increase: 5,000 yuan (or an integer multiple)

This site previously reported that Foton Motor issued an announcement last year announcing that Beijing Baowo Automobile Co., Ltd. officially declared bankruptcy.

According to the announcement, the Beijing No. 1 Intermediate People’s Court ruled on April 22, 2022 to accept Baowo Auto’s bankruptcy liquidation application. The court held that based on the creditor's rights confirmation results and the debtor's assets confirmed by assessment, Baowo Automobile Company was unable to repay its due debts, and its assets were obviously insufficient to pay off all debts. So far, no application for reorganization or settlement has been filed. To sum up, the legal conditions have been met to declare Beijing Baowo Automobile Co., Ltd. bankrupt

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