The map in the conference room that passes through the Chunchen Kee Academy, labeled large and small, shows that all the ports along the coast, from the newly developed port of Vladivostok last year to the Dagon (Yangon) in Bagan, have become open ports through which trade can be carried out. Modern customs facilities have been established in each port, and consulates and embassies have been established in overseas ports or foreign capitals.

Bai Jia, Wang Neng, and Li Fei, who are in charge of foreign affairs from the three fields of diplomacy, trade, and navigation, are exchanging views with businessmen and scholars from all countries who have trade contacts at the Golden Island (Hong Kong Island) Chinese Academy, discussing the construction of a financial and trade system covering all member countries with Chenji Group as the core. completely forgot about the plan of 'destroying the Song Dynasty financial war' that Chen Guanxian was responsible for.

Chen Guanxian, who was in charge of this plan, was not in a hurry at all, and did not have the slightest expression of worrying about the Royal Bank's default.

An urgent meeting is being held and the shareholders of the Royal Bank and their representatives are deliberating on how to avoid the bank's bankruptcy, because once the bank is declared bankrupt, everyone will go bankrupt, after all, the unlimited liability company system is not a joke.

If the Royal Bank were to be urgently declared to be exempt from unlimited to limited liability, it would be necessary to publish all accounting information and accept all arrears in order to meet the conditions for the change. Even if the emperor ordered it, without the seal of the Zhongshu Order and Zaifu, the reorganization and change would not have been able to take effect. Zai Fu is a shareholder of Chenji Bank, and he holds tens of millions of Chenji dividends every year, how can he do such a stupid thing that makes him lose a lot.

Discussion came and went, and in the end, the debt could only be apportioned according to the proportion of shares, and it was repaid according to the shares, and the young emperor, who had an absolute holding of 51%, had to hand over 100 million cash to the public at once, and if he couldn't hand it over, he would go bankrupt and apply for bankruptcy protection. All that you have is prestige is naturally gone. Who would listen to a bankrupt emperor? Zhezong became the second monarch in history to be forced into debt and immortalized in history (the last monarch who was forced to pay debts was the last monarch of the Eastern Zhou Dynasty in the Warring States Period, Zhou Hao Wang Jiyan, the source of the allusion to the high debt). There may not be 100 million yuan in the treasury, and even if there is, it is impossible for the emperor who has just been in power to take it out, otherwise he will have to drink the northwest wind.

If you are not afraid of a god-like opponent, you are afraid of a pig-like teammate, and this sentence is once again fulfilled among the shareholders of the Royal Bank. Some elite shareholders went to Chen Guanxian and threatened to expose the inside story of Chenji Bank's insufficient reserves, hoping to end the attempt to withdraw money through the crowd. As a result, Chen Guanxian replied with a sentence, 'I don't care, whatever you expose'.

As a result, these pig-like teammates really went back to mobilize family relations and hyped the inside story of Chenji Bank's insufficient reserves and indiscriminate issuance of banknotes. When the masses who didn't know the truth gathered at the various branches of Chenji Bank, these pigs couldn't laugh.

Chenji Bank branches in various places, except for a very small number of branches that are being renovated and rebuilt, all change their style, full firepower, 12 hours of all-weather business, all windows handle acceptance business, even the president and supervisors at all levels who are usually difficult to see are in the bank's various windows in turn to change shifts. Within one day, Chenji Bank accepted 500 million yuan of Chenji banknotes, and exchanged a large number of banknotes with real money, silver and copper coins of sufficient value. More than 30 branches in Bianjing alone exchanged more than 40 million Chenji coins in a single day.

The next day, the crowd in line was reduced by 2/3, after all, the masses who don't know the truth are not fools, see the acceptance of Chenji Bank without difficulty, it seems that there is no risk, Chenji Group is strong, most of the goods used by themselves are bought in the merchants under the Chenji Group, if you go to redeem the deposit to cancel the account, shopping cards and discount cards will be withdrawn, you can not enjoy all kinds of discounts. The credit files and various points that have been saved for several years must also be zeroed, and the real money that you kick home has no interest, so it's not cost-effective. Unlike the Royal Bank, as soon as there was a run, it was forced to suspend business urgently, and it seemed that it was a real manifestation of the lack of heart that went wrong.

Most of the customers of Chenji Bank who put forward all the deposits and exchanged banknotes had the feeling of being rumored, and when they looked back, they followed the trend to run without confirming anything, and lost a lot of interest and discounts on various Chenji Group-related business services. On the third day, there were more customers who deposited than they withdrawd, and on the fourth day, business calmed down, and the number of customers in the various branch halls dropped sharply, and most of them were deposits. In order to re-deposit, many large depositors who are more connected with each other have begged the presidents of various branches not to cancel the points and preferential privileges they have accumulated for many years of business in order to re-deposit their deposits. All the presidents said in unison that they want to do things according to the rules, the day before yesterday you came to withdraw money, I will do it for you without saying a word, the account should be closed, the procedures should be completed, how can there be a reason to have not done the procedures? The truth that it is difficult to recover from the water, so don't embarrass me anymore. The rules cannot be broken, if I am going to lose my job in the past, don't embarrass me. If you still want to come back to open an account, make a deposit, and handle business, I still welcome it, and don't mention it again.

Originally, the part of Chenji's over-issuance of money was digested by itself, and the part that could not be controlled did not exceed the reserves, and this run laid an irrefutable credit foundation. No one will change the acceptance power of Chenji Bank anymore. No matter how much the shareholders of Royal Bank try to advertise it, no one believes that Chenji Bank is running out of reserves. On the contrary, the Royal Bank, which had been reluctant to open for business, completely lost its credit, and hundreds of people blocked the gates of the Royal Bank's branches every day to demand the exchange of royal banknotes.

The Royal Bank, which lacked coins, was unable to obtain financing from Chenji Bank and other sources, and it was difficult to realize the purchased treasury bonds and various financial assets with slightly less liquidity. A large number of sell orders caused the financial assets held by various royal banks to plummet sharply, and the 15-year long-term treasury bonds of Yuanyou in the five, six, and seven years fell the most hard, and due to the limited market capacity, there were no buy orders, and the treasury bonds with a face value of 1,000 yuan (Chenji money) fell to 120 yuan before some buy orders were sold to take over. The trading of various stocks and convertible bonds is also unusually deserted, and the trading volume is less than 10% of the usual day. At market value, Royal Bank's holdings have shrunk by 70% and it is so insolvent that it has to be declared bankrupt (Note 1).

Note 1: According to the Bankruptcy Procedure Law, it commenced with the application of the party Chenji Group (both creditors and debtors can file a bankruptcy application). In his application, Chen Guanxian explained the reasons for the bankruptcy of the Royal Bank. Kaifeng Prefecture accepted the case (bankruptcy cases are generally under the jurisdiction of the government office where the debtor's business office is located; if there is no business office, it shall be under the jurisdiction of the government office at the place where the debtor's ordinary trial registration is located; If there is no business office and ordinary trial registration, it shall be under the jurisdiction of the government office where the debtor's immovable property is located). The bankruptcy application submitted by the Chenji Group, Kaifeng Prefecture should be reviewed, and if there is a legitimate reason, it will be accepted, otherwise it will be rejected.

Bankruptcy was declared by Kaifeng Prefecture. Before a declaration of bankruptcy, the bankruptcy case must be heard. The method of trial is to be decided by the Kaifeng Prefecture, and it may be investigated ex officio, oral debate may be conducted, and both methods may be used at the same time. After the trial, it is confirmed that the following conditions are met, and the bankruptcy can be declared: (1) there are statutory reasons for bankruptcy; (2) creditors have the right to file for bankruptcy; (3) The debtor has the capacity to go bankrupt.

A written ruling is required for a declaration of bankruptcy. The bankruptcy ruling must indicate the specific time for declaring bankruptcy, determine the time for filing claims, determine the date for investigating claims and convening the first creditors' meeting, announce the seizure order, and take preservation measures.

Carry out the procedure

After the Kaifeng Prefecture declares the debtor bankrupt, it should select the bankruptcy administrator (Liu Xin) from among the personnel who are familiar with accounting or legal business (the accounting firm jointly established by Liu Xin and Yicile Yeren), and immediately issue an announcement announcing the following matters: the main content of the bankruptcy ruling; the name and address of the bankruptcy administrator; the time at which the claim was declared; the date of the first meeting of creditors; Order the debtor and property holder of the bankrupt person not to pay off debts or deliver property to the bankrupt person, but to explain the situation to the bankruptcy administrator and wait for handling.

If the bankruptcy creditor's right is declared, it shall comply with the time limit stipulated by the Kaifeng Prefecture, and if it is not declared within the prescribed time limit, it cannot become a bankruptcy creditor's right and shall not be repaid with the property of the bankrupt. The way to declare bankruptcy claims is to submit a written report to the Kaifeng Prefecture, explaining the amount of claims and the reasons for the formation of claims, and to submit necessary evidence.

The Kaifeng Prefecture must conduct an investigation into the declared creditor's rights. The main persons participating in the investigation are the bankruptcy administrator, as well as the bankrupt and the bankruptcy creditor who have declared their claims. For the declared creditor's rights, the bankruptcy administrator and the bankruptcy creditor may raise objections, which shall be heard and determined by the Kaifeng Prefecture. If there is no objection or the objection has been eliminated, it can be determined as a bankruptcy claim. The holder of the bankruptcy claim has the right to participate in the creditors' meeting and the distribution of the bankrupt's property. The creditors' conference is an organization for creditors to express their will, which is composed of all registered bankruptcy creditors and is convened and presided over by Kaifeng Prefecture.

In the enforcement procedure, the property of the bankrupt person that can be liquidated and distributed is called the bankruptcy consortium. At the time of the declaration of bankruptcy and during the bankruptcy proceedings, all property belonging to the bankrupt person, as well as the right to claim property that can be exercised in the future, belong to the bankruptcy consortium. The bankruptcy consortium is possessed, managed, sold and distributed by the bankruptcy administrator.

Termination Procedure

Closing the legal proceedings of the bankruptcy case. The reasons for closing a bankruptcy case are distribution, compulsory conciliation, and termination of bankruptcy.

(1) Distribution. It is the main form of termination of bankruptcy proceedings. The bankruptcy administrator shall, in accordance with the valuation of the bankrupt consortium, in accordance with the nature and amount of the bankruptcy creditor's rights, and in accordance with the principle of equal distribution, prepare a distribution table of the bankruptcy property, and make the distribution with the consent of the bankrupt meeting and the approval of the Kaifeng Government.

(2) Forced settlement. It is when a bankrupt person reaches an agreement with creditors to settle a debt dispute between them. The compulsory settlement shall be discussed at the creditors' conference and agreed by more than half of the creditors present at the meeting (whose claims exceed 3/4 of the total bankruptcy claims). The resolution can be passed and will be effective for all creditors, and the minority creditors who do not agree to this method must also abide by it. The settlement agreement discussed and approved by the creditors' meeting shall be reviewed by the Kaifeng Prefecture and a ruling shall be made on whether it is permitted or not. The bankruptcy proceedings are terminated when the decision on permission is determined.

(3) Termination of bankruptcy. There are two reasons for this: (a) with the consent of all bankruptcy creditors; (b) because the assets of the insolvent consortium are too small to cover the costs of the insolvency proceedings. Either way, the termination of bankruptcy must be determined by the Kaifeng government.