Numerous institutions competed for a place in the roster. The Shanghai team, which was led by senior partner Wang Guangming, stood out from 29 law firms and another 15 institutions with first and third places in overall rankings.
Insolvency usually concerns a wide range of parties and is prone to produce important social impact. Official receivers, who are charged with the task of taking over and disposing of assets of insolvent corporations under the guidance and supervision of courts, not only need comprehensive expertise, but also a devotion to public interests. Being selected into the receivers’ rosters means that the Shanghai office would be able to develop more business, fulfill social responsibilities, protect creditors’ rights and coordinate and balance interests of all parties, particularly employees of insolvent corporations, while upholding the principles of professionalism, equity, transparency and justice. By doing this, the insolvent corporation and relevant parties could have a smooth transition and judges at courts could focus their attention on deciding cases and be relieved of specific matters regarding assets disposal in insolvency cases.