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GAIN FROM DERECOGNITION OF LIABILITIES | 12 Months Ended
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Dec. 31, 2020
GAIN FROM DERECOGNITION OF LIABILITIES |
GAIN FROM DERECOGNITION OF LIABILITIES | 25. GAIN FROM DERECOGNITION OF LIABILITIES In 2018, to improve payable management and internal controls, the Company reviewed the possibility to pay and aging of payables of its subsidiaries and schools on a quarterly basis. As a result, the Company derecognized payables to Suzhou Wenjian Venture Investment Management Consulting Co., Ltd. (“Suzhou Wenjian”) in amount of RMB 9,150 since Suzhou Wenjian was closed in 2018 and did not claimed and pursued the debt before its closure. The Company also derecognized payables to other creditors in a collective amount of RMB 6,076 as those payables were all with long aging over three to seven years and no claim of debts have been received by the Company as of December 31, 2018, which led to expiration of statute of limitation of those payables. The Company derecognized payables in RMB 3,926 with expired statute of limitation in the year of 2020. The Company believes the possibilities to pay are remote and write-off those accrued expenses in 2018 and 2020, respectively.

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- Definition The entire disclosure of gain from derecognition of liabilities. + References No definition available. + Details
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