Article 233 of the new Company Law, which will come into effect in 2024, has provided a higher-level legal basis for the compulsory liquidation of zombie enterprises. However, how to implement this article in local practices and solve the problem of no one applying and no money for traditional liquidation still requires exploring specific approaches. This article takes the government-court collaboration plus public welfare liquidation mechanism in Hengyang City as the research object. By combining the service experience of Qinxiang Law Firm in the government-court collaboration plus public welfare liquidation mechanism, it uses research methods such as case analysis, in-depth interview, and normative analysis to comprehensively sort out the operational logic and practical operation points of the government-court collaboration plus public welfare liquidation mechanism. There are mainly three contributions. First, it reveals the practical activation mechanism of the compulsory liquidation provisions in the new Company Law, namely, the coordinated actions of the government taking the lead in screening the list of enterprises, the finance setting up a special fund to advance the expenses, and the courts conducting batch review and acceptance. This breaks the traditional obstruction in the initiation and advancement of liquidation, transforming the legal provisions from texts into operational market clearing tools. Second, a triangular collaboration model among the government, courts and intermediaries is proposed. In this model, the government acts as the initiator and guarantor responsible for the initial screening and resource coordination, the court acts as the leading supervisor to control the legitimacy of the judicial process, and the law firm acts as the public welfare executor to undertake professional liquidation affairs. The boundaries of rights and responsibilities among the three parties are clearly defined to achieve efficient collaboration. Thirdly, based on the operational details and effectiveness data of the Hengyang model, it provides a replicable localized path for emerging economies to manage zombie enterprises. This path takes into account the legitimacy of judicial procedures and the efficiency of administrative promotion, as well as the characteristics of local administrative and judicial resource allocation, to avoid the problem of inadaptability when simply copying the models of developed countries. This article analyzes practical challenges such as the standardization of fiscal fund usage, cross-departmental data collaboration, and the connection of tax cancellation in public welfare liquidation. It puts forward improvement suggestions from two aspects: system improvement and lawyer service upgrading, providing theoretical support and practical reference for the promotion of this model throughout the province and even the country.