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Recently, theNanshan Branch of the Shenzhen Public Security Bureau issued a case briefing:the public security organs have taken compulsory measures against Du and othersuspected criminal personnel of Evergrande Wealth in accordance with the law.On the evening of September 18, China Evergrande Group (hereinafter referred toas "Evergrande Group") issued an announcement stating that EvergrandeWealth Management (Shenzhen) Co., Ltd. (hereinafter referred to as"Evergrande Wealth") is an indirectly wholly-owned subsidiary of thecompany. Personnel of Evergrande Wealth have been taken criminal compulsorymeasures in accordance with the law, which does not affect the company'soperations.
AlthoughEvergrande Group responded quickly, combined with its previous actions, it hasraised strong concerns that this is just a PR tactic by Evergrande Group. Asearly as the 17th, Evergrande Group applied for bankruptcy protection in NewYork, USA, with the aim of ensuring that the group's assets in the UnitedStates are not infringed upon during the debt restructuring process. On August31, Evergrande Wealth announced on its official WeChat account that due to theslower than expected progress in the disposal of the company's assets and theinability to obtain disposal funds, the company is unable to make payment thismonth. Follow-up payment arrangements will be announced separately. As of now,there is no further information about payment. Faced with these actions, manycreditors, due to a lack of understanding of the law or weak power, can onlypassively wait for developments.
On August 24,2023, iLead Law Group PC announced the establishment of the first ChinaEvergrande bankruptcy protection case creditors' rights protection center inNew York, USA. The purpose is to gather China Evergrande creditors worldwide tosafeguard their rights in response to the bankruptcy applications filed byChina Evergrande Group, Scenery Journey Limited, and Tianji Holdings Limited inthe Southern District of New York Bankruptcy Court.
According to thestatement, iLead Law Group has successfully obtained internal information aboutthis case from the Southern District of New York Bankruptcy Court, totalingmore than 3,000 pages. According to court records, an important hearing will beheld on September 20, 2023, and the court has requested that opposing opinionsfrom all relevant parties, including creditors, be submitted by September 11.This is inevitably challenging the legitimate rights and interests of manycreditors. Therefore, iLead has called on the relevant creditors to join theranks of rights protection and speak out for their own interests. Further,iLead will develop practical rights protection strategies based on the specificcircumstances of each creditor to achieve the best possible solutions.
Adam Chen, amanaging partner at iLead Law Group, reminds creditors that the importanthearing will be held on September 20, 2023, and their rights need to beprotected and asserted in a timely manner. It is urgent! With the debtoralready represented by a large US law firm, creditors need to immediately finda professional lawyer to represent them in court. If creditors fail to initiatecreditor protection procedures within the specified deadline by the court, theymay lose the best opportunity to protect their rights.
As the firstprofessional law firm to speak out for creditors, iLead's initiative hasimmediately attracted widespread attention and discussion in society,highlighting the urgency and importance of protecting creditors' rights. TheChina Evergrande case involves a wide range of creditors' legitimate rights andinterests, and iLead's initiative provides a legal platform for bewilderedcreditors.
The socialsignificance of iLead Law Group's actions lies not only in protecting thecommercial interests of creditors but also in upholding the application of law,fairness, and justice in the business field. The protection of creditors'rights not only concerns individual interests but also affects marketconfidence and the stability of the moral environment. The initiative of thelaw firm sets a positive example for the business community, demonstrating therole of law in promoting social equity and progress.
It is reportedthat under Chapter 15 of the US Bankruptcy Code, when a company is undergoingreorganization in other jurisdictions, US assets can also be protected.Evergrande Group mentioned in its application documents that restructuringprocedures are underway in Hong Kong and the Cayman Islands, and the companyhas been working for months to finalize a debt restructuring plan for offshoredebt. Records from the Manhattan Bankruptcy Court also show that on August 17,Tianji Holdings and Scenery Journey, subsidiaries of Evergrande, applied forbankruptcy protection under Chapter 15 of the US Bankruptcy Code.
About iLead LawGroup: iLead Law Group is a professional law firm headquartered on Fifth Avenuein Manhattan, New York, USA. It was established by several senior Americanlawyers, most of whom have professional education backgrounds frominternationally renowned institutions such as Harvard Law School, New YorkUniversity School of Law, and the University
editor：ziven
