Shenzhen Weiguan, which competed with Apple for the trademark rights of iPad China, was recently filed for bankruptcy liquidation by creditor Fubon Insurance. Yang Rongshan, chairman of Shenzhen Weiguan, responded on March 6th that even if it is liquidated, the lawsuit of the iPad trademark right will not be suspended. “The compensation for trademark rights is sufficient to pay off debts.â€
Why does Shenzhen Weiguan, which manufactures electronic products, owe Taiwan Fubon’s product insurance to nearly RMB 60 million in huge debt? Yang Rongshan explained that "We have no business dealings with Fubon Insurance. We are Proud's supplier in Taiwan, AUO sells receivables to Fubon Insurance and transfers its claims to the insurance company."
When the second instance of Shenzhen Proview and Apple’s iPad trademark case has not yet been decided, Fubon raised the bankruptcy liquidation to make this case even more variable. Once the court ruled that Shenzhen Proview entered the bankruptcy liquidation process, the lawsuit between the two companies on the iPad trademark right will be suspended. The subject of the iPad Continental trademark litigation will be changed from Shenzhen Weiguan to the appointed manager of the court, and Apple will face an unknown opponent.
Did the teacher not die first "dead"?
In November 2010, Shenzhen Intermediate Court ruled that Shenzhen Weiguan paid US$8.6979 million to Fubon Insurance. Together with the first-instance case acceptance fee and the delayed performance fund, the total of the three items was approximately RMB 60 million.
After a full six months, Shenzhen Yantian District People's Court issued a mandatory enforcement notice. However, in the past one month, Shenzhen Proview has neither declared the executable property to the court nor implemented the content of the verdict. The Yantian District Court found that the property seized and disposed of in the course of implementation had been used as a mortgage loan, and the bank enjoyed priority right of repayment, and the court held that Shenzhen Weiguan did not currently have other assets to implement.
In view of the fact that Shenzhen Proview cannot pay off mature debts, on June 27, 2011, Fubon Insurance filed an application with the Shenzhen Intermediate People's Court in accordance with law and requested the court to declare Shenzhen Proview Bankruptcy and bankrupt its liquidation.
On December 27th the same year, Shenzhen Intermediate People's Court held a bankruptcy hearing on the case. At the hearing, Yang Rongshan, the legal representative of Shenzhen Proview, admitted that he was insolvent. “We told the court that Proview is in a lawsuit with Apple Inc. on the iPad trademark rights. In the future, it may use the compensation to pay off the debt, so we have assets. Can be disposed of, demanded not to be bankrupt liquidated, but the consultation program we provided, Fubon did not accept." As for the specific content of the coordination plan, Yang Rongshan said that it was not convenient to disclose it.
Fubon Insurance believes that, in view of the above-mentioned trademark litigation judgment has not come into effect, Shenzhen Weiguan uses its unpredictable future compensation to prove its own debt solvency and is not convincing.
According to the provisions of the "Bankruptcy Law", the Shenzhen Intermediate People's Court has reviewed the bankruptcy application overdue. Chen Yi, a trustee of Fubon Insurance and a senior partner of Beijing Bank of China (Shenzhen) Law Firm, said that on February 20, 2012, he had issued the "Request for the ruling on accepting bankruptcy as soon as possible" to the Shenzhen Intermediate People's Court.
Song Zhenhua, a lawyer from Guangdong Tongfu Law Firm, stated that if the Shenzhen Intermediate Court did not decide whether to accept the bankruptcy application within the statutory time limit, Fubon Insurance could apply directly to the Higher People's Court of Guangdong Province, which means that the fate of Shenzhen Proview will expire. It will depend on the ruling of the Guangdong Higher Court.
The "Bankruptcy Law" stipulates that once the court decides to accept this application, the iPad trademark rights lawsuit between Shenzhen Proview and Apple of the United States will be suspended. The lawsuit will continue until the court-appointed administrator takes over Shenzhen Proview. Shenzhen Proview will face the embarrassing situation of "doing a teacher's death before the death."
"If you can obtain compensation for iPad trademark use from Apple, it will be beneficial to creditors. Even if it goes bankrupt, it won't stop litigation against the iPad. The company is definitely considering the best solution for both creditors and shareholders." Yang Rongshan believes that "the court We have not yet accepted the case. Even if it is accepted, we can coordinate with the creditors. In case of bankruptcy, Proview can also apply for reorganization of assets."
Fubon's Motivational Disputes Before this, it was reported that Shenzhen Weibo was in possession of over RMB 2.87 billion in current liabilities and 3.8 billion in overdue loans.
Proview International’s announcement in October 2010 also showed that as of September 16, 2009, the group’s net current liabilities were HK$2,866 million, of which HK$3.834 billion was overdue. In addition, the amount of loans repaid by the member companies of Proview International in the filing of the lawsuit was approximately RMB 1.584 billion.
Proview International is the parent company of Shenzhen Proview. On March 6, Yang Rongshan first disclosed the total amount of real liabilities of Shenzhen Proview. “At last year’s bankruptcy hearing, we submitted a debt schedule to Shenzhen Intermediate People’s Court. 24 billion yuan."
Song Zhenhua lawyer said, "Shenzhen Intermediate People's Court as ultimately determined that 'insolvency' does not contain Apple's possible future compensation, then Shenzhen Proview may be immediately bankruptcy. Otherwise, it is necessary to wait for the Guangdong Provincial High Court against Apple The final verdict of the crown case."
Previous media reports said that on behalf of Shenzhen Proview responsible for the lawsuit with the company's Hejun venture, and its related parties have stated that Fubon Insurance's motive for bankruptcy liquidation applications is very suspicious, because Shenzhen Proview even bankruptcy, but also the first bank The money, Fubon Insurance as a small creditor can not get much money.
However, Huang Junding, director of the news center of Hejun Ventures, told the reporter on the 6th that he was unaware of the fact that Fubon sued Proview for bankruptcy. It is not convenient to comment.
Fu Yi Insurance Attorney Chen Yi responded and stated that “From the perspective of time, Shenzhen Intermediate People’s Court’s judgment on our case against Shenzhen Proview was November 29, 2010. Our time to apply for bankruptcy of Shenzhen Proview was June 27, 2011, and the Apple Court v. Crown case was November 17, 2011, which means that we applied for Proview bankruptcy first, and the Apple and Proview cases were judged late, and the difference between them was close. For half a year, the purpose of our bankruptcy application is to use statutory bankruptcy liquidation procedures to seek fair compensation."
Yang Rongshan also said frankly, "Fubon Insurance does not have to do something that harms people. It is not good for them to suspend the lawsuit."
Why does Shenzhen Weiguan, which manufactures electronic products, owe Taiwan Fubon’s product insurance to nearly RMB 60 million in huge debt? Yang Rongshan explained that "We have no business dealings with Fubon Insurance. We are Proud's supplier in Taiwan, AUO sells receivables to Fubon Insurance and transfers its claims to the insurance company."
When the second instance of Shenzhen Proview and Apple’s iPad trademark case has not yet been decided, Fubon raised the bankruptcy liquidation to make this case even more variable. Once the court ruled that Shenzhen Proview entered the bankruptcy liquidation process, the lawsuit between the two companies on the iPad trademark right will be suspended. The subject of the iPad Continental trademark litigation will be changed from Shenzhen Weiguan to the appointed manager of the court, and Apple will face an unknown opponent.
Did the teacher not die first "dead"?
In November 2010, Shenzhen Intermediate Court ruled that Shenzhen Weiguan paid US$8.6979 million to Fubon Insurance. Together with the first-instance case acceptance fee and the delayed performance fund, the total of the three items was approximately RMB 60 million.
After a full six months, Shenzhen Yantian District People's Court issued a mandatory enforcement notice. However, in the past one month, Shenzhen Proview has neither declared the executable property to the court nor implemented the content of the verdict. The Yantian District Court found that the property seized and disposed of in the course of implementation had been used as a mortgage loan, and the bank enjoyed priority right of repayment, and the court held that Shenzhen Weiguan did not currently have other assets to implement.
In view of the fact that Shenzhen Proview cannot pay off mature debts, on June 27, 2011, Fubon Insurance filed an application with the Shenzhen Intermediate People's Court in accordance with law and requested the court to declare Shenzhen Proview Bankruptcy and bankrupt its liquidation.
On December 27th the same year, Shenzhen Intermediate People's Court held a bankruptcy hearing on the case. At the hearing, Yang Rongshan, the legal representative of Shenzhen Proview, admitted that he was insolvent. “We told the court that Proview is in a lawsuit with Apple Inc. on the iPad trademark rights. In the future, it may use the compensation to pay off the debt, so we have assets. Can be disposed of, demanded not to be bankrupt liquidated, but the consultation program we provided, Fubon did not accept." As for the specific content of the coordination plan, Yang Rongshan said that it was not convenient to disclose it.
Fubon Insurance believes that, in view of the above-mentioned trademark litigation judgment has not come into effect, Shenzhen Weiguan uses its unpredictable future compensation to prove its own debt solvency and is not convincing.
According to the provisions of the "Bankruptcy Law", the Shenzhen Intermediate People's Court has reviewed the bankruptcy application overdue. Chen Yi, a trustee of Fubon Insurance and a senior partner of Beijing Bank of China (Shenzhen) Law Firm, said that on February 20, 2012, he had issued the "Request for the ruling on accepting bankruptcy as soon as possible" to the Shenzhen Intermediate People's Court.
Song Zhenhua, a lawyer from Guangdong Tongfu Law Firm, stated that if the Shenzhen Intermediate Court did not decide whether to accept the bankruptcy application within the statutory time limit, Fubon Insurance could apply directly to the Higher People's Court of Guangdong Province, which means that the fate of Shenzhen Proview will expire. It will depend on the ruling of the Guangdong Higher Court.
The "Bankruptcy Law" stipulates that once the court decides to accept this application, the iPad trademark rights lawsuit between Shenzhen Proview and Apple of the United States will be suspended. The lawsuit will continue until the court-appointed administrator takes over Shenzhen Proview. Shenzhen Proview will face the embarrassing situation of "doing a teacher's death before the death."
"If you can obtain compensation for iPad trademark use from Apple, it will be beneficial to creditors. Even if it goes bankrupt, it won't stop litigation against the iPad. The company is definitely considering the best solution for both creditors and shareholders." Yang Rongshan believes that "the court We have not yet accepted the case. Even if it is accepted, we can coordinate with the creditors. In case of bankruptcy, Proview can also apply for reorganization of assets."
Fubon's Motivational Disputes Before this, it was reported that Shenzhen Weibo was in possession of over RMB 2.87 billion in current liabilities and 3.8 billion in overdue loans.
Proview International’s announcement in October 2010 also showed that as of September 16, 2009, the group’s net current liabilities were HK$2,866 million, of which HK$3.834 billion was overdue. In addition, the amount of loans repaid by the member companies of Proview International in the filing of the lawsuit was approximately RMB 1.584 billion.
Proview International is the parent company of Shenzhen Proview. On March 6, Yang Rongshan first disclosed the total amount of real liabilities of Shenzhen Proview. “At last year’s bankruptcy hearing, we submitted a debt schedule to Shenzhen Intermediate People’s Court. 24 billion yuan."
Song Zhenhua lawyer said, "Shenzhen Intermediate People's Court as ultimately determined that 'insolvency' does not contain Apple's possible future compensation, then Shenzhen Proview may be immediately bankruptcy. Otherwise, it is necessary to wait for the Guangdong Provincial High Court against Apple The final verdict of the crown case."
Previous media reports said that on behalf of Shenzhen Proview responsible for the lawsuit with the company's Hejun venture, and its related parties have stated that Fubon Insurance's motive for bankruptcy liquidation applications is very suspicious, because Shenzhen Proview even bankruptcy, but also the first bank The money, Fubon Insurance as a small creditor can not get much money.
However, Huang Junding, director of the news center of Hejun Ventures, told the reporter on the 6th that he was unaware of the fact that Fubon sued Proview for bankruptcy. It is not convenient to comment.
Fu Yi Insurance Attorney Chen Yi responded and stated that “From the perspective of time, Shenzhen Intermediate People’s Court’s judgment on our case against Shenzhen Proview was November 29, 2010. Our time to apply for bankruptcy of Shenzhen Proview was June 27, 2011, and the Apple Court v. Crown case was November 17, 2011, which means that we applied for Proview bankruptcy first, and the Apple and Proview cases were judged late, and the difference between them was close. For half a year, the purpose of our bankruptcy application is to use statutory bankruptcy liquidation procedures to seek fair compensation."
Yang Rongshan also said frankly, "Fubon Insurance does not have to do something that harms people. It is not good for them to suspend the lawsuit."
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