A recent enforcement decree issued by a district People's Court in Shanghai has included our client (a domestic enterprise) as an additional judgment creditor in a dozen of judgment enforcement proceedings pending at the Court, which involved a total judgment amount of over RMB 80 million, consisting of principal amounts, interest of bank loans etc, a sign of successful obtaining of a final court recognition on our client’s acquisition of the non-performing debts of a Chinese bank owned by the overseas AMC.

 

      In connection with this debt acquisition, the Kingsta team has conducted sufficient due diligence regarding, inter alia, the counterparty, its assets, debt servicing ratio, enforceability and other related matters, and has successfully negotiated and framed a transaction plan with the offshore transferring party, successfully completing the payment and asset delivery under the acquisition by utilizing the services offered by a financial asset trading platform, including foreign debt registration and filing, asset custody and settlement, tax withholding and deduction and purchase and remittance of foreign currency etc. After that, Kingsta issued on public media an announcement in respect of the debt transfer and debt collection notice.

 

      In order to expedite the process of the asset disposition, the Kingsta team has timely initiated a proceeding with the judgment enforcing court for the change of the judgment enforcement applicant, which court has recently issued a valid decree after a review of the necessary documents, including, among others, debt transfer agreements, identity certification and notarization certificates, service of process and after a public hearing soliciting comments from the parties, which decree helps to offer an effective lawyer of safeguard for the validity of the asset transfer. The Kingsta team’s work in a professional and efficient manner lasting for months has received high praise from our client.