In recent years, Pan Sutong, the former chairman of Goldin Financial who has been involved in many financial lawsuits, has been petitioned by several companies successively, asking the court to order him to go bankrupt.
Poon alleges that one of the petitioning companies, Xinhua Finance, abused the process and applied for the petition to be struck out.
The judge ruled today (23rd) to reject the petition, but revealed that Xinhua Finance had applied to withdraw the petition after the hearing.
Pan Sutong, who resigned as chairman and executive director of Goldin Financial earlier this month, was filed for bankruptcy by China CITIC Bank and Xinhua Finance Co., Ltd. in November and December last year.
Bank of China Shenzhen Branch filed a petition in May this year, requesting an order to put Pan bankrupt.
The judgment revealed that Xinhua Finance borrowed money from Yitian Development Co., Ltd. controlled by Pan Sutong in November 2020, and Pan served as the guarantor.
Since Xinhua Finance was in arrears, it requested Pan to repay 128 million yuan in October 2021.
Xinhua Finance, Yitian Development and Pan later reached an agreement to postpone the repayment period, but Yitian Development eventually only paid off part of the arrears.
Before Xinhua Finance filed a bankruptcy petition, CITIC had already filed a bankruptcy petition.
Pan pointed out that in this case, Xinhua Finance's petition was an abuse of procedure.
However, the judge considered that even though it is not ideal for a debtor to face multiple petitions at the same time, Xinhua Finance's petition was not an abuse of procedure, and therefore refused to exclude it.
The judge also pointed out that CITIC's petition was handled on June 7 this year. Two days after the hearing, that is, on the 9th of this month, Xinhua Property applied to the court to withdraw the petition, and the application was scheduled to be processed on the 30th of this month.
The judge said that Pan and Xinhua Finance seemed to have reached a consensus that the lawsuit would not continue.
Case number: HCB 6830/2021
Goldin Financial: Chairman and Executive Director Pan Sutong has resigned Shi Liqian took over as Chairman Goldin Financial Chairman Pan Sutong was filed for bankruptcy again, Bank of China Shenzhen Branch petitioned Goldin Financial Chairman Pan Sutong to serve as a guarantor for financial disputes and was sued for 810 million yuan from Goldin Financial Chairman Pan Sutong was filed for bankruptcy by another creditor and will be heard in February next year. CITIC filed for bankruptcy. Involved in Tianjin's highest unfinished building. The High Court heard that Pan Sutong's mansion on Deep Water Bay Road had been negotiated for more than 3 billion yuan to be negotiated for the transfer of the current director of the company
