Entrusted Loan Dispute Between an Asset Management Company and a Real Estate Development Company in Wuxi

The subject matter of the lawsuit was more than CNY 400 million, and Hylands’ legal team acted as the agent of the asset management company and its entrusted bank in the case. This case was the first enforcement case that are transferred for bankruptcy review and accepted by the Wuxi Intermediate People’s Court after the implementation of the revised Civil Procedure Law. It lacked detailed implementing rules of the revised Civil Procedure Law and had no precedents to follow, thus having huge uncertainty in the whole case process. Under such circumstances, Hylands’ legal team, from the start of coordinating with notarial organs to issue execution certificates, participated in the major processes of applying for enforcement, initiating security in litigation, negotiating with the bankruptcy administrator, determining the creditor’s rights, negotiating the reorganization plan, etc., and conducted solid theoretical research in all aspects. In the end, all the creditor’s rights in the case were approved by the court and were classified as privileged creditor’s rights, and the interests of the client were protected to the greatest extent in the first stage. The successful conclusion of this case not only protected the rights and interests of our client to the maximum extent but also provided valuable experience for Wuxi Intermediate People’s Court in handling enforcement cases that are transferred for bankruptcy review.