Fortune Bird Practical Controller Was Sentenced To Repay 800 Million Default Bond Priority

In January 7th, it was learned that the 800 million yuan bond issued by the Limited by Share Ltd (hereinafter referred to as "bird of fortune") has made the latest progress in dealing with the default of the "14 riches and birds".

Today, Guotai Junan Securities Limited by Share Ltd (hereinafter referred to as "Guotai Junan") announced that it received the civil judgment of the Shanghai financial court. In response to the registered resale bonds, it requested Lin peace to repay the principal and interest of the bond back to Guotai Junan within ten days. In response to the unregistered resale bonds, Lin and Lin ordered the Guotai Junan to repay the principal and interest of the bonds in advance within ten days.

"14 rich birds" appeared in April 23, 2018 in substantial breach of contract, and the main underwriter was Guotai Junan.

Lin peace is the actual controller of rich birds.

It is understood that in December 5, 2018, fortune bird released the announcement on the recruitment of reorganized party by Limited by Share Ltd of the rich and precious birds in the information network of the national enterprise bankruptcy reorganization case, which openly recruited the reorganizing party, and the deadline for public recruitment ended in December 20, 2018.

According to Guotai Junan, as of today, the "14 rich bird" manager has not yet disclosed the progress of the recruitment of the reorganization party.

Why should the actual controllers of the defaulted bonds repay the 800 million default bonds in the process of disposal of the default bonds?

Lei Jiping, a partner of Jin Du law firm, told reporters: "the legal person (should be the legal representative) is generally not responsible for the debts of the company, because the limited liability company has an independent legal personality, and its liability is limited to the outside assets of the company's assets, that is, limited liability.

The repayment of debts by a legal person will not occur without any reason, usually when a bond is issued, the legal person provides guarantees and other measures.

In addition, Lei Jiping added to reporters: "although the fortune bird is undergoing bankruptcy reorganization, the actual controller of the fortune bird has not yet gone bankrupt, and the responsibility of the actual controller is the priority to repay the debt."

The reporter found that the birds issued a "14 riches and birds" with a provision: "Lin Heping, the chairman of the issuer, provides an irrevocable joint liability guarantee for this bond."

That is, Lin peace is the guarantor of the bond. Therefore, in the disposition of the "14 riches and birds" after the default, the Shanghai financial court will decide Lin peace to repay the principal and interest of the bond.

It is understood that after the "14 riches and birds" breach, the representative of Guotai Junan has already provided a written authorization of the bond holders. The Jiayuan law firm filed a case in August 27, 2018 for the guaranty liability of the owner of the issuer, Lin peace, to undertake the "14 riches and birds" bond payment. The Shanghai financial court decided to accept the case in August 30, 2018, and opened the court in Shanghai financial court in November 13, 2018.

Guotai Junan received the main judgment of civil judgment issued by the financial court of Shanghai in December 21, 2018. Lin peace paid to Guotai Junan the principal and interest of the defaulted bonds within ten days from the date the judgment came into effect.

The announcement of Guotai Junan announced that it would take further legal measures based on the judgment, including, but not limited to, the application for enforcement by the court.

In view of whether Lin Ping has paid off the principal and interest of the "14 rich birds", the reporter sent the relevant person in charge of the investment bank project group disclosed by Guotai Junan, the official told reporters: "the announcement will prevail."