Shenzhen Proview Enters into Bankruptcy Liquidation Procedure

Published on October 9, 2012 by connie | This story has been viewed 395 views

Shenzhen Proview could not change its fate of bankruptcy, though it has obtained 60 million U.S. dollars from Apple through the “iPad” patent relating dispute. Guangdong High People’s Court had made final judgment over the bankruptcy liquidation case of Shenzhen Proview Company filed by Fubon Insurance that Shenzhen Municipal Intermediate People’s Court would accept and hear the case.

Guangdong High People’s Court identified through trial that Proview’s assets had been confirmed that the value of its assets was lower than the 280 million U.S. dollars debt indentified in original trial and the fact of accounting insolvency could be assured. Fubon Insurance used to file an application to Guangzhou Intermediate People’s Court asking the financially troubled Proview Technology to be put into bankruptcy, because Proview failed to pay back the due debt. However, Proview believed the value of its “iPad” patent could afford the debt and did not agree to be liquidated. Fubon then instituted an appeal to Guangdong Provincial High People’s Court for the liquidation after Shenzhen Intermediate Court denied it from the court.

In July, Proview reached a settlement with Apple on the IPAD patent relating dispute and obtained 60 million dollars as compensation, which, however, was only a drop in the bucket for Proview’s debts.

Shenzhen Post Elaine Contributes to the Story.

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