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Hong Kong court orders China's Evergrande, which owes $300 billion, to liquidate
Legal Blog News |
2024/01/29 10:57
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A Hong Kong court ordered China Evergrande, the world’s most heavily indebted real estate developer, to undergo liquidation following a failed effort to restructure $300 billion owed to banks and bondholders that fueled fears about China’s rising debt burden.
“It would be a situation where the court says enough is enough,” Judge Linda Chan said Monday. She said it was appropriate for the court to order Evergrande to wind up its business given a “lack of progress on the part of the company putting forward a viable restructuring proposal” as well as Evergrande’s insolvency.
China Evergrande Group is among dozens of Chinese developers that have collapsed since 2020 under official pressure to rein in surging debt the ruling Communist Party views as a threat to China’s slowing economic growth. But the crackdown on excess borrowing tipped the property industry into crisis, dragging on the economy and rattling financial systems in and outside China.
Chinese regulators have said the risks of global shockwaves from Evergrande’s failure can be contained. The court documents seen Monday showed Evergrande owes about $25.4 billion to foreign creditors. Its total assets of about $240 billion are dwarfed by its total liabilities.
“It is indisputable that the company is grossly insolvent and is unable to pay its debts,” the documents say.
About 90% of Evergrande’s business is in mainland China. Its chairman, Hui Ka Yan, who is also known as Xu Jiayin, was detained by authorities for suspected “illegal crimes” in late September, further complicating the company’s efforts to recover.
It’s unclear how the liquidation order will affect China’s financial system or Evergrande’s operations as it struggles to deliver housing that has been paid for but not yet handed over to families that put their life savings into such investments.
Evergrande’s Hong Kong-traded shares plunged nearly 21% early Monday before they were suspended from trading. But Hong Kong’s benchmark Hang Seng index was up 0.9% and some property developers saw gains in their share prices. |
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Pita Limjaroenrat: Thailand court to decide if politician will lose his seat
Top Court Watch |
2024/01/24 09:28
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Thailand’s Constitutional Court is set to decide Wednesday whether popular politician Pita Limjaroenrat, who was blocked from becoming prime minister, should now lose his seat in Parliament.
The election victory last year by Pita’s progressive Move Forward party reflected a surprisingly strong mandate for change among Thai voters after nearly a decade of military-controlled government. But the party was denied power by members of the unelected and more conservative Senate.
Pita was suspended from his lawmaking duties pending the court ruling Wednesday on whether he violated election law due to his ownership of shares in ITV, a company that is the inactive operator of a defunct independent television station. By law, candidates are prohibited from owning shares in any media company when they are registered to contest an election.
The Senate, whose members are appointed by the military, cast votes to choose a prime minister, under a constitution that was adopted in 2017 under a military government. The Move Forward party now heads the opposition in Parliament. |
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Fueled by border crossings, a record 3 million cases clog US immigration courts
Top Court Watch |
2024/01/15 15:09
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Eight months after crossing the Rio Grande into the United States, a couple in their 20s sat in an immigration court in Miami with their three young children. Through an interpreter, they asked a judge to give them more time to find an attorney to file for asylum and not be deported back to Honduras, where gangs threatened them.
Judge Christina Martyak agreed to a three-month extension, referred Aarón Rodriguéz and Cindy Baneza to free legal aid provided by the Catholic Archdiocese of Miami in the same courthouse — and their case remains one of the unprecedented 3 million currently pending in immigration courts around the United States.
Fueled by record-breaking increases in migrants who seek asylum after being apprehended for crossing the border illegally, the court backlog has grown by more than 1 million over the last fiscal year and it’s now triple what it was in 2019, according to government data compiled by Syracuse University’s Transactional Records Access Clearinghouse.
Judges, attorneys and migrant advocates worry that’s rendering an already strained system unworkable, as it often takes several years to grant asylum-seekers a new stable life and to deport those with no right to remain in the country.
“Sometimes hope already sinks,” said Mayra Cruz after her case was also granted an extension by Martyak because the Peruvian migrant doesn’t have an attorney.
“But here I’ve felt a bit safer,” added Cruz, who said she had to flee with only the clothes on her back with her partner and their children after repeated threats from gangs.
About 261,000 cases of migrants placed in removal proceedings are pending in the Miami court — the largest docket in the country. That’s about the same as were pending nationwide a dozen years ago, said Syracuse University professor Austin Kocher.
The backlog includes migrants who have been in the United States for decades and were apprehended on unrelated charges, but most are new asylum seekers who declare a fear of persecution if they are sent back, he added.
Backlogged courts, administered by the Justice Department, often get little attention in immigration debates, including in current Senate negotiations over the Biden administration’s $110 billion proposal that links aid for Ukraine and Israel to asylum and other border policy changes.
When migrants are apprehended by U.S. authorities at the border, many are released with a record of their detention and instructions to appear in court in the city where they are headed. That information is passed on from the Department of Homeland Security to the Justice Department, whose Executive Office for Immigration Review runs the courts, so that an initial hearing can be scheduled.
“They’re just being released without any idea of what comes next,” said Randy McGrorty, executive director of Catholic Legal Services for the Archdiocese of Miami, which has seen hundreds of thousands of migrants join its diaspora communities.
So many migrants go to them for advice that, in the last couple of years, they’ve largely switched to teaching how to self-petition and represent themselves before judges.
“We help them understand what judges want, and we help judges with efficiency and preserving fundamental rights,” said Miguel Mora, a Catholic Legal Services supervising attorney in Miami.
Advocates say that most migrants ask for individual legal representation, something that’s becoming increasingly rare given the huge numbers, and how to get work permits, which migrants can apply for 150 days after filing their asylum application. |
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The top UN court is set to hear South Africa’s allegation of Israeli genocide in Gaza
Law Firm Blog News |
2024/01/12 13:17
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A legal battle over whether Israel’s war against Hamas in Gaza amounts to genocide opens Thursday at the United Nations’ top court with preliminary hearings into South Africa’s call for judges to order an immediate suspension of Israel’s military actions. Israel stringently denies the genocide allegation.
The case, that is likely to take years to resolve, strikes at the heart of Israel’s national identity as a Jewish state created in the aftermath of the Nazi genocide in the Holocaust. It also involves South Africa’s identity: Its ruling African National Congress party has long compared Israel’s policies in Gaza and the West Bank to its own history under the apartheid regime of white minority rule, which restricted most Blacks to “homelands” before ending in 1994.
Israel normally considers U.N. and international tribunals unfair and biased. But it is sending a strong legal team to the International Court of Justice to defend its military operation launched in the aftermath of the Oct. 7 attacks by Hamas.
“I think they have come because they want to be exonerated and think they can successfully resist the accusation of genocide,” said Juliette McIntyre, an expert on international law at the University of South Australia.
In a statement after the case was filed, the Palestinian Authority’s foreign ministry urged the court to “immediately take action to protect the Palestinian people and call on Israel, the occupying power, to halt its onslaught against the Palestinian people, in order to ensure an objective legal resolution.”
Two days of preliminary hearings at the International Court of Justice begin with lawyers for South Africa explaining to judges why the country has accused Israel of “acts and omissions” that are “genocidal in character” in the Gaza war and has called for an immediate halt to Israel’s military actions.
Thursday’s opening hearing is focused on South Africa’s request for the court to impose binding interim orders including that Israel halt its military campaign. A decision will likely take weeks.
Israel’s offensive has killed more than 23,200 Palestinians in Gaza, according to the Health Ministry in Hamas-run Gaza. About two-thirds of the dead are women and children, health officials say. The death toll does not distinguish between combatants and civilians.
In the Oct. 7 attack, in which Hamas overwhelmed Israel’s defenses and stormed through several communities, Palestinian militants killed some 1,200 people, mainly civilians. They abducted around 250 others, nearly half of whom have been released. |
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NEW VISION IMMIGRATION SERVICE - Los Angeles California
Topics in Legal News |
2024/01/09 09:47
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U.S. citizens or permanent residents can invite their family members to receive permanent residency, which is divided into five categories as follows.
1. Immediate family members of citizens
If you belong to the immediate family of a citizen, you have the advantage of being able to apply for permanent residency right away without being limited by quotas. To fall into this category, you must be the spouse, parent, or unmarried child of a citizen under the age of 21. If you fall into this category, you can apply for permanent residency even if your status is illegal in the United States. However, undocumented immigrants do not fall under this category. In other words, those who entered the country illegally cannot apply for permanent residency even if they marry a citizen. Currently, it takes between 6 months and 1 year to receive permanent residency. However, if you have been married to a citizen for less than two years and have filed a petition for permanent residency, you will be granted temporary permanent residency for two years, and other family members will immediately receive permanent residency.
2. Adult unmarried children of citizens
This applies to unmarried children of citizens over the age of 21. Currently, it takes about 5-6 years.
3. Spouses and children of permanent residents
If the inviter is a permanent resident, the specific targets that can be invited are as follows. It should be noted here that permanent residents are not invited by their parents. After acquiring citizenship to invite parents
New Vision Immigration Service
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