China Evergrande liquidators appointed as receivers over founder's assets

Core Points - China Evergrande Group's liquidators have been appointed to identify and preserve the assets of founder Hui Ka Yan due to his non-compliance with a court order [1][4] - Evergrande, with over $300 billion in liabilities, began defaulting on bonds in 2021 and is the most notable victim of China's property crisis [2][3] - The Hong Kong High Court has expressed concerns about the risk of asset dissipation by Hui, leading to the appointment of receivers to gather necessary information [4] Company Developments - The liquidators aim to recover $6 billion in dividends and remuneration paid to Hui and other former executives while seeking to freeze offshore assets [2] - Evergrande received a liquidation order in 2024 and was delisted from the Hong Kong stock exchange, marking a significant event in its tumultuous history [3] - The court has previously issued an injunction against Hui, preventing him from disposing of assets valued up to $7.7 billion [4] Legal Proceedings - The Hong Kong High Court ruling indicates a serious breach of court orders by Hui, necessitating the appointment of receivers [4] - Keith Ho has been appointed as the supervising solicitor, with receivers required to report regularly and respond to inquiries [5]