许家印家族信托被击穿？香港法院这样说

Core Viewpoint - The recent ruling by the Hong Kong High Court regarding Xu Jiayin's overseas family trust has sparked significant public interest, but the interpretation that the trust has been "pierced" is premature [1][8]. Group 1: Court Ruling Background - The Hong Kong High Court's ruling is part of the ongoing liquidation process of China Evergrande Group, which was ordered in January last year, and a lawsuit was filed against Xu Jiayin and others in March [2]. - A previous injunction prohibited Xu Jiayin from disposing of assets valued at up to $7.7 billion, requiring him to disclose assets worth over 50,000 HKD within a week [2][3]. - Xu Jiayin's non-compliance with the disclosure order led to the appointment of a liquidator to manage his assets to ensure the injunction's enforcement [2]. Group 2: Scope of the Receivership - The receivership order includes a list of companies and bank accounts owned or controlled by Xu Jiayin, allowing the receiver to access information but not to dispose of the assets [3][4]. - The court did not explicitly mention Xu Jiayin's offshore family trust in the receivership scope, indicating that the trust's status remains unaddressed in the ruling [4][8]. Group 3: Legal Interpretation of Trusts - Legal experts argue that the notion of the offshore family trust being "pierced" is unfounded, as the ruling is procedural and does not affect the substantive rights to the assets [8][9]. - The determination of whether a trust can be pierced requires a substantive judgment, which has not been made in this case [8][10]. - The effectiveness of family trusts in asset protection depends on various factors, including the design of the trust, legal jurisdiction, and the presence of fraudulent activities [9][10].