Group 1 - The article discusses the collapse of Xu Jiayin's family trust, which was intended to protect his wealth from corporate risks and debt disputes, following a court ruling in Hong Kong that allowed liquidators to take control of his assets [4][8]. - The family trust, established in 2019 with $2.3 billion, was funded by dividends from Evergrande, but the court found that Xu retained too much control over the trust, leading to its classification as a fraudulent asset transfer [9][10]. - The ruling is based on principles such as "substance over form," "fraudulent transfer," and "creditor protection," indicating that trusts cannot be used to evade debt obligations [10][11]. Group 2 - Following the court's decision, a global asset recovery operation was initiated, freezing $7.7 billion in assets across 12 countries, including luxury properties and yachts [12][13]. - The liquidators are seeking to challenge the validity of the family trust in U.S. courts, arguing that it was established to evade debt responsibilities, which could lead to further legal complications for Xu [13][14]. - The case serves as a cautionary tale for entrepreneurs, emphasizing the importance of legal compliance and ethical business practices over attempts to exploit legal loopholes [15].