Core Viewpoint - The Hong Kong High Court has made a significant ruling in the case of China Evergrande Group against Xu Jiayin and other defendants, appointing a liquidator as the receiver of all assets of Xu Jiayin due to non-compliance with asset disclosure orders [2][3]. Summary by Relevant Sections Legal Proceedings - The court's decision was prompted by Xu Jiayin's failure to comply with a legal document issued by Judge Coleman on June 24, 2024, which included a freezing order of $7.7 billion and an asset disclosure requirement [6][7]. - Xu Jiayin did not disclose the required information regarding his assets, leading to the appointment of a liquidator to manage his assets [6][7]. Asset Management and Oversight - The court has limited the liquidator's authority to identifying, preserving, and investigating Xu Jiayin's assets, ensuring the execution of the freezing order without granting the liquidator the power to dispose of assets [7][8]. - The focus of the court is on whether Xu Jiayin has effectively controlled assets through family trust structures while evading disclosure obligations [8][9]. Trust Structures and Investigations - The liquidator will investigate three main areas: reviewing records of related companies, verifying the transfer and sale of trust-related assets, and potentially restoring the registration of companies involved in trust asset management [8][9]. - The court's ruling reflects a judicial attitude of "substance over form," aiming to penetrate the offshore trust structures to ensure asset transparency [9][10]. Implications for High-Net-Worth Individuals - The ruling may influence how high-net-worth individuals approach offshore family trusts, emphasizing the need for transparency in control and compliance with legal obligations [11][12]. - The ongoing legal battle surrounding family trust assets is expected to continue affecting the resolution of Evergrande's debt crisis [12].