Prince Group and joint provisional liquidators: Chinese victims may file claims to seek distribution.
1 hours ago
According to Caixin reports, following the arrest of Chen Zhi, the head of Cambodia’s Prince Group, judicial authorities across multiple jurisdictions have initiated the disposal of assets linked to the group. For 30 British Virgin Islands (BVI) entities effectively controlled by Chen Zhi, local courts have appointed Joint Provisional Liquidators (JPLs) to investigate and preserve the relevant assets. Recently, the JPLs addressed issues including the scope of asset inventory, control disputes, and victim claims. The JPLs acknowledged that in multiple jurisdictions, parties claiming to represent Chen Zhi, Prince Group entities, or related stakeholders have challenged the liquidators’ appointment and actions. They also stated that a process for creditor claims and distribution has not yet been established. Should liquidation proceedings proceed in the future and sufficient funds be available for distribution to creditors, the liquidators will establish a claims process, adjudicate claims, and carry out distributions in line with BVI insolvency law. BVI insolvency proceedings are collective in nature, with claim eligibility not tied to nationality or jurisdiction. Potential victims from any jurisdiction may file claims, meaning that victims of telecom fraud and online gambling from China could also submit claims at a later time.
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