Litigation disputes continue to be troublesome, and Langqi has issued a number of announcements involving the progress of litigation

Since September last year, The veteran daily chemical company of Langqi has not only lost inventory, but also has trouble with litigation disputes and equity freezing. Recently, Guangzhou Langqi Industrial Co., Ltd. has issued a number of progress announcements on litigation, including commercial acceptance drafts due and non-payment, factoring contract disputes, etc.

Langqi recently announced that the company recently received the "Civil Judgment" [(2020) Yue 0106 Min Chu No. 36245] issued by the People's Court of Tianhe District of Guangzhou City on the bill dispute between Cultural Investment International Commercial Factoring Co., Ltd. and Langqi Company and Shenzhen Hezhengrong Industrial Co., Ltd. [(2020) Yue 0106 Min Chu No. 36245], and the Guangzhou Tianhe District People's Court made a judgment on the litigation claims submitted by the plaintiff, Wenxiang, and ruled that Langqi paid the amount of the bills under the electronic commercial acceptance draft and the corresponding interest to Wenxiang. It also bears part of the case acceptance fee and preservation fee.

On March 2, 2020, Langqi Company issued four electronic commercial acceptance drafts through the electronic commercial draft system, the ticket numbers are tail numbers 097, 101, 152 and 144, and the maturity date of the notes is August 27, 2020, the payee is HezhengRong Company, the acceptor is Langqi Company, and the acceptance date is March 2, 2020; on the same day, The Company of Insurance obtained four bills involved in the case with endorsement. After the notes matured, The Company urged Langqi to pay, and Lanqi Company transferred payments to the plaintiff three times since September 1, 2020. As of September 19, 2020, the two commercial acceptance drafts with tail numbers 152 and 144 were displayed as "indicating that payment has been refused", and the total amount of notes that Langqi Company had not yet fulfilled its redemption obligations was 24,840,000 yuan, and Hezhengrong Company should bear joint and several liquidation liability to Wensheng Insurance. As a result, the liberal arts institute filed a lawsuit with the court.

According to the judgment rendered by the People's Court of Tianhe District of Guangzhou City against the litigation claims submitted by Wensheng, Langqi Company paid the amount of the bills under the electronic commercial acceptance draft of 24,840,000 yuan and interest (based on 24,840,000 yuan, calculated from August 28, 2020 to the date of actual repayment, calculated at the quoted interest rate of the one-year loan market published by the National Interbank Lending Center); Hezhengrong Company is jointly and severally liable for the above debts.

Langqi Company also recently received the "Civil Judgment" [(2020) Gan09 Min Chu No. 188] issued by the Intermediate People's Court of Yichun City on the dispute between the Yichun Branch of Guangzhou Ganxi Commercial Factoring Co., Ltd. and Langqi Company and Guangzhou Fair Oil Supply Co., Ltd. The company and the fair company jointly bear the case acceptance fee and the property preservation fee.

On October 29, 2019, the factoring company and the company signed the Reverse Commercial Factoring Contract, which stipulated that the factoring company provided financing for the creditors of the company, and at the same time agreed on the interest rate of the reverse factoring financing, the penalty interest rate of the reverse factoring financing, the interest rate, etc. Subsequently, pursuant to the aforementioned factoring contract, the factoring company signed three Accounts Receivable Transfer Agreements with Langqi Company and Fair Company on April 16, 2020, with the amount of accounts receivable transferred to RMB32.596 million, and handled the movable property guarantee registration certificate at the Credit Information Center of Chinese Bank on April 17, 2020. After signing the appeal contract, the factoring company paid the factoring financing amount of 30.9662 million yuan to the fair company on April 17, 2020, and received 32.596 million yuan of accounts receivable as a whole. The list of accounts receivable assignments stated that the above-mentioned accounts receivable were all due on September 29, 2020, and after the expiration of the accounts receivable period, Langqi Company did not pay the accounts to the factoring company as agreed in the contract, and the fair company did not fulfill the repurchase obligation, so the factoring company sued the court.

[Reporter] Zhao Binghui

【Author】 Zhao Binghui

【Source】 Southern Press Media Group South + client

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