Tokyo Barrister: Start the law firm bankruptcy

Chapter 876 Shock Bomb

"How could this happen?" The three lawyers, Tanimoto, Tamashiro, and Abe, who received the legal documents, couldn't help but sigh in their office. They were a little bit unbelievable. How could they receive bankruptcy applications from so many courts in such a short time?

More than thirty overseas courts and legal systems in more than thirty different countries.

To be dealt with at the same time.

This is an impossible task.

The three bankruptcy lawyers naturally didn't believe this was a coincidence. Given that the documents showed the law firms they were represented by, they used their connections in overseas law firms to find out who was the real mastermind behind the scenes. In the end, after constant inquiries and questions, they finally discovered that the client behind these applications was the same person. Yes, it was -

Kitahara!!!

That young man!!!

These big lawyers in the field of bankruptcy law were shocked. Just looking at these bankruptcy application materials, they were all made with the same template, with little difference, and only simple modifications were made by the law firms in the countries where they were located. After all, filing an application is simple. What is important is not whether the content of the application is justified, but the application itself.

It is enough to just bring it up.

Overseas courts are certainly happy to act.

After all, it gives them the opportunity to seize foreign assets.

How could I let go of this pie that fell from the sky?

Of course, people flocked to these overseas courts.

After the bankruptcy notice was issued, various preliminary investigations into the assets began, and even law enforcement officers came to inquire.

Although there has been no formal judicial action yet, it is clear that the knife is being sharpened.

A big problem was placed before Tanimoto, Tamashiro, and Abe. This lawyer Kitahara created an unsolvable problem. He used the extraterritorial effect of cross-border bankruptcy to force the Tokyo High Court to make a decision to declare bankruptcy. He was sure that the Tokyo High Court would not want to be the first to be declared bankrupt by an overseas court.

Soon, a detailed report on the situation was transmitted to the top management of Nippon Steel. The bankruptcy application in more than 30 overseas courts was beyond everyone's expectations, including Chairman Shibata, Managing Director Uejima, Financial Director Nagai, CEO of Future Space Shima Miho, the main bank representative, and Minister of General Affairs Terada.

Before, those who held power thought that things were under their control.

The strike by the Japanese Steel Workers' Union did not stop them.

The bankruptcy filing of the workshop contractor certainly won’t stop them.

However, everything that happened before them told them a cold fact—

That is, thinking that you can control everything is an illusion!

"What!!!" At the internal meeting of Nippon Steel's top management, General Affairs Minister Terada even roared. When everyone knew that the bankruptcy declaration of an overseas court would be effective for assets in Japan, they were all shocked. How could such a thing exist? !

However, what is even worse is that the same person is behind this string of bankruptcy filings, namely Kitahara.

The lawyer's name appeared at the highest level meeting for the first time.

Minister of Internal Affairs and Communications Terada, Chairman of Nippon Steel Shibata, and CEO of Future Space Shima Miho, all these well-known figures heard the name Kitahara for the first time. At the meeting, the legal team of Tanimoto, Tamashiro, and Abe described in detail Kitahara's possible strategy, that is, Kitahara wanted to force the Tokyo High Court to declare bankruptcy first by going bankrupt overseas.

"You mean, if the Tokyo High Court doesn't declare bankruptcy, but the overseas court does, then we in Japan will no longer have the initiative in the case?!"

"It is possible." The female lawyer, Tamashiro, could only bite the bullet and answer, "Indeed, it is difficult for overseas courts to reach out to Japan. However, Nippon Steel is now a multinational company with many international investors and listing obligations to comply with. Many things are not that simple."

"In other words, this lawyer Kitahara is betting that our Japanese judicial authorities will not hand over the leadership of the case?" Terada asked further.

"Yes."

The senior executives in the conference room were shocked by the strategy of the Kitahara lawyer.

This was a case that could not be resolved quickly.

After the lawyers' team reported that day, Terada also spent a lot of effort to clear the information channels of the High Court, and confirmed that the court was indeed very hesitant and did not know what to do, and it would take a long time to get a result. Hearing this information, Terada was relieved.

however--

It's different now.

If every day of delay means that the initiative of the case may be snatched away by overseas courts, then the Tokyo High Court will inevitably take the lead and declare bankruptcy as soon as possible.

"Are our Oriental judges so cowardly?! Do we have to obey the orders of overseas courts?!" Future Space CEO Shima Miho asked dissatisfiedly, "I see that some production bases are built in small countries. Do we have to obey the bankruptcy orders of courts in these marginal countries?! How can this be possible?!"

"That's right." Lawyer Yucheng explained immediately, "Once an overseas court issues a bankruptcy order, overseas creditors will most likely request recognition of the validity of the foreign court order in Japan. If there is a treaty of judicial reciprocity between our country and an overseas country, then as long as the formalities are complete, our court will have to recognize it."

Yes--

Japan has international treaty obligations to abide by.

This is not just a matter of one case.

It's about the reputation of the country.

"Please evaluate the processing speed of overseas courts." Nippon Steel Chairman Shibata asked anxiously.

"More than 30 countries are involved, and we are currently unable to conduct an immediate comprehensive assessment of the overseas legal situation. We have been contacting law firms in these 30 countries, requesting them to provide legal support. However, as long as an overseas court takes the lead in announcing that Nippon Steel has entered bankruptcy proceedings, it will be too late," said Tamashiro.

Terada's eyebrows were furrowed deeply. The Minister of General Affairs smelled a crisis - a real crisis. You know, even though Toyo's steel manufacturing industry has declined in recent years, it is still world-class. Many countries are calling for anti-dumping measures or tariffs on Toyo steel, including calls for a crackdown on Nippon Steel. These countries believe that Nippon Steel has destroyed their opportunities to develop their domestic steel industry.

Then, taking advantage of this opportunity, these overseas countries will certainly scramble to swallow up Nippon Steel's assets! !

(End of this chapter)