Tokyo Barrister: Start the law firm bankruptcy

Chapter 882: Fight in Court Again

"Sue?!" Yu Cheng couldn't believe it. "The bankruptcy administrator's lawyer and the external accounting firm haven't even completed due diligence yet. You want to sue now?! The audit report on Nippon Steel's assets hasn't come out yet, and the creditors' meeting hasn't been formed yet! You want to sue?!!"

"Yes." Kitahara smiled. "The law does not limit the time to file a right of rescission. It must be after the asset audit report or the establishment of a creditors' meeting. We can certainly file a lawsuit now."

"you!"

"Lawyer Kitahara... We need to study this carefully," said Lawyer Songshan. "After all, we can't file a lawsuit with the court so quickly at this moment."

However, Songshan's words had just fallen.

Kitahara quickly took out a thick file bag and placed it on the table. "Matsuyama, attorney. We have already prepared all the relevant litigation materials, from the indictment documents to the evidence materials. We can file a lawsuit at any time."

How could they move so fast?! Tanimoto, Tamashiro, and Abe were all surprised to see the thick stack of materials. Tamashiro immediately reached out to untie the rope of the file bag to find out what was inside.

However, as soon as he stretched out his hand, Kitahara grabbed it with his backhand.

"Lawyer Yucheng, after all, the person being sued is your client. If you want to know the indictment materials, you can wait until the court delivers them to you, and then read them in detail!"

……

……

……

Morning, 9:30.

Tokyo High Court, Court No. 505.

Sitting in the courtroom was the judge who had been sitting there before, Ono Tsutomu. There were also seven judges sitting in the bench. Kitahara and his team quickly filed a lawsuit against the bank to revoke the bank's mortgage rights. Because this lawsuit might have a demonstration effect on Nippon Steel's future handling of bank debts, the court had to be cautious.

It is rare for the Tokyo High Court to have a seven-member panel.

This is the second time that a seven-member panel has been formed for the Nippon Steel case.

Yucheng and others sat on the defendant's side. They didn't expect that Kitahara was serious!!! Yucheng also glared at the bankruptcy administrator, Lawyer Matsuyama, who was sitting on the plaintiff's side. This old lawyer! Really!! He didn't even delay. He actually agreed to their lawsuit directly!!

Songshan felt Tamashiro's gaze and could only look at Kitahara and Miyakawa innocently. After all, the Nippon Steel case had such a significant impact, and as the lead lawyer for the bankruptcy administrator of the case, he could only honestly follow the law. If he used procrastination or something like that and angered the other party, and they complained to the bankruptcy court, it would greatly damage the reputation of the law firm.

Therefore, Songshan saw that Kitahara and his team had prepared all the necessary materials, so he did not say anything and directly submitted the materials to the court. The bankruptcy administrator himself had no enthusiasm for such a lawsuit on the right of rescission, so Kitahara and his team would mainly make their statements in court.

Judge Ono raised his gavel.

This was the first lawsuit after the initiation of the bankruptcy procedure of Nippon Steel, and naturally attracted great attention, especially from banks. If the bank's mortgage rights were revoked, it would probably cause a big shock in the financial world.

"The court is now formally hearing the case of revoking the security rights of Nippon Steel's major correspondent banks, including Mitsubishi Tokyo UFJ Bank, Mizuho Bank, Tokyo Central Bank, Sumitomo Mitsui Banking Corporation, Shinsei Bank, and Chiba Bank!"

"Click" sound.

The gavel rang. Miyakawa immediately stood up and began to read the civil complaint:

"Two weeks before the Tokyo High Court announced the bankruptcy proceedings against Nippon Steel, the defendant's six major banks established a large number of mortgages on Nippon Steel's assets. Specifically, they included 78 plots of land, 56 factory buildings, and 223 sets of production line equipment. The mortgage of the above large assets was established in just two weeks."

"These newly established mortgages enable banks to obtain priority repayment rights in subsequent bankruptcy proceedings. In essence, they are a disguised way of repaying individual creditors by 'establishing mortgages'."

"In simple terms, by cooperating with the bank to establish a mortgage, Nippon Steel ensured that its assets would be used mainly to repay its debts to the bank in the subsequent bankruptcy proceedings, rather than to repay all creditors in proportion. This violates the basic principles of bankruptcy law and will have extremely unfair consequences for all creditors of Nippon Steel. Based on this, I request the court to revoke the bank's illegally established mortgage in accordance with the law!!"

In court——

This lawsuit once again shocked the top executives of Nippon Steel, Future Space and the bank.

They didn't expect that their plan would be hindered again.

He originally wanted to force his way into her, but ended up bringing about a new lawsuit.

Although the Cabinet's Minister of General Affairs Terada was not at the court, he did not expect that one crisis would come after another. His plans to continue to be implemented were repeatedly blocked. When he learned in the Cabinet's office that the workshop contractors had united again and asked the bankruptcy administrator to revoke the bank's mortgage rights, he almost jumped up and almost smashed the phone while sitting in the office.

If the bank's mortgage right is revoked, then the strategic investment plan will inevitably fail.

The strategic investment in Future Space and the bank's financing plan are interdependent and indispensable.

It is impossible for Future Space to cover Nippon Steel's debts, so bank financing is needed.

The bank's financing requires Nippon Steel's guarantee and future investment commitment.

The whole plan is embedded in each other.

If one link is missing, it will not be possible to form a whole.

Once the banks' mortgage rights were revoked, they would certainly not be able to provide financing to Nippon Steel.

If there is no bank financing, Future Space will certainly be unwilling to inject capital into Nippon Steel.

As a result, Terada's plan to save Nippon Steel completely failed.

This lawsuit also attracted the attention of some bigwigs in the dark. In the chess game of these bigwigs, the bankruptcy of Nippon Steel was inevitable. Although Kitahara filed for bankruptcy on behalf of the workshop contractor, which was beyond the expectations of some bigwigs in the dark, overall, things were still moving in their direction.

However, the possibility that the bank's mortgage rights might be revoked came as a surprise to everyone.

So much so that these bigwigs in the dark also began to pay attention to this lawsuit——

As for lawyers such as Tanimoto, Tamashiro, and Abe, they will fight to the death to stop Kitahara!

(End of this chapter)