Veronica Yip Admits to Husband’s Bankruptcy

By on July 9, 2020 in Hong Kong, Hot Gossip!, NEWS

Veronica Yip Admits to Husband’s Bankruptcy

After marrying wealthy Chinese-American businessman Jeffrey Wu (胡兆明) in 1996, well-known Category III film actress Veronica Yip (葉玉卿) officially retired from the Hong Kong entertainment industry. At the pinnacle of his success, Jeffrey Wu was worth $1 billion US dollars, with the family living in luxury in Long Island, New York, while their children attended prestigious universities. However, his businesses had slipped into shaky financial ground, and the former billionaire was forced to file for bankruptcy recently.

Founding the Hong Kong Supermarket chain, Jeffrey Wu also ventured into consumer banking and real estate development in Flushing and Manhattan. Since 2018, he was already ladled in millions in debt but the reasons why he defaulted on his loans were unclear. The COVID-19 pandemic appears to have accelerated his financial troubles.

After he put up mezzanine loans valued at US$15 million on his real estate assets up for foreclosure auction this week, Jeffrey Wu’s bankruptcy attracted the local New York media attention. According to his personal bankruptcy filings, he has assets under US$50,000 and liabilities ranging from US$50 million to US$100 million.

Veronica Yip Said Bankruptcy is Not a Big Deal

In an effort to protect his assets, Wu Jeffrey filed for Chapter 11 bankruptcy, which allows the debtor to propose a reorganization plan, while being able to keep his business alive and pay creditors over time.

When reached for comments, Veronica confirmed her husband’s bankruptcy filing and stressed that the situation is not as serious as it is being reported. She added that the family’s day-to-day life will not see much change, “As long as the situation does not affect life or death, then it is not such a big deal. Applying for bankruptcy to protect ourselves does not mean we lose everything. Our daily necessities, partial income, properties, and cars can also be exempt.”

Bringing in comparisons, Veronica expressed that filing for bankruptcy is a common practice in the United States. Remaining positive, she stated, “Filling for bankruptcy definitely has an effect on a person’s record and reputation. But this kind of effect is only temporary. Personal records and reputation can be rebuilt. Recently, a lot of big corporations have also filed for bankruptcy. President Donald Trump had also filed for bankruptcy several times in the past.”

Sources: On.cc; The Real Deal, Sing Tao

This article is written by Huynh for JayneStars.com.

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  • 3 comments to Veronica Yip Admits to Husband’s Bankruptcy

    1. m0m0 says:

      Situation doesn’t sound so bleak. He could recover from it. At least he’s not going to loss his nonliquid asset which means he still got plenty wealth.

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    2. bubbles23 says:

      ROFL “Trump has filed for bankruptcy several times in the past”.
      That’s cause he’s a fraudster!
      Anyways she’s right that bankruptcy isn’t a death sentence but a way to reorganize and get back on your feet.
      I wonder why he took on debt personally instead of incorporating though.

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      • m0m0 replied:

        @bubbles23
        thing w/ trump didn’t go through personal bankrupcy. it was his companies that went through them 6 times. i would think that personal debt does worser thing to your credit score. given that he filed for chapter 11, he would still have to pay for the next few years. i don’t know if chapter 11 is the worst kind of bankruptcy or not.

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