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.”
This article is written by Huynh for JayneStars.com.