According to the report from the Beijing News (note: the link is in Chinese), Shenzhen Proview, the company battling against Apple in the iPad trademark dispute has been applied for bankruptcy clearance by its debtor Taiwan Fubon Insurance (Fubon), who first applied for the bankruptcy to Shenzhen Intermediate Court in June of 2011 and sent the written notice to urge the acceptation on 20^th February, 2012.

According to the Enterprise Bankruptcy Law, “where an enterprise legal person fails to pay off its debts, and that if its assets are not enough to pay off all the debts or if it is obviously incapable of paying off its debts, its debts shall be liquidated in accordance with the provisions of the present Law.” That is to say the bankruptcy could only be applicable when the company’s assets are not enough to pay off its debts or it’s obviously incapable to pay off its debts. In the case, it’s arguable to say Shenzhen Proview is under such situations. For one hand, Fubon claims Shenzhen Proview has not made the payment on its debt and seems to be incapable to make the payment, while on the other hand, Shenzhen Proview disclaimed the accusation and insisted the iPad trademark is valuable enough to clear all the debt once it could be realized, and therefore it shall not be liquidated under the bankruptcy procedure.