Kuaibo Technology, the owner of once popular video player QVOD, is to liquidate its assets to pay for a long-existing debt to Shenzhen-based Geniatech, a PCTV and IT manufacturer.

According to the government records, the debt can be traced back to 2014 July when Shenzhen Nanshan Court ruled that Kuaibo Technology should carry out an RMB 9.7 million payment of goods to Geniatech and RMB 300,000 interest on overdue payment. However, Kuaibo’s assets had been frozen by the government agencies as the company was facing charges of copy violation and distributing pornographic videotapes. Kuaibo hasn’t paid its debt to Geniatech to this day.

Geniatech filed an application for the liquidation of Kuaibo to the Nanshan Court, of which the date wasn’t in the document, and the court accepted Geniatech’s application on August 23.

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Jiefei Liu

Jiefei Liu is a Beijing based tech reporter. She focuses on the union of tech and content creation and loves agriculture. You can write to her at Jiefei@technode.com