UnionTech PILOT 250
Shanghai Union Technology Corporation’s North American subsidiary has been discontinued after a trust agreement and assignment for the benefit of creditors was filed on April 10th, 2019.
Union Tech Inc. handled marketing responsibilities for one of the largest Chinese vendors in the space, with sales, maintenance, and technical services being provided by external industry partners.
With the subsidiary company unable to pay the entirety of its debts, its assets have been handed off to the ‘Union Tech Creditors’ Trust’ – created upon the discontinuation of the business – for orderly liquidation.
The initiation of the general assignment was announced on the homepage of the Union Tech Inc. website with a link directing users to a PDF of the legal documentation. Within this documentation it read: “Whereas, Union Tech is indebted to various persons, corporations, and other entities and is unable to pay its debts in full, has decided to discontinue its business, and is desirous of transferring its property to a trust to be administered by the Trustee/ Assignee for the benefit of its creditors so that the property so transferred may be expeditiously sold or liquidated and the proceeds thereof be fairly distributed to its creditors without any preference or priority, except such priority as established and permitted by applicable law.”
Shanghai Union Technology Corporation introduced stereolithography hardware into its business portfolio in 2000. Its products include the RSPro series and the Pilot series, with installations across Asia, Europe and North America. The company decided in 2016 that a location within the United States was required to strengthen the company’s presence in a fast-growing market. It opened up a marketing base in Illinois, set up distribution, maintenance and support channels, and as recently as August 2018, opened a Stereolithography Demo Center in the Chicago area. But struggling to make payment of its debts, the company has taken the decision to discontinue.
