JKN Global Group Chosen as Plan Preparer for Rehabilitation Plan Over EY

JKN Global Group Public Company Limited (SET: JKN) has been selected by its creditors as the Plan Preparer for the rehabilitation plan over EY Corporate Advisory Services Co., Ltd.

JKN disclosed in a statement through the Stock Exchange of Thailand that EY Corporate Advisory Services Co., Ltd. was nominated by North Haven Thai Private Equity Gemini Company (Hong Kong) Limited, a creditor of JKN. However, EY received less than two-thirds of the total debts of the company from the creditors who participated in the vote, which automatically granted JKN to be the Plan Preparer.

This is based on Section 90/17, paragraph 2, of the Bankruptcy Act B.E. 2483, “if the debtor nominates a Plan Preparer, the Plan Preparer as nominated by the debtor shall be so appointed, unless a resolution is passed by the creditors to whom debts are owed in the amount of not less than two-thirds of the total amount of debts owed to the creditors casting votes on such resolution to select another person to be the Plan Preparer.”

The Official Receiver is required to report the result of the creditors’ meeting to the Central Bankruptcy Court for further consideration and issuance of an order.