REMAINING TIME TO PARTICIPATE
WATERFRONT REHABILITATION CASE
This information was given to us by a Waterfront Buyer.
Waterfront, safe or bankrupt? Bali Hai Co., Ltd, the owner and developer of the condominium project called “Waterfront” Pattaya has filed a motion for rehabilitation to the Central Bankruptcy Court in Bangkok.
The Victims who are the buyers (creditors) of the Waterfront project at this time are compiling a list of all the buyers and their contact details in order to enable them to file all their claims and to present the list of the Rehabilitator (plan preparer) to the Bankruptcy Court. So, the buyers can oversee the rehabilitation process and control the future of this project. The aim is to let the actual buyers and other parties who actually suffered losses to have a say and to participate in the rehabilitation process as well as finding a way to fix all the issues. In case the buyers fail to participate and the rehabilitation process does not succeed, the Bankruptcy Court may order Bali Hai Co., Ltd. to be bankrupted.
The more the buyers are acting collectively and in unison, the more persuasive and powerful they will be during the negotiations with the project’s owner.
The buyers stated that “Every one of us is deemed to be part of the project as if we were the joint owners. So we have to help each other to look after our future residential accommodation as much as we can, and to not let Bali Hai Co., Ltd., the owner and developer of the project, use this rehabilitation case to cut off any of their liabilities and to avoid any responsibilities they might have with consumers, who are suffering from their mismanagement, which is currently only interested in protecting the interests of their own investors and their affiliated third parties without trying to accommodate the interests of the actual consumer. During the past 2 to 3 years, the developer has never done anything to let us see that they are really solving the problems in this project. They only seem to release statements to the media as well as letters to us buyers containing misrepresentations, indicating the issues are being fixed and making excuses – hoping that everyone believes their words. Now it is time for using this opportunity to take action by participating ourselves in the rehabilitation process and to help fix the problems by ourselves.”
If you are one of the affected buyers in this project, please fill up the form below and we will contact you back.
Bankruptcy ACT, B.E. 2483
Section 90/61. Any Creditor who may apply for repayment of debt in the business reorganisation (rehabilitation) but fails to submit an application for repayment of debt within the time specified under section 90/26 or section 90/27 paragraph three, as the case may be, shall lose the right to receive repayment of the debt, regardles of whether the debtor’s business reorganisation will become successful as intended by the plan or not, unless:
(1) it is otherwise specified in the plan; or
(2) the Court issues an order cancelling the business reorganisation order.