/raid1/www/Hosts/bankrupt/TCRAP_Public/220713.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Wednesday, July 13, 2022, Vol. 25, No. 133
Headlines
A U S T R A L I A
480 QUEEN: Second Creditors' Meeting Set for July 20
A.C.N. 600: First Creditors' Meeting Set for July 21
A.C.N. 616: First Creditors' Meeting Set for July 19
SEDL CONSTRUCTION: Second Creditors' Meeting Set for July 20
XO HEALTH: Second Creditors' Meeting Set for July 18
C H I N A
CHINA: Offshore Defaults Rise to Record as Local Delinquencies Drop
RONSHINE CHINA: Misses Interest Payments on US Dollar Bonds
RONSHINE CHINA: Moody's Cuts CFR to 'Ca' & Sr. Unsec. Notes to 'C'
TIMES CHINA : Fitch Lowers LongTerm Foreign Currency IDR to 'CCC+'
[*] CHINA: Security Forces Attack Protesters Seeking Frozen Funds
I N D I A
ASIA TELECOM: Insolvency Resolution Process Case Summary
ASSOTECH MILAN: Insolvency Resolution Process Case Summary
BKS LEATHER EXPORTS: Insolvency Resolution Process Case Summary
BP SOFTWARE DEVELOPMENT: Voluntary Liquidation Case Summary
CS CLINICAL SOLUTIONS: Voluntary Liquidation Process Case Summary
ENNAR STEEL: Insolvency Resolution Process Case Summary
GROWMORE WEALTH: Insolvency Resolution Process Case Summary
HINDUSTAN CONTROLS: Insolvency Resolution Process Case Summary
INDO BIOTECH: Liquidation Process Case Summary
KUMAR BROTHERS: Insolvency Resolution Process Case Summary
MAURYA MANPOWER: Liquidation Process Case Summary
PHULAR CONSTRUCTION: Insolvency Resolution Process Case Summary
PLAST LINK: Liquidation Process Case Summary
RELIABLE FINANCE: Insolvency Resolution Process Case Summary
N E W Z E A L A N D
FOUND UP: Court to Hear Wind-Up Petition on July 21
GT DECORATING: Court to Hear Wind-Up Petition on July 12
LAROM PROPERTIES: Creditors' Proofs of Debt Due on Aug. 9
TANK REINFORCING: Creditors' Proofs of Debt Due on Aug. 12
THIRD AGE: Court to Hear Wind-Up Petition on July 28
TRADE ME: S&P Affirms 'B-' Rating on First-Lien Term Loans
[*] NEW ZEALAND: Insolvencies Set to Rise as New Challenges Emerge
S I N G A P O R E
AN RONG: Court Enters Wind-Up Order
CAMBRIDGE CDC: Court to Hear Wind-Up Petition on July 29
HUA XIN: Commences Wind-Up Proceedings
LE PREMIER: Creditors' Proofs of Debt Due on Aug. 1
LIGHTRAY ENERGY: Creditors' Proofs of Debt Due on Aug. 10
THREE ARROWS: Founders' Whereabouts Unknown, Says Liquidators
S R I L A N K A
SRI LANKA: Parliament to Elect New President on July 20
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A U S T R A L I A
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480 QUEEN: Second Creditors' Meeting Set for July 20
----------------------------------------------------
A second meeting of creditors in the proceedings of 480 Queen
Street Centre Pty Ltd has been set for July 20, 2022, at 10:00 a.m.
at the offices of WLP Restructuring, Suite 21.02, Level 21,
Australia Square, 264 George Street, in Sydney, NSW.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 19, 2022, at 4:00 p.m.
Glenn Livingstone and Alan Walker of WLP Restructuring were
appointed as administrators of the company on June 16, 2022.
A.C.N. 600: First Creditors' Meeting Set for July 21
----------------------------------------------------
A first meeting of the creditors in the proceedings of A.C.N. 600
951 586 Pty Ltd will be held on July 21, 2022, at 11:00 a.m. via
teleconference facilities only.
Andre Lakomy and Jason Tang were appointed as administrators of the
company on July 11, 2022.
A.C.N. 616: First Creditors' Meeting Set for July 19
----------------------------------------------------
A first meeting of the creditors in the proceedings of A.C.N. 616
516 093 Pty Ltd and A.C.N. 622 143 935 Pty Ltd will be held on July
19, 2022, at 11:00 a.m. via virtual facility.
Sam Kaso and Daniel Juratowitch were appointed as administrators of
the company on July 7, 2022.
SEDL CONSTRUCTION: Second Creditors' Meeting Set for July 20
------------------------------------------------------------
A second meeting of creditors in the proceedings of Sedl
Construction Pty Ltd has been set for July 20, 2022, at 11:00 a.m.
via telephone.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 18, 2022, at 11:00 a.m.
Kaily Lyn Chua and David James Hambleton of Rodgers Reidy were
appointed as administrators of the company on June 16, 2022.
XO HEALTH: Second Creditors' Meeting Set for July 18
----------------------------------------------------
A second meeting of creditors in the proceedings of Xo Health And
Fitness Pty Ltd has been set for July 18, 2022, at 10:30 a.m. via
Zoom Meeting.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the Company
be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 15, 2022, at 5:00 p.m.
Nicholas David Cooper and Dominic Charles Cantone of Oracle
Insolvency Services were appointed as administrators of the company
on June 10, 2022.
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C H I N A
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CHINA: Offshore Defaults Rise to Record as Local Delinquencies Drop
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Bloomberg News reports that a divergence in stress levels between
China's offshore and local credit markets is widening, as defaults
on overseas notes hit a record even as calm reigns onshore.
Overseas payment failures have amounted to a record 85% of all
Chinese bond defaults so far this year, as measured by the issuance
amount, according to data compiled by Bloomberg. In contrast,
onshore delinquencies, which had dominated the scene until last
year, are at the lowest since 2018 when the data series began.
According to Bloomberg, Chinese firms have missed payments on
US$26.2 billion of offshore bonds in 2022, with property developers
responsible for nearly all that total. As borrowing costs soar, the
sector has largely been unable to sell dollar debt this year to
refinance notes issued during the past decade's debt-fuelled
expansion. Beijing's "three red lines" policy to slow leverage
growth and a slump in new-home sales has crimped many builders'
liquidity.
Defaults on Chinese issuers' onshore notes have plunged more than
75% to US$4.6 billion this year, Bloomberg discloses. The domestic
calm has been helped by Beijing's monetary easing, calls for firms
to pay their debts and reprieves such as maturity extensions.
The onshore-offshore divergence in stress levels looks set to
continue the rest of this year, as Chinese developers face another
US$31.7 billion of dollar notes maturing, according to
Bloomberg-compiled data. Already this month, Shimao Group Holdings
failed to pay off a US$1 billion bond and Ronshine China Holdings
said it had missed initial deadlines to repay interest for two
dollar bonds.
That said, China Evergrande Group's latest failure to receive
investor approval to further delay a local bond payment signals a
toughening stance among local creditors, a development that may
threaten companies' ability to seek similar future debt compromise,
Bloomberg relays.
RONSHINE CHINA: Misses Interest Payments on US Dollar Bonds
-----------------------------------------------------------
The Standard reports that Ronshine China failed to pay interest for
two US dollar bonds and said its interim contracted sales dropped
by 53% from a year ago.
According to the report, Ronshine said it was unable to pay US$12.8
million (HK$99.84 million) in interest payment that was due June 9
on a June 2023 bond.
The company has not made such payment when a month-long grace
period ended, it said in a filing to the Hong Kong bourse on July
10, The Standard relays.
Ronshine also failed to pay US$15.07 million in interest that was
due on June 15, the company noted.
As of the date of the announcement, the company has not received
any notice regarding accelerated repayment from the holders of
these two bonds, the company said, the report relays.
According to The Standard, the company added it is not able to
guarantee the performance of obligations of the debts as scheduled,
hoping that such creditors will give the company a certain buffer
time to solve the current funding issues.
Meanwhile, Ronshine said its first-half contracted sales slumped by
53% to CNY38.7 billion (HK$45.37 billion).
Separately, CIFI said it has repurchased US$5 million or around
1.67% of the aggregate principal amount of a bond originally
issued.
About Ronshine China
Ronshine China Holdings Limited is an investment holding company
principally engaged in the development of properties. The Company
is involved in the sale of properties, construction contracting
businesses and rental of properties. The Company invests in
basements, residential properties, commercial properties, hotels
and office properties, among others. Its properties include First
City Rongxin Super Star City Phase I, First City Rongxin Super Star
City Phase III, Rongxin Spanish, Broad View, David City, Lan County
and The White House, among others. The Company operates businesses
in Chinese cities, including Shanghai, Hangzhou, Fuzhou, Xiamen and
Zhangzhou, among others.
As reported in the Troubled Company Reporter-Asia Pacific on March
25, 2022, Moody's Investors Service has downgraded Ronshine China
Holdings Limited's corporate family rating to Caa1 from B3 and
senior unsecured rating to Caa2 from Caa1. The outlook on the
ratings remains negative.
"The downgrade reflects Ronshine's increased liquidity and
refinancing risks arising from its recent change in auditor and a
likely delay in the reporting of its 2021 audited financials," says
Alfred Hui, a Moody's Analyst. "The negative outlook reflects
Ronshine's weak liquidity and the uncertainties around its ability
to address its debt maturities over the next 6-12 months," adds
Hui.
RONSHINE CHINA: Moody's Cuts CFR to 'Ca' & Sr. Unsec. Notes to 'C'
-------------------------------------------------------------------
Moody's Investors Service has downgraded Ronshine China Holding
Limited's corporate family rating to Ca from Caa1, and the
company's senior unsecured ratings to C from Caa2.
The outlook remains negative.
"The downgrade reflects our expectation of weak recovery prospects
for Ronshine's bondholders after its default on interest payments,"
says Alfred Hui, a Moody's Analyst.
The negative outlook reflects Moody's view that the recovery
prospects for Ronshine's creditors could weaken further.
Ronshine announced on July 10, 2022 that it had missed an interest
payment on its 8.1% senior notes due June 2023 after the expiration
of a 30-day grace period. It also missed an interest payment on its
7.35% senior notes due December 2023, which became due or payable
on June 15, 2022.
RATINGS RATIONALE
Ronshine's Ca CFR reflects the company's weak liquidity and limited
financial flexibility, and the weak recovery prospects for its
creditors. Ronshine's repayment risk will also elevate as the
missed interest payment could trigger a cross default and
accelerate the repayment of the company's other debt obligations.
The company would have to rely on asset sales or investments from
potential investors to generate funds for debt servicing. However,
these fundraising activities entail high uncertainties.
Ronshine's senior unsecured debt rating is one notch lower than the
CFR because of structural subordination risk. Most of Ronshine's
claims are at the operating subsidiary level and have priority over
claims at the holding company in a liquidation scenario. In
addition, the holding company lacks significant mitigating factors
for structural subordination. Consequently, the expected recovery
rate for claims at the holding company is lower.
In terms of environmental, social and governance (ESG)
considerations, Ronshine's CFR considers the company's concentrated
ownership and significant investments in its joint ventures (JVs).
The Ca CFR also considers the company's weakness in corporate
governance and information disclosure, as reflected by a delay in
reporting audited financial results for 2021 with a change in
auditor.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade is unlikely given the negative outlook.
However, positive rating momentum could develop if Ronshine repays
its maturing debt obligations and improves its liquidity position
materially.
The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.
Ronshine China Holdings Limited was incorporated in the Cayman
Islands in 2014 and listed on the Hong Kong Stock Exchange in
January 2016. The property developer focuses on mid-to-high-end
residential units in Fujian Province, the Yangtze River Delta, the
Pearl River Delta, Central China and the Bohai Sea region.
TIMES CHINA : Fitch Lowers LongTerm Foreign Currency IDR to 'CCC+'
------------------------------------------------------------------
Fitch Ratings has downgraded Times China Holdings Limited's
Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'CCC+',
from 'B+', and its senior unsecured rating to 'CCC+', from 'B+',
with the Recovery Rating remaining at 'RR4'.
The downgrade reflects Times China's tightening liquidity, as its
funding access may not improve by 1H23, making it likely that it
will need to repay its private corporate bonds due 2H22 and
offshore bonds due March 2023 through internal cash and cash
generation. The timely repayment of capital market debt hinges on a
sustained sales recovery and the successful disposal of assets and
urban redevelopment projects (URPs).
KEY RATING DRIVERS
Significant Capital-Market Maturities: Times China has CNY1.6
billion in onshore bonds maturing or turning puttable in August,
and CNY1.1 billion of onshore bonds maturing in September. It also
has CNY11.9 billion of capital-market debt maturing in 2023,
including CNY5.0 billion of offshore bonds and CNY6.4 billion of
onshore bonds that turn puttable in 2023.
Limited Funding Access: Fitch expects Times China's capital-market
access to remain limited till 1H23. Fitch believes the company will
rely on sales proceeds, refunds from the government on its URPs and
potential stake disposals in projects to repay its capital-market
debt during this time. However, there are risks surrounding the
timing of the receipt of refunds from the government and execution
risks on the asset disposals.
Limited Liquidity Headroom: The company has not disclosed to Fitch
its latest available cash balance for debt repayments, as the
company is conducting an interim review. Fitch believes its
liquidity headroom has weakened in view of the poor sales in 1H22
and that the company is prioritising cash to repay its onshore debt
in 3Q22, as it announced the deferral of the payment of cash
dividends to shareholders to July 29, from July 4.
Sales Decline: Contracted sales dropped by 40% yoy in 1H22, broadly
in line with the market. Sales in June rose by 14% mom to CNY5.2
billion, indicating a mild recovery. However, Fitch believes a
broader sales recovery in 2H22 remains uncertain. Apart from
property sales, Time China's primary development business may
generate some cash flow from the conversion of land parcels for
local governments. However, the receipt of this cash flow is
subject to the timing set by the local governments.
Doubt Over Going Concern: Times China's auditor, Ernst & Young,
indicated in the developer's financial results for 2021 that there
is material uncertainty over the company's ability to continue as a
going concern, but the auditor's opinion is not modified in respect
of this matter. The auditor stated that the group ability to
continue as a going concern would depend on: new financing,
acceleration of pre-sales and cash collection, control of costs and
capex and disposal of assets or URPs when needed.
DERIVATION SUMMARY
Times China's ratings are constrained by rising liquidity risk, as
it may not be able to secure refinancing for upcoming
capital-market maturities. Fitch believes Times China's access to
capital markets remains limited in the near term, which means it
may use internal cash to repay its maturities. Fitch places high
importance on financial flexibility amid the current volatile
environment.
KEY ASSUMPTIONS
-- Total contracted sales of CNY55 billion-65 billion a year in
2022 and 2023;
-- Unsold land bank life maintained at two to three years, and
Times China will slow land acquisitions to prioritise debt
repayment, if needed.
KEY RECOVERY RATING ASSUMPTIONS
-- The liquidation estimate reflects Fitch's view of the value of
balance-sheet assets that can be realised in a sale or
liquidation process conducted during bankruptcy or insolvency
proceedings and distributed to creditors;
-- Advance rate of 80% applied to accounts receivable. This
treatment is in line with Fitch's recovery rating criteria;
-- Advance rate of 24% applied to the book value of self-owned
investment properties. The portfolio has an average rental
yield of about 1%, which is low. The implied rental yield on
the liquidation value for the investment-property portfolio
would improve to 6%, which will be considered acceptable in a
secondary market transaction;
-- Advance rate of 50% applied to property, plant and equipment,
which mainly consists of buildings, the value of which is
insignificant;
-- Advance rate of 59% applied to net property inventory. The
inventory mainly consists of completed properties held for
sales, properties under development (PUD), prepayments for
redevelopment projects, and deposits for land acquisitions.
Different advance rates were applied to these different
inventory categories to derive the blended advance rate for
net inventory;
-- Advance rate of 70% to completed properties held for sale.
Completed commodity housing units are closer to readily
marketable inventory. The company has historically gross
margin for development property of around 20%-25%. Therefore,
a higher advance rate of 70% (against the typical 50%
mentioned in the criteria for inventory) was applied;
-- Advance rate of 50% to PUD and prepayment for development
projects. Unlike completed projects, PUD are more difficult to
sell. These assets are also in various stages of completion. A
50% advance rate was applied. The PUD balance - before
applying the advance rate - is net of margin adjusted customer
deposits;
-- Advance rate of 90% applied to deposits for land acquisitions.
In a similar way to completed commodity housing units, land
held for development is closer to readily marketable inventory
provided it is in satisfactory locations. The company's land
generally is not located in significantly disadvantaged areas.
Fitch applied a higher advance rate than the typical 50%
mentioned in the criteria;
-- Advance rate of 80% applied to prepayments for URPs. Fitch
views this as similar to prepayments for land, as typically
primary development will go through land auction again and the
developer that did the primary development will be fully
compensated even if they do not secure the land in the
auction. Fitch applied a higher advance rate than the typical
50% mentioned in the criteria;
-- Advance rate of 50% applied to joint-venture (JV) net assets.
JV assets typically include a combination of completed units,
PUD and land bank. A 50% advance rate was applied in line with
the baseline advance rate for inventories.
The allocation of value in the liability waterfall results in a
Recovery Rating corresponding to 'RR1' for the offshore senior
notes. However, the Recovery Rating for senior unsecured debt is at
'RR4', as China falls into Group D of creditor-friendliness under
Fitch's Country-Specific Treatment of Recovery Ratings Criteria.
The Recovery Ratings for instruments by issuers with assets in this
group are subject to a cap of 'RR4'.
RATING SENSITIVITIES
Factors that could, individually or collectively, lead to positive
rating action/upgrade:
-- Sustained improvement in liquidity and funding access, with
the company addressing upcoming debt maturities in a timely
manner.
Factors that could, individually or collectively, lead to negative
rating action/downgrade:
-- Deterioration in liquidity or funding access to address bond
maturities for the rest of 2022 and 1H23;
-- Significant decline in contracted sales or cash collection.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.
LIQUIDITY AND DEBT STRUCTURE
Tight Liquidity: Times China had available cash of CNY14.7 billion,
excluding restricted cash of CNY5.9 billion, at end-2021, covering
CNY11 billion in short-term debt. Times China has not disclosed to
Fitch its latest cash balance as the company is conducting the
interim review, while it has CNY1.6 billion of onshore bonds
maturing or puttable in August, and CNY1.1 billion of onshore bonds
maturing in September. It also has CNY2 billion in offshore bonds
maturing in March 2023 and CNY4.8 billion in onshore bonds puttable
in 1H23.
ISSUER PROFILE
Times China, established in 1999, focuses on residential projects
in Guangdong province. Its total land bank was 19.9 million square
metres at end-2021. The company has also acquired or signed
preliminary agreements for about 160 URPs.
ESG CONSIDERATIONS
Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.
DEBT RATING RECOVERY PRIOR
---- ------ -------- -----
Times China LT IDR CCC+ Downgrade B+
Holdings Limited
senior unsecured LT CCC+ Downgrade RR4 B+
[*] CHINA: Security Forces Attack Protesters Seeking Frozen Funds
-----------------------------------------------------------------
The New York Times reports that a financial scandal in central
China has touched depositors across the country, some of whom
placed their life savings in four rural banks offering high rates
of return, then found their funds frozen as investigators examined
allegations of widespread fraud.
When the bank customers began showing up in person to demand their
money, the authorities in the city of Zhengzhou tried to use health
code apps meant to prevent the spread of Covid-19 to prevent them
from traveling, the report relates.
The city retreated after a backlash, and several officials were
punished, the report says. But the depositors kept coming, with as
many as a thousand gathering on July 10.
This time the authorities sent in guards en masse to break up the
demonstration. They beat the protesters, kicking them to the ground
and shoving them onto buses - the harshest response yet to the bank
depositors' efforts to seek redress, the report relays.
According to The New York Times, photos and video of plainclothes
security agents attacking the protesters were shared on Chinese
social media, stirring anger over the use of force. While protest
images are often quickly censored in China, the footage from
Zhengzhou was still widely available on July 11, with one hashtag
viewed 32 million times on Weibo, the Twitter-like service.
The report says the protesters had gathered in front of the
Zhengzhou branch of the nation's central bank, the People's Bank of
China. Protesters interviewed by phone said that dozens of people
had been sent to hospitals after being beaten.
"We came all the way to Zhengzhou to get our money back, and we
didn't want to have conflicts with anyone," the report quotes Feng
Tianyu, 31, who lives in the northern city of Harbin, as saying.
"But the government sent so many people to deal with the unarmed
people. We were cheated financially, beaten physically and
traumatized mentally."
According to the report, the depositors said they are trying to
recover the money they placed in rural banks using online,
third-party platforms. The money has been frozen since April, when
the police and banking regulators said they were investigating
allegations of illegal financial activity.
Depositors from across the country have tried to go demand their
money in person, even as the authorities have repeatedly shut down
their messaging groups and tried to block them from traveling, the
report notes.
While the protests remain centered on four rural banks, all in
Henan Province, China's broader economic slowdown and the widening
impact of Covid lockdowns could potentially expose more
institutions and test the country's relatively new deposit
insurance mechanism, the report relates.
Deposits in China are guaranteed up to 500,000 Chinese yuan, about
$74,500, but many customers of the Henan banks deposited far more.
If the Henan government determines their deposits were part of an
illegal fund-raising scheme, it could complicate any efforts to
recover their money, the report states.
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I N D I A
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ASIA TELECOM: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Asia Telecom Private Limited
1517/6, Devika Towers
Nehru Place, New Delhi 110019
Insolvency Commencement Date: July 5, 2022
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: December 28, 2022
Insolvency professional: Abhishek Anand
Interim Resolution
Professional: Abhishek Anand
E-103, GK Enclave
New Delhi 110048
E-mail: irpepoch@gmail.com
Last date for
submission of claims: July 16, 2022
ASSOTECH MILAN: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Assotech Milan Resorts Private Limited
7th Lane, Amalapada Angul
Orissa 759122
India
Insolvency Commencement Date: July 7, 2022
Court: National Company Law Tribunal, Bhubaneswar Bench
Estimated date of closure of
insolvency resolution process: January 3, 2023
Insolvency professional: Suresh Chandra Pattanayak
Interim Resolution
Professional: Suresh Chandra Pattanayak
GKV-38, Gati Krushna Villa
Tankapani Road, Bhubaneswar
Dist. Khurda, Odisha 751018
E-mail: suresh_pattanyak@yahoo.co.in
assotechmilanresortcirp@gmail.com
Last date for
submission of claims: July 21, 2022
BKS LEATHER EXPORTS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: BKS Leather Exports Private Limited
AA-5, Prafulla Kanan
Sivayan Apartment
Krishnapur (W)
Kolkata 700101, WB
Insolvency Commencement Date: June 29, 2022
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: December 26, 2022
Insolvency professional: Pratap Mukherjee
Interim Resolution
Professional: Pratap Mukherjee
27A, Bhattacharjee Para Road
Paschim Barisha,
P.O. Thakurpukur
Kolkata 700063
West Bengal
E-mail: pratapmukherjee62@gmail.com
Last date for
submission of claims: July 13, 2022
BP SOFTWARE DEVELOPMENT: Voluntary Liquidation Case Summary
-----------------------------------------------------------
Debtor: BP Software Development Private Limited
Old Chandan Niwas
M.V. Road
Off Andheri-Kurla Road
Andheri (East)
Mumbai 400069
Liquidation Commencement Date: July 6, 2022
Court: National Company Law Tribunal, Mumbai Bench
Insolvency professional: Ms. Kala Agarwal
Interim Resolution
Professional: Ms. Kala Agarwal
801, Embassy Centre
Jamnalal Bajaj Road
Nariman Point
Mumbai 400021
E-mail: pcskalaagarwal@gmail.com
Mobile: 07021597117
Last date for
submission of claims: August 4, 2022
CS CLINICAL SOLUTIONS: Voluntary Liquidation Process Case Summary
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Debtor: CS Clinical Solutions India Private Limited
Plant 6, Godrej & Boyce Complex LBS Marg
Pirojshahnagar, Vikhroli (West)
Mumbai 400079
Liquidation Commencement Date: July 6, 2022
Court: National Company Law Tribunal, Mumbai Bench
Insolvency professional: Bharat Ramakant Upadhyay
Interim Resolution
Professional: Bharat Ramakant Upadhyay
507, 5th floor, C2 Wing
Skyline Wealth Space
Skyline Oasis Complex
Premier Road
Near Vidyavihar Station
Ghatkopar-West, Mumbai 400086
Tel: 9833284483
E-mail: brupadhyay@hotmail.com
brupadhyay.irp@gmail.com
Last date for
submission of claims: August 5, 2022
ENNAR STEEL: Insolvency Resolution Process Case Summary
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Debtor: Ennar Steel and Alloy Private Limted
3-6-112, 2nd Floor, Street No. 18
Himayatnagar, Hyderabad 500029
TG, IN
Insolvency Commencement Date: July 6, 2022
Court: National Company Law Tribunal, Hyderabad Bench
Estimated date of closure of
insolvency resolution process: December 28, 2022
Insolvency professional: Pavan Kankani
Interim Resolution
Professional: Pavan Kankani
#302, 3-6-140/A, 3rd Floor
City Centre, Himayat Nagar
Hyderabad 500029
Telangana
E-mail: ippavankankani@gmail.com
cirp.enaar@gmail.com
Last date for
submission of claims: July 15, 2022
GROWMORE WEALTH: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s Growmore Wealth Private Limited
2nd Floor, Karma, Jodhpur
Ahmedabad, Gujarat
Insolvency Commencement Date: June 30, 2022
Court: National Company Law Tribunal, Surat Bench
Estimated date of closure of
insolvency resolution process: December 27, 2022
Insolvency professional: Shivkumar Madanlal Baser
Interim Resolution
Professional: Shivkumar Madanlal Baser
A-1001, Opera House
Near Agrasen Bhavan
Citylight, Surat 395007
E-mail: shivmbaser@gmail.com
- and -
D-222, International Trade Centre
Majura Gate, Ring Road
Surat 395002
E-mail: ipshivbaser@gmail.com
Last date for
submission of claims: July 14, 2022
HINDUSTAN CONTROLS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Hindustan Controls & Equipment Private Limited
P-16 & 16/1, Kasba Industrial Estate Phase I
PO Haltu, Kolkata 700107
West Bengal
Insolvency Commencement Date: July 6, 2022
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: December 31, 2022
Insolvency professional: Subodh Kumar Agrawal
Interim Resolution
Professional: Subodh Kumar Agrawal
Room No. 301, 3rd Floor
1, Ganesh Chandra Avenue
Kolkata 700013
West Bengal, India
E-mail: subodhka@gmail.com
cirp.hcepl@gmail.com
Last date for
submission of claims: July 19, 2022
INDO BIOTECH: Liquidation Process Case Summary
----------------------------------------------
Debtor: Indo Biotech Foods Limited
3rd Floor, Industrial Assurance Building
Churchgate, Mumbai 400020
Liquidation Commencement Date: July 1, 2022
Court: National Company Law Tribunal, Mumbai Bench
Date of closure of
insolvency resolution process: June 29, 2019
Insolvency professional: Mr. Manoj Kumar Jain
Interim Resolution
Professional: Mr. Manoj Kumar Jain
11, Friends Union Premises
Co-op Soc Ltd., 2nd Floor
227, P D'Mello Road
Opp St. George Hospital
Mumbai 400001
E-mail: rpindobiotech@gmail.com
Last date for
submission of claims: August 5, 2022
KUMAR BROTHERS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Kumar Brothers Enterprises Private Limted
Maurya Market Dharamshala Road
Sasaram Rohtas 821115
Bihar
Insolvency Commencement Date: July 5, 2022
Court: National Company Law Tribunal, Bihar Bench
Estimated date of closure of
insolvency resolution process: December 24, 2022
Insolvency professional: Sagar Jain
Interim Resolution
Professional: Sagar Jain
1, Crooked Lane
1st Floor
Kolkata 700069
E-mail: ip.sagarjain@jainsaraogi.com
cirp.kbepl@gmail.com
Last date for
submission of claims: July 19, 2022
MAURYA MANPOWER: Liquidation Process Case Summary
-------------------------------------------------
Debtor: Maurya Manpower Services Private Limited
Maurya Patna, South Gandhi Maidan
Patna 800001, Bihar
Liquidation Commencement Date: July 6, 2022
Court: National Company Law Tribunal, Kolkata Bench
Date of closure of
insolvency resolution process: July 6, 2022
Insolvency professional: Anang Kumar Shandilya
Interim Resolution
Professional: Anang Kumar Shandilya
T-9, 1904, Exotica Dreamville
Sector 16C, Greater Noida West
Gautam Buddha Nagar 201318
Uttar Pradesh
E-mail: csanang@gmail.com
liquidation.mms@gmail.com
Last date for
submission of claims: August 5, 2022
PHULAR CONSTRUCTION: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Phular Construction Company Private Limited
Phular, P.O. Mansoorpur
PS-Phular Vaishali 843101
Bihar
Insolvency Commencement Date: July 6, 2022
Court: National Company Law Tribunal, Kolkata Bench
Estimated date of closure of
insolvency resolution process: December 31, 2022
Insolvency professional: Rajesh Kumar Agrawal
Interim Resolution
Professional: Rajesh Kumar Agrawal
Room No. 301, 3rd Floor
1, Ganesh Chandra Avenue
Kolkata 700013
West Bengal, India
E-mail: rajesh521@yahoo.com
cirp.phular@gmail.com
Last date for
submission of claims: July 19, 2022
PLAST LINK: Liquidation Process Case Summary
--------------------------------------------
Debtor: Plast Link Polymers India Private Limited
Gala No. 5 Dalmil Compound
Nandali Talav, Purna
Post Kolher, Taluka Bhiwandi
Thane, Maharashtra 421302
India
Liquidation Commencement Date: March 30, 2022
Court: National Company Law Tribunal, Mumbai Bench
Date of closure of
insolvency resolution process: March 29, 2022
Insolvency professional: Ganesh Venkata Siva Rama Krishna Remani
Interim Resolution
Professional: Ganesh Venkata Siva Rama Krishna Remani
C/o M/s NliteN Consulting and
Contracting LLP
302 Nahar Bsuiness Center
Chandivali, Mumbai 400072
E-mail: ganesh.remani@nliten.in
liqplastinkpolymers@gmail.com
Last date for
submission of claims: August 4, 2022
RELIABLE FINANCE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Reliable Finance Corpn Private Limited
106, T-10 Main Patel Road
Guruarjun Nagar, Shadi Khampur
New Delhi 110008
Insolvency Commencement Date: July 5, 2022
Court: National Company Law Tribunal, New Delhi Bench-VI
Estimated date of closure of
insolvency resolution process: December 31, 2022
(180 days from commencement)
Insolvency professional: Mohd Nazim Khan
Interim Resolution
Professional: Mohd Nazim Khan
MNK & Associates
Company Secretaries
G-41, Ground Floor
West Patel Nagar
Delhi 110008
E-mail: nazim@mnkassociates.com
cirp.reliablefinance@gmail.com
Last date for
submission of claims: July 18, 2022
=====================
N E W Z E A L A N D
=====================
FOUND UP: Court to Hear Wind-Up Petition on July 21
---------------------------------------------------
A petition to wind up the operations of Found Up Construction
Limited will be heard before the High Court of New Zealand at
Christchurch on July 21, 2022, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on June 1, 2022.
The Petitioner's solicitor is:
Jess Thomson
Inland Revenue, Legal Services
PO Box 1782
Christchurch
GT DECORATING: Court to Hear Wind-Up Petition on July 12
--------------------------------------------------------
A petition to wind up the operations of GT Decorating Limited will
be heard before the High Court of New Zealand at Christchurch on
July 12, 2022, at 10:00 a.m.
The Commissioner of Inland Revenue filed the petition against the
company on May 17, 2022.
The Petitioner's solicitor is:
Gabrielle McGillivray
Inland Revenue, Legal Services
PO Box 1782
Christchurch 8140
LAROM PROPERTIES: Creditors' Proofs of Debt Due on Aug. 9
---------------------------------------------------------
Creditors of Larom Properties 2006 Limited are required to file
their proofs of debt by Aug. 9, 2022, to be included in the
company's dividend distribution.
The High Court of New Zealand at Rotorua appointed Steven Khov and
Kieran Jones of Khov Jones Limited as liquidators of the company on
July 12, 2022.
TANK REINFORCING: Creditors' Proofs of Debt Due on Aug. 12
----------------------------------------------------------
Creditors of Tank Reinforcing Limited are required to file their
proofs of debt by Aug. 12, 2022, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on July 8, 2022.
The company's liquidators are:
Rachel Mason-Thomas
Jeffrey Philip Meltzer
Meltzer Mason, Chartered Accountants
PO Box 6302
Victoria Street West
Auckland 1141
THIRD AGE: Court to Hear Wind-Up Petition on July 28
----------------------------------------------------
A petition to wind up the operations of Third Age Digital Health
Limited will be heard before the High Court of New Zealand at
Napier on July 28, 2022, at 10:00 a.m.
Third Age Health Services Limited filed the petition against the
company on April 28, 2022.
The Petitioner's solicitor:
Vincent Naidu
PO Box 26016
Epsom, Auckland
TRADE ME: S&P Affirms 'B-' Rating on First-Lien Term Loans
----------------------------------------------------------
S&P Global Ratings affirmed its 'B-' issue-level rating on New
Zealand-based online classifieds company Titan AcquisitionCo New
Zealand Ltd.'s (Trade Me Group Ltd.) first-lien term loans. S&P
assigned a '3' recovery rating, reflecting its expectation for
meaningful (50% to 70%; rounded estimate: 65%) recovery for
noteholders in the event of a payment default. At the same time,
S&P affirmed its 'B-' issuer credit ratings on Trade Me Group Ltd.
and Titan AcquisitionCo New Zealand Ltd. The outlook is stable.
The actions follow the addition of New Zealand to group A of its
jurisdiction ranking assessments of national insolvency regimes.
The ranking assessment means we can now assign recovery ratings and
issue credit ratings (where we apply our recovery criteria) to the
debt of nonfinancial corporate issuers, and when determining
project finance recovery ratings. Please also see "Several Rating
Actions Taken As New Zealand Jurisdiction Ranking Assessed As Group
A," published on May 2, 2022.
Issue Ratings--Recovery Analysis
Key analytical factors
The 'B-' issue rating on the NZ$1.09 billion equivalent first-lien
term loan debt is in line with the issuer credit rating on the
company. The '3' recovery rating reflects S&P's expectation of
meaningful recovery prospects (65%) should a payment default event
occur.
S&P said, "At the time of hypothetical default, we expect a
material acceleration in customer churn or reduction in new sales,
arising from increased competition or weakened macroeconomic
conditions in New Zealand. We also expect that a major
cybersecurity breach could result in material reputational, legal,
and or financial damages that could potentially lead to a default.
As a result, Trade Me's profit margins, earnings and cash flow
generation would significantly decline, impairing its ability to
meet its cash interest payments and mandatory amortization on its
term loans. In this hypothetical scenario, we believe Trade Me's
ability to meet its financial obligations would be impaired. Our
case study assumes that the hypothetical default scenario would
occur in 2024.
"We value Trade Me as a going concern because we believe that
following a payment default, the company is likely to be
reorganized due to its solid market position, high brand awareness,
and sound customer loyalty across its business lines. We have
applied a 6.5x valuation multiple to an estimated distressed
emergence EBITDA of about NZ$118 million to estimate a gross
enterprise value of NZ$766 million. The net enterprise value after
administrative costs is about NZ$728 million."
Simulated default assumptions
-- Simulated year of default: 2024
-- Jurisdiction: New Zealand
-- EBITDA at emergence: NZ$118 million
-- EBITDA multiple: 6.5x
-- Gross enterprise value: NZ$766 million
Simplified waterfall
-- Net enterprise value at emergence (after 5% administrative
costs): about NZ$728 million
-- Estimated secured first-lien claims: approximately NZ$1.09
billion
-- Recovery expectations: 50%-70% (rounded estimate: 65%)
-- Recovery rating: 3
ESG credit indicators: E-2, S-3, G-3
[*] NEW ZEALAND: Insolvencies Set to Rise as New Challenges Emerge
------------------------------------------------------------------
NZ Businesses continue to be affected by overseas economic factors
(Ukraine war and China's lockdown policies), from supply line
shortages and disruptions, from interest rate increases, labour
shortages and generally rising costs. Insolvencies in NZ are set to
increase as new challenges emerge, McDonald Vague said in a press
release.
GRIP (Global Network of Restructuring and Insolvency Professionals)
is an international network of independent insolvency firms who
specialise in corporate restructuring and insolvency. The GRIP
members in Australia and UK suggest that NZ may be one year away
from seeing a notable shift in insolvency appointments. Australia
predicts an increase in the final quarter of this financial year.
Keaton Pronk of McDonald Vague Limited (NZ GRIP member) reports
that NZ appears to be six months behind Australia.
While Covid affected many NZ businesses, insolvency statistics
remain well below prior years. The Construction and Property
Development sectors and accommodation and food service sectors make
up the largest proportions of insolvencies in NZ. Continued closed
borders, inflation and a slowdown due to winter trading are all
contributors.
Many business owners have taken the opportunity to wind up and
sell. In May 2022, there were 34 solvent liquidations. The numbers
of company strike offs are high.
Court liquidation appointments of insolvent companies continue to
remain low with 25 in May 2022. There were 71 voluntary
shareholder-appointed insolvent liquidations in the same period.
The Inland Revenue were responsible for 77% of the total company
winding up applications in May 2021. By October 2021 debt
collection activity started to increase. In May 2022 IRD winding up
applications represented 44% of total winding up applications. This
is the highest activity as a percentage of total applications since
October 2021 and shows IRD is beginning to pursue its extensive
debtors list.
A more vigorous approach to debt collections is likely to prompt
company directors to take a more proactive approach to managing
their debts and IRD obligations. This is likely to lead to a lift
in business insolvencies. Directors should be considering their
options to restructure their business or consider entering into
formal compromise arrangements or voluntary administration.
Liquidation is an option for discussion for some and early advice
is always recommended. Businesses need to otherwise prepare for
expected hardship.
=================
S I N G A P O R E
=================
AN RONG: Court Enters Wind-Up Order
-----------------------------------
The High Court of Singapore entered an order on July 4, 2022, to
wind up the operations of An Rong Shipping Pte Ltd.
The company's liquidator is:
Yit Chee Wah
FTI Consulting (Singapore) Pte Ltd
1 Raffles Quay, #27-10
Singapore 048583
CAMBRIDGE CDC: Court to Hear Wind-Up Petition on July 29
--------------------------------------------------------
A petition to wind up the operations of Cambridge CDC @ BT Pte Ltd
will be heard before the High Court of Singapore on July 29, 2022,
at 10:00 a.m.
Maybank Singapore Limited filed the petition against the company on
July 1, 2022.
The Petitioner's solicitors are:
Tito Isaac & Co LLP
1 North Bridge Road #30-00
High Street Centre
Singapore 179094
HUA XIN: Commences Wind-Up Proceedings
--------------------------------------
Members of Hua Xin Residences Pte Ltd, on June 29, 2022, passed a
resolution to voluntarily wind up the company's operations.
The company's liquidators are:
Leow Quek Shiong
Gary Loh Weng Fatt
Seah Roh Lin
BDO Singapore
600 North Bridge Road
#23-01 Parkview Square
Singapore 188778
Email: garyloh@bdo.com.sg
quekshiong@bdo.com.sg
LE PREMIER: Creditors' Proofs of Debt Due on Aug. 1
---------------------------------------------------
Creditors of Le Premier Development Pte Ltd are required to file
their proofs of debt by Aug. 1, 2022, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on June 30, 2022.
The company's liquidator is:
Sim Hang Khiang
9 Kelantan Lane #06-01
Singapore 208628
LIGHTRAY ENERGY: Creditors' Proofs of Debt Due on Aug. 10
---------------------------------------------------------
Creditors of Lightray Energy Pte Ltd are required to file their
proofs of debt by Aug. 10, 2022, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on June 29, 2022.
The company's liquidators are:
Ong Kok Yeong David
Tay Tuan Leng
Tricor Singapore Pte. Ltd.
80 Robinson Road, #02-00
Singapore 068898
THREE ARROWS: Founders' Whereabouts Unknown, Says Liquidators
-------------------------------------------------------------
Bloomberg News reports that the founders of bankrupt crypto hedge
fund Three Arrows Capital haven't been cooperating in the firm's
liquidation process and their whereabouts were unknown as of July
8, according to court papers.
Representatives tapped to liquidate Three Arrows by a British
Virgin Islands judge had "not yet received any meaningful
cooperation" from Kyle Davies and Zhu Su, lawyers said in US
bankruptcy court filings, Bloomberg relays. Advisory firm Teneo is
attempting to round up and preserve the assets of the hedge fund.
According to Bloomberg, lawyers for Zhu and Davies told Three
Arrows' liquidators that the two intend to cooperate. A meeting
between the liquidators and attorneys was scheduled for July 11,
while a court hearing was set for July 12. The liquidators,
meanwhile are trying prevent the potential "dissipation" of the
fund's assets, Russell Crumpler of Teneo said in a sworn
declaration.
"Here, that risk is heightened because a substantial portion of the
Debtor's assets are comprised of cash and digital assets, such as
cryptocurrencies and non-fungible tokens, that are readily
transferable," lawyers for the liquidators said in court papers,
the report relays.
Three Arrows, which Zhu and Davies founded after trading at Credit
Suisse Group AG, succumbed to the widespread crypto selloff last
month, Bloomberg notes. Insolvency proceedings kicked off in the
BVI and were followed by a so-called Chapter 15 bankruptcy filing
in the US. The fund's downfall has rippled through the digital
asset industry, helping to drive at least one crypto platform that
counted Three Arrows as a counterparty into bankruptcy already.
The hedge fund's liquidators traveled to Three Arrows' office
address in Singapore in late June in an attempt to track down the
founders, according to court papers cited by Bloomberg. It appeared
dormant: the door was locked, computers were inactive and mail was
stuffed under the door. People working in the surrounding offices
said they hadn't seen anyone enter or exit the office recently.
Bloomberg relates that the liquidators spoke with lawyers for
Davies and Zhu via videoconference last week, according to court
papers, but did not speak to the founders directly.
"While persons identifying themselves as "Su Zhu" and "Kyle" were
present on the Zoom call, their video was turned off and they were
on mute at all times with neither of them speaking despite
questions being posed to them directly," Teneo's Crumpler said in
his court declaration.
Advocatus Law LLP, the Singapore-based law firm that spoke with
Three Arrows' liquidators on behalf of the fund's founders, didn't
immediately respond to a request for comment outside of normal
business hours on July 11, Bloomberg notes.
About Three Arrows Capital
Three Arrows Capital Ltd. was an investment firm engaged in
short-term opportunities trading, and is heavily invested in
cryptocurrency, funded through borrowings.
As of April 2022, the Debtor was reported to have over $3 billion
of assets under its management.
Three Arrows Capital Ltd. was incorporated as a business company
under the laws of the British Virgin Islands. Its sole shareholder
owning all of its "management shares" is Three Arrows Capital Pte.
Ltd., which previously operated as a regulated fund manager in
Singapore until 2021, when it shifted its domicile to the BVI, as
part of a global corporate plan to relocate operations to Dubai.
The Debtor borrowed digital and fiat currency from multiple lenders
to fund its cryptocurrency investments. After cryptocurrency lost
99% of its value, and then prices of other cryptocurrencies had
rapid declines, the Debtor reportedly defaulted on its
obligations.
On June 24, 2022, one of the Debtor's many creditors -- DRB Panama
Inc. -- filed an application to appoint joint provisional
liquidators -- and thereafter, full Liquidators -- in the Eastern
Caribbean Supreme Court in the High Court of Justice (Commercial
Division) located in BVI. The application was assigned claim number
BVIHCOM2022/0117.
Subsequently, on June 27, 2022, the Debtor filed its own
application for the appointment of joint liquidators before the BVI
Commercial Court.
On June 29, 2022, the Honorable Mr. Justice Jack of the BVI
Commercial Court appointed Russell Crumpler and Christopher Farmer
of Teneo (BVI) Limited as joint liquidators of Three Arrows Capital
Ltd.
On July 1, 2022, liquidators of Three Arrows Capital filed a
Chapter 15 bankruptcy in the U.S. (Bankr. S.D.N.Y. Case No.
22-10920) to seek recognition of the BVI proceedings. Judge Martin
Glenn is the case judge. Latham & Watkins, led by Adam J. Goldberg
is counsel in the U.S. case.
The law firm of Ogier, led by Grant Carroll, is advising the
liquidators in the BVI proceedings.
=================
S R I L A N K A
=================
SRI LANKA: Parliament to Elect New President on July 20
-------------------------------------------------------
Reuters reports that Sri Lanka's parliament will reconvene on July
15 and a new president will be elected on July 20, the
parliamentary speaker said on July 11, as President Gotabaya
Rajapaksa plans to resign on July 13 amid a devastating economic
crisis.
"Nominations for the next president will be presented to parliament
on 19 July. On 20 July parliament will vote to elect a new
president," Reuters quotes speaker Mahinda Yapa Abeywardena as
saying in a statement. "During the party leaders' meeting held
today, it was agreed that this was essential to ensure a new
all-party government is in place in accordance with the
Constitution and to take forward essential services."
As recently reported in the Troubled Company Reporter-Asia Pacific,
S&P Global Ratings, on May 27, 2022, affirmed its long-term and
short-term foreign currency sovereign ratings on Sri Lanka at
'SD/SD.' At the same time, S&P affirmed its 'CCC-' long-term and
'C' short-term local currency sovereign ratings. The outlook on the
local currency ratings remains negative.
In addition, S&P lowered to 'D' from 'CC' the issue ratings on the
following bonds with missed interest payments in May:
-- US$1.5 billion, 6.85% bonds due Nov. 3, 2025.
-- US$1.5 billion, 6.20% bonds due May 11, 2027.
S&P's transfer and convertibility assessment at 'CC' is unchanged.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2022. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***