There are a number of different classes of creditors in insolvency matters
and our hotel is the “Unsecured creditors” which was ranked behind secured and preferential creditors. At present,
there is no indication on the distribution of any fund to creditors.
As the legal case is now over one year, the hotel would like to write off this bad debt from Accounts Receivable.
The total balance will be written-off as monthly and will complete the total balance by end of 2016.