Advice to customers
|In recent times, we have been made aware that there was a rumour circulating that on 29 March 2023 the Appeal Court was scheduled to hand down its decision in respect of NND appeal against the decision of the Bankruptcy Court to reject NND’s application for business reorganisation. |
We have previously advised that NND was not aware of this and that we continued to await a notice from the Appeal Court, further noting that there is no obligation on the Court to do so at any time. Whilst NND would have welcomed a decision, unfortunately, 29 March 2023 passed without one and there is yet another rumour that the decision will be handed down on 28 April. We continue to advise that customers should not pay credence to any rumours regarding the affairs of NND. We reiterate – if you have any questions, please contact us directly and we will answer these questions to the best of our ability.
As tourists have started to return to Pattaya, we are already experiencing an uplift in income derived from leasing customers rooms out to these visitors.
We must caution customers, however, that NND is having to deal with more than three years of disruption and there is much to do, both within NND, and on all the properties that we manage. In the first instance, leasing income must be directed to dealing with these matters, including repairs. Once we can stabilise operations and ensure all properties are in good condition, then we will be in a position to recommence distribution of leasing income to customers.
Unfortunately, tourist numbers are yet to increase to the point where this will happen any time soon. Therefore, we request customers to be patient. Be assured, as soon as we are able, NND will be making leasing payments.