Artiste Steven Ma’s former manager, Frankie Fan (范志荣) with HK$30 million in debt, was pressed by one of his 71 creditors, Senior Accountant, Mr. Rong (容永道) to apply for bankruptcy protection last year. At that time, Fan said he would present an IVA debt reorganization proposal that will repay 75% of his debt within 5 years. But the high court revealed that since September last year, a 3 month’s lapse, his proposal had yet to be presented, therefore indicative of bad faith. Accordingly, the court has officially declared him bankrupt. But Fan is still permitted to seek out IVA, and to belatedly present his proposal to the court; if approved, his bankruptcy status will be duly removed. Currently filming “Stars of Love”, Steven declined any comments when asked about the bankruptcy case. As to Fan’s last year lawsuit against him for half the equity of an apartment, Steven said he will consult his lawyer before making his decision. *An IVA (Individual Voluntary Arrangement) is a legally binding document between the debtor and his/her creditors Source : mingpao Translator: Tamaya @ http://asianfanatics.net
