OLONGAPO CITY—The regional trial court (RTC) in this city
has appointed a new receiver to manage the properties of Hanjin Heavy
Industries and Construction-Philippines
(HHIC-Phil) while the beleaguered South Korean shipbuilder is undergoing
court-supervised corporate
rehabilitation.
Judge Richard A. Paradeza of RTC Branch 72 on Monday named lawyer Rosario S. Bernaldo as the new HHIC-Phil receiver in place of Stefani C. Saño, who was first appointed by the court on January 14.
According to Paradeza, the court took into consideration Bernaldo’s work experience and answers during an interview and subsequently determined that she was the most qualified among the nominees.
Among the questions the court asked pertained to how the prospective receiver would deal with debtors, creditors, employees and other stakeholders, as well as how to proceed with the rehabilitation plan.
“In particular, Atty. Bernaldo has vast experience in rehabilitation cases, as shown in her curriculum vitae,” Paradeza noted in his order dated February 11, 2019.
“To the mind of the court, her work experience in rehabilitation cases is vital in this selection,” the judge added.
The court also noted that “none of the nominees was nominated by more than 50 percent of the secured creditors and the general unsecured creditors.”
Bernaldo, who is founder and managing director of the Bernaldo Mirador & Director Law Offices, is also a certified public accountant with significant professional experience in tax and management consulting, corporate and legal services, business and financial management, investment banking, insolvency and receivership, audit, training and research.
Prior to her entry as HHIC-Phil receiver, Bernaldo was directed by the court to take an oath and required to file a P2-million bond that was “conditioned upon the faithful and proper discharge of her powers, duties and responsibilities.”
Saño, a former senior deputy administrator of the Subic Bay Metropolitan Authority, had reportedly resigned as HHIC-Phil receiver due to pressure from one of the creditor banks, which questioned his being nominated by Hanjin.
The former receiver said he resigned, “so the process will be expedited.”
Saño said earlier that claims received by the court from HHIC-Phil creditors and suppliers had so far reached P48 billion. He said it was the job of the receiver to verify the accuracy of these claims.
Hanjin had filed on January 8 a petition for voluntary rehabilitation under Republic Act 10142, otherwise known as “An Act Providing for the Rehabilitation or Liquidation of Financially Distressed Enterprises and Individuals,” after it reportedly suffered insolvency due to a slump in the global shipbuilding industry.