Company behind Miss Universe competition JKN Global Group files for bankruptcy

In a single day, Thailand-based JKN World Group submitted a petition for “enterprise rehabilitation” right into a Thai court docket.

That’s the nation’s equal of declaring chapter and securing the protections that include it, together with urgently restructuring the enterprise within the hopes of turning issues round.

The corporate’s listening to date has been set for the Thai Chapter Courtroom on January 29 and it’ll proceed working within the meantime. Meaning the Miss Universe competitors, slated to run subsequent Saturday, will go forward.

JKN World Group bought the worldwide Miss Universe model for US$20 million (A$31 million) final yr however since then, it has racked up substantial money owed and now has a “liquidity drawback”.

The enterprise has been on the point of collapse since September 1, when a US$12 million cost fell due as a part of its buy settlement, however they have been unable to pay it.

JKN’s chief government is a transgender lady known as Anne Jakapong Jakrajutatip, who purchased the model because the pageant grew to become a extra inclusive and accepting of distinction.

That is the second money-related controversy to rock the Miss Universe pageant in as many days.

It comes as in a very separate scandal, only a day earlier, information.com.au revealed that members of the general public are calling for Australia’s Miss Universe consultant, Moraya Wilson, to step down due to her enterprise dealings and her household’s historical past.

Melbourne-based Moraya is the daughter of two bankrupt property builders linked to a number of company collapses which owe a whopping $45 million to collectors.

In response to the Australian Securities and Investments Fee (ASIC), property growth firms run by her dad and mom, Anton and Melinda Wilson, owe greater than $45 million to collectors following a number of firm liquidations, together with roughly $21 million to the tax workplace.

Moraya herself can also be in ASIC’s crosshairs, as she is the only director of 10 firms that the watchdog is searching for to deregister.

Ms Wilson has denied any information or involvement within the companies to information.com.au and stated she was not actively concerned in any of the ten firms regardless of being listed because the director.

She stated she had “tendered my resignation from the entire firms”.

One of many firms Moraya is director of owes $13,204 to the Australian Taxation Workplace, that means it was working and buying and selling as a enterprise.

She has been accused of enabling the household enterprise to proceed regardless of her guardian’s bankruptcies via these 10 directorships.

The Wilsons’ “21-year-old daughter is now nominated because the director of the household development group”, insolvency professional Nicholas Crouch alleged in a submission to a parliamentary inquiry into ASIC, lodged final yr, after intensive investigations.

“It might seem the household enterprise has not been disrupted by strategic bankruptcies and liquidations.”

Since her household historical past got here to gentle, a member of the general public has began a petition on Change.org calling for Australia’s prime mannequin at hand again her tiara.

Moraya stated she was conscious there was a Change.org petition calling for her to step down however she supposed to compete within the worldwide pageant later this month regardless.

“I’ve change into conscious of a petition,” she stated.

“I intend to fulfil my duties as Miss Universe Australia to the perfect of my capability with the complete help of The Miss Universe Australia administration.”

The petition calling for Moraya to step down states: “Miss Universe is a world competitors that empowers girls and promotes numerous representations of magnificence throughout the globe. This magnificence goes past look and consists of character and persona …”

Moraya touched down in El Salvador this week in preparation for the pageant subsequent week.

Information.com.au contacted JKN World Group for remark, each about its chapter and about Moraya Wilson being considered one of its contestants.

They didn’t instantly reply to requests for remark.

alex.turner-cohen@information.com.au