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|Last 20 companies going into administration|
|COMPANY||CODE||DATE OF ADMIN||NOTICE|
|CBL CORPORATION LIMITED||CBL||26 Feb 18||On Friday, 23 February 2018, the High Court of New Zealand appointed Kare Johnstone and Andrew John Grenfell as interim liquidators of CBL Insurance Limited following an application to it by the Reserve Bank of New Zealand. The interim liquidator has been appointed pending the outcome of an application to the Court for the appointment of a liquidator to CBL Insurance.|
|CENTRAL ASIA RESOURCES LIMITED.||CVR||14 Feb 18||Jack James and Paula Smith of Palisade Business Consulting were appointed Joint and Several Voluntary Administrators of the company. The future of the company will be decided at a second meeting of creditors to be convened in due course.|
|QUINTIS LTD||QIN||22 Jan 18||The company does not have the financial resources available for it to pay the put option price required by Asia Pacific Investments. The directors have resolved to appoint Richard Tucker, Scott Langdon and John Bumbak of KordaMentha as voluntary administrators of Quintis Limited and its Australian subsidiaries. The purpose of the voluntary administration is to protect the interests of shareholders, creditors, employees, suppliers, growers and other stakeholders.|
|VIDELLI LIMITED||VID||29 Dec 17||Brett Lord and Duncan Clubb appointed administrators|
|ANAECO LIMITED||ANQ||18 Dec 17||Hayden White and Matthew Woods of KPMG have been appointed as Administrators of the Company, as a result of the termination of the Tripartite Agreement between Xioaqing Environmental Protection Technology Co. Ltd, Monadelphous Group Limited and AnaeCo. With no other alternative transactions being available, AnaeCo has no financial means available to support its continued operation.|
|OROTONGROUP LIMITED||ORL||30 Nov 17||The securities of OrotonGroup Limited will be suspended from official quotation immediately, following the appointment of voluntary administrators.|
|ECHOICE LIMITED||ECO||27 Nov 17||Geoffrey Reidy and Andrew Barnden of Rodgers Reidy are appointed as Voluntary Administrators of eChoice Limited and thirteen (13) subsidiary companies|
|BCD RESOURCES NL||BCD||22 Nov 17||Christopher J Palmer and Liam T Baily of O'Brien Palmer announce their appointment as joint and several Administrators of BCD Resources|
|STARGROUP LIMITED||STL||21 Nov 17||Simon Theobald, Melissa Humann and Stephen Longley of PPB Advisory were appointed joint and several Administrators of the Company and three of its subsidiaries on 21 November 2017.|
|VERILUMA LIMITED||VRI||15 Nov 17||Jamieson Louttit was appointed as voluntary administrator of the company on 15 November 2017.|
|EMPIRE OIL & GAS NL||EGO||28 Sep 17||Mr Peter McCluskey, Mr Martin Jones and Mr Andrew Smith of Ferrier Hodgson have been appointed as voluntary administrators of the Company and its wholly-owned subsidiary, Empire Services Pty Ltd.|
|BRIERTY LIMITED||BYL||06 Sep 17||The securities of Brierty Limited will be suspended from official quotation immediately pursuant to listing rule 17.3, following the appointment of administrators.|
|AUS ASIA MINERALS LIMITED||AQJ||30 Aug 17||Renee O'Driscoll and Daniel Bredenkamp were appointed Joint and Several Administrators on 28 August 2017. Whilst AQJ is in administration the shares will remain suspended.|
|SURFSTITCH GROUP LIMITED||SRF||24 Aug 17||In light of the Board's continuous assessment of the Group's financial position and as part of its ongoing efforts to optimise business operations and preserve stakeholder value, an administrator has today been appointed to the Group's listed entity and its holding company, SurfStitch Group Limited and SurfStitch Holdings Pty Limited respectively. John Park, Quentin Olde and Joseph Hansell of FTI Consulting were appointed as administrators.|
|BARALABA COAL COMPANY LIMITED||BCL||12 Jul 17||The company appointed William James Harris, Shaun Robert Fraser and Jason Preston of McGrathNicol as administrators effective 12 July 2017.|
|PALADIN ENERGY LTD||PDN||03 Jul 17||The board of directors have appointed administrators to the company and the other related companies. Matthew Woods, Hayden White and Gayle Dickerson, each of KPMG have been appointed as Administrators to each of the Relevant Companies. The Company's management and directors remain committed to working with the Administrators on a restructure and recapitalisation of the Company.|
|TEN NETWORK HOLDINGS LIMITED||TEN||15 Jun 17||Notice is hereby given that Mark Korda, Jenny Nettleton and Jarrod Villani of KordaMentha, were appointed Voluntary Administrators of the Ten Network Holdings Limited.|
|INDIA RESOURCES LIMITED||IRL||05 Jun 17||Vaughan Neil Strawbridge and Jason Tracy of Deloitte Financial Advisory Pty Ltd were today appointed Joint and Several Voluntary Administrators of the Company. They are currently examining the Company's trading position with a view to assessing its future viability and whether a sale as a going concern or a recapitalisation can be achieved. The appointment of Administrators is limited to India Resources Limited only and does not immediately affect India Resources Limited's Australian or Indian subsidiaries which remain under the control of those companies' respective directors.|
|MOKO SOCIAL MEDIA LIMITED||MKB||01 Jun 17||Tim Heenan and Jason Tracy of Deloitte Financial Advisory were appointed joint and several voluntary administrators of the company late on 31 May 2017. They are currently assessing the business' future viability and whether a sale as a going concern and/or a recapitalisation can be achieved.|
|DELTA SBD LIMITED||DSB||31 May 17||John McInerney and Said Jahani were appointed joint and several administrators of the group on Wednesday, 31 May 2017. The administrators are undertaking an urgent assessment of the business to identify steps that may be taken to stabilise the business. The first meeting of creditors is scheduled for 13 June 2017.|
Since 1993, directors of Australian companies that become insolvent or appear likely to become insolvent, have been able to appoint an external administrator called a "voluntary administrator". A voluntary administrator may also be appointed by a liquidator, provisional liquidator, or a secured creditor.
What can an administrator do?
The administrator is supposed to oversee a corporate rescue mechanism that gives the company a better chance of surviving or that results in a better return to creditors. That's the theory. In practice, while the entity and even the business may survive, the shareholders have almost invariably lost their investment.
The administrator is empowered to do anything that the company or any of its officers could do previously. He can carry on the business of the company as well as terminate it, or any part of it. His job is to investigate the company’s activities and report to creditors at meetings. The first has to be held within eight business days of being appointed and the second within five to six weeks of being appointed.
A voluntary administrator is not required to report to shareholders on the voluntary administration, but a few of the more enlightened administrators do brief shareholders of listed companies via the ASX Announcements platform.
Creditors make the decisions
The second meeting of creditors is the important meeting. Shareholders do not get to vote. But the creditors then vote to either return control to directors, or place the company in liquidation, or execute a Deed of Company Arrangement, commonly called a DOCA. The DOCA may enable the company to continue trading and offers the prospect of a better return to creditors than liquidation. When the terms of the DOCA are effectuated, the company reverts to the control of its existing directors or new directors. Depending on the outcomes, it may also go straight into liquidation.
Administration never augurs well
In Australia, voluntary administration has never augured well for shareholders; they usually lose all or most of their investment. Creditors via an Administrator (rather than large shareholders via the board) control the company.
Sometimes administrators hold out the prospect of value for shareholders in the corporate shell. But usually this involves only small entities (resuscitated by backing into the corporate shell a new business or another business and raising new capital), and existing shareholdings are savagely diluted, such that an average shareholding is of nominal value only.
Voluntary Administration -
what does it mean to you as a shareholder?
Administration is the beginning of the end for shareholders. If your company has been placed in administration, its business has almost certainly failed and your shares are of little, if any, value. The chances of any significant recovery, even if the entity is re-structured and recapitalised, are remote.
Remember who your directors and executives were and resolve to avoid in future any companies they may be involved in.
Finding your company
If your company has been delisted or is suspended from quotation it may well be in administration. You can click on the link below to see a list of all companies in administration (for members only) or find a specific company that is in administration by:
If you are unable to find your company or the information is incomplete or incomprehensible we recommend you send us a message and we will try to assist.
Please bear in mind we are unable to help with private companies, public companies that have never been listed or with companies domiciled outside Australia or New Zealand. The Australian Securities and Investments Commission on 1300 300 630 or the NZ Companies Office on 0508 266 726 may be able to assist you with other companies.
Insolvency: a guide for shareholders - an ASIC publication
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