Find any Australian or New Zealand company or fund (dead or alive) by using SEARCH above or go directly to the site:
Last 20 companies going into administration |
|||
| COMPANY | CODE | DATE OF ADMIN | NOTICE |
| EASTERN GOLDFIELDS LIMITED | EGS | 29 Nov 18 | Martin Jones and Andrew Smith of Ferrier Hodgson were appointed as Joint and Several Voluntary Administrators of the Companies. |
| CARBON ENERGY LIMITED | CNX | 28 Nov 18 | The securities of Carbon Energy Limited will be suspended from quotation immediately under Listing Rule 17.3, following the appointment of voluntary administrators. |
| TRADITIONAL THERAPY CLINICS LIMITED | TTC | 19 Nov 18 | The board had appointed Daniel Johannes Bredenkamp and Bryan Kevin Hughes of Pitcher Partners as joint and several voluntary administrators of the above company. |
| BIG UN LIMITED | BIG | 24 Aug 18 | Neil Cussen and Matthew Donnelly of Deloitte appointed administrators |
| WPG RESOURCES LTD | WPG | 30 Jul 18 | Following the withdrawal of a key prospective investor from discussions with the Company, it has become clear to the Company that it can no longer meet the conditions in the term sheet it entered into with the Byrnecut Entities previously disclosed to the market. The directors have resolved that the company is insolvent or is likely to become insolvent at some future time. The company today appointed Adam Nikitins, Brett Lord and Samuel Freeman of Ernst & Young as joint and several administrators. The other companies in the Group have also appointed these persons as administrators. |
| CROWDSPARK LTD | CSK | 17 Jul 18 | Cassandra Mathews and Martin Madden of KordaMentha, were appointed Administrators of the Company on 17 July 2018. Cassandra Mathews and Martin Madden have also been appointed to several of the Australian subsidiary companies as either Administrators or Liquidators on this same date. In conjunction with the appointment of Administrators, the Company’s subsidiaries will also be placed into insolvency proceedings in their respective jurisdictions globally. |
| XTV NETWORKS LTD | XTV | 10 Jul 18 | Wayne Rushton and Martin Jones were appointed oint and Several Voluntary Administrators of the Company on 10 July 2018. They are reviewing the company's financial position, including conferral with the company's secured lender. |
| GREENBOX GROUP LIMITED | GNB | 07 May 18 | administrators appointed |
| 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 |
| 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. |
| PARAMOUNT MINING CORPORATION LTD | PCP | 18 Oct 17 | administrator appointed on or about this date |
| 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. |
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:
Searching by code (see box above right) Searching by company name (see box above left) Clicking on the appropriate letter of the alphabet (see the alphabet index above)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.
FURTHER READING:
Insolvency: a guide for shareholders - an ASIC publication
HELP PLEASE
deListed and InvestoGain are largely the result of voluntary effort. We welcome input and updates from investors, company officers, insolvency practitioners, regulatory bodies, registries and others to admin@delisted.com.au.
Investigate before you invest again to InvestoGain
