CTC RESOURCES NL

in liquidation

this company is still registered - no documents have been filed since September 2005 - there was an article in the SMH recently of some relevance

the NSW Supreme Court today made orders banning former officers of CTC Resources NL (CTC) for up to 14 years and imposed fines totalling $631,000 - the orders follow a fresh hearing on penalties resulting from an appeal commenced by four former officers of CTC, being Mr William Forge, Mr Jozsef Endresz, Mr Allan Endresz and Ms Dawn Endresz - today Justice White ordered: Mr William Forge banned until 2014 and fined $140,000, Mr Joszef Endresz banned until 2016 and fined $201,000, Ms Dawn Endresz banned until 2012 and fined $134,000 and Mr Allan Endresz banned until 2021 and fined $156,000 - the contraventions involved CTC paying management fees of $2,245,833 to Kamanga Holdings Pty Ltd (Kamanga) and $270,833 to Bisoya Pty Ltd (Bisoya), and making loans of $500,000 to Kamanga and $75,000 to Bisoya - justice may have been done at last, but what about restitution for the 1200 shareholders in the company who actually suffered the losses?

legal action is evidently afoot here - we would appreciate it if anyone can update us to admin@delisted.com.au

the High Court of Australia today rejected a challenge to the appointment of acting judges to the Supreme Court of New South Wales - the challenge was mounted by Allan, Joszef and Dawn Endresz and William Forge in relation to eight transactions in 1998 in which more than $3.5 million was disbursed from CTC to private companys of the four directors in the form of management and consultancy fees and unsecured loans

we understand a constitutional challenge and an appeal by Allan, Joszef and Dawn Endresz and Mr Forge against a finding they contravened their duties as directors of CTC Resources is getting underway about this time

so far as we know, there has been no change to the company structure - the claim against the ASX has now been identified at $134 million in damages - as with the other claims we don't believe anything has happened - to our knowlege the company is not really going anywhere - we do note that Davis Samuel is registered with ASIC and with Allan Endresz as a director - so maybe Mr Endresz has managed to overturn his banning

we understand the company still has substantial damages claims against the Commonwealth Government and the Australian Stock Exchange

the NSW Court of Appeal hands down its decision on appeals by William Forge, Jozsef Endresz, Allan Endresz and Dawn Endresz, against the findings of Justice Foster that they had contravened the directors' duties and related party provisions of the Corporations Law - the Court dismissed 21 grounds of appeal but upheld the twenty-second ground of appeal that there should have been a separate hearing on penalty, and ordered that the matter be remitted to a single judge for a hearing on penalty - the contraventions involved paying management fees of $2,245,833 to Kamanga Holdings Pty Ltd and $270,833 to Bisoya Pty Ltd and making loans of $500,000 to Kamanga and $75,000 to Bisoya

Federal Court upholds an appeal by the Australian Securities and Investments Commission (ASIC) against a decision of the Federal Magistrates Court to set aside bankruptcy notices issued by ASIC

the Federal Magistrates Court sets aside the bankruptcy notices issued by the Australian Securities and Investments Commission (ASIC) against Mr William Forge, Mr Jozsef Endresz, Mrs Dawn Endresz and Mr Allan Endresz, all former directors of CTC Resources NL - the Court ordered that the bankruptcy notices be set aside on the grounds that the claim made by ASIC relating to the payment of fines for breach of directors duties was not based on a debt provable in a bankrupt estate and, therefore, could not be used as the basis for the bankruptcy notice

name changed from Emu Hill Gold Mines NL, (after delisting - we do not have a date for this)

following the judgement against the directors ASIC applied to have the company wound up (to protect the interests of shareholders) - the application has been adjourned by the Federal Court until a date to be fixed in 2003 (further details available at www.asic.gov.au by searching on CTC Resources)

previously Emu Hill Gold Mines NL this is an unlisted public company (with more than 1200 shareholders) and therefore outside of our usual focus - if shareholders are unable to establish what is happening with the company please send us a message and we may be able to assist - some material is provided below

Michael Erdeljac, Sean McShane and Richard Barton appointed directors - there are reports that they are pursuing compensation of $US4.3 billion from the Commonwealth Government and $1 billion Australian from the Australian Stock Exchange

NSW Supreme Court finds that Jozsef Endresz, Dawn Endresz, Allan Endresz and William Forge contravened the directors' duties provisions of the law - Jozsef and Dawn Endresz - along with William Forge - were banned from managing a company for eight years and fined $245,000 each - Allan Endresz was banned for 16 years and ordered to pay a $200,000 fine - ASIC says judgement is a reminder to all company directors to avoid mixing private interests with those of the company and its shareholders

ASIC commences civil penalty proceedings in the NSW Supreme Court against the directors of CTC Resources NL (an Albury public company) and related companies Kamanga Holdings Pty Ltd and Bisoya Pty Ltd - ASIC alleges that Jozsef Endresz, Dawn Endresz, Allan Endresz and William Forge, the directors of CTC Resources, contravened the related party provisions and directors' duties provisions of the Corporations Law