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In Administration

 

Last 20 companies going into administration
COMPANY CODE DATE OF ADMIN NOTICE
CROPLOGIC LIMITED CLI 22 Jul 20 As of 5pm on 22 July 2020, the Board of CLI resolved to appoint Craig Bolwell of Bolwell Corporate Advisory as liquidator of Croplogic Australia Pty Ltd, and Craig William Melhuish and Christine Jane Johnston of Nexia New Zealand as joint and several voluntary administrators of Croplogic Limited, in accordance with Section 239I of the Companies Act 1993.
AFFINITY ENERGY AND HEALTH LIMITED AEB 01 Jul 20 At approximately 8:00AM on 1 July 2020, the Board of Directors appointed Bryan Hughes and Daniel Bredenkamp of Pitcher Partners as Joint and Several Administrators of the Company pursuant to section 436A of the Corporations Act 2001.
COUGAR METALS NL CGM 30 Jun 20 At approximately 2:00PM on 30 June 2020, the Board of Directors appointed Bryan Hughes and Daniel Bredenkamp of Pitcher Partners as Joint and Several Administrators of the Company pursuant to section 436A of the Corporations Act 2001.
MORETON RESOURCES LTD MRV 10 Jun 20 The Company’s board of directors have appointed Grant Sparks and David Orr of Deloitte Financial Advisory Pty Ltd as administrators of the Group.
THE PAS GROUP LIMITED PGR 29 May 20 The PAS Group Limited has entered voluntary administration, with the Group’s Board of Directors appointing PwC partners Stephen Longley, David McEvoy, and Martin Ford as Voluntary Administrators.
GENERA BIOSYSTEMS LIMITED GBI 21 May 20 administrators Stephen Dixon and Richard Rohrt of Hamilton Murphy appointed - first meeting of creditors to be held on 2 June 2020
SILVER HERITAGE GROUP LIMITED SVH 18 May 20 On 18 May 2020 the Board of Directors appointed Ryan Eagle and Amanda Coneyworth of KPMG as Administrators.
LIQUEFIED NATURAL GAS LIMITED LNG 30 Apr 20 Craig Crosbie, Simon Theobald and Daniel Walley of PricewaterhouseCoopers Australia are appointed joint and several Voluntary Administrators of the Company
VIRGIN AUSTRALIA HOLDINGS LIMITED VAH 21 Apr 20 the company has appointed Vaughan Strawbridge, John Greig, Sal Algeri and Richard Hughes of Deloitte as voluntary administrators of the company and a number of its subsidiaries
SKY AND SPACE GLOBAL LTD SAS 06 Apr 20 Messrs Richard Albarran, Cameron Shaw and Richard Lawrence of Hall Chadwick Chartered Accountants were appointed as Joint and Several Voluntary Administrators of the Company pursuant to Section 436A of the Corporations Act 2001 on Monday, 6 April 2020.
FREEDOM OIL AND GAS LTD FDM 23 Mar 20 The company has appointed Mr. Steven Nicols of Nicols + Brien as Administrator to administer the affairs of the company.
NOBLE METALS LIMITED NMM 24 Jan 20 Giovanni Maurizio Carrello and Shaun William Boyle of BRI Ferrier appointed administrators
PACIFIC BAUXITE LIMITED PBX 24 Dec 19 The company has appointed Messers Richard Albarran and Cameron Shaw from Hall Chadwick as Voluntary Administrators to the company. The failure of the company's recent rights issue to attract to attract meaningful support coupled with the failure of negotiations to sell the company's bauxite deposits in the Solomon Islands has left Pacific Bauxite in a very vulnerable position.
BOUNTY MINING LIMITED B2Y 17 Dec 19 The Board of Bounty has placed the Company into Voluntary Administration effective 17 December 2019.
MILLENNIUM MINERALS LIMITED MOY 24 Nov 19 On 24 November 2019, the company appointed Deloitte Financial Advisory Pty Ltd partners Matthew James Donnelly and Richard John Hughes as Joint and Several Administrators of Millennium Minerals Limited.The administrators are currently undertaking an urgent assessment of the company’s trading position and near-term liquidity with a view of assessing its future viability and options going forward.
INDUS ENERGY NL IND 07 Oct 19 Daniel Bredenkamp and Bryan Hughes were appointed Joint and Several Administrators on 7 October 2019. The appointment followed the withdrawal of the Company’s replacement prospectus dated 13 August 2019 when it became apparent the Company was unable to meet the $4M minimum subscription. As the Company will now be unable to meet the ASX’s reinstatement criteria by 5 November 2019, it is expected the Company will be automatically removed from the Official List. It is on this basis that the board considered the Company would become insolvent at some future time given it was unable to raise the necessary funds and it would not have any project or listing beyond 5 November 2019.
ARK MINES LIMITED AHK 25 Sep 19 Richard Tucker and Craig Shepard of KordaMentha were appointed as voluntary administrators of the company on 25 September 2019 by the secured creditor of the company, Chan Investments Limited. The administrators are currently undertaking an assessment of the financial position of the Company with a view to undertaking a restructure, recapitalisation or expressions of interest in the company’s assets.
ALITA RESOURCES LIMITED A40 29 Aug 19 Richard Scott Tucker and John Allan Bumbak of KordaMentha were appointed as administrators of the company and also of the following subsidiaries. The appointments of the Administrators followed ongoing discussions between the company, the secured lenders and other key stakeholders.
RUBICOR GROUP LIMITED RUB 06 Aug 19 The directors have today appointed FTI Consulting as voluntary administrator of Rubicor Group and all of its Australian subsidiaries. After exploring a number of options, the directors believe this step will provide the best opportunity to protect the future of the business and the interests of its clients and employees.
VIVID TECHNOLOGY LIMITED VIV 18 Jul 19 Richard John Cauchi and Peter Gountzos of SV Partners, Level 17, 200 Queen Street, Melbourne in the State of Victoria have been appointed as Voluntary Administrators of the Company and its related companies. The company has not been able to secure sufficient support for its longer-term funding needs. The directors have been left with no choice but to appoint administrators.

 

In Administration explained

 

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

 

SHOW ME ALL COMPANIES IN ADMINISTRATION

 

 

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.

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