POTENTIAL DESTRUCTION OF WPG BOOKS etc, page-3

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10/09/20

16:07

Post #: 47245480
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Originally posted by John Veet: ↑

I have found out that the WPG administrators gave Notice on 10 June 2020 of a WPG creditors meeting on 25 June 2020. PLEASE NOTE item 3 of the Agenda (subject to agreement on winding up) proposes DESTRUCTION OF THE BOOKS AND RECORDS 6 months after conclusion of liquidation. Obviously this would frustrate any formal inquiry into the demise of WPG (against backdrops of seemingly good prospects prior to administration and an apparent resurrection of prospects of WPG assests sold to new owners).

Not professionals advice : do your own DD
Company details

Company: WPG Resources Ltd
1 ACN: 109 426 502
Status: Subject to a Deed of Company Arrangement
1 Appointed: 18 July 2019
Meeting details
Notice is given that a meeting of the creditors of the Company, or a meeting for each of the Companies, (for multiple companies), will be held:
Location: Held via teleconference
1 Meeting date: 25 June 2020
2 Meeting time: 12.00PM
(If multiple companies, see special instructions for meeting times)

Agenda
Agenda items are:
any other business
1. To consider the Deed Administrators' report and update since the execution of the Deed of Company Arrangement.

2. To resolve:
(a) Whether the Deed of Company Arrangement should be terminated and the Company wound up; and
(b) If the Company is wound up, to appoint Adam Nikitins and Samuel Freeman as joint and several Liquidators

3. If the Company is wound up, to consider and if thought fit approve the destruction of the Company's books and records six months after the conclusion of the liquidation.

4. To consider any other business properly brought before the meeting.
Proof of debt and proxies
Creditors wishing to attend are advised proofs and proxies are to be submitted to the external administrator by:
Time: 4.00PM
1 Date: 24 June 2020

Date of Notice: 10 June 2020

Adams Pauls Nikitins
Deed Administrator
Samuel Freeman
Joint Appointees

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Is there not a mandatory period finacial accounts must be kept in Australia?
I have never in my Trading or Professional life ever heard of this action to Destroy the books?

WPG Price at posting: 1.5¢ Sentiment: Sell Disclosure: Held
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	Status:	Subject to a Deed of Company Arrangement
1	Appointed:	18 July 2019

	Location:	Held via teleconference
1	Meeting date:	25 June 2020
2	Meeting time:	12.00PM

	Company:	WPG Resources Ltd
1	ACN:	109 426 502

	Time:	4.00PM
1	Date:	24 June 2020

POTENTIAL DESTRUCTION OF WPG BOOKS etc, page-3

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