1MC

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3.0¢ morella corporation limited

Ann: Appointment of Voluntary Administrators, page-216

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CarrotGrunt

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28/10/20

19:02

Post #: 48466975
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Originally posted by JBoo: ↑

Oh, they will save the company - just not for shareholders, but will give it away to someone for a small change.

That's what the receivership and administration process is built for.

ASIC web site is not explaining some things clearly, so let me explain the essence (it might not be written that way in the law, but it's the vibe):

administrators will invent lots of bullshit work, and employ trainee bean counters, for which they will charge senior partner fees;
if there are any assets that can be flogged (inventory including ore, non-core equipment, vehicles, etc.), they'll sell it for cheap;
they'll keep mining and selling Lithium, while inventing more bullish work, to extend the administration period as much as they can;
once they are close to run out of things to flog, they'll find mysterious "interested party" (possibly someone linked to creditors or directors);
for bargain price, they will sell AJM (tenements, mines, equipment) but only as assets - not as company (to avoid any liability);
this will be peddled as great success, as new owner will retain core employees (so they can keep milking the mine that was gifted to them);
some employees will be laid off. There will be no money left to pay for their entitlements, so that will come from GEERS scheme - so us taxpayers will pay that;
administrators will then spit the skeleton of the company to liquidators - they'll keep pretending doing more bullshit work;
when liquidators finish, they'll issue the confirmation that us (poor former shareholders) will get $0 - so we can finally finish the story and write the loss off in our tax returns.

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I can see you have been through this before.
AJM Price at posting: 7.0¢ Sentiment: None Disclosure: Not Held
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