Links to WPG Winding-up Information, page-4

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bevter

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19/11/20

13:29

Post #: 48989984
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Originally posted by John Veet ↑

Hi Bevter : see my WPG post around 25 Sept part of which I've repeated below. Creditors may resolve the books be destroyed. WPG management complained about certain contractors. The merits or otherwise of contractors' performance might be recorded in WPG books. The books could shed light on whether current managers of WPG's former assets had any (direct or indirect) contracts or other relationship with WPG. Such relationships might be entirely innocent of course; however, for the avoidance of doubt, it would (in my view) be prudent for WPG's books NOT to be destroyed. Obviously the books would be valuable for any inquiry into the demise of WPG.

The Law

RG 81.2 Where a company has been wound up,
the liquidator must
keep the books referred to in s542(1) (see RG 81.3) for five years
from the date of the company’s deregistration (s542(2)).
The

liquidator may destroy them after five years, subject to s262A of the

Income Tax Assessment Act 1936 (Cth).

RG 81.4However, when a company has been wound up, the books
referred to in s542(1) may be destroyed within five years after the
company is deregistered:

(c) in the case of a creditors’ voluntary winding up —as the
committee of inspection directs, or, if there is no such committee,
as the creditors of the company by resolution direct.”(which presumably has been passed at WPG creditors' mtg)
RG 81.5 Nevertheless, the liquidator must not destroy the booksin
the circumstances referred to in s542(3)(b) and 542(3)(c)unless ASIC
consents to their destruction (s542(4)).

NOT PROFESSIONAL ADVICE : PLS DO YOUR OWN DD

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Thx John. Buyer beware in asx casinoland.
No real regulator. I notice they're chasing Packer now but the
big banks can do it and not lose their license.

WPG Price at posting: 1.5¢ Sentiment: None Disclosure: Held
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