So what body (if any) oversees the actions of administrators - who do we ask to investigate the administrator?
The report says
The Administrators have not received any advice from the ASIC to indicate that it considers the shareholder claims are well founded and we note that considerable further investigation would be required and more precise legal advice received before the shareholder claims are likely to meet the requirements set down in Son’s of Gwalia v Margaretic, which would mean that these claims rank equally with ordinary unsecured CMR creditors.
So clearly, the administrator acknowledges a need to investigate further (a bias seems apparent in the writting style) but but the above statement he seems intent on proceeding and putting a vote to creditors before he has taken the proper steps to determine who is and who is not a creditor.
How can you put a vote to creditors when the status of 5000 of them is in dispute?
CMR Price at posting:
15.0¢ Sentiment: None Disclosure: Held
