Further to the announcements 19 June 2020 and 7 December 2020, the directors of Integrated Green Energy Solutions Ltd (“IGES” or “the Company”) advise that the hearing date for its commercial dispute with Mac Wealth Holdings Pte Ltd (“MWH”), set to be heard on 15 December 2020, has been vacated until 2 February 2021. This deferral will allow the Supreme Court of New South Wales to have appropriate time to properly consider the setting aside of the AUD$12.4 million Creditors Statutory Demand (“CSD”) from MWH.
2 February 2021 is set down as a directions hearing for the matter and a hearing date will be allocated at that time.
As previously announced, the IGES directors consider the CSD needs to be set aside on the grounds that:
o the CSD has not been properly served on IGES at any stage; and
o there are fundamental inconsistencies between the CSD and the judgement and agreements, upon which it purports to rely. In short, the CSD claims a broader ambit than the relevant judgment provided.
Whilst the matter is being resolved via the court system, IGES and its advisors will continue to work towards an amicable and commercial resolution with MWH that provides a fair and equitable outcome for all parties.
The deferral of the hearing date assists with the company cashflow and it will allow the company further flexibility in terms of dealing with other creditors and finalising the quantum and timing of the Company’s funding.
Annual General Meeting Update
Further to the Company’s announcement of 30 October 2020, IGES will being holding its Annual General Meeting on 29 January 2021. Notices will be sent to Shareholders within the next two weeks.
