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Thanks Jonpg55, appreciate the clarity. I'm not from a finance...

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ramblehe

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21

15/05/19

08:52

Post #: 38567548
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Originally posted by jonpg55: ↑

The notices were made as the administrators have a court hearing on the 18th April to validate them as administrators.
This is due to the company constitution stating there must be 3 directors when at the time of the administrators being appointed there was only 2 as the rest resigned prior to Administration.

This caused the remaining directors to call in the administrators but it was not done by the constitution so must be validated by the courts. It should also be noted that the 2 remaining directors called in the administrators with a written statement saying the company was insolvent. As there was a breach in the constitution the courts must validate the administrators and all directors paperwork must be completed (Formality)

All the paperwork is publicly available through ASIC. For a fee.

If there is to be a deed of arrangement then there would be further announcements to be made such as some new appointments etc but I would not expect any of these till after the second creditors meeting.

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Thanks Jonpg55, appreciate the clarity. I'm not from a finance background but everything you are saying lines up with my prior experience when a company goes into VA. Didn't end well last time.... not expecting it will this time either.

OGX Price at posting: 0.3¢ Sentiment: None Disclosure: Held
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