Who is the Management of all these Companies?,is it not MR Li...

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darcy7

315 Posts.

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01/11/14

13:37

Post #: 14221546
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Originally posted by jefferies2 ↑

I can't see the liquidator being able to lay hands on any cash to give to the creditors. To do this would mean selling the goodwill that is valued at over $4 million - but it is worth what in reality, even within the ambit of a functioning company?

Are there other assets that can be monetised? No office building, no stock, no title to these puffed up building schemes in China..

Private assets of GCN's directors would presumably be immune. As I understand things, general incompetence is not enough to make their assets seizable. There must have been some misdemeanour, such as trading while insolvent.

The next to last paragraph of yesterday's cashflow statement refers to the ATO court action.

"GoConnect Ltd has been working with PPB Advisory, the liquidator, to take the Subsidiary from Liquidation to Voluntary Administration ("VA"). . . . Management of GoConnect is confident of achieving this outcome."

Of course GoConnect's expressed self-confidence has often proved to be disappointing.

Putting self-confidence to one side, being in administration is to allow a company to trade itself out of trouble and therefore maximise the return to creditors. Liquidation is for hopeless cases.

Will the Liquidator really consider that GCN can trade itself out of trouble? The historical accounts remorselessly show that the longer GCN trades the more the debt accumulates.

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Who is the Management of all these Companies?,is it not MR Li and only him???
Ask the staff who are laid off and those before who have worked there.

GCN Price at posting: 0.7¢ Sentiment: None Disclosure: Not Held
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0 Great analysis

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Who is the Management of all these Companies?,is it not MR Li...

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