MYL (ASX) Ann: Voluntary Suspension Extension Request

Originally posted by Dr Elephant: ↑

Just to be clear.

I have never called for John Lambs head, I still think he is worthy of his position, not in doubt to me.

I believe the company did employ someone, with the right credentials, to oversee the sale of Bawdwin.
It will take time, that why I called the shares status as bottom drawer. I would expect the process to move slowly. I would regard it as “Top Secret” and I would also expect the above person would be trying to garner some sort of bidding war.

If, perhaps, the sale went ahead, it would appear MYL would have no interests in Myanmar, so a rebranding of the company name would be order, especially if they undertook some tenement in Australia, for instance.
Usually regarded in the corporate as a Phoenix.

Expand

Hi Dr., I did miss your reference to a Phoenix company as if they were able to garner a decent sale price and then obtain tenements and rebrand in Australia they never would have been anywhere near insolvent.

My understanding of the term I can highlight below:

From https://www.rodgersreidy.com.au/articles/articles/identifying-a-phoenix-company (I'm sure this link will be scrambled).

The term ‘phoenix company‘ is often brandished about when a business continues despite a corporate collapse, but what defines a phoenix company and when does it represent illegal activity. Illegal phoenix activity is a serious crime that can result in imprisonment of a company’s officeholders. Its damage is widespread and affects employees, businesses (creditors) and Government agencies including the Australian Taxation Office. Because of increasing phoenix activity, the ATO and ASIC together with the Fair Work Ombudsman and the Department of Employment (and a number of other government agencies) have developed a Phoenix Taskforce in an attempt to curb illegal phoenix activity.

What is phoenix activity?

A phoenix company is a company that has been registered to take over a failed or insolvent business of another company. The new company rises from the remains or ashes of the failed company usually with the same (or related) directors. The assets of the old company are transferred to the new company for little or no consideration. The new company continues to operate the business, usually with the same assets and employees.