We are aware of the position being taken by the company that we cannot wind up BBIPL subsidiaries by simply passing a resolution for the BNB Administrator/liquidator to resolve to wind-up BBIPL. The way we consider the problem, in detail, is:
"The thing we want to avoid is that when BBIPL is wound up, the banks will immediately appoint a receiver pursuant to their charge. The bank appointed receiver will take control of assets subject to a charge. As the charge that the banks have over BBIPL is likely to be fixed/floating, this means that the receiver has control over ALL of the assets of BBIPL, until they are finished recovering the banks cash. The receiver will not put the subsidiaries of BBIPL into administration. We will end up in a state where the bank controlled receiver simply takes 9 years to perform their task - all the while the valuable subsidiaries proceed to unwind according to the original Bank restructuring plan. All the while our administrator/liquidator waits for the receivers to finish before being allowed to do the job we were hoping to have done at the beginning of this process."
However, I think we might have a solution to this problem.
BNB
babcock & brown limited
