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Continental Coal Liquidator Fight

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    Continental Coal liquidator fight
    Nick Evans - The West Australian on April 20, 2016.

    Continental Coal chairman Peter Landau says he has received a funding offer from overseas

    Continental Coal chairman Peter Landau has made a last-ditch bid to stave off the appointment of
    provisional liquidators at the one-time South African coal developer, telling the Federal Court
    yesterday he had received a $US2.5 million funding offer from overseas.


    The corporate watchdog is seeking to have Continental Coal wound up over allegations of a litany
    of corporate governance breaches, including failure to comply with continuous disclosure obligations,
    failure to have the required number of Australian resident directors and concerns that it may be
    insolvent.


    Mr Landau’s lawyer, Peter van der Zanden, told the Federal Court yesterday it should not agree to
    an Australian Securities and Investments Commission application for the appointment of a provisional
    liquidator, as it would lead to the withdrawal of the funding offer.

    The backer of the financing package was not named in court yesterday and few details of the offer were
    revealed. But Mr van der Zanden said if consummated, the deal — presented shortly before the hearing
    began — could allow Continental Coal to buy back the remaining coal asset held by its now-defunct South
    African subsidiary.

    Acting for ASIC, Paul Yovich told the Federal Court the last-minute offer was “characteristic” of
    Mr Landau’s dealings as a Continental Coal director, and was not the first such proposal. He said
    Continental Coal had “conspicuously, repeatedly and consistently” flouted its corporate governance
    and disclosure obligations and ASIC believed a liquidator would be better able to realise value from
    remaining assets than Mr Landau.

    “Under the current management the company has not exactly thrived,” he said.

    Mr Yovich told the court Continental Coal’s affairs needed the independent scrutiny of a
    provisional liquidator, regardless of the “11th-hour, fifty-ninth minute” funding offer, to protect
    the market.

    Justice Michael Barker reserved his decision on ASIC’s application until Thursday.

    Has their been a decision?
 
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