DICD, it would be good for you to substantiate that unusual outcome.
My feedback from the creditors meeting yesterday is as follows:
* CP did not bother joining - nice accountability!
* $9m in debt realised at administration and that does not include the Convertible Notes (~$500k-$1m)
* Outstanding ATO - $1m
* Super not paid to True Solutions staff and others both past and present - not sure of amount but illegal
* Admistrator see "some value in True Solutions" although does not realise that their only profitable brand, Priori has been transferred to another distributor, BLC Cosmetics. (see below). This is a concern given they have been under the hood of teh company for over two weeks.
https://www.spaandclinic.com.au/business/priori-finds-a-new-home-as-wellness-and-beauty-solutions-enters-voluntary-administration* Money still outstanding to the Micro-19 JV (certainly contrary to what the market was told)
* Maybe some stock and machines worth small amount
* Some purchase orders were effectively BS to appease the market (misleading?)
* Cash? Hard to say as 4C was never released but assume CP paid herself and her henchwomen as much as she could before it went under
* Interest in the ASX "shell" which may potentially offer a glimmer of hope to WNB equity holders if they back something else into what is left after they have cleaned it up but serious dilution for existing holders
All up, Admistrator does not give me much faith that they are all over this business yet and that I have written off all hope of getting anything back to manage my expectations.
I see issues around "continuous disclosure" in that the market was rarely informed of lost contracts/brands etc. Insolvent trading although the Covid moratorium may have conveniently saved her but more importantly ATO and Super amounts outstanding. Who is responsible for paying that if their is no cash left? The Directors??
Another frutrating wait and see but I hope that helps some that are asking the question around getting anything back. Highly unlikely in my opinion.
