disposing of bcs

After some overnight thought for those that are interested this may be a solution to disposing of BCS shares that avoids any continued liability. Although there have been many posts that you are only liable 'if you are on the register as of april' I assure you that off market trades are subject to different conditions to on market trades. If it is perceived that someone disposed of an asset to avoid liability or created a vehivle (a pty ltd) to avoid creditors in this instance the review can take into an account any transactions of up to '3 years'. YOU WILL STILL BE LIABLE.

If you simply transfer them to any one of the many people posting on this website they will take your units for free you may still find you have a debt in April if they default.

However, to solve this problem the trades need to take place on market through the asx. So I would suggest the following ;

Any shareholders wishing to get rid of their shares band together. Spend $2K and set up an investment company with a solicitor. Calculate the number of shares you have for sale between you.

Place all of the shares on the market for sale.

On the very same day purchase all shares in the 'sell' market for Bris Connect. This will obviously require funding by those who are selling. And yes, you will end up with more shares than your group originally owned and this will require some additional funds.

ie Group owns a combined 70 mln shares.
currently for sale is 120mln. (70 of those belonging to above)
Lets guess they are spread over 100 people

Purchase all the 120mln at a cost of .001

The cost per person would be $120K/100 ($1200 each plus legals)

This would result in you absolutely being released from any further liability as it was a regular trade through the ASX. You Investment Vehicle would own all of the shares.

Finally, if a miracle occurred and the unit price went up or a buy out was organised remember to have the solicitor to organise ownership of the pty ltd pro rata with number of shares each individual owend so funds could be returned.

As for a director of the company who will have to manage the liquidation of the company they shoul be paid a small fee agreed betewen yourselves for his services. The shareholders (those he contributed financially) we have no obligation to be involved in the liquidation of company.

As stated previuosly I hold no interest in BCS (I was a Brrisbane resident though) and am purely interested as this is one of the most incredible scenarios I have seen play out in the market for years.

Good luck.