thank you.
The directors are not doing much to help their public profile.
- thank you re other information.
My limited understanding was that:
The statutory financial reporting obligations of listed and very large companies remain while they are in voluntary administration or under a deed of company arrangement. ASIC has given relief so that a company in voluntary administration may defer meeting its financial reporting obligations for six months after the appointment of the voluntary administrator. ASIC may grant relief to a company under voluntary administration or subject to a deed of company arrangement from the requirement to hold an annual general meeting.
At the end of this deferral period, if the company is still in voluntary administration or under a deed of company arrangement, ASIC may give the company an exemption or further deferral from all or some of their financial reporting obligations in certain circumstances.
ASIC may also give an extension of time for the annual general meeting or decide to take no action for failure to hold the annual general meeting if a public company is in voluntary administration or under a deed of company arrangement.
source:
http://asic.gov.au/regulatory-resou...ders/shareholders-voluntary-administration/#4
so worst case results will be published 4 July 2016?
BUT
To get the benefit of this relief, ASIC must be notified that it is being relied on and the administrator must answer, free of charge, reasonable inquiries
from shareholders about the administration during the deferral period. If the company is listed, the relevant stock exchange must also be told. The relief
also provides for the use of alternative methods of distributing an annual report to shareholders at the end of the period.
source: http://download.asic.gov.au/media/1339292/Insolvency_guide_for_shareholders.pdf
I have asked many questions to McGrath Nicol without response, or thanks to the post earlier, I could contact Jonathan directly who did not help with generic responses like:
Rodney
Thank you for your email.
We will report on the financial reasons for Dick Smith’s collapse in our report to creditors and note your points below.
The receivers and managers (Ferrier Hodgson) appointed by the secured lenders are responsible for the day-to-day management of Dick Smith.
The law provides that shareholders are generally last to be paid, behind (1) employees; (2) secured creditors; (3) unsecured creditors. However, I can assure you that if there are commercially viable recoveries to be made by our firm and we have the funds to pursue them, we will do so.
Thanks again for your email.
Regards
Jonathan Henry
Director
