eth website back online, page-4

ETH Website needs updating. It still shows Indonesian ventures but the money has gone with zero recoverable from there.
Lawlers say shareholders meeting is after ASIC findings which is expected late this month , so yes perhaps FEB . They also say Ken left for Zambia with just one days notice to them against their instructions and ASIC are looking into it also as he is under investigation . Lawlers are co-operating heavily with ASIC and are very informative if you call. I have several times.

Ken/Julie , I have got some indications of trading while insolvent from the ASIC site. You can find the list of stiff penalties, fines and confirmation you can be sued the shit out of on the six page document . Compensation payouts are potentially not limited .

Bear in mind defences of trading while insolvent under the provisions under the Co-orporations Act are deemed difficult if you have not keep your selves informed about the companies financial position.

I thought perhaps you would like to read them :-
*Ongoing losses
*Poor cash flow
*Absence of a business plan
*Lack of cash flow forecasts and other budgets
*Increasing debt
*Problems selling stock or collecting debts
* Unrecoverable loans to ascociated parties
*Creditors unpaid outside usual terms
*Solicitors, letters, demands summonses etc issued against the company
*Being placed on a COD basis by your suppliers
*Issuing post dated cheques or dishonoured checks
*Special arrangements with selected creditors.
* Payments of rounded sums that do not correspond to invoice amounts.
*Overdraft limits reached or defaulted loans
*Problems obtaining finance
*Change of Bank,lender or increased monitoring by finacier
*Inability to to raise funds from shareholders
*Overdue taxes and super liabilities.
*Board disputes and director resignations
* Increased complaints/queries from suppliers and by far my favourite which I will put in capitals.
*AN EXPECTATION THAT THE NEXT JOB/CONTRACT/SALE WILL SAVE THE COMPANY.
Lots of your time at the shareholders meeting Ken and Julie will be tied up answering questions raised . I have a lot myself and it will be your word against ASIC and Lawlers. Look for the bloke with the thick lever arch file.

I also suggest people look at the proposals for the restructure. Pager does not offer shareholders the ability to average down. The one recommended by the Voluntary Admin does.