fh- circular to creditors., page-9

Rasberry

In its purest form - you need to prove you were misled by the company and thus induced to buy when you otherwise wouldnt have. As in Son's of Gwalia - however, in the SOG there was at least one very significant failure to disclose they most could rely on it - i.e they failed to disclose that while they forward sold gold or hedged it or similar they failed to disclose they didn't have the reserves to meet the commitment. Additionally,the annual reports back as far as 1996 I think it was left out key information or presented it incorrectly. Thus everyone since 1996 could claim they were misled.

You fill out the informal proof of debt supplied by the administrator and if he accepts what you say is correct he can admit you as a creditor.

Many of us were hurrying to get our proofs in but then we saw an ASIC Fact Sheet saying

"An appeal against a decision by the chairperson to accept or reject a proof of debt or claim for voting purposes may be made to the court within 14 days after the decision"

This put our breaks on coz we didn't want to have our claim rejected and only have 14 days to appeal to the court when lawyers weren't ready.

Spoke with Maurice Blackburn about it today. If the administrator rejects your claim you have to apply to the court to appeal it within a time limit specified by the administrator - but he must give you at least 14 days to do it. The words in the regulation are "not less than 14 days" However, the regulations also seem only to refer to formal proof of debts - not informal proofs as the administrators refers.

Exploring a few ideas over weekend and will update those on email list when can.