A Voluntary Administrator is appointed by the directors of a company in trouble....to find the best outcome for the company in paying it's debts.
A Receiver or Liquidator is appointed by creditors or the courts for the purpose of finding the best outcome for creditors and investors. They are obliged to investigate what has happened and why, and to take appropriate action -whether it be to instigate legal proceedings against company directors / officeholders, and/or refer matters to ASIC.
ASIC waits until private litigators have done all the hard work before they will step in - and they will step in.
PTQ is acting on behalf of noteholders in OCV that have invested over $300mill and who, under a DOCA get NOTHING. But most importantly, PTQ wants someone to be held responsible.
PIF should have been placed into receivership from the start to save all the wasted time and money. WC has spent over $10mill in 7 months - they haven't paid themselves their management fee - but how much of that $10mill do you think they've got in other fees??? There is no way that a receiver would have cost the Fund that much money in just 7 months.
WAKE UP !!!!!! Over 7 months has been wasted handing over PIF from one bunch of BS crooks to another. How much BS are you going to be sucked in by ????
OCV Price at posting:
99.0¢ Sentiment: None Disclosure: Not Held
