i think it's all over, page-53

Hi melua,

With your copious posts that you will be selling your BBP shares when they come off suspension I thought we should clear-up what legally constitutes "Insolvency".

Your comment:

"All that matters is free cash flow and with this downgrade there is none. It's negative and as such BBP is insolvent."

You have not addressed your definitive Statement:

"It's negative and as such BBP is insolvent."

Based on Section 459C of the Corporations Act 2001, please see below, there is nothing currently announced that substantiates your statement. If you have any creditable source documents to back-up your statement it would be appreciated if you could post it for all to see.

As I have stated before a number of people here take what you post at face value. In this case IMO you need to validate the fact that you have stated that "as such BBP is insolvent." This is a very serious accusation to make without a creditable factual source that you can reference.

Cheers,
Brantley



Section 459C of the Corporations Act 2001

CORPORATE INSOLVENCY

(i)Section 459C Presumptions of Insolvency

Section 459C of the Corporations Act 2001 lists 6 statutory presumptions as to the solvency or otherwise of a company. The section states that a court must presume that the company is insolvent if, during or after the three months ending on the day that the application was made:

a) the company failed (as defined by section 459F) to comply with a statutory demand; or

b) execution or other process issued on a judgement, decree or order of an Australian court in favour of a creditor of the company was returned wholly or partly unsatisfied; or

c) a receiver, or receiver and manager, of property of the company was appointed under a power contained in an instrument relating to a floating charge on such property; or

d) an order was made for the appointment of such receiver, or receiver and manager, for the purpose of enforcing such a charge; or

e) a person entered into possession or assumed control, of such property for such purpose; or

f) a person was appointed so to enter into possession or assume control(whether as agent for the chargee or the company).

(ii) Statutory Demands

If a company does not comply with the requirements of a statutory demand, then the court, on an application under section 459P, must presume the company is insolvent This presumption operates except so far as the contrary is proved – section 459C(3)On an application to wind up a company on the basis of a failure to comply with a statutory demand, the company may lead evidence as to actual solvency.