liquidators to move in !

Today in the Supreme Court of Victoria the GCN subsiduary GoConnect Australia Pty Ltd was placed into liquidation.

A few things I'm unsure of

*Does this need to be announced to ASIC ?
*Does this require a trading halt on GCN the listed company ?
* What happens if assets are shifted ?
* Can the liquidators look into insolvent trading ?


Things of note. Stated in open court

*GoConnects solicitor didn't even bother to turn up. The Judge was seriously peeved.
*Richard tried to represent himself - and was told by the judge that he didn't have leave to appear or represent himself. And he wasn't going to listen to him.
*There was 6 previous adjournments
*There was no mention of the Savvy investor
*There was no mention of the 2 x$ 250,000 trunches of investor money.
*There is / was available 5 million dollars at 30 cents available of P1 share to sell - is was mention that even at 5 cetns there would be enough to pay the ATO
*The amount owed to the ATO is now $700,000
* Richard again said he could sell share to recover the debt - the Judge reminded him that he can't sell share or do anything with the company as it is in liquidation and he is no longer a director.

To all of those horrendous people who gave me so much grief on the forum.
Maybe now some staff entitlements will be paid.

I laughed and I laughed and I laughed - and am still laughing.