progress of meeting, page-34

Here's the info:



So the administrator is in charge of all the property of the company - "with exceptions". The property under the security belongs to the creditor. The administrator is appointed to take over that property from the company on behalf of the creditor, a bit like a receivership.

What puzzles me is that the instrument is dated August 2013. Yet the only sort of charges that I can find over the company assets are bank guarantees - is the creditor Horizon Power? It was also the time Ames came on the scene. Someone registered security over some of the company's assets at that time, and for some reason it wasn't, or didn't need to be, included in the company's accounts as a note.

What does it all mean? I dunno. I've never come across one of these. I don't even know if they have to call a creditors' meeting. Receivers don't have to, and this looks more like a receivership than a liquidation. But I doubt if ERJ is anything but dead now. I'm sure ECM will bow out now, I always thought there were too many skeletons anyway - two court cases, the OpCon issue, the creditors, Carnavon rehab still ongoing, this will be the final nail in the coffin IMO. Sorry.