why call administrator now, page-11

From ASIC

looks like the banks will start dumping allco's assets into the mkt for whatever price they can get. they will say 'yeah but that's what the market price was'

i don't expect anything will be returned to allco. don't get your hopes up afgha holders, we won't see a thing from this company.





The receiver’s role
The receiver’s role is to:
• collect and sell enough of the charged assets to repay the debt owed to the secured creditor (this may include selling assets or the company’s business)
•
pay out the money collected in the order required by law, and
•
report to ASIC any possible offences or other irregular matters they come across.
T
he receiver’s primary duty is to the company’s secured creditor. The main duty owed to unsecured creditors is an obligation to take reasonable care to sell charged property for not less than its market value or, if there is no market value, the best price reasonably obtainable. A receiver also has the same general duties as a company director.
The receiver has no obligation to report to unsecured creditors about the receivership, either by calling a meeting or in writing. However, the receiver will usually write to all of the company’s suppliers to inform them of their appointment. Unsecured creditors are not entitled to see the receiver’s reports to the secured creditor.
A detailed list of the receiver’s receipts and payments for the receivership must be lodged with ASIC every 6 months. Copies of these detailed lists of receipts and payments may be obtained from any ASIC Business Centre, on payment of the relevant fee.