Hi furious colleagues : the link below is to ASIC’s insolvency guide for shareholders. It has moderated my views about action at this stage, but make up your ownminds
Some notes from the guide (which you may already know) are:
- The voluntary administrator must report to ASIC on possible offences by people involved with the company.
- Shareholders don’t get to vote on the future of the company. A voluntary administrator isn’t required to report to shareholders on the progress or outcome of the voluntary administration.
- The receiver’s primary duty is to the company’s secured creditor. The main duty owed to unsecured creditors and shareholders is an obligation to take reasonable care to sell collateral for not less than its market value.
- There is no obligation for the receiver to report to the shareholders on the progress or outcome of the receivership.
- The receiver must lodge with ASIC a detailed list of their receipts and payments annually on the anniversary of their appointment and at the end of their administration.
- A copy of these lists of receipts and payments may be obtained by searching the ASIC registers and paying the relevant fee.
My conclusion: in the absence of relevant information from administrators/receiversto shareholders, we wait until such information (e.g. their report) can beobtained from ASIC. If there are reports of offences, review merits of pursuingthose involved, e.g. through class action, at that time.
THIS IS NOT FINANCIAL or LEGAL ADVICE: PLEASE DO YOUR OWN DD J
