Receivers and Managers of a Gold Mining company in NT (with significant mining tenements), in care and maintenance, appointed by the secured creditor. We undertook activities to preserve and secure the Company’s interest in the assets. We marketed the assets, primarily the shareholdings in the subsidiary, Peko Bull Pty Limited for sale.
We assisted the secured creditor at the creditors meeting convened by the voluntary administrator, and worked with the secured creditor to submit a Deed of Company Arrangement (DOCA), for creditors to consider at the second meeting. Creditors accepted the DOCA at the second meeting, this resulting in all creditors receiving 100 cents in the dollar return.
The secured creditor’s nominated director is now controlling the company, and through a Heads of Agreement with other shareholders, now owns 100% of the shareholdings in the Company.