GBS Gold Australia Pty Ltd
Background Information:
Martin Jones, Andrew Saker and Darren Weaver were appointed Joint and Several Voluntary Administrators of the GBS Group pursuant to Section 436A of the Corporations Act 2001 on 15 September 2008 and were subsequently appointed as Joint and Several Liquidators on 27 February 2009.
Current Status and Actions Required by Creditors:
The GBS Group entered into a conditional Asset Sale Agreement (“ASA”) with Crocodile Gold Australia Pty Ltd (“Crocodile Gold”) on 5 June 2009 for the acquisition of the majority of the GBS Group’s assets. The final completion under the ASA was formal Registration with the Mines Department which occurred on 9 November 2009. Upon Registration, Crocodile Gold became the legal owner and responsible for maintaining the assets and tenements acquired under the ASA. Nicolson’s mine located at Halls Creek and Credo Projects located at Coolgardie were not acquired by Crocodile Gold under the ASA and consequently the Liquidators will proceed to market and realise these assets.
Terra Metals Pty Ltd (a subsidiary of GBS Gold Australia Pty Ltd) entered into a conditional ASA with Bulletin Resources Pty Ltd on 13 July 2010 for the sale of the Nicolson's assets. Completion under the ASA occurred on 9 September 2010.
Next Milestone and Estimated Timetable:
Maud Creek Farm / Tenement Swap Settlement - March 2011
Final Creditors' Meeting - April 2011
Finalisation Tasks - May 2011
De-registration of the GBS Group – September 2011
Likely Outcome for Creditors and Timetable:
It is not expected that unsecured creditors will receive a dividend.
Documents available for download: