View Resources Ltd
Appointment Type: Deed of Company Arrangement Appointment Date: 15/08/2008 ACN: 009 162 949 / 109 351 439/ 102 771 871
Appointee(s):
Andrew Saker, Darren Weaver | Office: Perth Case Contact: Jamie Gunnis Phone: +61 8 9214 1493 Fax: +61 8 9214 1400
Email: jamie.gunnis@fh.com.au |
Background Information:
Andrew Saker and Darren Weaver were appointed as Joint and Several Administrators of View Resources Limited, View Gold Pty Ltd and View Nickel Pty Ltd on 8 February 2008 and subsequently appointed as Joint and Several Deed Administrators on 15 August 2008.
Current Status and Actions Required by Creditors:
On 12 January 2010 meetings of creditors were held pursuant to section 445F of the Corporations Act and creditors resolved to vary the Deeds of Company Arrangement of View Resources Limited and View Nickel Pty Ltd and further resolved to terminate View Gold Pty Ltd’s DOCA and to place the company into Liquidation.
Next Milestone and Estimated Timetable:
The key matters outstanding are as follows:
• Execution of varied DOCA’s for View Resources and View Nickel
• Realisation of View Nickel assets (3 months)
• Management, finalization and distribution of employee GEERS claims (3 months)
• Carrying out further investigations in relation to View Gold and submitting report to ASIC (6 months)
Likely Outcome for Creditors and Timetable:
Based upon the proceeds from the sale View Gold’s Bronzewing minesite it is unlikely that unsecured creditors of View Gold Pty Ltd will receive any dividend. However I note that, given View Gold has been placed into Liquidation, employees are able to make a claim for outstanding entitlements through the General Employee Entitlement Redundancy Scheme (“GEERS”) operated by the Department of Education, Employment and Workplace Relations.
In relation to View Resources and View Nickel, I advise that the likely returns to creditors have yet to be determined and this will ultimately be dependent upon the realization of the company’s assets.