Sino Australia Oil and Gas Limited (In Liquidation)
Peter McCluskey was appointed Official Liquidator of Sino Australia Oil and Gas Limited (Company) on 4 March 2016. This follows his appointment as Provisional Liquidator of the Company on 21 May 2015 pursuant to an Order of the Federal Court of Australia – Victoria.
The effect of the appointment is that the Official Liquidator is now in control of the Company. The Voluntary Administrators that were previously appointed by the Company’s directors have resigned from their appointment.
During the Provisional Liquidation, the Provisional Liquidator was ordered by the Court to investigate the affairs of the Company, including the identification of its assets and liabilities and provide the Court with an opinion about the solvency of the Company.
A report detailing the results of our investigation was completed and provided to creditors and investors on 11 September 2015.
As the Company was ordered to wound up on just and equitable grounds, it is anticipated there will be sufficient funds available to a Liquidator to permit the payment of a dividend of 100 cents in the dollar to all classes of creditors of the Company.
The balance of funds is likely to be distributed to the different classes of shareholders of the Company. Given the findings of the Liquidators’ investigations, it is likely that shareholders that invested into the Company as a result of the Replacement Prospectus will be receive priority status and should receive a return of some of their funds invested.
Further updates will be provided in due course.