KUPANG RESOURCES LTD
On the 29th of July 2015, Damien Mark Hodgkinson of DEM Australasia was appointed as as Voluntary Administrator to Kupang Resources Ltd ACN 098 773 785 (KPR), pursuant to Section 436C of the Corporations Act 2001 (‘the Act’).
On the 28th of May 2015, Quentin Olde and Nathan Landrey were appointed joint and several Receivers and Managers and are in control of the day to day running of the company and in control of the company’s assets. The financial position of the company and the reasons for its failure are currently being analysed to determine the best course of action to preserve and realise the companies’ business and assets.
Any debts relating to the provision of goods and services prior to our appointment represent unsecured claims against the relevant company and will not be paid during the Administration. Creditors will be entitled to prove for claims in any subsequent deed of company arrangement or liquidation.
Notice to Shareholders
Shareholders will be advised by separate notice of their options in respect to the company and the potential for a deed of company arrangement or sale which may create some value for shareholders.
First meeting of creditors
The purpose of the First Meeting of Creditors is to confirm the appointment of the Administrator or to consider a alternate appointee, and if appropriate appoint a committee of creditors
The First Meeting of Creditors will be held at:
2pm on the 7th of August 2015, at Level 4, 249 Pitt Street Sydney NSW 2000
Second meeting of creditors
Unless an extension of the convening period is sort the Second Meeting of Creditors will be held on: 2 September 2015, at Level 4, 249 Pitt Street Sydney NSW 2000
The purpose of this meeting is for the Administrators’ to present key findings in the 439A report along with any further information relevant to the meetings. Section 439A of the Corporations Act 2011 requires that the Administrators report to creditors regarding the business, property, affairs and financial circumstances of KUPANG and provide our opinion on options available to creditors in relation to the future of each company.
Please find below a copy of the Australian Securities and Investments Commission (‘ASIC’) insolvency information sheet for directors, employees, creditors and shareholders. For an explanation of terms used in this sheet, please see ASIC’s ‘Insolvency: a glossary of terms’. For additional information, refer to the ASIC website at www.asic.gov.au/insolvencyinfosheets.