Forum Archive Index - September 2002

["Nick Kearney" <nickk@quicksilver.net.nz>]

Michael

You can get liquidators reports from the Companies Office website.  It will
be quicker for you but might cost you $2.

Search the company and go from there.

Nk

----- Original Message -----
From: "Michael Phillips" <michael.p@paradise.net.nz>
To: <sharechat@sharechat.co.nz>
Sent: Tuesday, September 10, 2002 7:48 PM
Subject: Re: [sharechat] SFH liquidation


> From: "kentfamily"
>
> > As I understand it, you have no obligations to the company hence
> > a limited liability company.  In the (unlikely) event that their were
> > proceeds left over after paying all secured and unsecured creditors
> > you would be entitled to a pro rata payment.
>
> Thanks for your response Gregory.
>
> I was not worried about my obligations to creditors as
> Seafresh haven't paid a dividend in yonks and even if they had, they
> would have needed to be in breach of the solvency test at the time of
> setting the dividend for the dividend to come under pressure.  I was
> more curious as to whether I needed to contact someone.  I suspect not.
>
> I have been in touch with the NZSE by email today, and they are
> forwarding me a first copy of the liquidators report by
> mail...unfortunately they weren't provided with an electronic media
> version.  This is probably only about the second time I've emailed
> info@nzse.co.nz and both times I have found their level of assistance to
> be top notch.
>
> What little information I've managed to dredge up off www.stuff.co.nz to
> date suggests that liabilities exceed assets...therefore there is
> unlikely to be any residual value left in the company for stakeholders
> once obligations are met.
>
> As I understand it, one of the main distinctions between the role of
> liquidator and receiver is that receivers generally ascertain whether
> there is a chance of the company continuing as a going concern before
> making the decision to move to liquidation.  Once the decision to move
> to liquidation is made, the role of the liquidator is to turn the assets
> into cash in as timely a fashion as possible...this "fire sale" approach
> often means that assets are sold at a value below what the market would
> normally pay.  Because SFH has gone into liquidation rather than
> receivership, I don't hold out too much hope of them realising maximum
> rates for the assets.
>
> Still even with all this doom and gloom, I am determined to turn this
> into an educational process at the very least.  I have already learnt
> that penny stocks can be penny stocks for a very good reason.
>
> Regards
> Michael
> ===
>
>
>
>
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