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From: | "Michael Phillips" <michael.p@paradise.net.nz> |
Date: | Tue, 10 Sep 2002 19:48:51 +1200 |
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 === ---------------------------------------------------------------------------- To remove yourself from this list, please use the form at http://www.sharechat.co.nz/chat/forum/
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