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From: | "Nick Kearney" <nickk@quicksilver.net.nz> |
Date: | Tue, 10 Sep 2002 23:09:29 +1200 |
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 > === > > > > > -------------------------------------------------------------------------- -- > To remove yourself from this list, please use the form at > http://www.sharechat.co.nz/chat/forum/ > > ---------------------------------------------------------------------------- To remove yourself from this list, please use the form at http://www.sharechat.co.nz/chat/forum/
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