Oh well, getting back to Australasian Jet Pty Ltd ACN 051 843 586, now under External Administration .. This is a member's (ie., shareholder's) Voluntary winding up, meaning that the process has been initiated by the directors of the company consequent to a resolution of the shareholders (there are several Ausjet companies in the pot) and the Administrator is selected and paid by the directors.
This is different to a Creditor's winding up, where the creditor's initiate and oversee the process and pay and direct the Administrator and eventual Liquidator.
It's a big difference. Normally the creditors, if they are professional business people, ie., those who go out of their way to pay for their own accounting and legal advice on everything they do before they do it, vote out the director's appointed Administrator at the 'first meeting' so as to take control of the process to prevent any funny business. That meeting was on Friday - anyone know how it went ?
Also, who is/was Vincent M Rizzo ? He was a 50% owner of the principle Auset trading company (ie., he owned half of 'Ausjet') back in '06 when I was looking deep into it, and no one seemed to know anything about him. He comes up as a current era Melbourne accountant.
Flying Bear, re your post above. CAR 219 provides a structure which when used would overcome the mess to which you allude. CASA however seems to regard CAR 219 as invisible.
Last edited by The Wawa Zone; 16th Dec 2018 at 02:05.