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Old 31st Jul 2020, 11:00
  #106 (permalink)  
Section28- BE
 
Join Date: Jul 2007
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Giday Mr Blackout & MickG-

For, the sake of 'Clarity' (and 'probably' should have referenced the source material earlier and how the question/view formed for myself- my BAD, but do not have- the time...!!!!).

THE "POINT" being- the Submission/s of 1x 'Richard Hughes' in his Capacity as 'Liquidator'-
of each of VAH Newco No.2 Pty Ltd (in liquidation) and VB Investco Pty Ltd (in liquidation)
Link to said 'Submission' to the Court here: https://www.fedcourt.gov.au/__data/a...on-2872020.pdf

Extract (Bolding):

#14. While it was initially thought that the Companies were dormant entities with no liabilities, Mr Hughes now understands that:

(a) VB Investco and VAH Newco 2 is each a party to a deed of cross-guarantee dated 18 June 2007 (DOCG), including with certain other companies in the Virgin Group, which provides that upon the winding up of an entity to the DOCG (either in insolvency or as a creditor voluntary winding up), each other entity to the DOCG is liable for its debts: Hughes Affidavit at [19(c)]and [20(c)]; Exhibit RJH-1 at Tabs 14 and 15; and

(b) VAH Newco 2 is a guarantor of the following notes (Notes) issued by VAH: Hughes Affidavit at [20(d)]......
And on it goes....

Does, 'that' make sense- "each other entity to the DOCG is liable for its debts".......????, and 'that' therefore- for me, triggered 'the Solvency' question.

Then- 'when' does that Deed of Cross-Guarantee expire... vis, the 'process' and resultant Test of Solvency..???

Many thanks- and All the Best
rgds
S28- BE

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