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