Most recent circular to creditors indicate that HeavyLift proposed a variation to the Ozjet Airlines Pty Ltd DOCA.
"The Creditors resolve that he Administrator make application to the Court under s445D to terminate the deed on the grounds including that the deed is contrary to the interests of the Creditors of the Company as a whole, and in particular, contrary to the interest of the employees as creditors.
The reasons behind his last line is that "
The creditors were not given sufficent information at the time of the adoption of the DOCA to appreciate that it was not in their interest.
How true, when you are told the employee entitlements are $827, 278 when they were $1,270,000.
Now
Strategic Global Pty Ltd are off to the courts to enforce the DOCA, which has a $422, 722 employee shortfall.
Comment by the Deed Administrator in his circular.
"I believe that the relief sought by the Company and Strategic in the Originating Process[/I] ( Federal Court action listed 17 Nov 2009)
may affect the interests of creditors under the Deed of Company Arrangement. In this regard, creditors may wish to seek their own independent legal advice.
Yeah right, if the correct information had of been supplied in the first place there would be no reason why I and my colleagues would need to get legal advice in order to get what is rightfully ours, that being the $442, 722 shortfall being paid by
Strategic in the DOCA.
Come on Heavy Lift, put a bit of legal weight into this thing, follow through with what is required, you are the largest creditor and any increase in payout will increase your bottom line as well.
(posted on this thread as tail wheel does not see the connection of this subject to
Strategic)
