chance
10th Feb 2017, 22:40
A creditors meeting looms after the Chinese don't make the payments.
Attachment removed as it is not a public notice. CFI
chance
12th Feb 2017, 02:04
In essence:
The Administrators have received $845K from the Purchaser (Australian Aviation Academy) to keep the show ticking along.
The have been a number of extensions to the Sales Agreement
The final extension(23/12/16) required a further $500k and a $500 K Australian Bank Guarantee.
The payment was not made by 12/1/17 or subsequently and no bank guarantee lodged.
The Deed Administrators have therefore terminated the Sales Agreement.
The DOCA is still alive.
A third party could pick it up if the current Purchaser fails to finalise.
The Purchaser apparently still wants to proceed but there has been no formal request or credible evidence of the Purchaser's ability to complete the sale received by the Deed Administrators.
The Deed Administrators are thus required by the Corporations Act to either vary the DOCA or terminate the DOCA and wind up the companies and are required to call a Creditors meeting to consider the matters.
The facility at AF has gone quiet. No interim staff around so it looks like the money has dried up.