Appointment type
Voluntary Administration
Appointment date
3 August 2023
Appointees
Martin Jones, Matthew Woods and Clint Joseph
Companies subject to Administration
Kalium Lakes Limited ACN 613 656 643
Kalium Lakes Infrastructure Pty Ltd ACN 631 042 450
Kalium Lakes Potash Pty Ltd ACN 601 436 060
Office
Perth
Background information
Martin Jones, Matthew Woods and Clint Joseph were appointed as Joint and Several Voluntary Administrators of the Companies on Thursday, 3 August 2023 pursuant to Section 436A of the Corporations Act 2001 (the Act).
Immediately following our appointment, Receivers and Managers from McGrathNicol were appointed by Westpac Administration Pty Limited (as Security Trustee) pursuant to a General Security Deed granted in its favour by the company.
As a result of the Receivers and Managers' appointment, they control the Companies' assets and operations and will be responsible for and determine all issues relating to the Companies' ongoing operations and the way that the Companies assets are dealt with.
Any queries regarding the administration should be directed to Lachlan Wharton or Kieran Chu of KPMG who can be contacted via email at kaliumlakes@kpmg.com.au.
Meetings
At the Second Meeting of Creditors held on 11 December 2023, the Chairperson adjourned the meeting pursuant to section 75-140(1) of the Insolvency Practice Rules (Corporations) 2016 for a period of up to 45 business days (being up to 16 February 2023) pursuant to section 75-140(3) of the Rules. An adjournment facilitates the Administration process in a way that:
- allow further time for interested parties to formulate and put forward a DOCA proposal to creditors and to allow the Administrators further time to progress the potential restructure of KLL; and
- allows the Administrators to report back to creditors with sufficient information (post the effectuation of the KLP and KLI DOCA to accurately determine whether entering into a DOCA (if one is proposed) provides a better return to creditors as compared to an immediate winding-up of KLL.
At a reconvened Second Meeting of Creditors held on 6 December 2023, creditors of KLP and KLI resolved to accept a Deed of Company Arrangement (DOCA) as proposed by Reward Minerals Pty Ltd (Reward).
KLP and KLI have each respectively executed the DOCA on 22 December 2023. Accordingly, Matthew Woods, Clint Joseph and Martin Jones became the Joint and Several Deed Administrators on that day. Copies of the relevant DOCAs are available for download under Communications.
As Deed Administrators we will continue to progress the terms and conditions of the DOCAs and advise that the DOCA is anticipated to complete at the end of January 2024.
A concurrent first meeting of creditors of the Companies was held on 15 August 2023, where the appointed of Administrators was ratified and a Committee of Inspection was formed. A copy of the Minutes of Meeting is available for download.
Communications
Information and circulars for creditors and employees.
Minutes of the Reconvened Second Concurrent Meeting of Creditors – 6 December 2023
Kallium Lakes Potash Pty Ltd / Kallium Lakes Infrastructure Pty Ltd
Supplementary Voluntary Administrators Report – 29 November 2023
Kalium Lakes Potash Pty Ltd
Letter to Creditors – Extension of s439A Covening Period – 1 September 2023
Kalium Lakes Limited
Kalium Lakes Circular to Creditors – 29 August 2023
Extension of Convening Period for Second Creditors Meeting
Minutes of the Meeting of Eligible Employee Creditors – 6 December 2023
Kallium Lakes Potash Pty Ltd
Minutes of Meeting of Eligible Employee Creditors – 4 October 2023
Kalium Lakes Potash Pty Ltd
Support
ASIC Insolvency material
The Australian Securities & Investments Commission (ASIC) provides resources on insolvency for directors, practitioners, employees, creditors and investors.
Visit the ASIC website to find out more.
Fair Entitlements Guarantee (FEG)
You may be eligible for FEG assistance. General information for claimants can be found here:
https://www.dewr.gov.au/fair-entitlements-guarantee.
Beyond Blue
beyondblue offers some useful resources for people struggling with the emotional impact of financial distress. The beyondblue Support Service provides confidential, one-on-one counselling with a trained mental health professional.
Phone: 1300 22 4636
Lifeline
Lifeline offers phone crisis counselling for people who are experiencing financial and emotional hardship.
Phone: 13 11 14 Australia-wide
Online crisis support chat (7:00pm to 4:00am daily)
Appointees
Matthew Woods
WA Clients & Markets Lead Partner, Turnaround & Restructuring | Enterprise
KPMG Australia
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