| Appointment type | Voluntary Administration Receivers and Managers Deed of Company Arrangement |
| Appointment date | 20 October 2021 |
| Appointees | Martin Jones and Matthew Woods |
| Companies subject to Administration | Australia Salt Lake Potash Pty Ltd Piper Preston Pty Ltd
Salt Lake Potash Limited Irve Holdings Pty Ltd Two Lake Holdings Pty Ltd SO4 Fertiliser Holdings Pty Ltd Irve Developments Pty Ltd Two Lake Developments Pty Ltd SO4 Fertiliser Developments Pty Ltd
|
| Office | Perth |
Background information
Martin Jones, Hayden White and Tom Birch were appointed as Administrators of Salt Lake Potash Limited and its Related Entities on 20 October 2021 pursuant to Section 436A of the Corporations Act 2001.
Tom Birch resigned as an administrator on 31 January 2022.
Creditor meetings
The second meetings of creditors for the Companies was held at the offices of KPMG, L8, 235 St Georges Terrace Perth WA 6000, as outlined below:
Piper Preston Pty Ltd and Australian Salt Lake Potash Pty Ltd creditor meetings held on Thursday, 29 September 2022 at 10:30am. Creditors resolved that PP and ASLP should enter into the proposed Deed of Company Arrangement.
Salt Lake Potash Limited and the remaining subsidiaries creditor meetings held on Friday, 30 September 2022 at 10:30am. 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 2 December 2022) pursuant to Section 75-140(3) of the Rules. The Adjournment allows:
- further time for interested parties (including the Directors) to formulate and put forward a DOCA proposal to creditors and to allow the Administrators further time to progress the potential restructure of the Companies; and
- allows the Administrators to report back to creditors with sufficient information 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 each of the Companies’, less ASLP and PP.
1 November 2021
The First Meeting of Creditors of the Companies was held on 1 November 2021, at which the Administrators appointment was confirmed. Creditors resolved at the First Meeting of Creditors to appoint a Committee of Inspection for each of SO4 and PP. COI’s were not formed for the other seven (7) entities.
Communications
Information and circulars for creditors & shareholders.
Two Lake Holdings Pty Ltd – DOCA – 22 December 2022
Two Lake Developments Pty Ltd – DOCA – 22 December 2022
SO4 Fertiliser Holdings Pty Ltd – DOCA – 22 December 2022
SO4 Fertiliser Holdings Pty Ltd – DOCA – 22 December 2022
SO4 Fertiliser Developments Pty Ltd – DOCA – 22 December 2022
Salt Lake Potash Limited – DOCA – 22 December 2022
Irve Holdings Pty Ltd – DOCA – 22 December 2022
Irve Developments DOCA – 22 December 2022
Addendum to the Supplementary Report to Creditors – 29 November 2022
Supplementary Report to Creditors – 24 November 2022
Letter to Creditors – 7 October 2022
Letter to Creditors – 3 October 2022
Executed Deed of Company Arrangement (DoCA)
Draft Deed of Company Arrangement (DoCA)
Salt Lake Potash – Draft Deed of Company Arrangement
Draft Creditors' Trust Deed
Second Report to Creditors – 20 September 2022
Second Report to Creditors – 19 September 2022
Circular to Creditors – 22 July 2022
Circular to Creditors – 29 March 2022
Circular to Creditors – 3 January 2022
Circular to Creditors – 12 November 2021
Circular to Creditors – 9 November 2021
First Circular to Creditors – 21 October 2021
Court documents
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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