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.

Second Meeting of Creditors for KLL

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.

Concurrent Second Meeting of Creditors for KLP and KLI

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. A copy of the DOCA is available for download: KLP DOCA | KLI DOCA

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.

Concurrent First Meeting of Creditors

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.

Information and circulars for creditors.

Information and circulars for employees of Kalium Lakes Limited.

Court directions proceedings and documentation relating to this matter.

The Australian Securities & Investments Commission provides resources on insolvency for directors, practitioners, employees, creditors and investors.

Coping 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

Phone: 13 11 14 Australia-wide
Online crisis support chat