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.

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 on our website.

The Administrators have made an application to the Supreme Court of Western Australia (“the Court”) to extend the period of time within which to convene the second meeting of creditors of each of the Companies by a period of three (3) months, ending until 1 December 2023, copies of the originating process and sworn affidavit of Matthew David Woods in support of the application are also available for download on our website.

On 31 August 2023, the Court made orders that pursuant to section 439A(6) and section 447A of the Corporations Act 2001 (Cth), the convening period for the Companies be extended to 1 December 2023 (“Orders”). The Administrators also have the power to convene the second meeting of creditors at an earlier date, should they consider it to be appropriate.

The Orders provide that the second meeting of creditors of each of the Companies must be convened by 1 December 2023 and be held within five (5) business days after that date being 8 December 2023. A report to creditors pursuant to Insolvency Practice Rules (Corporations) 2016 s75-225(3) and a notice of meeting will be sent to all known creditors of the Company at least five (5) business days prior to the second meeting of creditors.

The Second Meeting for Kalium Lakes Potash Pty Ltd and Kalium Lakes Infrastructure Pty Ltd has been convened for Wednesday, 4 October 2023 at the offices of KPMG, Level 8, 235 St Georges Terrace, Perth WA at 10:00 am (AWST). At this Second Meeting, creditors of these company will decide the company’s future by voting on one of the following options:

• that the administration should end (in this case control of the Company will revert to its directors); or
• that the Company should be wound up; or
• that the Company execute a DOCA.

For completeness, we note that the second meeting of creditors for Kalium Lakes Limited, the parent entity will be convened at a later date, on or before 1 December 2023.

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.

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.

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