Appointment details
| Appointment type | Pasminco Limited (Subject to Deed of Company Arrangement) and Pasminco Finance Limited (Subject to Deed of Company Arrangement)
Pasminco Cockle Creek Smelter Pty Limited (In Liquidation)
|
| Appointment date | 4 October 2002 |
| Appointees | John Lindholm |
| Companies subject to Administration | Pasminco Limited (Subject to Deed of Company Arrangement) Pasminco Finance Limited (Subject to Deed of Company Arrangement) Pasminco Cockle Creek Smelter Pty Limited (In Liquidation) |
| Office | Melbourne |
KPMG contact
Hannah Mcconalogue
hannah1@kpmg.com.au
+61 3 9288 6461
Background information
On 19 September 2001, John Menzies Spark and Peter Damien McCluskey were appointed Voluntary Administrators of the Pasminco Group of Companies. Trading in Pasminco Limited ("Pasminco") shares ceased on 20 September 2001. On 4 October 2002, Pasminco and each of the subsidiaries under Voluntary Administration executed Deeds of Company Arrangement ("DOCAs"). John Menzies Spark and Peter Damien McCluskey were appointed Administrators of the DOCAs.
Pursuant to the DOCAs, a new company, Zinifex Limited ("Zinifex"), was formed to acquire certain shares and other interests in entities that operated key assets in the Pasminco Group as part of the restructure process.
Shares in Zinifex were sold through an Initial Public Offering ("IPO"). Shares in Zinifex began trading on the Australian Stock Exchange on 5 April 2004. Pasminco and the Residual Group remain under the control of the Administrator who is currently managing its wind up.
On 30 October 2007, John Lindholm replaced John Menzies Spark as Deed Administrator. On 29 March 2019, Peter McCluskey retired as Deed Administrator.
On 24 September 2019, creditors voted to place Pasminco Cockle Creek Smelter Pty Limited into liquidation.
Historical information
Further information regarding the history of Pasminco and the administration can be located on the Pasminco website at www.pasminco.com.au.
ASIC reporting relief
On 5 August 2020, ASIC granted the following relief:
(a) In accordance with section 340(1) of the Corporations Act (Act), Pasminco Limited (subject to deed of company arrangement) ACN 004 368 674 (Pasminco Limited) and Pasminco Finance Limited (subject to deed of company arrangement) ACN 007 289 269 (Pasminco Finance) is exempted from compliance with the financial reporting obligations under Part 2M.3 of the Act. Provided certain conditions set out in the relief instrument are complied with, the instrument ceases to apply to Pasminco Limited and Pasminco Finance on the date that is the earlier of 15 June 2022 and the date the relevant company ceases to be under external administration; and
(b) In accordance with section 250PAB(4), Pasminco Limited is exempted from compliance with the obligation to hold an annual general meeting under section 250 of the Act. Provided certain conditions set out in the relief instrument are complied with, the instrument ceases to apply to Pasminco Limited on the date that is the earlier of 16 August 2022 and 2 months after the date of termination of the deed of company arrangement.
A copy of the instruments of relief can be found under Creditor communications.
Fair Entitlements Guarantee (FEG)
General information for claimants: Fair Entitlements Guarantee website
ASIC insolvency material
The Australian Securities & Investments Commission provides resources on insolvency for directors, practitioners, employees, creditors and investors.
Support
Coping with the emotional impact of financial distress.
Beyond Blue
The beyondblue Support Service provides confidential, one-on-one counselling with a trained mental health professional.
Phone: 1300 22 4636
Lifeline
Phone: 13 11 14 Australia-wide
Online crisis support chat (7:00pm to 4:00am daily)
