|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
P: +61 8 9263 7178
F: +61 8 9263 7129
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.
Second meeting of creditors
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.
First meeting of creditors
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.
Information and circulars for creditors.
Information and circulars for shareholders.
Court directions proceedings and documentation relating to this matter.
Fair Entitlements Guarantee (FEG)
General information for claimants: www.ag.gov.au/industrial-relations/fair-entitlements-guarantee-feg
ASIC insolvency material
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 (7:00pm to 4:00am daily)