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Re: Octaviar MFS Premium Income Fund PIF
This in HeraldSun.com.au today.
Octaviar in liquidation hearings
October 10, 2008 03:03pm
THE directors of beleaguered fund manager Octaviar may be preparing a proposal to trade the company out of its massive debts, a Brisbane court has heard.
The Queensland Supreme Court today delayed a hearing into whether the company should be put into liquidation, to allow the administrators more time to investigate the company's finances.
It will now be heard on December 18, though the administrators will need to hold a meeting of creditors beforehand.
The lawyer representing the Public Trustee, Dominic O'Sullivan, expressed concern the delay could cost creditors money.
Mr O'Sullivan said the company had spent more than $10 million on administration costs since mid-June, a month after the Public Trustee launched proceedings to have the company wound up.
The court heard there was evidence Octaviar's directors were preparing a proposal to take to creditors that the company be allowed to trade its way out of insolvency.
However, Mr O'Sullivan said the Public Trustee would oppose the move.
"The Public Trustee is still very firmly of the view that the best course for creditors is to wind this company up," he said.
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This in HeraldSun.com.au today.
Octaviar in liquidation hearings
October 10, 2008 03:03pm
THE directors of beleaguered fund manager Octaviar may be preparing a proposal to trade the company out of its massive debts, a Brisbane court has heard.
The Queensland Supreme Court today delayed a hearing into whether the company should be put into liquidation, to allow the administrators more time to investigate the company's finances.
It will now be heard on December 18, though the administrators will need to hold a meeting of creditors beforehand.
The lawyer representing the Public Trustee, Dominic O'Sullivan, expressed concern the delay could cost creditors money.
Mr O'Sullivan said the company had spent more than $10 million on administration costs since mid-June, a month after the Public Trustee launched proceedings to have the company wound up.
The court heard there was evidence Octaviar's directors were preparing a proposal to take to creditors that the company be allowed to trade its way out of insolvency.
However, Mr O'Sullivan said the Public Trustee would oppose the move.
"The Public Trustee is still very firmly of the view that the best course for creditors is to wind this company up," he said.
--------end of article-------------