|Appointment type||Joint & Several Liquidators – 22 June 2018 to current
Deed Administrators – 2 May 2017 to 21 June 2018
Joint & Several Administrators – 8 September 2016 to 1 May 2017
|Appointees||Matthew Woods and Stephen Vaughan|
|Company subject to Administration||KBL Mining Limited
ACN 129 954 365
On Thursday 8 September 2016, Matthew Woods and Stephen Vaughan of KPMG were appointed as Joint and Several Administrators (“the Administrators”) of KBL Mining Limited (“Company” or “KBL”) by James Wall, Robert Besley, and Gregory Starr (“the Remaining Directors”). Voluntary administration is a statutory process designed to provide for the business, property and affairs of an insolvent company to be administered in a way that maximises the chances of the company, or as much as possible of its business, continuing in existence, or if that is not possible to provide for a better return for a company's creditors and members than if the company was immediately wound up. Following the appointment of Matthew Woods and Stephen Vaughan as Administrators, KBL continued to trade and employ staff with a view to recommencing mining operations whilst a sale or recapitalisation was pursued.
On Tuesday 2 May 2017, Matthew Woods and Stephen Vaughan were appointed as Deed Administrators of KBL, pursuant to the Deed executed that day.
On Friday 22 June 2018, Matthew Woods and Stephen Vaughan were appointed as Liquidators of KBL, pursuant to resolutions of the creditors at a meeting of creditors that day resolving that the Deed of Company Arrangement be terminated and that the Company be wound up.
Receivers and Managers
On Monday 19 September 2016, Martin Jones, Andrew Smith and Ryan Eagle of Ferrier Hodgson were appointed as Joint & Several Receivers & Managers (“the Receivers”) of KBL by KBL’s secured creditor, Quintana. The Receivers took possession of KBL’s assets and sought to continue the recommencement of operations; however, severe rain prevented this and, as a consequence, the operations of KBL were effectively put into ‘care and maintenance’ approximately one week after the Receivers' appointment.
The Receivers and Managers remain in control of the mine site at Mineral Hill and may be contacted at email@example.com.
- 19 February 2019 – The Liquidators have emailed and mailed a statutory report (PDF 265KB) to KBL’s creditors regarding the conduct of the liquidation to date. Please refer to the Reports to creditors section for further information.
- 19 September 2018 – The Liquidators have emailed and mailed a letter to each employee indicating their entitlements as advised to the Fair Entitlements Guarantee scheme. Refer to the Employee section for further information.
- 22 August 2018 – The Liquidators have released an ASX Announcement (PDF 783.1KB) for shareholders and options holders declaring that these holdings have no value or negligible value (worthless).
- 28 June 2018 – The Liquidators have released an ASX Announcement (PDF 595.9KB) for shareholders and options holders declaring that there is no likelihood of any future dividend in respect of these holdings.
- 22 June 2018 – On 22 June 2018 at a meeting of creditors the creditors of the Company resolved that the Deed of Company Arrangement be terminated and that the Company be wound up. Matthew Woods and Stephen Vaughan are now liquidators of the Company. We have released an ASX Announcement (PDF 666.8KB) outlining next steps for creditors and shareholders in the Liquidation.
All circulars to creditors and reports are available for review below.
All circulars issued to creditors during the Voluntary Administration and Deed Administration periods are provided below. We refer creditors also to the ASX announcements for KBL and the Latest News section of this page where we may provide minor updates as to the current status of the Deed Administration.
The Company entered Liquidation on 22 June 2018. As such, eligible employees may now commence the process to lodge a claim through the Fair Entitlements Guarantee Scheme (the FEG) where employees may register their claims with the FEG through its online portal. Full information relating to FEG eligibility and how to apply is available online here: https://extranet.employment.gov.au/feg.
The Liquidators have been in regular communication with the Receivers and Managers during our concurrent appointments and we have obtained relevant information from the Receivers and Managers relating to employee entitlements in order to assist the FEG with its claims process. FEG will usually rely on information provided by the Liquidators in the first instance, in relation to the quantum of employee claims as calculated from the books and records of the Company. However, the FEG may request further information or supporting documentation from you directly.
On 19 September 2018 we posted and emailed all employees on record our understanding of their entitlements in accordance with the books and records of the Company, employee contracts, and information provided by the Receivers and Managers. Employees should note that where their employment initially commenced on a casual basis and was subsequently transferred to a permanent basis, entitlements will accrue from the date of commencement as a permanent employee.
Entitlements have been calculated with reference to Fair Work entitlements (available here: www.fairwork.gov.au/how-we-will-help/templates-and-guides/fact-sheets/minimum-workplace-entitlements/notice-of-termination-and-redundancy-pay). In some circumstances, additional entitlements were provided by way of employment contract. Where entitlements were amended by way of contract, this has been taken into account. If you are an employee and have not received your email or letter, please email us at firstname.lastname@example.org to request a copy.
Employees should now submit their pre-appointment (pre-8 September 2016) entitlement claims to the FEG for review and consideration. We encourage employees to commence the registration process as soon as practicable to ensure they are aware of all requirements and documentation that may be required during this process. Claims must be lodged within 12 months of the date of Liquidation, being 22 June 2018.
Upon review of requirements of the FEG process, should employees require information pertaining to their entitlements they may request that information from us by emailing email@example.com or calling +61 2 9295 3877. Any information provided to employees regarding their entitlements is based on KBL’s records and calculations with reference to relevant legislation, and is subject to the review of FEG who will determine the final entitlement owing.
Shares in ASX:KBL are currently suspended. The Liquidators have released an announcement on the ASX announcements for shareholders to utilise in respect of claiming any tax losses.
Please continue to monitor ASX announcements.
Coping with the emotional impact of financial distress.