close
Share with your friends

Appointment details

Appointment type Liquidation
Appointment date 4 March 2016
Appointees Peter McCluskey
Company subject to Administration Sino Australia Oil and Gas Limited (In Liquidation)
ACN 159 714 397
Office Melbourne
Oil pipeline at dusk

KPMG contact

Philip Muscari
pmuscari1@kpmg.com.au
+61 3 8663 8779

Separator line

Background information

Peter McCluskey was appointed Official Liquidator of Sino Australia Oil and Gas Limited (Company) on 4 March 2016. This follows his appointment as Provisional Liquidator of the Company on 21 May 2015 pursuant to an Order of the Federal Court of Australia – Victoria.

The effect of the appointment is that the Official Liquidator is now in control of the Company. The Voluntary Administrators that were previously appointed by the Company’s directors have resigned from their appointment.

During the Provisional Liquidation, the Provisional Liquidator was ordered by the Court to investigate the affairs of the Company, including the identification of its assets and liabilities and provide the Court with an opinion about the solvency of the Company.

A report detailing the results of our investigation was completed and provided to creditors and investors on 11 September 2015.

As the Company was ordered to wound up on just and equitable grounds, it is anticipated there will be sufficient funds available to a Liquidator to permit the payment of a dividend of 100 cents in the dollar to all classes of creditors of the Company.

The balance of funds is likely to be distributed to the different classes of shareholders of the Company. Given the findings of the Liquidators’ investigations, it is likely that shareholders that invested into the Company as a result of the Replacement Prospectus will be receive priority status and should receive a return of some of their funds invested.

Further updates will be provided in due course.

Separator line

Creditor communications

Information and circulars for shareholders and creditors of Sino Australia Oil and Gas Limited.

Separator line

ASX Announcements

Submissions by the liquidator to the ASX Limited Company Announcements Platform about Sino Australia Oil and Gas Limited.

Separator line

ASIC insolvency material

The Australian Securities & Investments Commission provides resources on insolvency for directors, practitioners, employees, creditors and investors.

Separator line

Support

Coping with the emotional impact of financial distress.

Beyond Blue

beyondblue offers some useful resources for people struggling 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

Lifeline

Lifeline offers phone crisis counselling for people who are experiencing financial and emotional hardship.

Phone: 13 11 14 Australia-wide
Online crisis support chat (7:00pm to 4:00am daily)

Separator line