LNY 6.67% 0.8¢ laneway resources ltd

Ann: Mining Begins at Agate Creek Gold Project, page-109

  1. 3,065 Posts.
    lightbulb Created with Sketch. 327
    Respectfully, you do not know what you are talking about.

    Firstly, a Bankruptcy Notice is issued and served on individual (or persons where there is a joint liability), not a company. Secondly, bankruptcy proceedings against an individual do not become public record until a Creditor's Petition is filed in the Federal Magistrates Court.

    The proceedings against Bizzell Capital Partners are due to an Application for Winding-Up Order being filed by the ATO. Prior to the Application for Winding-Up Order being filed the ATO would most likely would have served a s459 Notice on Bizzell Capital Partners. A s459 Notice is a essentially a preliminary notice of intention to commence winding-up proceedings. A debtor company has 21 days to comply with a s459 Notice. Winding-Up proceedings are costly and they alert other creditors to your precarious financial situation, it also gives other creditors the opportunity to support the Winding-Up action without having to file separate proceedings. This is not an advisable method for negotiating debt repayment, particularly since any payments made to unsecured creditors 6 months prior to insolvency (that are deemed as preferential payments) can be clawed back by a liquidator. The ATO has certain exceptions with respect to preferential payment claims.

    This is the fifth time in 7 years that Bizzell Captial Partners has been subject to winding-up action (https://www.google.com/amp/s/amp.co...o/news-story/32c52530a6bceb76af3d254c2d91fb73). This is no reflection on LNY but I would be very wary of the potential ramifications on LNY's SP if there was a firesale of Bizzell's shareholding.

    Entities associated with Stephen Bizzell have fallen foul of ASIC and the Takeovers Panel in the past, and this is just in relation to LNY, I have not bothered digging any deeper.

    Who knows what you might find if you dig deep. Riveting stuff for the forensic investor.
 
watchlist Created with Sketch. Add LNY (ASX) to my watchlist
(20min delay)
Last
0.8¢
Change
0.001(6.67%)
Mkt cap ! $29.76M
Open High Low Value Volume
0.8¢ 0.8¢ 0.8¢ $19.37K 2.422M

Buyers (Bids)

No. Vol. Price($)
11 3733680 0.7¢
 

Sellers (Offers)

Price($) Vol. No.
0.8¢ 1055450 2
View Market Depth
Last update - 14.30pm 18/09/2019 (20 minute delay) ?
(live)
Last
0.8¢
  Change
0.001 ( 14.3 %)
Open High Low Volume
0.8¢ 0.8¢ 0.8¢ 1055061
Last updated 14.58pm 18/09/2019 (live) ?
LNY (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.