LNY 6.67% 0.8¢ laneway resources ltd

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

  1. 3,065 Posts.
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    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.
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