Coplex Resources NL

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    26 april coplex resources nl ,has announced that despite all possible attempts to complete statutory reporting requirements and the reasonable conditions set down by the Australian Stock Exchange (ASX) to enable the company to have its ASX suspension lifted, this has not been possible.

    The precarious financial position of the company is such that the directors believe that the company is insolvent or is likely to become so in the near future and have, thus, resolved to make application to the Court to appoint a Liquidator.
    The directors believe that the company's insolvency results, in great part, from the transfer of the majority of the company's assets to Helm Maritime Corporation in early 2000 in satisfaction of a contingent US$12 million claim against the company.

    Michael Humphris of Sims Lockwood was appointed as Voluntary Administrator on 16 May 1999.

    Humphris and Laurence Fitzgerald became joint and several Deed Administrators under a Deed of Company Arrangement that was entered into on 2 March 2000.

    Between mid-March 2000 and April 2001, the Joint Deed Administrators retained control of the company, its remaining assets and Bank Accounts.

    On 23 April 2001, control of the company was returned to the then directors with A$37,000 in cash and its shareholding in Coenco - its Philippine-registered subsidiary.

    Despite a capital raising of A$300,000, and further unsecured loans to the company provided by Fellowes, the company's auditors were unable to access the required accounting information, corporate records and details of transactions entered into during Administration to enable the company to complete outstanding audited accounts for periods covering the period of Administration.

    As a major unsecured creditor of the company and in order to avoid any conflict of interest, managing director of the company, Fellowes, did not take part in the decision to seek the appointment of a Liquidator and has resigned his position as a director and managing director of the company with immediate effect.

    Messrs John Cornelius and Sam Uy remain as directors of the company; Davies having
    resigned in November 2001 when the company was unable to pursue a waste to energy project.

    The directors and Fellowes have requested that the Liquidator investigate all of the circumstances surrounding the transactions entered into with Helm during the administration period and intend to co-operate fully with the Liquidator to assist in realising, if possible, any remaining assets for the benefit of the current (minimal) creditors and its shareholders.

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