WPG 0.00% 1.5¢ wpg resources ltd

Hi Bevter : see my WPG post around 25 Sept part of which I've...

  1. 182 Posts.
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    Hi Bevter : see my WPG post around 25 Sept part of which I've repeated below. Creditors may resolve the books be destroyed. WPG management complained about certain contractors. The merits or otherwise of contractors' performance might be recorded in WPG books. The books could shed light on whether current managers of WPG's former assets had any (direct or indirect) contracts or other relationship with WPG. Such relationships might be entirely innocent of course; however, for the avoidance of doubt, it would (in my view) be prudent for WPG's books NOT to be destroyed. Obviously the books would be valuable for any inquiry into the demise of WPG.

    The Law

    RG 81.2 Where a company has been wound up,the liquidator must
    keep the books referred to in s542(1) (see RG 81.3) for five years
    from the date of the company’s deregistration (s542(2)).
    The
    liquidator may destroy them after five years, subject to s262A of the
    Income Tax Assessment Act 1936 (Cth).

    RG 81.4However, when a company has been wound up, the books
    referred to in s542(1) may be destroyed within five years after the
    company is deregistered:

    (c) in the case of a creditors’ voluntary winding up —
    as the
    committee of inspection directs, or, if there is no such committee,
    as the creditors of the company by resolution direct.(which presumably has been passed at WPG creditors' mtg)
    RG 81.5 Nevertheless, the liquidator must not destroy the books
    in
    the circumstances referred to in s542(3)(b) and 542(3)(c)unless ASIC
    consents to their destruction (s542(4)).

    NOT PROFESSIONAL ADVICE : PLS DO YOUR OWN DD
    Last edited by John Veet: 19/11/20
 
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