PLEASE NOTE THIS RELATES ONLY TO TAMARIND TARANAKI LIMITED
APPOINTMENT OF VOLUNTARY ADMINISTRATORS – TAMARIND TARANAKI LIMITED (“COMPANY”)
Pursuant to the Directors’ Resolution (“Resolution”) dated 11 November 2019, Jason Kardachi and Mitchell Mansfield of Borrelli Walsh were appointed Joint and Several Voluntary Administrators (“Administrators”) of the Company on 11 November 2019 in accordance with section 239I of the Companies Act 1993. The appointment of the Administrators is as a result of a number of commercial factors including a deterioration in oil price amongst others affecting the performance of the Company, which has contributed to the Company’s current financial position being unsustainable absent a restructuring.
The Administrators will be directly controlling the assets, operations and books and records of the Company during the Administration period. The purpose of the Voluntary Administration is to seek to maximise the prospects of the Company continuing its business or if this is not possible, to achieve a better return for the Company’s creditors than would result from an immediate liquidation of the Company.
The effect of the appointment of Administrators is to place a moratorium on the payment of creditors up to the date of appointment. The Administrators will in due course in so far as possible propose to creditors a Deed of Company Arrangement (“DOCA”) which will be voted on by all creditors. The proposed DOCA will set out a detailed plan for the repayment of outstanding creditors to the extent this is supportable by available funding and the continuing business of the Company.
The Administrators will convene a first meeting of creditors within 8 business days following their appointment (“First Meeting”). All creditors as at the date of appointment should receive the notice of the First Meeting within 3 business days following appointment. All queries in relation to the above should be addressed directly to the Administrators and their representatives whose contact details are provided below.