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BBL voluntary administrators recommend liquidation


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The Voluntary Administrators of Babcock & Brown Limited (BBL), David Lombe and Simon Cathro, have released their Section 439A report to creditors today.

The report recommends that the company be placed into liquidation.

“As a consequence of a deed of company arrangement not being proposed, liquidation is the only option available,” said Mr Lombe. “Liquidation will allow us to investigate the matter in greater depth, conduct public examinations and as a liquidator receive increased powers to commence recovery actions.”

In the report, the administrators have outlined a range of matters they wish to investigate further, including:

  • potential conflicts of interest between the Boards of BBL and BBIPL
  • the possibility of inadequate disclosure regarding public offer documents
  • a review of the risk management processes and policies in relation to the business model
  • a review of the overall solvency of the group at various points and associated issues, and
  • an investigation of the timings of impairments of assets.


The full report will be made available to creditors and noteholders.

Creditors will be asked to vote for liquidation during the second creditors meeting, to be held on Monday 24th August 2009, at 11.00am at the Four Seasons Hotel, Sydney.

Media arrangements for the second BBL creditors meeting
Those who are writing about BBL in the media are asked to register their interest with Karina Randall (contact details below).

The media will not be permitted into the meeting. However, the media are welcome to attend the following:

Visual /photographic opportunities of the room/meeting:
Five minutes prior to the meeting (Sydney only): (10.50am – 11.00am approximately. Media will be asked to vacate the room at 11.00am)

Creditors meeting: 11.00am, Monday 24th August
Location: Four Seasons Hotel, George St, Sydney.
Door stop interview: A door stop interview will be held at the conclusion of the meeting
(around 12.30pm).

Registration of media interest: Karina Randall

Last Updated: 

Contacts

Name:
Karina Randall
Company:
Deloitte Australia
Job Title:
Corporate Affairs & Communications
Phone:
Tel: + 61 2 9322 3778, Mobile: +61 414 823 712
Email
karandall@deloitte.com.au

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