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Kupang Resources Limited Report to Creditors

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Kupang Resources Limited Report to Creditors KUPANG RESOURCES LIMITED (ADMINISTRATOR APPOINTED) (RECEIVERS AND MANAGERS APPOINTED) ACN: 098 773 785 REPORT TO CREDITORS PURSUANT TO S439A OF THE CORPORATIONS ACT 2001 25 AUGUST 2015 LIABILITY LIMITED BY A SCHEME APPROVED UND ER PROFESSIONAL STAN DARDS LEGISLATION P A G E 1 REPORT TO CREDITORS The comparative financial returns to creditors under a deed proposal compared to liquidation is only one assessment of whether or not the deed proposal represents a better return than immediate liquidation. Other qualitative factors including but not KUPANG RESOURCES LIMITED limited to the benefit to creditors of ongoing business and the discounted value of prolonged recoveries including the costs of litigation should also be assessed. Creditors (ADMINISTRATOR APPOINTED) are also entitled to vote in their own best interest, regardless of my recommendation. (RECEIVERS AND MANAGERS APPOINTED) ACN: 098 773 785 The Company’s secured creditor, International Litigation Partners Pte Ltd, has submitted a proposal for a Deed of Company Arrangement. Creditors are referred to Section 13 of (“THE COMPANY”) this Report to Creditors for a comparison of the estimated return to creditors under the proposed Deed of Company Arrangement and in a liquidation scenario. On 29 July 2015, I was appointed Administrator of the above Company pursuant to RECOMMENDATION STATEMENT Section 436C of the Corporations Act 2001. The purpose of this report is to: It is my recommendation that creditors resolve at the upcoming meeting of creditors to be held on 2 September 2015 to accept the proposed Deed of Company Arrangement. a) provide creditors with information about the Company’s business, property, affairs and financial circumstances; and b) set out my opinion about the following matters accompanied by my reasons for forming those opinions i) whether it would be in the creditors’ interests for the Company to execute a Deed of Company Arrangement; ii) whether it would be in the creditors’ interests for the administration to end and for control of the Company to be returned to its directors; or iii) whether it would be in the creditors’ interests for the Company to be wound up. Pursuant to Section 435A of the Corporations Act 2001, the objective of a voluntary administration can be summarised as follows: a) to maximise the chances of the Company, or as much as possible of its business continuing in existence; or b) if it is not possible for the Company or its business to continue in existence, results in a better return for the Company’s creditors and members than would result from an immediate winding up of the Company. LIABILITY LIMITED BY A SCHEME APPROVED U NDER PROFESSIONAL ST ANDARDS LEGISLATION P A G E 2 9. Financial Information ......................................................................................................................... 23 Table of Contents 9.1 Profit and Loss Statement ........................................................................................................ 24 1. Disclaimer .................................................................................................................................................. 6 9.2 Balance Sheet and Current Ratio .......................................................................................... 24 2. Executive Summary ................................................................................................................................ 7 10. Preliminary Investigations ................................................................................................................ 26 2.1 Appointment .................................................................................................................................... 7 10.1 Limitations................................................................................................................................. 26 2.2 Control of the Company’s Assets and Business ................................................................. 7 10.2 Books and Records ................................................................................................................ 26 2.3 Preliminary Investigations ........................................................................................................... 8 10.3 Litigation Risk and Proof of Insolvency ........................................................................ 27 2.4 First Meeting of Creditors ........................................................................................................... 8 10.4 Voidable Transactions .......................................................................................................... 28 2.5 Second Meeting of Creditors .................................................................................................... 8 10.4.1 Relation-Back Period ...................................................................................................... 28 2.6 Administrator’s Recommendation ........................................................................................... 8 10.4.2 Unfair Preferences ............................................................................................................ 28 3. Purpose of This Report......................................................................................................................... 9 10.4.3 Unfair Loans (S588FD) .................................................................................................... 29 4. Statement of Independence .............................................................................................................. 9 10.4.4 Uncommercial Transactions (S588FB) ..................................................................... 29 5. Company History and Operations ................................................................................................ 10 10.4.5 Discharge of Related Party Debts (S588FH) .......................................................... 30 5.1 Company History ......................................................................................................................... 10 10.4.6 Transactions for the Purpose of Defeating Creditors (S588FE)..................... 30 5.2 Company Operations ................................................................................................................. 11 10.4.7 Unreasonable Director Related Transactions (S588FDA) ................................ 30 5.2.1 Mining ................................................................................................................................... 11 10.4.8 Voidable Charges ............................................................................................................. 31 5.2.2 Litigation .............................................................................................................................. 11 10.4.9 Insolvent Trading (S588G) ............................................................................................ 31 6. Statutory Information ........................................................................................................................ 13 10.4.10 Indicators of Insolvency ........................................................................................... 32 7. Summary of Administration to Date ........................................................................................... 16 10.4.11 Directors Defences to an Insolvent Trading Claim ....................................... 33 8. Summary of the Company’s Assets and Liabilities ................................................................ 17 10.4.12 Administrator’s Preliminary Findings ................................................................. 33 8.1 Estimated Deficiency .................................................................................................................. 19 10.4.13 Conclusion ..................................................................................................................... 34 8.2 Cash at the Bank .......................................................................................................................... 19 10.5 Offences ..................................................................................................................................... 34 8.3 Sundry Debtors ............................................................................................................................. 19 10.6 Request for Information and Funding .......................................................................... 35 8.4 Other Assets ................................................................................................................................... 20 11. Proposal of Deed of Company Arrangement .......................................................................... 36 8.5 Priority Creditor Claims ............................................................................................................. 20 12. Estimated Return to Creditors ........................................................................................................ 37 8.6 Secured Creditors ........................................................................................................................ 21 13. Options Available to Creditors and Administrator’s Recommendation ....................... 39 8.7 Unsecured Creditors ................................................................................................................... 22
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