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Doesn't matter. You guys are arguing about insolvency status as if there's two end results. There's only one - insolvency.
Technically they are NOT insolvent.The BOD suggest that HUR may become insolvent if certain actions are not taken.These actions are controversial but are not being put to the shareholders. Why not ?
They are technically insolvent as they cannot generate enough revenue under all reasonable forecast scenarios to repay their debt when due and the other financial obligations they face.. the Board cannot just claim this for some obtuse scam type reason, it needs to be signed off by Auditors, their advisors , accountants and lawyers .. unless you believe that they are all stupid enough just to agree with what’s in front of them..
It’s making money on a day to day basis but the wells are at risk from single point failure and the rate is declining...that maybe unwelcome but true...
"HUR is not insolvent.It is a profitable entity at present."
So they're not insolvent. So shall we ask them to get rid of this paragraph as they must have it wrong?!! lmao
"Shareholders and Bondholders are reminded that in the event the Restructuring Plan is not approved by Bondholders at the Plan Meeting, or if it is approved by Bondholders but not sanctioned by the Court, the Restructuring will not be capable of being implemented. In that scenario, it is likely that there would be a controlled wind-down of the Group's operations followed by an insolvent liquidation of the Company."
HUR is not insolvent.It is a profitable entity at present.
Ned, this discussion about ownership is pure semantics.
Once the company is deemed in financial difficulty and is or about to become insolvent then the duty of the board is to the creditors not the shareholders..,,simple but unpalatable fact. Read the Harbottle link I posted earlier.
Correct,shareholders own shares and can control through voting. Control is not ownership.
Still obtuseSecret.The shareholders as a group have control,they own their shares.The point I made is valid
English shareholders are definitely not owners. The Court of Appeal declared in 1948 that “shareholders are not, in the eyes of the law, part owners of the company”. In 2003, the House of Lords reaffirmed that ruling, in unequivocal terms.
Correct. No one owns a limited company. That's the law.
You are being obtuse.In that case nobody owns the company !!
It's a fallacy that shareholders own the company. They own voting rights and distribution rights and nothing else. A limited company is a legal personality in its own right.
The shareholders own the company.BOD work for the shareholders.Surely they can’t take such serous action without shareholders consent.Surely the judge will realise this