Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
Toffers the WUP was filed not served on the 25th OCT, it was served on 3rd NOV, that is the earliest date they could have served which is confirmed as the date it was served via RNS
It cant go in the Gazette until not less than 7 full business days from the date it was served which means it cant at the earliest be in the gazette until Wednesday the 15th,
i thought yesterday it was Tuesday the 14th but i counted it one day out as i counted it going in on the 7th day but its after the full 7th day which makes it Wed the 15th at the earliest.
We will find soon toffers, from the info i checked it works out as next Tuesday the 14th,
what date do you think it will go into the gazette ?
They can only serve after 7 business days from the initial petition date as well so if you take the Oct 25th date plus 7 business days from there brings us to Friday the 3rd which is the date it was served as per the RNS, this adds up if you count it up properly, then add a further 7 business days until it can go into the gazette which is Tuesday the 14th at the earliest
its all in here
https://www.franciswilksandjones.co.uk/winding-up-petition/
"If the winding up petition debt remains unpaid or undisputed, then after 7 business days has elapsed from the date of service, the petitioner can advertise the winding up petition in the London Gazette."
it was served on Friday as per RNS so they have at least until next Tuesday the 14th to resolve this before it goes into the Gazette, the service day does not count as one of the 7 days
if it goes further then the hearing will be held,
"When a winding up petition is issued, the court will always insert in the winding up petition itself what is commonly known as a “return date”. That is a date usually set 8-10 weeks in the future and at which the creditor and the debtor can attend court (either in person or online)."
all this info can be found here
https://www.franciswilksandjones.co.uk/winding-up-petition/
Https://www.franciswilksandjones.co.uk/winding-up-petition/
under the drop own arrow heading " winiding up petition defence"
The winding up petition may be an abuse of process and being used to “bully a debtor” into payment. In those circumstances, the petition can be dismissed by way of an application to the court.
the winding up petition document is defective or procedurally wrong in any way, this can lead to the winding up order being struck out.
they got company name wrong for starters and there is plenty of other defence info on there
The winding up petition may be an abuse of process and being used to “bully a debtor” into payment. In those circumstances, the petition can be dismissed by way of an application to the court.
It is possible to defend a winding up petition on a number of different grounds. For example,
If the winding up petition document is defective or procedurally wrong in any way,
( EURASIAN MINING typo for eg) ( getting the company name wrong does not make these lawyers look good tbh)
this can lead to the winding up order being struck out. it can often have procedural errors in it.
Proper adherence to the winding up procedure is vital. Failure to do so can lead to winding up petition dismissal.
The winding up petition may be an abuse of process and being used to “bully a debtor” into payment. In those circumstances, the petition can be dismissed by way of an application to the court.
Therefore, if a debt is genuinely disputed the court can strike the winding up petition out; and order very significant costs against the petitioning creditor
If this is the case, the petition should be dismissed from court and the creditor should commence proceedings in the right court namely the county court or the high court
The RNS tells us that the Bill it is in dispute so going by the info there is more to be heard about this and that info will be provided as appropriate which was also stated in the RNS,
we need to wait to find out more,
for all we know the EUA dispute may be upheld, they may also win the Queeld case
Winding up proceedings should only be commenced if the debt can be proven and there is no dispute as to whether it is due. If the debt is genuinely disputed, or the company has a genuine cross-claim or right of set-off, winding up proceedings are not appropriate."
If the debt is genuinely disputed and a winding up petition has been issued, the winding up court will very much frown upon that process and can have it struck out for abuse of process. This is because the courts generally view winding up petitions as something which should only be issued where the company is genuinely insolvent and should be wound up so that there can be a fair distribution of the remaining assets to the creditors of the company.
It is possible to defend a winding up petition on a number of different grounds. For example,
The winding up petition may be genuinely subject to a dispute.
If this is the case, the petition should be dismissed from court and the creditor should commence proceedings in the right court namely the county court or the high court
"Winding up petitions must be used carefully if they are being issued to try and get a debt paid. The Courts tend to frown on the use of winding up petitions for debt recovery purposes",
i found that paragraph on the link on one of the drop down boxes so it could indeed be the case EUA have a legitimate grievance about the size of the bill,
https://www.franciswilksandjones.co.uk/winding-up-petition/
Onthebwagon
yes they will have money to pay the bill and on reflection we have to consider that the dispute EUA have with the lawyers is valid, not that we know all the details but 108k seems very high to settle that case, the petition could be thrown out at the hearing if it turns out its the lawyers who are at it with the size of that bill
More info for after it has been served, which is where we are now, it can be resolved but they have to act fast,
Advertisement and notice.- After the petition is issued, it must be advertised in the London Gazette according to Rule 7.16 of the Insolvency Rules 2016 in order to have the company wound up. Advertising in the London Gazette serves as notice to the public and other creditors that a winding-up petition has been presented against the company.
Response from the debtor company.- Once a winding-up petition is served on the company, the company has a limited time (usually 5 business days) to respond to the petition in order to avoid the risk of it being advertised in the London Gazette. The company can either dispute the petition, pay the debt, or propose a voluntary arrangement to the creditors.
Winding up petition hearing.- If the company fails to respond to the petition, fails to pay the debt or disputes the petition, a court hearing will take place. At the hearing, the court will consider the evidence presented by both parties and decide whether to grant the winding-up order, adjourn the petition or dismiss the petition.
Consequences of a Winding up Order: - If the winding-up order is granted, the court appoints a liquidator to take control of the company’s assets, sell them, and distribute the proceeds to the creditors according to the statutory order of priority.
It’s important to note that the filing of a winding-up petition is a serious step and can have significant implications for the company. It is usually seen as a last resort for creditors when all other attempts to recover the debt have failed.
https://www.franciswilksandjones.co.uk/winding-up-petition/
The 21 day period is prior to the petition not after so this is concerning to me,
here is how it works
Creditor must give notice to the debtor company at least 21 days of their intention to present a winding-up petition
Following this 21-day period, the debtor company has not made any proposal for the repayment of the debt that is to the creditor’s satisfaction
How does a winding-up petition work?
Once a winding-up petition has been issued, it will then be served to the company and advertised 7 working days later in The Gazette. It is then heard at court where it will either be approved or dismissed.
If the winding-up petition is approved by the court, a winding-up order is then made and served to the company.
https://www.clarkebell.com/blog/what-is-a-winding-up-petition/
i have always defended the bod but this is a worry, not good at all tbh
They must have known about it, as they have to be notified 21 days before the petition so WTF is going on
The Creditor must give notice to the debtor company at least 21 days of their intention to present a winding-up petition
Following this 21-day period, the debtor company has not made any proposal for the repayment of the debt that is to the creditor’s satisfaction
https://www.clarkebell.com/blog/what-is-a-winding-up-petition/
Yeh magnum possibly thats the case
can anyone else confirm or refute toffers claim that the 300k is the amount due to the lawyers ? as if that is the number then this could be a serious problem
Ide be surprised if it was for 300k toffers where did you get that figure from ?
Magnum you could be right with the 25k from cs helps cover the legal bill, i thought that myself but the thing i dont get is EUA would have been informed that the wind up petition would be applied for 21 days before oct 25th,
i cant work out why not settle it before it goes this far, that is a worry tbh
DR
case over ? fact checked ? any more info on that would be good ?
The political turmoil over Ukraine funding in the USA, the failed counteroffensive and this prank call to Meloni reveals the west are looking for a way out of the Ukraine mess and this prank call to Meloni was made before the situation in the middle east kicked off so its even more likely now they try to find a way to find a compromise on Ukraine,
i cant see Russia willing to compromise without sanctions being lifted and there could well be progress on a solution over the next few months, fingers crossed on that !
i hope the board hang on as long as they can as it would be stupid if they sold for peanuts now then all of a sudden a Russia Ukraine deal is done a short time after, if i was them i would want to hang on up to the Nov 24 election and see what happens then but i think a solution will be found before that,
Meloni’s office said in a statement it regretted that she had been deceived by an impostor posing as the head of the African Union Commission. It said the call took place on Sept. 18 in the run-up to meetings with African leaders at the United Nations General Assembly.
Asked about Russia’s war in Ukraine, Meloni, speaking in English, said: “I see that there is a lot of fatigue, I have to say the truth, from all the sides. We are near the moment in which everybody understands that we need a way out.” “The problem is to find a way out which can be acceptable for both without destroying the international law,” she added.
https://www.news18.com/world/italy-pm-melonis-13-minute-prank-call-reveals-ukraine-fatigue-migration-woes-8644811.html
To add to previous figures there is also the exclusivity targets of Plast, Sopcha and Avarench which from the cadastre contain about 30b in total,
these areas are outwith MT and the JV,
im not sure if they are part of the flanks areas that i didnt put a value on earlier or if they are to be added to that,
either way i think they will also be part of the sale which is a large amount of resources to add to bring the total towards 80b to 90b with more to add to that from not known values
i wouldnt ignore the Rhodium and Iridium as i think these will add significant value, although impossible for us to work out due to being state secrets it is true that geologists commented on the whole area being unusually rich in these which is good news obviously,
these are legitimate numbers that can be calculated from the cadastre and are not make believe or pie in the sky or anything to do with WAI
i am under no illusion that a sale may not go ahead for some time yet but i am more inclined to think at this point they will get a deal over the line and if not then indeed it will be squeaky bum time,
GLA
Sirplacealot, credit to you for that "kryptonite" ha ha that was a good one!