New Zealand

Opraxe Australia Pty Limited – Administrators

Initially appointed as voluntary administrators by the directors of Technomin Australia Pty Limited a company that serviced the telecommunications industry. We were subsequently appointed as Deed Administrators by the creditors of the company. We commenced litigation against a large U.S. based trading partner which had withheld significant commissions. As a result of successfully settling the litigation, we were able to pay the creditors of the company in full and returned the company to the directors in a solvent position. The directors subsequently approached us to undertake the solvent winding up of the company.

Valence Industries Ltd – Administrators

Initially appointed as voluntary administrators by the directors of Valence Industries Ltd, an ASX listed company which held Mining, Retention and Exploration Licences, and which owned graphite mining operations in South Australia, which included one of the largest coarse flake graphite deposits in the world. A Deed of Company Arrangement was proposed which resulted in the company being restructured with the non-priority creditors’ debts being converted into equity. We were subsequently appointed as Deed Administrators by the creditors of the company. The deed provided for the company to re-list on the ASX which was achieved following approval by the ASX and ASIC of the capital conversions and all listing documentation and following a final determination by the Takeover Panel.
 
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