Haven't heard any news on SunSeeker Energy for a while but my friend Greg Watson with his ridiculous SunCube is in a spot of bother!
Green and Gold Energy in receivership http://www.search.asic.gov.au/cgi-bin/gns030c...
Extracted from ASIC's database at AEST 21:26:15 on 09/04/2012
Name GREEN & GOLD ENERGY PTY LTD
ACN 126 956 714 ABN 77 126 956 714
Type Australian Proprietary Company, Limited By Shares
Registration Date 08/08/2007
Next Review Date 08/08/2012
Status ** UNDER EXTERNAL ADMINISTRATION and/or CONTROLLER APPOINTED **
Locality of Registered Office Glynde SA 5070
Jurisdiction Australian Securities & Investments Commission
These are the documents that ASIC has most recently received from or in relation to this organisation. Page numbers are shown if processing is complete and the document is available for purchase.
Date Number Pages Description
21/03/2012 7E4348469 2 505G Notification of Appointment of Liquidator By The Court
21/03/2012 028032604 1 519D Notification of Making of Winding Up Order
21/03/2012 028032603 2 560 Court Order to Wind Up a Company And Appoint a Liquidator
Not one single SunCube sold anywhere in the world.
A LOT of licences sold though.
Keef won his case btw http://www.lavanlegal.com.au/index.php/public...
"Justice Fullerton held that although Mr Leech’s actions in posting online criticism of the defendants may have provoked Green & Gold and Mr Watson into publishing defamatory material about Mr Leech, the posts uploaded by Mr Watson were unjustified.
Her Honour awarded Mr Leech $30,000, which included $5,000 for aggravated damages on the basis that the defendants had published the defamatory matter maliciously." http://www.asic.gov.au/asic/pdflib.nsf/L
Consequences of insolvent trading
There are various penalties and consequences of insolvent trading, including civil penalties, compensation proceedings and criminal charges.
The Corporations Act provides some statutory defences for directors. However, directors may find it difficult to rely upon these if they have not taken steps to keep themselves informed about the company’s financial position.
Contravening the insolvent trading provisions of the Corporations Act can result in civil penalties against directors, including pecuniary penalties of up to $200,000.
Compensation proceedings for amounts lost by creditors can be initiated by ASIC, a liquidator or a creditor against a director personally. A compensation order can be made in addition to civil penalties.
Compensation payments are potentially unlimited and could lead to the personal bankruptcy of directors. The personal bankruptcy of a director disqualifies that director from continuing as a director or managing a company.
If dishonesty is found to be a factor in insolvent trading, a director may also be subject to criminal charges (which can lead to a fine of up to $220,000 or imprisonment for up to 5 years, or both). Being found guilty of the criminal offence of insolvent trading will also lead to a director’s disqualification.
ASIC has successfully prosecuted directors for allowing companies to incur debts when the company is insolvent, and has sought orders making directors personally liable for company debts.
Don't drop the soap Greggy, there'll are 3 gay Hells Angels lined
up behind you in the cell block shower.