September 11 - Claims against the Australian company, Trans Global Projects Pty Ltd, when it was placed into voluntary administration on July 30 amounted to more than AUD24 million (USD16.9 million) according to a creditor list seen by HLPFI.
The directors of Trans Global Projects Pty Ltd have said that the decision to appoint Nigel Markey and Ann Fordyce of Pilot Partners Chartered Accountants as administrators was the result of a unnamed counterparty in a major contract ceasing to make payment of previously approved invoices and disputing significant numbers of invoices, thus delaying processing and payment.
The directors also claimed that the counterparty raised an offsetting claim allegedly due to a claim received by the counterparty from their client, and that legal processes would not being able to be progressed quickly enough to address the situation to counter the claim / delayed payments.
In its Preliminary Report to Creditors dated August 3, 2015, the administrators stated that it was their current intention to carry on the company's activities and to continue trading.
Further creditor meetings were held in August and more will be held in September to decide among other things, the future of the company and whether any Deed of Company Arrangement will be entered into.