The Board of Directors appointed Tony McGrath and Joseph Hayes of McGrathNicol as Voluntary Administrators
to LIFT Capital Partners Pty Limited and LIFT Capital Nominees No.1 Pty Limited on 10 April 2008
Link to statement from the administrators
Click here for answers to some common questions
For all other questions, please email liftadmin@liftcapital.com.au
The Administrators have disabled access to LIFT OnLine as they are not in a position to accurately report on client accounts.
Update on the Administrators Application to Court for Declarations
By way of update to Lift's Application for Court Declarations in relation to the residual stocks held by Merrill Lynch, we advise that on 15 September 2008, the Supreme court of NSW listed the matter for hearing on 11, 12 and 13 November 2008.
Update to creditors
Circular to creditors regarding further adjournment of second creditors meetings . 9 September 2008
Administrators update to creditors . 2 September 2008
Update on the Administrators Application to Court for Declarations
The matter was before the Court on 11 August 2008 during which Justice Hammerschlag made orders for further directions, including that the defendants file affidavit evidence by 8 September 2008 and Lift file any affidavit evidence in reply by 22 September 2008.
The Court did not set a hearing date today, as Merrill Lynch Merrill sought additional time to put on further evidence. This request was granted but restricted to 4 weeks. The matter is stood over for a further directions hearing on 15 September 2008.
We expect the court to list the matter on the next occasion and hope to get a hearing date in either late October or early November.
Administrators update on client position
Administrators update regarding interest on client loans
Administrators update to Category 1 clients
Administrators update to Category 2 clients
Administrators update to Category 3 clients
Individual client category classifications
Second Creditor Meetings Adjourned
At the second meetings of creditors on 16 July 2008, creditors resolved unanimously to adjourn the meetings for a period of 43 days to Monday 15 September 2008 to enable creditors to further consider the Administrators Supplementary Report recommending a Deed of Company Arrangement.
The reconvened meeting will be held on Monday 15 September 2008 at the Wesley Conference Centre, 220 Pitt St, Sydney NSW at 11am, registration from 10am.
Second creditor meeting proxy forms carry forward to the 15 September 2008 meeting. Accordingly, creditors are not required to resubmit their forms unless they wish to change their proxy representative.
A copy of the presentation given at the 16 July 2008 meeting by the Administrators is provided below:
2nd creditors meetings presentation
Second Creditors Meetings
On Friday 11 July 2008, the Administrators distributed the following additional documents to creditors in advance of the second creditors meetings:
The supplementary report includes details of a Deed of Company Arrangement proposal from the Directors of Lift Capital and Merrill Lynch, which the Voluntary Administrators will recommend at the 2nd Creditors Meetings on 16 July 2008.
The second statutory meetings of the creditors of the Lift Capital group of companies will be held on Wednesday 16 July 2008 at the Wesley Conference Centre, 220 Pitt St, Sydney NSW at 11am, registration from 10am.
This is in accordance with the 2 month extension granted by the Court on 6 May 2008 to extend the convening period for the second meetings to 9 July 2008, meaning that the meetings must be held by 16 July 2008.
In preparation for the meetings, the following documents were distributed to known creditors via post or email on Monday 7 July 2008:
Creditors wishing to attend the creditors meeting either in person of by proxy should lodge their proof of debt form and if applicable proxy form with Computershare by Noon on Monday 14 July 2008 by:
Fax: 02 8235 8220
Post: GPO Box 4195, Sydney NSW 2001
Email: liftcapital@mcgrathnicol.com
If you have already lodged a proof of debt, you are not required to do so again.
If time does not permit lodgement of the documents by Computershare by this time, the documents may be brought with you to the meeting.
Creditor meeting queries should be directed to Vanessa Chase of McGrathNicol on 02 9338 2629.
For all other creditor queries please call either 1300 734 867 or email liftadmin@liftcapital.com.au
Update to Administrators Application for Declarations /Directions
On 3 July 2008, Justice Austin made orders for the subsequent conduct of the proceedings including the service of pleadings and any evidence by all parties. The next directions hearing is listed on 11 August 2008 at 10.00am.
On 1 July 2008, Justice Austin made an order standing the matter over for directions at 2pm on Thursday, 3 July 2008 when further directions will be given for the subsequent conduct of the proceedings.
On 25 June 2008, Austin J made orders for directions including that the Merrill Lynch defendants file and serve evidence in relation to the Bravura Solutions Ltd shares by 30 June 2008. The directions hearing is adjourned to 1 July 2008 at 2pm before Austin J when further directions will be made for the subsequent conduct of the proceedings
We advise that the matter has been listed for directions before Austin J at 2.00pm on 25 June 2008. At this initial hearing the Court will make orders for directions for the subsequent conduct of the proceedings. We will provide further details of the timetable shortly.
Administrators application for Declarations
On Wednesday 18 June 2008 the Administrators filed an application for Declarations, and in the alternate the Administrators are seeking directions, from the Supreme Court of New South Wales. The Declarations sought are accessible via the link below.
Court declarations sought
The Declarations sought concern three ASX- listed securities that are in the possession of Merrill Lynch and in particular whether, under the terms of certain contracts between Merrill Lynch and Lift, Merrill Lynch is required to pay cash to Lift in respect of these three securities, rather than return the securities themselves to Lift. The Declarations do not concern managed funds or securities under the control of Berndale.
The Declarations also concern the question of whether such cash or the three securities that are returned from Merrill Lynch is property of certain individual investors. For reasons of efficiency, speed and cost, the Declarations applied for have been restricted to the three securities named in the application and to the claims of three investors.
While not binding on Lift investors generally, it is hoped that the application for declarations will provide the Administrators with further guidance regarding how to treat the distribution of some or all of about 120 ASX-listed securities that will be returned by Merrill Lynch, whether they be in the form of shares or cash, and whether the securities or cash forms part of the property of Lift available for distribution among all of Lift's creditors.
We will continue to update creditors on the progress of the Application and any key dates as more information becomes available.
Second Creditors Meetings
We advise that on 6 May 2008 the Court granted an extension of 2 months to the convening period for the second meetings, meaning the meetings now have to be convened by 9 July 2008 and held by 16 July 2008.
Administrators Update to Creditors
First meeting of creditors
The first statutory meetings of the creditors of the Lift Capital group of companies will be held on Tuesday 22 April 2008 at the Wesley Conference Centre, 220 Pitt St, Sydney NSW at 11am, registration from 10am.
All known creditors of the companies were sent via post on Monday 14 April 2008 the following documents in preparation for the first meeting of creditors:
Click here for the slide presentation that was given at the 1st creditors meeting on 22 April 2008
Click here for minutes of the 1st creditors meeting on 22 April 2008.
Creditors wishing to attend the creditors meeting either in person or by proxy should lodge their proof of debt form and if applicable a proxy form with Computershare by Noon on Monday 21 April 2008 by:
Fax: 02 8235 8220
Post: GPO Box 4195, Sydney NSW 2001
Email: liftcapital@mcgrathnicol.com
If time does not permit lodgement of the documents with Computershare by this time, the documents may be brought with you to the meeting.
Creditor meeting enquiries should be directed to Adrian Koochew of McGrathNicol on 02 9248 9946.
For all other creditor enquires please call either 1300 734 867 or email liftadmin@liftcapital.com.au
Click here for the LIFT Capital Financial Services Guide
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