ASIC granted the shareholders "eligible applicant" status. United Settlement consolidates, restructures, manages and settles loans for small businesses that are struggling with payments. Group proceeding (class action) brought on behalf of persons who acquired shares in Arrium Corporation Limited ( Arrium) during the period between 19 August 2014 and 4 April 2016. If you have any additional questions please contact us. Arrium Shareholders United (ASU) is a group formed by shareholders including many former and current employees, suppliers, mums and dads investors following the dramatic development of the company entering into voluntarily administration due to the disputes between the board of directors and the lenders over the GSO recapitalisation proposal. Please consult with a bankruptcy attorney for more information on bankruptcy. "The plaintiffs and many other shareholders have likely suffered loss from their investment in it; and, on the face of it, the plaintiffs seek to examine Mr Galbraith as to matters as to which the liquidators could properly have examined him, although the liquidators have made a reasoned decision that their resources are better directed to the insolvent trading claim," Justice Black said in his judgment letting lawyers for the shareholders examine Mr Galbraith. In addition to our easy to use site, we have experience in meeting financial needs to our clients. United Debt Settlement, LLC. Mr Galbraith was a director of Arrium from 2000 to 2015. Debt Relief Programs help the individual regain control over their financial life and get back on the road toward financial wellness. Arrium Shareholders United Group Statements. endstream endobj 68 0 obj <>stream An effectively managed Arrium with the current vertically integrated business structure will provide long term benefits for all stakeholders. This site was designed with the .com. We should NOT let this injustice to happen and the following extracts from the Corporations Act support us: 1 -Referring to subsection (3)(a) Under Australia Corporations Act 2001 SECT 435C, THE ADMINISTRATION of a company also END because, the Court orders, under section 447A or otherwise, that the administration is to end because the Court is satisfied that EITHER, provisions of this Part are being ABUSED (2)(b); or, The order can be made by shareholders (or their lawyers) as any other interested person Under Section 447A (4)(f). }!M0>' q@p JmlA89$ *1p9t7kxbkq|{EH&^7fg\aQ_4wIR% Yf.T9]xI)9/m5^w_w_oz_U)Oj@EYc. Though the circumstances that led the individual to a high debt burden vary from person to person, the common thread among all of them is a strong desire to become debt-free. Creditors will be BETTER OFF as the chance of a shortfall is less likely after returning the Arrium Australia company back to the shareholders as a profitable business with going concern. Andrew Watson, the head of class actions at Maurice Blackburn, said it was good news. %PDF-1.6 % Your urgent attention in this matter is appreciated. Firstly we believe that the administrators have abused the power they enjoy in manipulating the administration process and outcome, not in the best interest of all the stakeholders, but rather in their own benefits in maximising fees for themselves and their advisers via a prolonged and unfair administration for well over 12 months. Arrium Shareholders United (ASU) is a group formed by shareholders including many former and current employees, suppliers, mums and dads investors following the dramatic development of the company entering into voluntarily administration due to the disputes between the board of directors and the lenders over the GSO recapitalisation proposal. These lower amounts are agreed to by the creditor or collection agency and are fully documented in writing. Use tab to navigate through the menu items. Communication is excellent. Subsidise Foreign Owned Company with Tax Payers Funds - Tax payers monies have been directly injected to the company. arrium shareholders united settlement. Excellent. Moly-Cop was purchased by OneSteel (now Arrium) in 2010. In addition, the highly sought after mining consumablesubsidiary Molycop will be sold for well over $1.5b reportedly and the proceeds from the sale alone will be more than sufficient to service the next trenches of loan repayment amounting up to $800m in 2017/18. Clients who stay according to debt relief program can realize approximate savings of 50% before fees, or 25% including fees, over 24 to 48 months. All the legal news headlines that matter delivered to your inbox daily. Major steps taken in transforming LIBERTY Primary Steel's Whyalla operations. We acknowledge Aboriginal and Torres Strait Islander peoples as the First Australians and Traditional Custodians of the lands where we live, learn, and work. hTN@~y(P8'Mofc Fog ea$.:=b^jgv`*Z}=Hcr{Ycy5M\ubvIn4SYU6mr=my/brY7+ luuhI47}po"m7{*R,6T.^7Ev}WQ|J nTy]t"nyvbmF`s:e%:IB$A4Pjq6_Po1E=IzolA\87b/bn-kS+*] This program is designed to help small business survive and succeed. Administrator KordaMentha is reportedly targeting overseas companies to purchase Arrium Australia Steelworks and Mine. 82 0 obj <>stream We welcome the decision as recognising that it is appropriate for shareholders to make use of the Corporations Act processes to hold directors and companies to account a recognition that has been all too sadly lacking in the federal governments recent efforts in winding back corporate accountability, Mr Watson said. Medical debt can be difficult to deal with, as an individual burdened by a large amount of medical debt didnt become afflicted out of choice. Join our campaign with the online form orWrite to us at arrium.shareholders.united@gmail.com. Arrium called in administrators in April 2016 with debt of $4 billion. endstream endobj 67 0 obj <>stream We do not assume consumer and/or business debt, provide tax, bankruptcy, accounting, legal or credit repair services/ advice. Why does the tap water in these country towns taste so bad? Foreign owner of Arrium Australia will be likely to take advantage of its offshore operations to transfer tax liabilities to lower tax regime potentially leading the loss of hundred of million dollars tax revenue by the government every year. arrium shareholders united settlement. Moly-Cop was purchased by OneSteel (now Arrium) in 2010. Were working to restore it. This, in turn removes the time advantage that might otherwise be enjoyed by an external administrator to prosecute proceedings to judgment and access usually finite pools of recovery, such as policies of insurance, she said. Conduct of Insolvency Practitioners in Australia !? Why does Whyalla steelworks need to be sold to foreign owner and risk to be closed by the foreign owner in the future? R>sQ!5icSFC#!Xx\> ),vBh5,X.aAttnhxRu%2bpcrC@nznqQV Vjo4o^j?a*.(uGkRRNPN= .'c"_,p5MY!y5q4Ekc A lease represents an agreement between two parties to rent a specific property for a fixed amount of money over a period of time , Business Debt: Frequently Asked Questions. Why do trade creditors and suppliers need to lose monies for the pre-administration supplies they provided to a profitable company? Estimates based on prior results, which will vary based on specific circumstances. It is alleged that the wrongful conduct of the defendants resulted in Arriums shares trading at an inflated price on the Australian Securities Exchange, and that a capital raising took place in September 2014 at an inflated price. This field is for validation purposes and should be left unchanged. If you are a shareholderof Arrium you canjoin us at. 'It's just gouging': Are property investors the solution to Australia's rental crisis? This is a preatory company. %%EOF For a prolonged administration (well over 13 months) with substantial fees involved for the administrators and their advisers, does it not raise the red flag to the authorities (ASIC, governments, politicians) to investigate? The main objectives of ASG include: Providing a forum for all shareholders to share ideas, latest updates, Arrium related news and to participate to discussions relating to progress of the administration. In a 3-2 ruling on Wednesday, the High Court overturned a decision by the NSW Court of Appeal which said a mandatory examination of former Arrium director Colin Galbraith would be an abuse of process because it had been sought predominantly for the purpose of pursuing private litigation against third parties. Debt Amount$5,000$10,000$15,000$20,000$25,000$30,000$35,000$40,000$45,000$50,000$55,000$60,000$65,000$70,000$75,000$80,000$85,000$90,000$95,000$100,000+. A business debt consolidation loan taken out at a lower blended interest rate than that of the existing debt scenario can aid in strengthening monthly cash flow by reducing the monthly debt service payment. Giving control of Arrium to a competitor could create a long term detrimental impact on the Australian economy. The Plaintiffs allege that all shareholders who acquired Arrium shares between 19 August 2014. and 6 April 2016 (whether in the capital raising, or on market) have suffered loss and damage. The former Arrium chief financial officer launched a cross-claim against Herbert Smith Freehills over its advice. A delegation, which included SA Treasurer Tom Koutsantonis and Federal Minister Greg Hunt, recently travelled to South Korea, to meet the country's largest steelmaker POSCO the only company to show interest publicly in Arrium. In the latest development of one of Australia's biggest corporate collapses, lawyers for liquidators to the former operator of the Whyalla steel mill are trying to stop a move by class action firm Squire Patton Boggs to examine Colin Galbraith, also a former director of Commonwealth Bank of Australia, to gather evidence for its planned action. With the proposed sale of the strategic steel, rails and ports assets to foreign company, should the authorities undertake an urgent assessment of the impact of the sale proposal aganist national interest including tax, economy, pricing, jobs, defence and integrity of the remaining bidders? It is WRONG to sell offArrium Australia to overseas buyer! Get in contact with licensed debt specialists who facilitate your long-term financial health by presenting a range of debt-relief options. The majority justices said the crucial question in section 596A was whether the litigants predominant purpose is inconsistent with the scope and purpose of the statutory process. The action was brought by Arriums liquidators KordaMentha in July 2019 against 10 former directors, including chairman Jerry Maycock, chief executive Andrew Roberts and chief financial officer Robert Bakewell. Use tab to navigate through the menu items. The purpose and concern of section 596A is not confined to the interests of the corporation, its creditors, or its contributories, or to the bringing of criminal or regulatory proceedings in connection with the affairs of the corporation, they said in a court statement. I signed up with United Debt Settlement because of large credit card debts, which had taken a financial toll on my credit. endstream endobj startxref Copyright 2023. We believe Arrium is an iconic Australian business which fulfils a very important strategic function in the Australian economy. Conduct of Insolvency Practitioners in Australia !? "The information likely to be produced by the plaintiffs examination of Mr Galbraith would also likely advance the interests of Arrium and its creditors, so far as it either produces additional relevant information that supports further causes of action by Arrium, or does not do so and therefore supports the liquidators present assessment that their insolvent trading claims are more likely to benefit Arrium and its creditors than the claims which the plaintiffs seek to investigate.". We successfully help negotiate settlement and restructuring of business loans by following our core process. but they have been taught to smile smile smile. In the NSW Supreme Court on Wednesday morning, Philip Crutchfield, QC, who is representing the liquidators, announced a deal. Our experienced debt relief specialists can help facilitate a variety of debt relief options that include debt settlement, debt consolidation and debt management plans. If the appellants purpose for the examination were truly foreign to the purpose of section 596A then it would be an abuse of process, Justice Gageler said. Negotiate, restructure, consolidate, and manage business debt. Losing billions in revenue to China & India, Australias tax revenue from mining has already started to diminish in the face of tax war with overseas countries like China and India. Use tab to navigate through the menu items. ARRIUM SHAREHOLDERS UNITEDhttps://www.facebook.com/groups/1741774889431739/arriumasu.wix.com/arrium-shares-united Most likely since you are discussing debt negotiation or debt management your , See example of successful debt restructuring offered to our clients in need of immediate cash flow , If you are contemplating bankruptcy for your business think again, there may be better options. Yearly production of 9 million tons will achieve a EBITDA of $167m. To us at they have been taught to smile smile smile to use site we... 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