22/04/2016 - 15:18

Liquidators appointed to Continental Coal

22/04/2016 - 15:18

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The corporate watchdog has moved to have McGrathNicol appointed as liquidator to Peter Landau’s troubled listed coal mining company Continental Coal.

The corporate watchdog has moved to have McGrathNicol appointed as liquidator to Peter Landau’s troubled listed coal mining company, Continental Coal.

The Australian Securities and Investments Commission said today it had successfully applied to the Federal Court for the appointment of a liquidator to the embattled West Perth-based coal miner.

“Asic’s application alleged that the company was not being properly managed and has been involved in multiple contraventions of the corporations legislation,” Asic said in a statement.

The court yesterday decided to appoint a provisional liquidator, having regard to regulatory non-compliance issues, the lack of any proper governance of the company, the general uncertainty concerning the proper management of whatever assets the company does have, and the questions surrounding the company's solvency.

“Asic made the application to protect the interests of shareholders investors and creditors,” Asic’s statement said.

Mr Landau is an executive director of the business, but also holds board positions at Cape Lambert Resources, Poseidon Nickel and Range Resources.

Continental Coal chairman Paul D'Sylva also chairs troubled miner Pluton Resources, which is currently in receivership.

The court also held yesterday that all evidence suggested the company lacked any proper governance or management.

Asic said its investigation into Continental Coal was ongoing.

Continental Coal has been suspended from trading on the ASX since June last year.

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