Oz Brewing faces liquidation

Mount Pleasant-based Oz Brewing Ltd will head to the Federal Court next month following an application by a noteholder to appoint a provisional liquidator to the company.

In a brief announcement, Oz Brewing said the application was made under the Corporations Act on the grounds of insolvency and on the general grounds on which a company may be wound up by a Court.

The application is due to be heard in the Federal Court on 14th October 2008.

Shares in Oz Brewing have been locked in a trading halt since September 8 with shares last trading at 3.3 cents.

Last month the company sold a 49 per cent interest in the Fremantle-based brewery and restaurant, Mad Monk, for $515,000 with an option to acquire 100 per cent of the asset, to Emem Management Pty Ltd.

In June 2008, the company terminated the share sale agreement to purchase Portable Building Solutions Ltd, eight months after it said it would branch out in the shed and housing business.