Minmet Share Discussion Threads

[wanderlust] 12/10/2015 11:01

Prison sentences of similar lengths would be more appropriate.

[wanderlust] 12/10/2015 10:59

From Lexology.com

Disqualification of directors for failure to comply with Company Law obligations
A&L Goodbody
A&L Goodbody logo
Ireland February 10 2015

In the matter of Aventine Resources plc: ODCE v John Liwosz v Anthony Brown, [2014] IEHC 611, High Court, 30 October 2014, Mr Justice Cregan

In this case, the Director of Corporate Enforcement (ODCE) sought a disqualification order under Section 160 of the Companies Act 1990 in respect of two individuals, from acting as company directors.

There was evidence of a long history of poor company law compliance by the two directors who failed, despite repeated demands and requests, to meet certain company law obligations. In addition, there was evidence that they had breached two High Court orders and were therefore in breach of their duties as directors.

The ODCE stated that it had received numerous complaints from shareholders in the company about the conduct of the company. In addition the company, which was admitted to trading on the Alternative Investment Market (AIM) on the London Stock Exchange, was also publicly censured by AIM in 2005 for breaches of a number of AIM rules.

The position at the time the application was brought was:

the financial statements for the company of 2008 had been filed late and were disclaimed by the company’s auditors;
the 2009 accounts had been filed late and were disclaimed by a different set of company auditors;
the 2010 accounts had not been filed;
the 2011 accounts had not been filed;
books of account were not properly kept;
the affairs of the company were conducted in a manner which were unfairly prejudicial to its members with persistent delays in holding AGMs;
the respondents failed to comply with many of their statutory obligations despite persistent pressure from the Director; and
the respondents continued to breach two High Court orders to make good these defaults.

The explanation given by the directors for the persistent failures was that the company was in a perilous financial state and that it had limited funds to meet its auditors' fees. John Liwosz said that the company had difficulty in raising funds and was forced to exhaust all avenues of financing in order to get the funds necessary to complete the filings.

The judge stated that the most noteworthy feature of this application was the fact that the directors were in persistent and continuing breach of not one, but two High Court orders. He described this as "an extraordinary omission on their parts". He said that their behaviour showed a blatant disregard not only for their obligations as directors under company legislation, but also for the express terms of two court orders directing them to comply.

The judge pointed out that for the previous five years, members of the company were unable to ascertain the true financial position of the company, making this is an "intolerable situation" for shareholders in the company or possible investors in the company. The sole responsibility for this state of affairs, he said, lay solely and exclusively with the two directors. As directors of the company, they were charged with ensuring that the company fulfilled its statutory obligations.

The judge imposed disqualification orders against the two directors. He considered the mitigating factors put forward on behalf of the directors and decided upon a disqualification period to reflect the seriousness of the case. It was clear to the court that the directors deliberately refused to comply with two court orders for a protracted period of time, instead of putting the company into liquidation.

The judge disqualified the first director for a period of seven years and the second director for a period of six years.

[solarno lopez] 12/10/2015 08:57

..Wonder what happened to John Liwosz the last man standing who carried the can ...

[solarno lopez] 12/10/2015 07:15

.Gavin are you Mike Neville......?

[gavinbell] 10/10/2015 23:43

for those interested, check out JLP and WRES next week. NEWS COMING!!

platinum is making huge recovery since last week and JLP got the RNS intraday on Friday and not many would have seen it.

both platinum player AQP and LMI have surged strongly last week. JLP, as a low cost platinum producer, not yet recover and will hopefully start to make recovery next week. Furthermore, AQP platinum got a takeover offer which now make many to believe JLP will soon get its takeover target/JV partner, potentially after mining licence is granted, which is expected in this month.

those interested can dyor on JLP and see the huge potential in there, with JLP sitting on $4bn worth of assets and mcap only 30m?

no wonder JLP was 30p a couple of years ago and now making the comeback.

another potential for multibag will be WRES, CEO target 3p with share price now only 0.6p

expecting rerating RNS in JLP and WRES anytime next week/this month

dyor

[andy] 10/10/2015 20:00

Hope so!

It would help Bournemouth stay up......

[solarno lopez] 09/10/2015 12:57

now there is a name from the past Mike Neville wonder if he is still buying Aston Villa

[scaleyman] 09/10/2015 12:10

Amen to that Andy! All got off Rolo Tomassi style!

[andy] 09/10/2015 11:55

But is he in the background pulling the strings?

Nothing would surprise me!

Tom is absolutely correct to highlight these people, what happened at Minmet was absolutely disgraceful.

[fishermansfriend] 09/10/2015 10:18

Mike Neville's name has not cropped anywhere that I have seen.

[clocktower] 08/10/2015 13:24

Does anyone know if Mike Neville is associated with the entity?

[solarno lopez] 04/8/2015 08:37

its a disgrace

[andy] 04/8/2015 08:19

post 2281

Good question, maybe moved on to repeat somewhere else in the world with another bunch of investors.

That people can get away with such practices without any redress is unbelievable and shows up the lack of regulation.

[kir] 03/8/2015 19:03

can we claim the loss on this

[solarno lopez] 27/1/2014 07:00

The thread is still alive wonder what happened to the individuals involved with Minmet or as it is now called Aventine

[wanderlust] 26/1/2014 19:35

It didn't die, it was stolen.

[markfrankie] 25/1/2014 20:37

when did mnt die ? what year?
thanks

[solarno lopez] 25/11/2013 11:02

The idea of a revolving door for him is so apt !