One of Papua New Guinea’s gold mines, Tolukuma, was liquidated last week after a service provider took them to court for non-payment of bills totaling US$233,844 last year.The National Court ordered on February 08, 2018, that:
– Tolukuma Gold Mines Limited is placed into liquidation by this Court under the provisions of the Companies Act on the ground that it just and equitable that the company be placed into liquidation.
– Andrew Pini of Pini Accountants and Advisors is appointed to act as liquidator of Tolukuma Gold Mines Limited.
– Tolukuma Gold Mines Limited is to pay Hevi Lift Limited and IPI Catering Limited’s costs of and incidental to the proceeding.
– The time of the entry of these orders is abridged to the date of settlement by the Registrar which shall take place forthwith.
Liquidator Andrew Pini confirmed yesterday that the National Court last Thursday appointed his accounting firm to take on the liquidation process effective immediately.
Hevi Lift took the matter to court in October 2017 for their outstanding of US$233,844 owing since June last year. Two other companies, IPI Catering and Pacific Development Contractors submitted in support their statements to the court, as they were also owed K1.6 million and K1.8 million respectively by Tolukuma Gold Mines.
“I don’t know exactly how much they owe the creditors or service providers, what I intend to do immediately is make an assessment of the real debt figure and then will put out a report,” Mr Pini said yesterday.
“I will visit the mine to start our process of liquidation, but for now I have come up with directions on how we can immediately start. I have put out public statements to all creditors of the company to come and lodge their claims using the prescribed claim Form 43 of Schedule 1 of the Companies Regulations 1998.
“In accordance with Regulations 21 and 22 creditors of the company are required to lodge their claims by 5pm Wednesday March 14, 2018. After this, then I will ascertain the real debt figure for the mine.”
A Singapore-based Asidokona Mining Resources, a private company, bought the Tolukuma gold mine in Central Province for K81.35 million to recapitalise and eventually restart it. They took over from Petromin in 2015. Post Courier
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