The fate of a mining and field services company Titan Coal Fields Ind Pty Ltd will be determined soon by creditors. The company is currently under administration, owing more than $2 million.
Related Business Resources: Lonnie Bossi on the stand
Related Community: London’s bridges are falling down
from courier mail 23.10.21
Creditors will meet next week to decide the fate of a mining and field services company under administration owing more than $2m.
This will be the second meeting since the insolvency was listed in late September for Titan Coal Fields Ind Pty Ltd, which provides maintenance and engineering services to BHP, Glencore, Rio Tinto and Aurizon.
Revive Financial was appointed as administrator in late September 2021. A large portion of the $2m is owed to the Australian Taxation office.
The second meeting, listed for October 28, will cover a comprehensive report on Titan, its property, affairs and financial circumstances.
Revive Financial will also give their opinion on whether the administration should end or if it “would be in the creditors’ interests for the company to be wound up”.
The meeting will also cover details of any voidable transactions regarding money, property or other benefits which may be recoverable by a liquidator.
The company specialises in electrical and engineering repairs and maintenance across a variety of equipment from cane paddock to mine pit.
The business has formerly gone by names including Moranbah Rural and Pet Supplies, Coal Fields Fabrication And Engineering, Ohms Hv Electrical and Ohms Auto Electrics and Mechanical Coal Fields.
Because of Covid-19 restrictions the meeting will be held electronically on October 28. The first meeting was held earlier this month.