Bill Express related entity Technology Business International Pty Ltd (TBI) has appointed a liquidator. TBI is the company newsagents signed leases with for the Bill Express equipment. The only resolution put to the extraordinary general meeting of TBI was:
That as the company is unable to pay its debts as and when they call due, the company be wound up voluntarily and that Geoffrey Neils Handberg be appointed Liquidator for the purpose of such winding up.
The meeting was attended by Sandro DiDonato as proxy for Technology Business Holdings Pty Ltd (TBH), the sole shareholder in TBI. TBH has four shareholders with 96.5% of the business being owned by Equip Rentals Pty Ltd (ER). ER has one shareholder – Sandro DiDonato and was deregistered in December 2007.
Bill Express accounts for June 20, 2007 listed TBI and Technology Business Systems Pty Ltd (TBS) as owing $22.8 million to Bill Express. The imminent liquidation of TBI would appear to reduce the assets of Bill Express by $22.8 million – unless it has been part or full repaid between June 3, 2007 and June 30, 2008.
The minutes for the extraordinary general meeting of TBI were originally dated June 26, 2008. This was amended by hand to June 30, 2008. While I am not sure about the significance of such a change, I wonder in the minutes were prepared in advance of the meeting and if so, how far in advance.
It will be interesting to see now what the liquidator does with the rental contracts as this would be the major assett of TBI. From a similar situation I have been in they will either give us the option to buy out our agreements for a nominal amount or they will sell the rental agreement portfolio to another party. Possibly they may roll it back into BXP…… Will have to see how this plays out now.
Hi There,
Will be interesting to see how this plays out.
Interesting to note that under section 13.4 of the mobius (tci) agreement it states,”No modification,amendment or variation on this Agreement will be valid or binding on a party unless it is made in writing and signed by or on behalf of that party”.
It then goes onto 13.5.
My take on all of this is, and I may be wrong is that unlike the dialtime contract if mobius(tci) want to change or amend the contract in anyway they need my approval and i refer to when they changed the direct debit details for the equipment rental.
If anyone has a different take on this let me know
Jonothan,
I don’t have a copy of the contract on me at the moment, but from what you quote it appears that it simply means any “modification, amendment or variation on the agreement” must be in writing (as opposed to verbal) and must be signed by the party making the change.
Can’t stress it enough … seek legal advice.