With administrators Phil Carter and Greg Hall already indicating their preference for liquidation, there is little chance an offer put forward by little-known venture Broadband & Wireless Ltd (BWL) will get off the ground.
"We are happy to give BWL a chance to take discuss their offer with creditors and we will provide creditors with a hand out which outlines the offer, however our recommendation at this stage is that the company should be liquidated," a spokesperson for PricewaterhouseCoopers said.
PricewaterhouseCoopers' Phil Carter and Greg Hall were appointed administrators to the ASX-listed telecommunications on December 12, after an attempt by BWL to take ownership of $22 million of New Tel debt, fell through. While the administrators expect BWL representatives to attend the meeting, the company's 22 year-old director Ingrid Lim is not expected to make a showing.
"At this stage the creditors can either vote to consider the BWL proposal, which they will then have the opportunity to consider over the next seven days, or liquidate the company," the spokesperson said.
PricewaterhouseCoopers' Phil Carter has been reported as favouring placing the company into liquidation in order to take legal action against former company directors, who he alleges continued to trade whilst the company was insolvent.
