The creditors of Babcock & Brown Limited voted to place BBL into liquidation on 24 August 2009.
The appointment of liquidators to Babcock & Brown Limited is not expected to have any material impact Babcock & Brown International Pty Ltd (BBIPL) the main operating and asset owning entity of the Babcock & Brown Group. BBIPL will continue to operate and will proceed with the orderly realisation of assets over an approximate 2-3 year time horizon to reduce debt.
The management team will focus on ensuring that the value of assets and business platforms is preserved during this process and all assets and businesses continue to be managed appropriately and that all legal commitments and regulatory requirements are met.
The shares of Babcock & Brown have been delisted. The Australian and New Zealand listed subordinated notes have been delisted.
The Administrators made a declaration on the 11 June 2009, that based on their investigation they did not believe that there was any likelihood that holders of BBL ordinary shares would received any further distributions for their BBL shares.
The effect of the above is that shareholders have no ongoing economic interest in BBL. Accordingly shareholders can accept the notice as a declaration under section 104-145 of the Income Tax Assessment Act 1997 and a CGT Event G3. This notice can be downloaded to the right under "Notice to Shareholders".
Download PDF of Declaration
Further information for subordinated noteholders and shareholders can be found via the buttons below.