It’s a big day in the High Court tomorrow, with the Mighty River (“Holding DOCA”) appeal being heard from 9.15 am.
I will endeavour to keep everyone updated as I know more.
Some of you may remember that Mighty River concerns the question whether or not a company in Voluntary Administration can propose a holding DOCA?**
Very important question!!
DOCA = Deed of Company Arrangement, which is a proposal made to creditors to allow the company to continue in existence, and one that gives creditors a better return than a liquidation scenario.
Holding DOCA = a DOCA without a proposed guarantee of a return to creditors, but gives an Administrator time to investigate the company’s affairs and develop a restructuring proposal.