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Hudson sold its 19.9% stake of Tiaro for $3.05 million to Singaporean investment company ICP in mid-2014, with Tiaro revealing a fortnight ago that it had started legal proceedings against two Hudson companies in the Federal Court of Australia.
Tiaro said it was seeking the return of its books and records
Hudson Resources and Hudson Corporate previously provided certain administrative services to the Tiaro which were terminated last year.
Hudson Corporate claimed that Tiaro allegedly owed monies for services rendered which remained unpaid, which Tiaro disputed.
The legal action was listed for directions on March 26 and the court ordered Hudson Resources and Hudson Corporate to provide a list particularising the documents held for Tiaro by April 2.
In a separate legal action also involving a Hudson Group member, Tiaro also started proceedings on December 5 in the District Court of NSW against Hudson Corporate and a former consultant of Tiaro.
This action sought to recover a loan owed to Tiaro in the order of $459,614 plus accruing interest.
The voluntary administration was announced this morning with KordaMentha Restructuring saying its staff David Winterbottom, Martin Madden and Rahul Goyal had been appointed joint and several voluntary administrators of Tiaro by resolution of the coal junior’s board.
Tiaro is listed on the Australian Securities Exchange and recently undertook a capital raising resulting in a significant change in its ownership and structure, as well as a change in its services provider which had previously provided it with administrative and secretarial services.
The company completed a non-renounceable rights issue at $0.01 per ordinary share to raise $1.319 million in November to retire the intercompany loan from Paragon Coal, in which Tiaro held a 53.1% interest, to advance loans to Paragon, to fund resource upgrade work and fund work on other tenements.
Tiaro's tenement portfolio covered the Maryborough Coal Basin in Queensland while it also had a Galilee Basin tenement and an Indonesian coal project.
