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McGrathNicol > administrations > pan pharmaceuticals > Dividends to Creditors
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Dividends to Creditors
Pan is the only group company
with significant external creditors.
The creditors of the Pan Subsidiaries comprise intercompany debt and
employment liabilities. Only the unsecured
creditors of Pan and Laboratories will receive a dividend.
Pan
To date the Liquidators have
declared the following dividends to the creditors of Pan:
>
27 April 2004 - first interim dividend at the rate of 10 cents in the
dollar
>
3 December 2004 - second interim dividend at the rate of 5 cents in the
dollar
The implication of the recent
settlement of the Liquidators’ proceedings against Jim Selim upon the timing and amount of further dividends will
be addressed in the Liquidators’ fifth annual report, which will
available to creditors and members at the end of June 2008.
Laboratories
On 14 July 2006, the
Liquidators declared and paid in interim dividend at the rate of 75 cents
in the dollar to the creditors of Laboratories. A second and final dividend of
7.95 cents in the dollar was paid on 18 February 2008, making an
overall aggregate dividend of 82.95 cents in the dollar paid to the
creditors of Laboratories.
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Chris
Drummond
t: +61 2 9338 2649
e:
cdrummond@mcgrathnicol.com
o: Sydney
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