Big Un Administrator Granted Additional Time

  • Sep 28, 2018 AEST
  • Team Kalkine
Big Un Administrator Granted Additional Time

Some money has been owed to the creditors of Big Un Limited. These creditors would be meeting again as the administrator which was appointed by the company demanded more time in order to carefully look at the assets which could be sold. On September 27, 2018, post the creditors’ meet, the administrator stated that additional time allotted might help it delve deeper into the business fundamentals of the company. With the help of additional time, the administrator could also focus on the historical performance of the company. Deloitte Restructuring Services has been acting as the administrator of the Big Un.

According to Deloitte Restructuring Services, further investigations would be helpful for the creditors as the company could allow the appropriate value for the assets which could be sold. The investigations have been revolving around the context that the security which was held by FC Capital over Big Review TV has been given to AS Capital Ventures. Big Review TV is the subsidiary of Big Un. After FC Capital disbursed the funds to Big Un’s subsidiary, the stock price of Big Un witnessed the strong momentum. The price rose to around $5 from 20? before the stock was put in suspension in February this year in the midst of calls by regulators to reveal the financing course of action.  

AS Capital Ventures entered into an agreement with the Big Review TV which allowed that the AS Capital has access to the assets which the company acquired after the restructuring was done of Big Review TV. However, these assets have been given to the company named Franki Global which is in the US. Franki Global have employed the number of staffs of Big Review TV. During the settlement of the dues, the topmost priority would be given to Richard Evertz. He has been claiming $1.3 million redundancy payment. He was the CEO of Big Un and ended his services in May. After that, the settlement of Big Neo would be done. This company has been demanding $9,00,000.

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