Taurus Gold Limited
Taurus was the parent company to a host of subsidiaries that held a variety of gold mining exploration licenses and permits in West Africa. The original winding-up application was made, after the company experienced a series of cash flow problems and failed to meet its liabilities as they fell due. KRyS Global was appointed Liquidator.
As Liquidator, KRyS Global were able to quickly complete sales of the main subsidiaries. Consequently, sufficient funds were realised to pay Taurus’ creditors in full, with interest, before the liquidation was terminated and the company returned to its shareholders.
The time between appointment and return the company to its shareholders was seven months. All creditors were paid in full with interest. This was only the second time in a 45 year history that sitting Justice Kaye has seen a company restored out of liquidation in this way. Heralded as a “remarkable success story” the liquidator was able to call on experience in the mining industry and avoid the many and various pitfalls surrounding the realisation of the assets and broker extremely sensitive and time critical deals.