Palla Pharma Limited

Craig Shepard and Bryan Webster were appointed Administrators of Palla Pharma Limited (In Liquidation) (‘the Company’) on 17 December 2021 pursuant to Section 436A of the Corporations Act ('the Act'). Subsequently, at the second meeting of creditors, held on 9 March 2022, it was resolved pursuant to Section 439C(c) of the Act that the Company be wound up. Craig Shepard and Bryan Webster were appointed Liquidators of the Company. 

Please refer to the document folders below for all communications from the Administrators/Liquidators including media releases, notices to creditors and ASX announcements.

Sale process and subsequent Australian wind-down

The (then) Administrators conducted a sale process for the Company including its shareholding in its 100% owned subsidiaries, Palla Pharma Norway Holdings AS and Palla Pharma (UK) Limited. Unfortunately no parties were able to provide a bid for the business on a going concern basis following the due diligence phase of the sale. With no viable option to continue the Company as a going concern, the Administrators made the decision to immediately commence the wind-down of the Australian operations and cessation of trading on 15 February 2022.

Financial Reporting Obligations and Annual General Meetings

The Liquidators are relying on the exemption set out in ASIC Corporations (Externally-Administered Bodies) Instrument 2015/251 (‘the Instrument’) in relation to the Company’s financial reporting obligations under Part 2M.3 of the Act, including but not limited to Sections 315(1), 315(4), 316, 319(1) and 320(1) of the Act. As the Company is a public company and is required to hold an annual general meeting in accordance with Section 250N of the Act, we advise that we intend to rely on the exemption set out in the Instrument and not hold an annual general meeting.

Shareholders

The Liquidators issued a declaration on 9 June 2022 that they have reasonable grounds to believe there is no likelihood that shareholders will receive any further distribution for their shares. Following this, the Company was delisted from the ASX on 2 August 2022. Announcements regarding the declaration and ASX delisting is available for download under the 'Shareholder and ASX Announcements' tab below.