Bluechiip’s Asset Sale Finalised; No Dividends for Creditors or Shareholders
Bluechiip Limited has completed the sale of its assets amid liquidation, with creditors voting to wind up the company and no expected returns for unsecured creditors or shareholders.
- Assets of Bluechiip Limited sold under liquidation
- No dividends expected for unsecured creditors
- No returns anticipated for shareholders
- Creditors resolved to wind up the company
- Manuel Hanna appointed as Liquidator
Asset Sale Finalised Amid Liquidation
Bluechiip Limited, a technology hardware company listed on the ASX under the code BCT, has reached a significant milestone in its liquidation process with the finalisation of the sale of its assets. The sale was structured solely as an asset acquisition, with no option for recapitalisation through a Deed of Company Arrangement (DOCA). This outcome effectively closes the door on any potential restructuring or rescue of the company.
Creditors’ Meeting and Resolution
Following the asset sale, a reconvened second meeting of creditors was held on 4 July 2025. Creditors resolved to wind up Bluechiip Limited pursuant to section 439C(c) of the Corporations Act 2001. In line with this decision, Manuel Hanna was appointed as the Liquidator to oversee the winding-up process and manage any remaining affairs of the company.
No Returns for Creditors or Shareholders
The quantum of the purchase price for Bluechiip’s assets indicates there is no realistic prospect of a dividend being paid to unsecured creditors. Furthermore, shareholders are not expected to receive any return from the liquidation proceedings. This outcome underscores the financial challenges that led to the company’s insolvency and the limited value recoverable from its remaining assets.
Next Steps and Reporting
The Liquidator is required to issue a statutory report to creditors by 3 October 2025. This report will provide further updates on investigations into the company’s affairs and any potential future recoveries. Creditors and stakeholders will be watching closely for any developments that might alter the current bleak outlook.
Implications for the Market
Bluechiip’s liquidation and asset sale mark the end of its operations and highlight the risks inherent in technology hardware ventures that fail to secure sustainable funding or market traction. Investors and creditors alike are reminded of the importance of due diligence and the challenges of recovery in insolvency scenarios.
Bottom Line?
Bluechiip’s liquidation closes a chapter with no returns, but the upcoming Liquidator’s report may still hold surprises.
Questions in the middle?
- What was the exact purchase price of Bluechiip’s assets and who was the buyer?
- Are there any potential recoveries or claims that could improve creditor outcomes?
- Could any intellectual property or technology from Bluechiip be revived or repurposed?
