Administration Highlights
Aust-China Business Consultants Pty Ltd
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In this Court winding up, the directors believed that the company was solvent. Whilst monitoring the trade on, investigations on viability and solvency indicated understated liabilities and overstated assets, the company lacked sufficient working capital and was not solvent.
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The realisation of company assets was complicated by the fact that the majority of assets consisted of debtors located in China. Liaison with agents who had experience in collecting debts from parties located in China resulted in debtor recoveries proving largely successful.
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Adjudication on proofs of debt and payment of dividends to the company’s creditors involved an application to Court to obtain an Order with respect to claims for debts incurred by both the liquidator and the directors after the liquidation occurred.
Chocolat Properties Pty Ltd
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Reconstruction of accounts not properly maintained by the company allowed for lodgement amendment of business activity statements which extinguished the debt to ATO, and resulted in a substantial GST refund.
Code 1 Pty Ltd
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Recovering a preference payment was successful.
Contempo Industries Pty Ltd
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Detailed investigations into the company’s affairs, public examination of parties and legal action to recover preference payments against non-related creditors.
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Litigation to recover preferential/uncommercial payments made to the directors parents and in respect of unpaid share capital.
Cosplus Pty Ltd
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Continued to trade the company’s business, closing unprofitable branches, negotiating with bankers and lessors for trade-on support, dealing with supplier retention of title claims, monitoring trade-on and compliance with terms of Deed of Company Arrangement, payment of dividends to creditors.
Equity Results Pty Ltd
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Investigation of voidable transactions.
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A potential claim involved a complex area of law as to whether a lien resulted in a security interest.
Fitzroy Aviation – Queensland Pty Ltd
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Litigation of an insolvent trading action against the director for over $2million, with an insurance funder funding the action, including unsuccessful mediation.
Holt Transport Pty Ltd
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Gained an entitlement to a diesel fuel rebate from the Australian Taxation Office, by reconstruction of the company’s accounts as the company had failed to maintain adequate books and records.
Home Bass Entertainment Pty Ltd
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Monitoring trade on of its nite club in Voluntary Administration.
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Deed of Company Arrangement put in place and ultimate payment of dividend to creditors.
Jillperry Earthmoving Co Pty Ltd
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Company acted as Trustee of a Trust and trust deed removed it as Trustee on appointment of Liquidator. Court Orders successfully obtained to appoint a receiver to wind up trust, and for appointment of a “special purpose liquidator” to adjudicate on a related company’s Proof of Debt
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After much persistence, a very satisfactory sale of real property with a difficult zoning and ecological problems gained funds for payment of dividends to both priority and unsecured creditors.
La Spiga Pty Ltd
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After liaising with auctioneers and valuers in respect of realisation of company’s assets and investigating possible insolvent trading action, and voidable transaction against the director and two former directors, successfully negotiated settlement.
Lifestyle Care Providers Pty Ltd
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Liaising with the Department of Health and Ageing in respect company’s obligations as an aged care approved provider, and investigation into accommodation bond refunds owed to former residents.
Light Knights Productions Pty Ltd
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After a review of validity of secured creditor’s charge, investigations and liaising with Deed of Company Arrangement proponent, completion of DOCA and payment of dividend to creditors.
Logical Group Australia Pty Ltd
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After investigation of voidable transactions, potential preference claims were identified against seven trade creditors of the company which after demands and subsequently briefing solicitors resulted in a total repayment of $474,000 and the payment of dividends to creditors.
Milford Pty Ltd
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Review of retention of title claims.
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Monitoring trade on of company in Voluntary Administration, agents in relation to the sale of the business as a going concern.
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After investigating possible insolvent trading action against the company’s director, quantifying loss negotiating and payment of dividends to the company’s creditors.
Multi Service Group Pty Ltd
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Review of the validity of secured creditor’s charge.
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Undertaking detailed investigations into the company’s affairs, supplier retention of title claims, unfair preference payments/uncommercial transactions and related parties, including a ten day public examination of the company’s officers, suppliers, creditors and other parties in relation the examinable affairs of the company, and the preparation of a detailed insolvency report to be used to assist recoveries.
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Actions to recover voidable transactions by legal proceedings and mediation conferences.
Multi Service Group Maintenance & Services Pty Ltd
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Review of the validity of secured creditor’s charge.
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Undertaking detailed investigations into the company’s affairs, supplier retention of title claims, unfair preference payments/uncommercial transactions and related parties, including a public examination in relation the examinable affairs of the company.
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Actions to recover voidable transactions by legal proceedings and mediation conferences resulted in successful settlements.
New Age Plastering Pty Ltd
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After undertaking detailed investigations into the company’s affairs revealed unfair preference payment to one trade creditor.
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Recovery action taken resulted in settlement being reached and funds recovered for the benefit of creditors generally.
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Reviewing in detail building contracts, progress claims issued, payments received and other relevant documentation and collection of previously disputed debt.
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Overseeing calculation and payment of outstanding employee entitlements.
One Realty Pty Ltd
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Monitoring trade on of company in Voluntary Administration
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Instructing solicitors in respect of seeking an extension of the convening period to avoid company’s real estate licence being lost upon its liquidation, and allow sale of its rent roll whilst still in Voluntary Administration.
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Liaising and negotiating with various parties in relation to sale of company assets.
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After reviewing charge documents, a Supreme Court order was successfully obtained to void the charge and recover funds that had been paid into court.
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Taking legal action to recover funds from purchaser of rent roll and settling after mediation of the dispute.
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Undertaking detailed investigations into the company’s affairs.
Roobok Pty Ltd
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Attending premises, where the company operated storage a facility; monitoring staff, discussions and dealings with owners of stored goods.
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Liaising with company’s landlord and their solicitors in respect of extending period of tenancy (to allow removal of stored goods).
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Supreme Court application to allow the sale of stored goods where owners had outstanding debts and had failed to collect goods resulted in Order being successfully obtained.
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Liaising with agents in relation to the sale of stored goods, and ensuring that notice provisions complied with.
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Arranging collection of debtors.
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Undertaking detailed investigations into possible insolvent trading and voidable transactions resulting in a negotiated settlement with company director without the need to institute proceedings.
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Investigations revealed unfair preference payment to Australian Taxation Office. Subsequent legal action involved preparing detailed insolvency report used in proceedings and successfully recovering funds.
Seagull Avenue Developments No 1 Pty Ltd
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Investigations of potential insolvent trading claims against the company’s director and former directors resulted in a settlement of an identified claim without the need to engage solicitors to assist.
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Deed of Settlement was followed by payment of priority debts.
Shells on Melbourne Pty Ltd
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Undertaking detailed investigations into the company’s affairs showed the opportunity to claim and receive a GST refund in the order of $20,000.
Superwoman Financial Solutions Group Pty Ltd
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In Voluntary Administration, dealing with representatives of secured creditor after ensuring validity of its fixed and floating charge.
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Obtaining Court approval of extension of convening period to allow Deed of Company Arrangement proponents more time to conduct due diligence of the company’s business and to formulate Deed of Company Arrangement Proposal.
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Monitoring trade on of company in Voluntary Administration, including attendances at the company’s Sydney premises.
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Liaising with lessors of company premises and plant and equipment.
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Responsible for undertaking detailed investigations into the company’s affairs.
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Creditors accepted the Deed of Company Arrangement which resulted in non-related party creditors being paid 100 cents in the dollar and transfers of title of company assets as per DOCA.
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A Supreme Court application made by a related party to appeal Liquidator’s decision to reject Proof of Debt was unsuccessful.
Twenty-Eighth Jabot Nominees Pty Ltd
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As liquidator, working with a major bank as secured creditor with a fixed charge over a Port Douglas property, including dealing with quotes from valuers, marketing submissions and the real estate agent appointed to market the property and subsequent settlement.
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Detailed investigations into the company’s affairs identified an unfair preference payment and allowed a successfully negotiated settlement with the director.
