Radin Legal Pty Ltd (In Liquidation) ACN (Radin Legal) Radtra Pty Ltd (In Liquidation) ACN (Radtra) Collectively the Companies

Transcription

1 Radin Legal Pty Ltd (In Liquidation) ACN (Radin Legal) Radtra Pty Ltd (In Liquidation) ACN (Radtra) Collectively the Companies Statutory Report by Liquidators 19 December 2017 Ferrier Hodgson is an affiliation of independent partnerships/entities Liability limited by a scheme approved under the Professional Standards Legislation Ferrier Hodgson Level 6, 81 Flinders Street, ADELAIDE SA 5000 GPO Box 2558 ADELAIDE SA 5001 P F E. adelaide@fh.com.au ferrierhodgson.com

2 Contents Section Page 1 Introduction 2 2 Current position 2 3 Preliminary Investigations into the Companies affairs and Report as to Affairs 5 4 Return to creditors Radin Legal 10 5 Return to creditors Radtra 10 6 Liquidators remuneration and internal disbursements 10 7 Conclusion 10 Glossary 11 Annexures 12 A Receipts & Payments Radin Legal 13 B Receipts & Payments Radtra 14 C Proof of debt (Radin Legal) 15 C Proof of debt (Radtra) 17 1

3 1 Introduction We advise that we were appointed Liquidators of the Companies on 19 September 2017 pursuant to Orders of the Federal Court of Australia. This appointment occurred following the Directors of the Companies appointing Stephen James and John Morgan of BCR Advisory as Voluntary Administrators on 18 September The Voluntary Administrators appointment ceased immediately upon the Court Orders. We now take this opportunity to report to you on the following matters relating to the liquidations of the Companies: An update on the progress of the liquidations; The current position in relation to the realisation of assets; The progress of our preliminary investigations into the Companies affairs; and The likelihood of a dividend being paid in each of the liquidations. This report should be read in conjunction with the information contained in our Initial Notice to Creditors dated 16 October Prior to our appointment, Radin Legal operated a legal practice. Radtra was the corporate trustee of the Radin Legal Service Trust (the Trust). The Trust provided office services and equipment to Radin Legal pursuant to the terms of a service agreement dated 1 July 2011 (the Service Agreement). On our appointment Radin Legal ceased operating. Furthermore, on 20 September 2017 the Law Society of South Australia (LSSA) appointed a Manager and Supervisor to Radin Legal s legal practice. Based on our initial investigations, subject to debtor recoveries and other statutory recoveries, there may be sufficient funds to pay a dividend to the unsecured creditors of the Radin Legal liquidation. The quantum of any dividend is uncertain at this stage. There is no prospect of a return to any class of creditor in the Radtra liquidation. We have not convened a meeting of creditors at this stage. 2 Current position Matters addressed during the liquidation Since our appointment, the following matters have been attended to: Statutory notifications following our appointment; Communications with the Directors of the Companies; Attended meetings with the Directors of the Companies; Correspondence with the Directors in relation to the Reports as to Affairs (RATA); Provided an extension of time to the Directors to prepare and submit the RATA; Correspondence with Voluntary Administrators in relation to funds paid to them in trust prior to our appointment; Review of invoice from legal practitioner acting for Voluntary Administrators; Correspondence with financial institutions advising of our appointment and seeking to identify and freeze any bank accounts in the name of the Companies; Communications with creditors of the Companies; Correspondence with the LSSA in relation its appointment of a Manager and Supervisor to Radin Legal s legal practice; Review of debtor ledgers and WIP and review the status of collection of same; Correspondence with the Directors and former employees in relation to the status of debtor (and WIP) collections; Correspondence with the LSSA in relation to Radin Legal s files and debtor amounts outstanding; Correspondence with the debt collectors previously utilised by Radin Legal to confirm the status of any ongoing matters; 2

4 Preparing and issuing of letters of demand to Radin Legal s debtors where amounts remain unpaid; Correspondence with the solicitors who have been assigned Radin Legal s former matters in relation to outstanding debtor amounts; Engaging Johnson Winter Slattery (JWS) to act for us in relation to debtor recoveries and other matters; Correspondence with JWS in relation to certain debtor files, debtor hearings in the Magistrates Court and attendances at mediation/court where required; Receipting of debtor recoveries; Correspondence with the Australian Taxation Office (ATO) in relation to a legal proceeding where Radtra was being joined as a party; Attendance at the former business premises of the Companies; Correspondence with the Directors in relation to personal items located at the Companies premises; Correspondence with the Companies former landlords; Disclaiming any interest the Companies may have in the leased premises; Undertaking a forensic image of the Companies IT system; Arranging secure destruction of Radin Legal s old files; Communications with the Companies external accountant; Investigations into the location of any assets of the Company, including but not limited to making enquiries of statutory bodies such as the Department of Planning, Transport and Infrastructure; Engaging Mason Gray Strange (MGS) to attend the Companies premises to remove any assets of value; Corresponding with MGS in relation to the auction of the plant and equipment; Receipting proceeds from the auction of the plant and equipment; Liaising with former employees and the Department of Employment (DE) in relation to the payment of outstanding employee entitlements by the Fair Entitlements Guarantee Scheme; Commenced investigations into the affairs of the Companies including whether there may be potential unfair preference payments and/or other antecedent transactions; and Attendance to statutory requirements. Liquidators realisations to date Summary of receipts and payments A summary of the receipts and payments in the Radin Legal liquidation to date is attached as Annexure A. A summary of the receipts and payments in the Radtra liquidation to date is attached as Annexure B. Creditors are advised that the Liquidators account of receipts and payments can be inspected at the offices of Ferrier Hodgson, Level 6, 81 Flinders St, Adelaide South Australia, during business hours. Asset realisations Radin Legal We summarise the estimated realisable value (ERV) of Radin Legal s assets together with realisations to date: Liquidators ERV High Liquidators ERV Low Realisations to date Cash at bank Return from the Voluntary Administrators 5,829 5,829 5,829 Debtors and WIP 280, ,000 7,697 Telstra Claim 20, Total Estimated Available Assets 305, ,937 13,634 3

5 We make the following comments: Cash at bank Radin Legal conducted one trading bank account which had a credit balance of 108 at the date of our appointment. We have arranged for this amount to be transferred to the Radin Legal liquidation account. Radin Legal also maintained a trust account which held approximately 194,000 at the date of our appointment. Given these funds represented client monies, on the appointment of the Supervisor and Manager by the LSSA we arranged for these funds to be transferred to the LSSA. The LSSA has been ensuring that these funds are distributed to the correct parties in accordance with trust account rules Return from the Voluntary Administrators On 18 September 2017, Stephen James and John Morgan of BCR Advisory were appointed as Voluntary Administrators of Radin Legal (and Radtra). On 18 September 2017 Radin Legal transferred 10,000 to a trust account maintained by BCR Advisory. The Voluntary Administrators engaged a solicitor to act for them with respect to the Application for a Winding Up which had been filed by the ATO and was to be heard in Court on 19 September Ultimately the Court denied the Voluntary Administrators and ordered that both Radin Legal and Radtra be wound up and that we be appointed the Liquidators to both entities. The cost of the solicitor acting for the Voluntary Administrators totalled 4,171 (including GST). With our agreement given the solicitor s claim would be a priority claim in the liquidation in any event, that amount was deducted from the 10,000 held in the BCR Advisory trust account which resulted in a net return to the liquidation of 5,829. Pursuant to Section 556 of the Act, the Voluntary Administrators remuneration will receive a priority status in the liquidation. We are advised that the Voluntary Administrators remuneration totalled 2, (excluding GST). It is our intention to seek creditors approval of that remuneration in due course when we seek creditor approval for our remuneration as Liquidators Debtors and WIP We estimate that Radin Legal will have a return of between 280,000 (high) and 120,000 (low) from debtors and WIP. Since our appointment we have undertaken the following in respect of debtors: We have written to all debtors whose matters are finalised. We have engaged JWS as our solicitors in this matter. JWS has assisted us (and will continue to do so) in negotiating settlements with debtors and will be attending a Court ordered mediation in respect of a debtor in January Following our appointment, Radin Legal s ongoing files were transferred to other legal practitioners by the LSSA to ensure that these clients were properly represented. The transfer of these files was done on the basis that Radin Legal maintained its lien in respect of any debtor amounts and/or WIP outstanding. We have been working with the LSSA and the lawyers who have the conduct of the various matters to recover the debtors as appropriate. This will be an ongoing process. Given the debtor position is in many cases subject to the outcome of the matter to which the debt relates, we expect that the final debtor position will not be determined for some time. We will keep creditors fully informed as to our progress in this regard Telstra claim We have recently been advised that prior to Radin Legal moving premises in December 2016, Telstra had made representations that a number of phone lines would be available to Radin Legal at the new premises. On arrival at the new premises it became apparent that only one phone line was available. This resulted in a disruption to Radin Legal s business and Radin Legal commencing a claim against Telstra through the Telecommunications Industry Ombudsman. We have been advised that Telstra previously offered 4,000 to resolve this matter, however, this offer was rejected as Mr Radin considered Radin Legal s claim to be in the vicinity of 20,000. This matter is ongoing. 4

6 Asset realisation Radtra We set out below the only asset realisation expected in the Radtra liquidation: Realisations to date Office Furniture (gross) 1,185 Total Estimated Available Assets 1,185 We make the following comments: Office furniture Pursuant to the terms of the Service Agreement, office furniture was provided to Radin Legal by Radtra. On our appointment, all office furniture of value was collected and sold via auction conducted by MGS. This auction resulted in a gross return of 1, Preliminary Investigations into the Companies affairs and Report as to Affairs The Director of Radin Legal has submitted to us a RATA for the Companies. However, the RATA submitted was incomplete and we have again sought a completed RATA be provided to us which we expect to receive shortly. Our report pursuant to Section 533 of the Act on the outcome of our investigation into the affairs of the Companies has not yet been filed with the ASIC. Such a report is generally filed within six months of the liquidation commencing. The salient points from our preliminary investigations to date are summarised hereunder. Statutory information Radin Legal was incorporated on 16 May ASIC records reveal the following statutory information in relation to Radin Legal at the date of our appointment: Location Address Registered office 22 ADELAIDE ROAD, GAWLER SOUTH SA, 5118 Principal place of business 22 ADELAIDE ROAD, GAWLER SOUTH SA, 5118 Office held Name Date appointed Date ceased Director RADIN, ATANAS MICHAEL 16 May 2011 Not applicable Secretary RADIN, ATANAS MICHAEL 6 June 2011 Not applicable Shareholder Class of shares No. of shares held Fully paid RADIN, ATANAS MICHAEL A CLASS 5 Yes TRAMPEVA-RADIN, JENNIE B CLASS 5 Yes 5

7 Radtra was incorporated on 26 August ASIC records reveal the following statutory information in relation to Radtra at the date of our appointment: Location Address Registered office 22 ADELAIDE ROAD, GAWLER SOUTH SA, 5118 Principal place of business 22 ADELAIDE ROAD, GAWLER SOUTH SA, 5118 Office held Name Date appointed Date ceased Director TRAMPEVA-RADIN, JENNIE 26 August 2009 Not applicable Secretary TRAMPEVA-RADIN, JENNIE 26 August 2009 Not applicable Shareholder Class of shares No. of shares held Fully paid TRAMPEVA-RADIN, JENNIE ORDINARY 1 Yes Radin Legal History of the Companies and reasons for their failure History of the Companies Radin Legal commenced trading following the split of the legal firm Clark Radin in May Radin Legal traded as a legal practice primarily operated out of the business premises in Gawler South, South Australia. However, it also operated from time to time out of a rented premises in Evandale, South Australia which was owned by a related party. Radin Legal primarily provided legal advice in relation to matrimonial matters, deceased estates, criminal law and migration law. Radin Legal ceased to trade as at the date of our appointment. Radtra Radtra was incorporated prior to Radin Legal and was a dormant entity. On the incorporation of Radin Legal, Mr Radin required a corporate entity to act as the trustee of the Radin Legal Service Trust. For convenience only, the service trust was established and Radtra became the corporate trustee. For reasons we will need to investigate further, Ms Trampeva-Radin was the sole appointed director of Radtra despite not having any apparent involvement with Radtra, Radin Legal or the Trust. Radtra provided Radin Legal with office services, non-professional staff and office equipment. The terms of this arrangement were documented in the Service Agreement. Radtra also owns the registered business name Austmac Language Services. Mr Radin has advised that this registered business name is a legacy issue resulting from when Mr Radin and Ms Trampeva-Radin provided Macedonian to English translation services. We understand that these services are now rarely provided/used. Reasons for failure Mr Radin has attributed the failure of Radin Legal to the following: Radin Legal had cash flow issues for two to three years. Mr Radin attributes the cash flow issues mainly to the holding cost of debtors as: Debtor collection could take a long time (even several years) as the nature of Radin Legal s work is that payment of the debtor was dependant on the outcome of legal proceedings or a certain outcome (eg probate in a deceased estate). Consequently, Radin Legal did not have sufficient cash flow to pay creditors who would fall due in the meantime; and 6

8 The Debtor collection rate was relatively poor which Mr Radin attributed to, in part, the nature of the clientele. Previously Radin Legal would fund these cash flow issues through short term finance solutions. However, given the current environment such short-term options are less available and/or are too expensive; and The cash flow issues resulted in Radin Legal not being able to meet its statutory obligations (or reimburse Radtra for its statutory obligations) which ultimately led to the ATO issuing statutory demands and the applications to wind up the Companies filed on 5 July 2017 and 8 August 2017 respectively. The debts due to the ATO at the date of liquidation was 147,720 in respect of Radin Legal and 220,778 in respect of Radtra. Radtra was wholly reliant on income being generated by Radin Legal. Therefore, when Radin Legal failed Radtra also failed. Books and records Section 286 of the Act requires a Company to keep written financial records that correctly record and explain the Company s transactions, financial position and performance and would enable true and fair financial statements to be prepared. The financial records must be retained for a period of seven years after the transactions covered by the records are completed. The failure to maintain books and records in accordance with Section 286 provides a rebuttable presumption of insolvency which might be relied upon by a Liquidator in an application for compensation for insolvent trading. Based on our review of the books and records collected, we believe the Companies books and records were maintained in accordance with Section 286 of the Act. Radin Legal Deficiency statements Based on our preliminary investigations to date, the following is our current estimate of the assets and liabilities of Radin Legal: Radin Legal Liquidators ERV High Liquidators ERV Low Total Estimated Available Assets (refer Section 2.2.2) 305, ,937 Liabilities Petitioning creditor costs To be advised To be advised Priority creditors (eg former employee entitlements) 0 To be advised Unsecured creditors At least 389,700 At least 389,700 Related party creditors 69,846 69,846 Total liabilities At least 459,546 At least 459,546 Estimated deficiency At least (153,609) At least (333,609) We make the following comments: Assets Radin Legal Please refer to our comments at Section

9 Liabilities Radin Legal Petitioning creditor costs The costs incurred by the Deputy Commissioner of Taxation in respect of the winding up proceedings are payable in priority to other unsecured creditors of the Companies in accordance with the provisions of Section 556 of the Act. The Court did not fix the amount of costs at this stage. Assuming sufficient funds are realised in the liquidation, the petitioning creditor will be required to apply to Court for its costs to be determined in order that those costs can be paid Priority creditors From the limited records available to us at the date of this report, it is our understanding that there may be no outstanding amounts owed to professional staff previously employed by Radin Legal, however, this is to be confirmed. The non-professional staff were employed separately as discussed at Section Unsecured creditors We estimate Radin Legal s liability to unsecured creditors to be at least 389,700, with the main liability due to the ATO of 147, Related party creditors The Radin Legal 2017 financial statements indicate that there is an amount of 69,846 owing to related parties. Our investigations into that debt are continuing. Radtra Based on our preliminary investigations to date, the following is our current estimate as to the realisable value of the assets and liabilities of Radtra: Radtra Liquidator s ERV Total Estimated Available Assets (refer Section 2.2.3) 1,185 Liabilities Petitioning creditor costs To be advised Priority creditors (eg former employee entitlements) At least 2,558 Priority creditors (superannuation guarantee charge) 35,631 Unsecured creditors At least 320,125 Related party creditors 453,426 Total liabilities 812,925 Estimated deficiency (811,740) We make the following comments: Assets Radtra Please refer to our comments at Section Liabilities Radtra Petitioning creditor costs Please refer to our comments at Section

10 Preferred creditors Based on the information available to us, we estimate claims by former employees to be at least 38,189 comprised of: Radtra Employee entitlements Amount Wages 2,558 Superannuation 35,631 Annual Leave / Long Service Leave PILN / Redundancy To be advised To be advised Total At least 38,189 We currently do not have sufficient information to calculate the likely leave, PILN and redundancy entitlements owing to former employees. The DE is currently reviewing the claims and we will work with them in this regard Unsecured creditors We estimate Radtra s liability to unsecured creditors to be at least 320,125, with the main liability due to the ATO of 185, Related party creditors The Radin Legal 2017 financial statements indicate that there is an amount of 453,426 owing to related parties. Our investigations into that debt are continuing. Voidable transactions Unfair preferences Section 588FA of the Act gives Liquidators the power to recover certain transactions that have had the effect of conferring a priority, preference or advantage to the creditor within six months of the commencement of the winding up (the relation back period). Our investigations as to whether any payments would constitute unfair preference are continuing. Uncommercial transactions Section 588FB of the Act requires Liquidators to investigate transactions which may be deemed to be uncommercial, having regard to the detriment to the Companies (if any) suffered because of the transaction in the period two years prior to the appointment. In addition, Section 588FDA of the Act refers to unreasonable director-related transactions and requires Liquidators to investigate such transactions, having regard to the detriment to the Companies (if any) suffered because of the transaction. Our investigations into any transactions which would constitute uncommercial transactions or unreasonable directorrelated transactions are continuing. Unfair loans Section 588FD of the Act requires investigations of transactions which may be deemed to be unfair loans to the Companies. A loan is unfair if and only if, interest on the loan is extortionate, or the charges in relation to the loan were extortionate. Our investigations as to whether any transactions would constitute unfair loans with related parties are continuing. Voidable transactions related parties Section 588FE(4) of the Act requires investigations of transactions which may be deemed to be insolvent transactions with a related party entered into within 4 years of the commencement of the winding up. 9

11 Our investigations as to whether any transactions would constitute voidable transactions are continuing. Insolvent trading Section 588G of the Act provides that directors are obliged to prevent Companies from: Incurring a debt whilst insolvent; or Becoming insolvent by incurring a debt. If a contravention of Section 588G can be established, then Section 588M empowers Liquidators (or a creditor under certain circumstances) to recover compensation from a director for any loss or damage suffered because of any such contravention. Our investigations into the solvency of the Companies and any claim for insolvent trading that may arise are continuing. 4 Return to creditors Radin Legal Based on our initial investigations, subject to debtor recoveries and other statutory recoveries, there may be sufficient funds to pay a dividend to the unsecured creditors of the Radin Legal liquidation. The quantum of any dividend is uncertain at this stage. 5 Return to creditors Radtra There is no prospect of a return to any class of creditor in the Radtra liquidation. 6 Liquidators remuneration and internal disbursements We have revised our estimate of Liquidators remuneration as follows: Entity Initial Estimate ( excluding GST) Revised Estimate ( excluding GST) Radin Legal 60,000 At least 120,000 Radtra 25,000 25,000 The payment of any Liquidators remuneration is subject to there being sufficient realisations in the respective liquidations. We do not propose to hold a meeting of creditors or issue a notice of proposal to creditors seek remuneration approval at this stage. It should be noted that at this stage we do not expect that there will be sufficient recoveries in the Radtra liquidation to enable the payment of any Liquidators remuneration incurred in respect of the Radtra liquidation. 7 Conclusion The following matters will continue to be progressed: Realising the remaining assets, in particular, the outstanding debtors of Radin Legal; Obtaining a completed RATA from the Directors; Completing our investigations into the Companies affairs; and Reporting to creditors and ASIC as required; Should you have any questions, please contact Monty Swift of this office on (08) Dated this 19 th day of December 2017 TD Mableson & MD Lewis Joint & Several Liquidators 10

12 Glossary Abbreviation Description ACN Australian Companies Number Act The Corporations Act 2001 ASIC Australian Securities and Investments Commission ATO Australian Taxation Office Companies Radin Legal Pty Ltd (In Liquidation) / Radtra Pty Ltd (In Liquidation) DE Department of Education Directors Michael Radin and Jennie Trampeva-Radin ERV Estimated Realisable Value FEG Fair Entitlements Guarantee GST Goods and Services Tax LSSA Law Society of South Australia JWS Johnson Winter Slattery MGS Mason Gray Strange Radin Radin Legal Pty Ltd (In Liquidation) Radtra Radtra Pty Ltd (In Liquidation) RATA Report as to Affairs Service Agreement The Service Agreement between Radin and the Trust dated 1 July 2011 Trust The Radin Legal Service Trust WIP Work in Progress 11

13 Annexures 12

14 A Receipts & Payments Radin Legal Receipts Accounts Receivable (Pre-Appointment) 7, Opening Cash Balance Insurance Refund Total receipts Payments Total 8, Bank Charges (93.11) Commission (18.50) Direct Debits (210.02) Destruction of Records (176.00) Interest Expense (0.13) Legal Fees (Voluntary Administration) (4,171.20) Total payments (4,668.96) Cash at bank at 19 December ,

15 B Receipts & Payments Radtra Receipts Sale of Plant & Equipment 1, Total receipts 1, Payments Auctioneer's Charges (371.53) Total payments (371.53) Total Cash at bank at 19 December

16 C Proof of debt (Radin Legal) Form 535 Formal Proof of Debt or Claim Form Corporations Act 2001, Regulation (2) Return to: Ferrier Hodgson, GPO Box 2558, ADELAIDE SA 5001 Tel: Fax: Indebted Company: Radin Legal Pty Ltd (In Liquidation) ACN Date of Appointment: 19 September 2017 A. Name and Contact Details of Creditor 1 (the Creditor) (if in a personal capacity, given name and surname; if a corporate entity, full name of Companies, etc) 2 of (insert address) 3 Tel: 4 Tick this box to elect to receive electronic notification of notices or documents, in accordance with Section 600G of the Corporations Act 2001, at the address specified above. B. Details of Debt or Claim 1 Amount owing: (insert dollars and cents, inclusive of GST if applicable) 2 Nature of Debt or Claim: (insert description of debt and/or reference any supporting documentation) 3 Select one of the following options: The Creditor is an unsecured creditor of the indebted Companies The Creditor is a secured creditor of the indebted Companies The Creditor is an employee / former employee of the indebted Companies The Creditor is a related party (please indicate: secured / unsecured) For all claims: 4 I have attached supporting documentation to substantiate the Creditor s claim (secured creditors must attach evidence of security) 5 To my knowledge or belief the creditor has not, nor has any person by the creditor's order had or received any satisfaction or security for the sum or any part of it except for the following: (insert details and value of security where relevant) C. Signature 1 Dated: 2 Signature: 3 Name / Capacity: 15

17 Creditor Assistance Sheet: Completing a Proof of Debt Form Section A Name and Contact Details of Creditor 1. Insert the full name of the employee, individual, sole trader, partnership or Companies that the debt is owed to. 2. Insert the address of the employee, individual, sole trader, partnership or Companies that the debt is owed to. 3. Insert the telephone number of the employee, individual, sole trader, partnership or Companies that the debt is owed to. 4. Insert the address of the employee, individual, sole trader, partnership or Companies that the debt is owed to. Section B Details of Debt or Claim 1. The amount owing should only include debts or claims which arose prior to the date of appointment. 2. Insert the currency if not Australian dollars. 3. Type of creditor: tick one of the options only. 4. For all claims, ensure supporting documentation is attached, such as invoices, statements, agreements. 5. For secured creditors, insert particulars of all securities held. If the securities are on the property of the Companies, assess the value of those securities. If any bills or other negotiable securities are held, indicate refer attached above and show them in a schedule in the following form: Date Drawer Acceptor Amount () Due Date Section C Signature Instructions 1. Insert the date that the proof of debt form is being signed. 2. The form should be signed by one of the following persons: If the debt is owed to an employee/individual, then the individual that the debt is owed to; or If the debt is owed to a sole trader, then the sole trader that the debt is owed to; or If the debt is owed to a partnership, then one of the partners of the partnership; or If the debt is owed to a Companies, then a duly authorised office of the Companies (normally a director or secretary of the Companies). 3. Insert the name of the person signing the form, and note their capacity (that is, their role): If the debt is owed to a sole trader, note their capacity as proprietor, eg: [Full name], proprietor ; or If the debt is owed to a partnership, note their capacity as partner, eg: [Full name], partner of the firm named in Section A above ; or If the debt is owed to a Companies, note their capacity as director or secretary, eg: [Full name], director/secretary of the Companies named in Section A above 16

18 C Proof of debt (Radtra) Form 535 Formal Proof of Debt or Claim Form Corporations Act 2001, Regulation (2) Return to: Ferrier Hodgson, GPO Box 2558, ADELAIDE SA 5001 Tel: Fax: Indebted Company: Radtra Pty Ltd (In Liquidation) ACN Date of Appointment: 19 September 2017 D. Name and Contact Details of Creditor 1 (the Creditor) (if in a personal capacity, given name and surname; if a corporate entity, full name of Companies, etc) 2 of (insert address) 3 Tel: 4 Tick this box to elect to receive electronic notification of notices or documents, in accordance with Section 600G of the Corporations Act 2001, at the address specified above. E. Details of Debt or Claim 1 Amount owing: (insert dollars and cents, inclusive of GST if applicable) 2 Nature of Debt or Claim: (insert description of debt and/or reference any supporting documentation) 3 Select one of the following options: The Creditor is an unsecured creditor of the indebted Companies The Creditor is a secured creditor of the indebted Companies The Creditor is an employee / former employee of the indebted Companies The Creditor is a related party (please indicate: secured / unsecured) For all claims: 4 I have attached supporting documentation to substantiate the Creditor s claim (secured creditors must attach evidence of security) 5 To my knowledge or belief the creditor has not, nor has any person by the creditor's order had or received any satisfaction or security for the sum or any part of it except for the following: (insert details and value of security where relevant) F. Signature 1 Dated: 2 Signature: 3 Name / Capacity: 17

19 Creditor Assistance Sheet: Completing a Proof of Debt Form Section A Name and Contact Details of Creditor 5. Insert the full name of the employee, individual, sole trader, partnership or Companies that the debt is owed to. 6. Insert the address of the employee, individual, sole trader, partnership or Companies that the debt is owed to. 7. Insert the telephone number of the employee, individual, sole trader, partnership or Companies that the debt is owed to. 8. Insert the address of the employee, individual, sole trader, partnership or Companies that the debt is owed to. Section B Details of Debt or Claim 6. The amount owing should only include debts or claims which arose prior to the date of appointment. 7. Insert the currency if not Australian dollars. 8. Type of creditor: tick one of the options only. 9. For all claims, ensure supporting documentation is attached, such as invoices, statements, agreements. 10. For secured creditors, insert particulars of all securities held. If the securities are on the property of the Companies, assess the value of those securities. If any bills or other negotiable securities are held, indicate refer attached above and show them in a schedule in the following form: Date Drawer Acceptor Amount () Due Date Section C Signature Instructions 4. Insert the date that the proof of debt form is being signed. 5. The form should be signed by one of the following persons: If the debt is owed to an employee/individual, then the individual that the debt is owed to; or If the debt is owed to a sole trader, then the sole trader that the debt is owed to; or If the debt is owed to a partnership, then one of the partners of the partnership; or If the debt is owed to a Companies, then a duly authorised office of the Companies (normally a director or secretary of the Companies). 6. Insert the name of the person signing the form, and note their capacity (that is, their role): If the debt is owed to a sole trader, note their capacity as proprietor, eg: [Full name], proprietor ; or If the debt is owed to a partnership, note their capacity as partner, eg: [Full name], partner of the firm named in Section A above ; or If the debt is owed to a Companies, note their capacity as director or secretary, eg: [Full name], director/secretary of the Companies named in Section A above ] 18