PACIFIC RUGS PTY LTD (IN LIQUIDATION) A.C.N ("the Company")

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Damian Mitchell
6 years ago
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1 This is the annexure of 5 pages marked A referred to in the Form 1500 signed by rpe and dated 23 May /1 Signed/././.... PACIFIC RUGS PTY LTD (IN LIQUIDATION) A.C.N ("the Company") Report Pursuant to Section 508(1)(b)(ii) Period Ended: 19 May 2016 to 18 May 2017 Prepared: 23 May 2017 Grant Thornton Australia Limited ABN ACM Giant Thornton n steno to the brand under winch the Grant Thornton member Firma prooide nce, toa and advisory terviree to their wants and/or refers In one or more member firms, as/i's contort requires- Grant Thornton Ausirudia Ltd is a member, [em of Grant Thorn/on International Ltd (GTIL) GIlL and the marcher firma we not a worlth,hda partnership GTIL and each member now Is separate tegd eabty Senvceo ale Set/voted by the member firms. GIrL does riot provide rernicoe to diertr GTIL and its meeter firms are not agents of and do not obligate one another and are net habte or new anot/resu acts or oerotbons In the Atustrattan conteul only. be use of Ore term 'Grant Thomson may to/br a Grant Thoesrlan Aaotnala Limited ABN and Its Australian subsidiaries and related entities. GTIL to not an Australian related entity Is Grant Thorvtan Australia Limr tad. Liability limited by a scheme approved under Professional Standards Legislation Our Re[ Dora

2 Contents 1. Conduct of Liquidation 2, Outstanding Acts and Dealings 3. Estimated Completion Date 4. Summary of Receipts and Payments 4

3 3 Conduct of Liquidation During the period of my appointment I have performed the following: Collected debtors; Realised remaining assets; Finalisation of investigations and preference payments; Corresponded with various unsecured creditors of the Company regarding claims; Declared and distributed a first dividend to ordinary unsecured creditors of the Company; Complied with statutory obligations such as advertising and the lodging of notices with the Australian Securities & Investments Commission; and Complied with statutory obligations such as the lodgement of Business Activity Statement with the Australian Taxation Office. Outstanding Acts and Dealings Before I am in a position to finalise this matter, the following tasks will be attended to: Finalise the recovery of debtors including Australian Discount Retail Trading Group Pty Ltd (In Liquidation) ("ADR"). Our recent communications with the Liquidators of ADR suggest a final dividend of between 1-3 cents in the dollar may be paid to creditors over the next few months; Finalise adjudication of ordinary unsecured creditors' claims; Declare second and final dividend to ordinary unsecured creditors of the Company (subject to a dividend being received from ADR); Distribute funds to ordinary unsecured creditors of the Company (subject to a dividend being received from ADR); Attend to the statutory reporting obligations of the Liquidation; Hold a final meeting of creditors; and Apply to the Australian Securities and Investments Commission to have the Company deregis tered. Estimated Completion Date I anticipate that the liquidation process will be finalised by December 2017.

4 4 Summary Receipts and Payments Detailed below are the Liquidators' receipts and payments as at 18 May 2017: Interest Income Loan Account Recoveries Other Current Assets Pie-appointment Debtor Realisatons Sates Sales - Plant & Equipment tat Receipts ! 000 3,034 1,184,239 2,623, ,644 Payments Advertsing Agents Fees Appointee Costs Appointee Fees ASIC Fees Bank Charges Causal Labour Cleaning Cotlecton Agency Commission Computer Expenses Container Detention COGS Customer & Duty Discounts Employee Dividend Freight Inwards Freight Outwards Fuel & Oil GST Paid Hire & Leasing Insurance Legal Fees Management Fees Motor Vehicle Expenses Pallets Payroll Sent ices Postage Printing & Stationery Protessionat Services Rebate Rent & Rates Repairs & Maintenance Secured Creditor Dividend Security Staff Alow ance Staff Amenities Sundry Expenses Superannuation Telephone & Fax Unsecured Creditor Dividend - First Dividend Willies Valuator Wages & Salaries Total Payments I (10,762) (4,450) (119,443) (19,686) (27! 714) (20,610) (7,648) (131,411) (190) (141,094) 25,560) (41, (3, (1, (5, (5, (50,' (103,' 242,, (4,' (22,295) (18,250) (71,544) (5,819) (1,615) Reconciled Cash at Bank 9,309

5 Should creditors have any queries, or require additional information, please do not hesitate to contact Ms Michelle Gorrie of this office on (07) DATED this 23rd day of May /Zaenn Joint l and Several Liquidator

Liability limited by a scheme approved under Professional Standards legislation. Our Ref: _1.DOC

Liability limited by a scheme approved under Professional Standards legislation. Our Ref: _1.DOC Grant Thornton (Qld) Pty Ltd ABN 25 616 433 514 ACN 091 602 247 Ground Floor 102 Adelaide Street Brisbane Queensland 4000 GPO Box 1008 Brisbane Queensland 4001 T + 61 7 3222 0200 F + 61 7 3222 0444 E info.qld@grantthornton.com.au