Annual report to creditors pursuant to Section 508 of the Corporations Act 2001

Transcription

1 To Creditors Dear Sir / Madam Whitpark Pty Limited (In Liquidation) ( the Company ) ACN Annual report to creditors pursuant to Section 508 of the Corporations Act 2001 I refer to previous correspondence regarding the Company and the appointment of Brendan Richards and myself as Liquidators on 17 December I now provide our annual report to creditors pursuant to Section 508(3) of the Corporations Act 2001 ( the Act ), which sets out the following: An account of the Liquidators acts and dealings in the conduct of the winding up of the Company for the period 17 December 2015 to 16 December 2016; The Liquidators acts and dealings that remain to be carried out to complete the winding up; Estimated return to creditors from the winding up; and An estimate of when the winding up will be completed. Further in accordance with the provisions of Section 508(4) of the Act I advise as follows: Having regard to the current circumstances of the Company, and in the interests of costs, the Liquidators have decided not to convene an annual meeting of creditors pursuant to Section 508(1)(b)(ii) of the Act; An annual report has been prepared setting out the account of our acts and dealings and the conduct of the winding up for the 12 months ended 16 December 2016; and A copy of this report has been lodged with the Australian Securities and Investment Commission ( ASIC ).

2 Page 2 1 Conduct of the liquidation to date 1.1 Liquidators acts and dealings to date Since my last report, the following matters have been attended to: Awaiting the outcome of the liquidators of N.W.E.L. Pty Ltd (in Liquidation) ( NWEL ) in regard to the legal action they are pursuing for unfair preference claims against a number of NWEL creditors. As NWEL s largest creditor any distribution by NWEL will largely flow to the Company. The NWEL liquidators have provided the following update: o Harbrew Pty Ltd (Subject to Deed of Company Arrangement) ( Harbrew ) The NWEL liquidators commenced legal proceedings for a preference claim against Harbrew of $5,313, plus costs and interest. Harbrew entered Voluntary Administration on 29 August On 19 December 2016, creditors resolved in favour of a Deed of Company Arrangement ( DOCA ). NWEL lodged a proof of debt with the Deed Administrators and are confident the claim will be accepted in full. Under the terms of the DOCA, it is estimated unsecured creditors will receive c.3 cents in the dollar of their claim. (i.e. c.$160,000). o Keppel Prince Engineering Pty Ltd ( KPE ) The liquidators commenced legal proceedings against KPE for a preference claim of $1,236,000 plus interest and costs. Court appointed mediation is set for the week commencing 15 February 2017 where the NWEL liquidators are hopeful of reaching a commercial settlement. o South Australian Police ( SA Police ) Base on legal advice, the potential preference claim against SA Police was discontinued. Attendance to ongoing statutory requirements. 1.2 Liquidators realisations to date A summary of the Liquidators receipts and payments for the period from 17 December 2015 to 16 December 2016 is attached as Annexure A. Creditors are advised that, pursuant to Section 539(5) of the Act, the Liquidators account of receipts and payments can be inspected at the offices of Ferrier Hodgson, Level 43, 600 Bourke Street, Melbourne, Victoria, during business hours.

3 Page 3 2 Future conduct of the liquidation 2.1 Outstanding matters to be addressed I will continue to liaise with the liquidators of NWEL in regard to the legal actions on foot. Attend to ongoing statutory requirements. 2.2 Liquidators estimated future realisations It is not anticipated that there will be any further realisations in the liquidation of the Company other than any distribution by the liquidators of NWEL. Any distribution is contingent on the legal proceedings. Should this position change, creditors will be notified accordingly. 3 Estimated return to creditors 3.1 Priority (employees) creditors A dividend of 58 cents in the dollar in respect of wages and superannuation has been paid to date. Any further dividend in respect of wages and superannuation is contingent on the successful outcome of the legal action underway by NWEL. At this time, it is estimated to be in the range of an additional 0 to 42 cents in the dollar of claims for wages and superannuation only. 3.2 Unsecured creditors Given the shortfall to employees for outstanding annual leave, payment in lieu of notice and redundancy, it is not expected that surplus funds will be available for a distribution to unsecured creditors. 4 Estimated completion of the winding up Having regard to the matters raised in section 1.1, the liquidation cannot be finalised until the conclusion of the legal proceedings commenced by the liquidator of NWEL. At this stage I have not been advised by the liquidator as to a likely timeframe for completion. Notwithstanding, based on previous experience, I would estimate the likely timeframe to be 12 to 24 months. 5 Further queries I will issue a further report to creditors in my next annual report unless significant matters come to my attention before the next annual report is due.

4 Page 4 Should you have any questions, please contact Nicholas Tsaptsalis of this office on or nicholas.t@fh.com.au. Yours faithfully Whitpark Pty Limited John Lindholm Liquidator Encl.

5 Page 5 Annexure A Whitpark Pty Limited (In Liquidation) ACN Summary of receipts and payments for the period 17 December 2015 to 16 December 2016 $ (incgst) Receipts Department of Education, Employment and Workplace Relations Date of appointment to 16 Dec Dec 2015 to 16 Dec 2016 Total 85, , Interest income 1, , Pre-appointment debtors 386, , Transfer from Administration 421, , Profit / (loss) from trading (please see next page) 481, (1,321.00) 479, Total receipts 1,375, (1,000.94) 1,374, Payments Appointee disbursements (13,168.50) (211.30) (13,379.80) Appointee fees (305,993.05) (10,693.65) (316,686.70) Distribution to employees (wages and superannuation) (465,241.10) - (465,241.10) DEEWR distribution (84,866.99) (616.06) (85,483.05) GST (paid) / received (38,869.88) 1, (37,822.88) Legal disbursements (371.14) - (371.14) Legal fees (49,630.90) - (49,630.90) Valuation fees (20,858.63) - (20,858.63) Voluntary Administration disbursements (7,088.80) - (7,088.80) Voluntary Administration fees (361,706.40) - (361,706.40) Total payments (1,347,795.39) (10,474.01) (1,358,269.40) Net receipts / (payments) 27, (11,474.95) 16, *Please note, the above excludes the receipts and payments for the Voluntary Administration period. The net receipts from this period is represented by Profit / (loss) from trading.

6 Page 6 Administration trading receipts and payments $ (incgst) Date of appointment to 16 Dec Dec 2015 to 16 Dec 2016 Total Trading receipts Other income 1, , Post-appointment debtors 1,424, ,424, Vehicle registration refunds 2, , Trading receipts 1,429, ,429, Trading payments Accommodation (3,263.72) - (3,263.72) Accounting fees (9,900.00) - (9,900.00) Fuel & oil (123,994.60) - (123,994.60) Hire & leasing (130,449.45) - (130,449.45) Insurance (27,660.93) - (27,660.93) IT support (449.58) - (449.58) Motor vehicle expenses (19,678.63) - (19,678.63) Printing & stationery (243.12) - (243.12) Rent & rates (12,166.67) - (12,166.67) Repairs & maintenance (101,943.53) - (101,943.53) Software expense (2,845.22) - (2,845.22) Sub-contractor service (178,086.86) - (178,086.86) Sundry expenses (9,437.34) - (9,437.34) Training (1,026.00) - (1,026.00) Travel (882.60) - (882.60) Truck servicing (1,242.06) - (1,242.06) Truck wash (739.60) - (739.60) Utilities (10,726.99) (1,321.00) (12,047.99) Wages and on-costs (313,457.78) - (313,457.78) Waste services (85.45) - (85.45) Total trading payments (948,280.13) (1,321.00) (949,601.13) Net trading receipts / (payments) 481, (1,321.00) 479,751.53