Advance Aviation Group Pty Ltd (In Liquidation) A.C.N ( the Company )

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Randolph Wood
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1 Advance Aviation Group Pty Ltd (In Liquidation) A.C.N ( the Company ) Report Pursuant to Section 508 of the Corporations Act 2001 Period Covered: 20 May 2017 to 19 May 2018 Date: 13 June 2018 Michael McCann T (07) E Michael.McCann@au.gt.com Graham Killer T (07) E Graham.Killer@au.gt.com Cameron Crichton T (07) E Cameron.Crichton@au.gt.com Grant Thornton Australia Limited ABN Grant Thornton refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another s acts or omissions. In the Australian context only, the use of the term Grant Thornton may refer to Grant Thornton Australia Limited ABN and its Australian subsidiaries and related entities. GTIL is not an Australian related entity to Grant Thornton Australia Limited. Liability limited by a scheme approved under Professional Standards Legislation. Liability is limited in those States where a current scheme applies. Our Ref: Cam C AAG Annual Report.Docx

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

3 3 Conduct of Liquidation During my appointment I have: Asserted and successfully determined a claim to ownership in Aircraft used and maintained by the Company pursuant to the Personal Properties Security Act (PPSA); Realised the Company s interest in inventory, plant and equipment and the aforementioned aircraft; Realised the Company s debtors; Processed and finalised creditor retention of title claims; Investigated the conduct of the Director of the Company; Investigated and reported the primary reasons behind the failure of the Company; Investigated the conduct of the former Deed Administrator of the Company; Reported the results of our investigations to ASIC; Quantified priority creditor claims (employee claims); Received and followed up on creditor enquiries via telephone, facsimile, and post; Conducted investigations in respect of possible preferential payments; Investigated the possibility of affecting recoveries from the Director(s); Complied with statutory obligations; and Receipted and filed proof of debts; Outstanding Acts and Dealings Before I am in a position to finalise this matter, the following tasks will be attended to: Adjudicate claims of priority creditors and progress a partial distribution to priority creditors; and Apply to ASIC for the deregistration of the Company. Estimated Completion Date We anticipate that we will be in a position to finalise the liquidation by December 2018.

4 4 Summary Receipts and Payments Below is a summary of the receipts and payments during the administration to 19 May Receipts and Payments as at 19 May 2018 Amount ($) Receipts Accounts Receivable (Pre-Appointment) 97,501 Cash at Bank 3,470 GST Control: GST Paid (Received) 6,487 Insurance Refund 6,575 Interest Income 2,594 Other Current Assets 616,384 Stock/Inventory on Hand 1,925 Total Receipts 734,936 Payments Security (14,671) Advertising (5,555) Agents Fees (35,650) Appointee Disbursements (15,619) Bank Charges (175) Fees: Appointee Fees (200,647) GST Control: GST Paid (Received) (24,747) Insurance (26,162) IT (645) Legal Fees (90,966) PAYG Control (Trading): PAYG Paid (Received) (148) Professional Fees (468) Repairs & Maintenance (870) Secured Creditors (Fixed): Claims (114,499) Security (6,173) Subcontractors (6,160) Superannuation Control (Trading): Superannuation Paid (Received) (175) Sundry Costs (3,973) Towing (1,874) Travel (5,170) Valuation (2,137) Total Payments (556,483) Net Receipts and Payments 178,452

5 5 Should creditors have any queries, or require additional information, please do not hesitate to contact Mr Benjamin Sanders of this office on (07) Yours faithfully Cameron Crichton

TESON TRIMS PTY LTD (In Liquidation) ACN (the Company)

TESON TRIMS PTY LTD (In Liquidation) ACN (the Company) TO THE CREDITOR AS ADDRESSED 22 December 2017 Dear Sir/Madam Collins Square, Tower 1 727 Collins Street Melbourne VIC 3000 Correspondence to: GPO Box 4736 Melbourne VIC 3001 T (03) 8320 2222 F (03) 8320