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

Transcription

1 TO THE CREDITOR AS ADDRESSED 22 December 2017 Dear Sir/Madam Collins Square, Tower Collins Street Melbourne VIC 3000 Correspondence to: GPO Box 4736 Melbourne VIC 3001 T (03) F (03) E info.vic@au.gt.com W TESON TRIMS PTY LTD (In Liquidation) ACN (the Company) We refer to our appointment as Joint and Several Liquidators of the Company on 13 October We advise that an annual general meeting of creditors of the Company will be held on Thursday, 11 January 2018 at 11:00am at the offices of Grant Thornton Australia Ltd, Collins Square, Tower One, 727 Collins Street, Docklands, Victoria Accordingly, we enclose: 1 Notice of Annual General Meeting 2 Liquidator s Report on the Winding Up 3 Remuneration Report 4 Formal Proof of Debt (Form 535) 5 Proxy Form (Form 532) 6 Question Sheet for the Meeting Please note that persons are not entitled to vote as a creditor at the meeting unless they have lodged with the Chairman of the meeting particulars of the debt they claim to be due to them from the Company. Corporate creditors are required to appoint a natural person to vote on their behalf at the meeting of creditors. Proof of Debt and Proxy Forms should be lodged with this office prior to the meeting. These forms may be lodged by facsimile on (03) however in accordance with Regulation A of the Corporations Regulations 2001, the original signed copy of the Proxy Form must be lodged with our office within seventy-two (72) hours of lodging the faxed copy. If creditors have any questions and/or issues they wish us to address at the meeting of creditors, I request they complete the attached Question Sheet and return it to our office prior to the meeting to enable us to prepare a detailed response to your query. Grant Thornton Australia Limited ABN ACN 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 Limited 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: W:\Insolvency\Docs\TESTB01\Meetings\38\2017 AGM\001. Circular Convening Annual General Meeting Of Members And Creditors CVL GT_ _12_20.Docx

2 2 The Liquidator acknowledges that in accordance with Section 508 of the Corporations Act 2001, the annual meeting of members and creditors is required to be convened within 3 months of the anniversary of the appointment of the liquidator (i.e. by 12 January of each year). The Liquidator confirms that no meeting of creditors of the Company was convened for the year ended 12 October 2010 as required by Section 508 of the Corporations Act 2001, nor was an annual report prepared and submitted to the Australian Securities and Investments Commission for this period. As a result of the following, the Liquidator does not believe there has been any prejudice to the creditors as a result of this oversight: a) There was no material change in the status of the liquidation during the period; and b) The Liquidator and his staff have been available to the members throughout this period should they have any queries or otherwise wish to discuss any matters pertaining to the liquidation. Should you have any queries in relation to the above, please contact Matthew Grossman of our office on (03) or matthew.grossman@au.gt.com. Yours faithfully Matthew James Byrnes Joint and Several Liquidator Enc.

3 3 FORM 529 Corporations Act 2001 Subregulation (2) NOTICE OF MEETING TESON TRIMS PTY LTD (In Liquidation) ACN (the Company) Notice is hereby given that an annual general meeting of creditors of the Company will be held at the offices of Grant Thornton Australia Ltd, Collins Square, 727 Collins Street, Docklands, Victoria on Thursday, 11 January 2018 at 11:00am. AGENDA The purpose of the meeting is to; 1. Receive an account of the Joint and Several Liquidators acts and dealings and of the conduct of the winding up; and 2. Fix the additional remuneration of the Joint and Several Liquidators. Dated this 22 nd day of December 2017 MATTHEW JAMES BYRNES JOINT AND SEVERAL LIQUIDATOR

4 TESON TRIMS PTY LTD (In Liquidation) ACN Joint and Several Liquidators Report pursuant to Section 508 of the Corporations Act 2001 for the year ended 12 October Introduction This report should be read in conjunction with my previous correspondence to creditors. The purpose of this report is to convene an annual general meeting (AGM) and to provide creditors with an account of the Joint and Several Liquidators acts and dealings for the year ended 12 October 2017 and specifically address the following; Background Summary of the Liquidators receipts and payments for the year ended 12 October 2017; Report on the winding up; Joint and Several Liquidators Fees Outstanding matters; and Annual General Meeting. 2 Background As you are aware, Gregory Keith and I, Matthew Byrnes, were appointed Joint and Several Administrators of the Company on 8 September 2008 pursuant to Section 436A of the Corporations Act 2001 (the Act). At the second meeting of creditors held on 13 October 2008 the Company was placed into liquidation and we were appointed Joint and Several Liquidators of the Company. As previously reported, the business traded through the administration and liquidation with a view to preserving its value for an eventual sale. A summary of the trading result, the sale process, and asset realisations has been provided in previous reports to creditors. 3 Summary of Receipts and Payments A summary of receipts and payments for the Company for the twelve (12) months up to and including 12 October 2017 is provided below: Amount ($) Opening cash at bank balance 834,774 Receipts ATO BAS Refund 11 Interest Income 5,272 Total receipts 5,283 Payments Bank charges (294) Total payments (294) Net receipts and payments 4,989 Cash at bank as at 12 October ,763

5 4 Report on the Winding Up I provide the following update on the conduct of the winding up since my last annual report to creditors which was lodged with the Australian Securities and Investments Commission on 11 January Distribution A second and final distribution to the priority employee creditors has been declared for 22 December I will proceed to finalise this matter once the following dividend cheques and payments have cleared: Class of creditor Notes Payable to Value of claim ($) Dividend (cents/$) Dividend payable ($) Priority creditors - superannuation on PILN pursuant to Section 556(1)(e) of the Act 1 ATO 71, ,570 Priority creditors - leave entitlements pursuant to Section 556(1)(g) of the Act 2 GEERS 850, ,885 Excluded employees - leave entitlements pursuant to Section 556(1B) of the Act 3 Graham Thomson 1, ,308 Total 923, ,763 Notes: 1. Previously, the Department of Employment (DoE) advanced $2,002,350 to the Company under the General Employee Entitlements Redundancy (GEERS) Scheme. As advised in my previous reports, the Joint and Several Liquidators paid these funds to the Company s former employees with respect to their outstanding employee entitlements. In making these payments, specifically the payments for unpaid wages, rostered days off and payment in lieu of notice, the Company is liable to pay $71,570 in superannuation contributions pursuant to the Superannuation Guarantee (Administration) Act 1992 and the Superannuation Guarantee Determination SGD 2017/1. I have received from the Australian Taxation Office (ATO) a Formal Proof of Debt for this superannuation debt. 2. The DoE has a subrogated claim in the liquidation of the Company for funds advanced under the GEERS Scheme. I advise that funds advanced with respect to outstanding leave entitlements are afforded a priority over both retrenchment and payments for payment in lieu of notice (Note - the wage and pre-appointment superannuation amounts totalling $353, afforded a priority under Section 556(1)(e)(i) of the Act were paid in full in the first distribution to priority creditors). There is insufficient funds available in the liquidation to pay a distribution in respect of employee entitlements with a priority lower than Section 556(1)(g) of the Act and to the Company s unsecured creditors. 3. The priority entitlements for excluded employees detailed in Section 556(1B) of the Act for leave is capped at $1,500 for excluded employees. The Act defines an excluded employee as a director, their relatives and spouses. The amount claimed by Mr Graham Thomson over and above this amount will be recorded as an unsecured debt. This final distribution assumes that the Joint and Several Liquidators additional remuneration (detailed at Section 5 of this Report) is approved by creditors.

6 5 Joint and Several Liquidators fees At the forthcoming AGM, I will be seeking additional remuneration approval from creditors. This additional remuneration is being sought as a result of the following: Continued compliance with statutory requirements imposed on the Liquidators pursuant to the Act; Calculating the Company s superannuation liability pursuant to the Superannuation Guarantee (Administration) Act 1992 and the Superannuation Guarantee Determination SGD 2017/1; Provide a detailed listing of the Company s superannuation liability to the ATO for each of the onehundred and thirteen (113) former employees; Working with the ATO on the production of a suitable Formal Proof of Debt for the superannuation guarantee amounts due to the former employees; Consider the impact of the superannuation liability on the Joint and Several Liquidators ability to declare a second and final distribution; and Consider the impact of any penalties and interest payable pursuant to the Superannuation Guarantee (Administration) Act 1992 and their effect of the second and final distribution. The additional work undertaken by the Joint and Several Liquidators will resulted in a favourable outcome for the priority employee creditors who will receive superannuation contribution payments. At the upcoming meeting of creditors, I will seek approval of the following resolutions: 1. Retrospective remuneration approval: That the remuneration of the Joint and Several Administrators, their partners and staff, for the period from 23 February 2016 to 6 December 2017, calculated at the hours spent at the rates detailed in the Report dated 22 December 2017 provided to creditors, is approved for payment in the amount of $18,036.00, exclusive of GST, to be drawn from available funds immediately or as funds become available. 2. Prospective remuneration approval: That the remuneration of the Joint and Several Liquidators, their partners and staff, for the period from 7 December 2017 to finalisation, calculated at the hours spent at the rates detailed in the Report dated 22 December 2017 provided to creditors, is approved for payment in the amount of $20,000.00, exclusive of GST, to be drawn from available funds immediately or as funds become available. 6 Account of receipts and payments Notice is given pursuant to Section 539(5) of the Act, that the Joint and Several Liquidators account of receipts and payments is available for inspection at the offices of Grant Thornton Australia Limited, Tower 1, Collins Square, 727 Collins Street, Melbourne, Victoria during business hours and upon request.

7 7 Remaining issues to be resolved The following issues remain outstanding before this matter can be finalised: Distribute funds to the priority employee creditors in accordance with the second and final distribution; Hold a final meeting of members and creditors; and Finalisation of all statutory requirements. 8 Annual General Meeting The meeting of creditors will be held at 11:00am on Thursday, 11 January 2018 at the offices of Grant Thornton Australia Ltd, Collins Square, 727 Collins Street, Melbourne, Victoria. If you are unable to attend but you wish to have us address any issue in detail please complete the attached question sheet and return it to our office prior to the meeting date so an appropriate response to your questions may be prepared. 9 Conclusion I anticipate that the liquidation of the Company s affairs will be completed during January/February This concludes this annual report to creditors. Should you have any questions in relation to the above please contact Mr Matthew Grossman of my office. Dated this 22 nd day of December 2017 MATTHEW JAMES BYRNES JOINT AND SEVERAL LIQUIDATOR

8 Remuneration Approval Report Teson Trims Pty Ltd (In Liquidation) ACN (the Company) This remuneration approval report provides you with the information you need to be able to make an informed decision regarding the approval of our remuneration for undertaking the Creditors Voluntary Liquidation of Teson Trims Pty Ltd. This report has the following information included: Part 1: Declaration... 2 Part 2: Executive Summary... 2 Part 3: Remuneration Remuneration claim resolutions Details of remuneration Total remuneration reconciliation Likely impact on dividends... 4 Part 4: Disbursements Internal disbursement claim... 5 Schedule 1 Resolution 1 Table of major tasks for remuneration... 6 Schedule 2 Resolution 2 Table of major tasks for remuneration... 8 What do you need to do next? You should read this report and the other documentation that we have sent you and then attend the meeting of creditors in order to voice your opinion by casting your vote on the resolutions put to the meeting. The meeting will also give you an opportunity to ask any questions that you may have. Alternatively, you are also able to appoint a representative to attend on your behalf by lodging a proxy form. Lodging a specific proxy form allows you to specify how your proxy must vote. Lodging a general proxy form allows your representative to choose how your vote is exercised. If you have any questions, or need any assistance with understanding the materials we have sent to you, please contact Matthew Grossman on (03) or via on matthew.grossman@au.gt.com.

9 Part 1: Declaration We, Matthew Byrnes and Gregory Keith, of Grant Thornton Australia Limited have undertaken a proper assessment of this remuneration claim for our appointment as Joint and Several Liquidators of Teson Trims Pty Ltd (In Liquidation) in accordance with the law and applicable professional standards. We are satisfied that the remuneration claimed is in respect of necessary work, properly performed, or to be properly performed, in the conduct of the Liquidation. Part 2: Executive Summary To date, $356, (ex GST) has been approved for the Administration period and $388, (ex GST) has been approved for this Liquidation. Remuneration currently claimed and previously approved is summarised below: Period Current Remuneration claim: Liquidation Report Reference Amount (ex GST) Resolution 1: 23 February 2016 to 6 December 2017 Part 3, Sch 1 $18, Resolution 2: 7 December 2017 to finalisation Part 3, Sch 2 $20, Total Creditors Voluntary Liquidation $38, Past remuneration approved: Voluntary Administration 8 September 2008 to 30 September 2008 Liquidation 1 October 2008 to finalisation Liquidation 8 January 2010 Liquidation 9 January 2008 to 29 January 2010 Liquidation 30 January 2010 to finalisation Liquidation 10 January 2014 to 27 November 2015 Liquidation 28 November 2015 to finalisation Total past remuneration approved $356, $320, $3, $2, $14, $36, $12, $745, TOTAL remuneration claimed and approved $783, * Approval for the future remuneration sought is based on an estimate of the work necessary to the completion of the administration. Should additional work be necessary beyond what is contemplated, further approval may be sought from creditors. Please refer to report section references detailed in the above table for full details of the calculation and composition of the remuneration approval sought.

10 Part 3: Remuneration 3.1 Remuneration claim resolutions We will be seeking approval of the following resolutions to approve our remuneration. Details to support these resolutions are included in Section 3.2 and in the attached Schedules. Resolution 1 from 23 February 2016 to 6 December 2017 That the remuneration of the Joint and Several Administrators, their partners and staff, for the period from 23 February 2016 to 6 December 2017, calculated at the hours spent at the rates detailed in the Report dated 22 December 2017 provided to creditors, is approved for payment in the amount of $18,036.00, exclusive of GST, to be drawn from available funds immediately or as funds become available. Resolution 2 from 7 December 2017 to finalisation That the remuneration of the Joint and Several Liquidators, their partners and staff, for the period from 7 December 2017 to finalisation, calculated at the hours spent at the rates detailed in the Report dated 22 December 2017 provided to creditors, is approved for payment in the amount of $20,000.00, exclusive of GST, to be drawn from available funds immediately or as funds become available. 3.2 Details of remuneration The basis of calculating the remuneration claims are summarised below and the details of the major tasks performed and the costs associated with each of those major tasks are contained in Schedules 1 and 2. Resolution 1 from 23 February 2016 to 6 December 2017 The below table sets out time charged to each major task area by staff members working on the Liquidation for the period 23 February 2016 to 6 December 2017 which is the basis of the Resolution 1 claim. More detailed descriptions of the tasks performed within each task area, matching the amounts below, are contained in Schedule 1. ARITA Tasks Admin Creditors Dividends Statutory Total Cost excl. Employee Position $/Hr (excl. GST) Total Hours Hrs $ Hrs $ Hrs $ Hrs GST ($) $ $2, Matthew Byrnes Partner $2, $ $2, $1, Matthew Grossman Senior Manager $5, $ Xavier Field Senior Associate $6, $ $ $1, $5, Ryan Perera Associate $ $ $ $ Leanne Donaldson Treasury $1, $ $ Mavis Fong Peter McCabe Krysley Harris Treasury Filing Assistant Administration Assistant $ $ $ $ $ $ $18, $4, $5, $6, $1, Resolution 2 from 7 December 2017 to finalisation The below table sets out the expected costs for the major tasks likely to be performed by the Joint and Several Liquidators and our staff for the period 7 December 2017 to finalisation which is the basis of the Resolution 3 claim. More detailed descriptions of the tasks likely to be performed within each task area, matching the amounts below, are contained in Schedule 2. Task Area Estimated Hours Estimated cost ($) Creditors 5 2,000 Dividends 25 10,000 Administration 10 4,000 Statutory 10 4,000 TOTAL 50 20,000

11 3.3 Total remuneration reconciliation At this point in time we estimate that the total remuneration for this Liquidation will be $426, This includes the current approval amount being sought of $38, The estimate to finalise this matter differs to the estimate of costs provided in the Remuneration Notice dated 7 December 2015, which estimated the remaining cost of the Liquidation of $12, (excluding GST). In the following table we compare, on a task basis, our estimate from our report 7 November 2015 to our actual costs and provide an explanation for the difference in cost. Task Estimate $ Actual $ Reasons for differences Creditors 6, , Providing detailed update to creditors regarding progress of the Liquidation. Dividends 4, , Detailed preparation of distribution and dividend file. Administration 9, , Reviewing and responding to correspondence from various parties. File review and general tasks associated with the Liquidation. Employees No difference Investigations 1, , No difference Trade On , No difference Statutory 16, , Preparing detailed correspondence to creditors regarding annual general meeting Tax Advice 7, , No difference TOTAL 48, , We have provided an explanation of tasks completed, including our costs to complete those tasks, to support our current remuneration approval request, at Part 3 of the report and in Schedule 1 and Schedule Likely impact on dividends The Corporations Act sets the order for payment of claims against the company and it provides for remuneration of the Joint and Several Administrators/Liquidators to be paid in priority to other claims. This ensures that when there are sufficient funds, the Joint and Several Administrators/Liquidators receives payment for the work done to recover assets, investigate the company s affairs, report to creditors and ASIC and distribute any available funds. Even if creditors approve our remuneration, this does not guarantee that we will be paid, as we are only paid if sufficient assets are recovered. Any dividend to creditors will also be impacted by the amount of assets that we are able to recover and the amount of creditor claims that are admitted to participate in any dividend, including any claims by priority creditors such as employees. Irrespective of the additional approval being sought, there are insufficient funds available to pay a dividend to unsecured creditors however, priority creditors including the Department of Employment who have advanced funds for former employees outstanding entitlements will participate in a distribution. If we do declare a dividend, any creditor whose claim has not yet been admitted will be contacted and asked to submit a proof of debt.

12 Part 4: Disbursements Disbursements are divided into three types: Externally provided professional services - these are recovered at cost. An example of an externally provided professional service disbursement is legal fees. Externally provided non-professional costs - these are recovered at cost. Examples of externally provided non-professional costs are travel, accommodation and search fees. Internal disbursements such as photocopying, printing and postage. These disbursements, if charged to the Administration, would generally be charged at cost; though some expenses such as telephone calls, photocopying and printing may be charged at a rate which recoups both variable and fixed costs. The recovery of these costs must be on a reasonable commercial basis. Details of the basis of recovery of each of these costs is discussed below. We have undertaken a proper assessment of disbursements claimed for Teson Trims Pty Ltd (In Liquidation) in accordance with the law and applicable professional standards. We are satisfied that the disbursements claimed are necessary and proper.

13 Schedule 1 Resolution 1 Table of major tasks for remuneration The below table provides a description of the work undertaken in each major task area for the period 23 February 2016 to 6 December Task Area General Description Includes Creditor Enquiries, Requests & Receive and respond to creditor enquiries Directions Maintaining creditor request log Review and prepare correspondence to creditors and their representatives Compiling information requested by creditor Creditors hours $4, Statutory 5.90 hours $1, Dividend hours $6, Meeting of Creditors Preparation of meeting notices, proxies and advertisements Forward notice of meeting to all known creditors Preparation of meeting file, including agenda, certificate of postage, attendance register, list of creditors, reports to creditors, advertisement of meeting and draft minutes of meeting. Preparation and lodgement of minutes of meetings with ASIC Meetings Preparing correspondence to creditors regarding annual general meeting Convening and holding annual general meeting of creditors Preparation of meeting file, including agenda, certificate of postage, attendance register, list of creditors, reports to creditors, advertisement of meeting and draft minutes of meeting. Lodging documents with ASIC ASIC lodgements Preparing and lodging ASIC forms including 505 and 524 Preparation and lodgement minutes of meetings with ASIC ATO & other statutory reporting Preparing and lodging Business Activity Statements Confirming lodgement and clearance regarding Company Income Tax Returns Processing proofs of debt Preparation of correspondence to potential creditors inviting lodgement of Proofs of Debt Receipt and adjudication of Proofs of Debt Dividend procedures Preparation of correspondence to creditors advising of intention to declare dividend Advertisement of intention to declare dividend Obtain clearance from ATO to allow distribution of company s assets Preparation of dividend calculation and correspondence to creditors announcing declaration of dividend Advertise announcement of dividend Preparation of distribution and dividend file Preparation of payment vouchers to pay dividend Preparation of correspondence to creditors enclosing payment of dividend Correspondence Reviewing and responding to correspondence from various parties Document maintenance/file review/checklist 6 monthly administration and file reviews Filing of documents Updating checklists

14 Task Area General Description Includes Bank account administration Administration hours $5, TOTAL hours $18, Preparing correspondence opening and closing accounts Requesting bank statements Bank account reconciliations ASIC Form 524 and other forms Preparing and lodging ASIC forms including 505, 524, 911 etc Correspondence with ASIC regarding statutory forms ATO and other statutory Preparing BAS reporting Planning / Review Books and records / storage Discussions regarding status of administration Dealing with records in storage Sending job files to storage

15 Schedule 2 Resolution 2 Table of major tasks for remuneration The below table provides a description of the work undertaken in each major task area for the period 7 December 2017 to finalisation. Task Area General Description Includes Creditor Enquiries, Requests & Receive and respond to creditor enquiries Directions Maintaining creditor request log Review and prepare correspondence to creditors and their representatives Compiling information requested by creditor Creditors 5.00 hours $2, Statutory hours $4, Dividend hours $10, Administration hours $4, Meeting of Creditors Preparation of meeting notices, proxies and advertisements Forward notice of meeting to all known creditors Preparation of meeting file, including agenda, certificate of postage, attendance register, list of creditors, reports to creditors, advertisement of meeting and draft minutes of meeting. Preparation and lodgement of minutes of meetings with ASIC Meetings Preparing correspondence to creditors regarding annual general meeting Convening and holding annual general meeting of creditors Preparation of meeting file, including agenda, certificate of postage, attendance register, list of creditors, reports to creditors, advertisement of meeting and draft minutes of meeting. Lodging documents with ASIC ASIC lodgements Preparing and lodging ASIC forms including 505 and 524 Preparation and lodgement minutes of meetings with ASIC ATO & other statutory reporting Preparing and lodging Business Activity Statements Confirming lodgement and clearance regarding Company Income Tax Returns Processing proofs of debt Preparation of correspondence to potential creditors inviting lodgement of Proofs of Debt Receipt and adjudication of Proofs of Debt Dividend procedures Preparation of correspondence to creditors advising of intention to declare dividend Advertisement of intention to declare dividend Obtain clearance from ATO to allow distribution of company s assets Preparation of dividend calculation and correspondence to creditors announcing declaration of dividend Advertise announcement of dividend Preparation of distribution and dividend file Preparation of payment vouchers to pay dividend Preparation of correspondence to creditors enclosing payment of dividend Correspondence Reviewing and responding to correspondence from various parties Document maintenance/file review/checklist 6 monthly administration and file reviews Filing of documents Updating checklists

16 Task Area General Description Includes Bank account administration Preparing correspondence opening and closing accounts Requesting bank statements Bank account reconciliations TOTAL hours $20, ASIC Form 524 and other forms Preparing and lodging ASIC forms including 505, 524, 911 etc Correspondence with ASIC regarding statutory forms ATO and other statutory reporting Finalisation Planning / Review Books and records / storage Notification of appointment Preparing BAS Completing group certificates Notifying ATO of finalisation Cancelling ABN / GST / PAYG registration Completing checklists Finalising WIP Discussions regarding status of administration Dealing with records in storage Sending job files to storage

17 Form 535 Subregulation (2) Corporations Act 2001 Formal Proof of Debt or Claim (General Form) To the Liquidation of Teson Trims Pty Ltd ACN (the Company): 1. This is to state that the Company was on 13 October 2008 and still is, justly and truly indebted to: full name, ABN and address of the creditor and, if applicable, the creditor's partners. If prepared by an employee or agent of the creditor, also insert a description of the occupation of the creditor) for dollars and cents Particulars of the debt are: Date Consideration Amount Remarks $ 2. 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 particulars of all securities held. If the securities are on the property of the company, assess the value of those securities. If any bills or other negotiable securities are held, show them in a schedule in the following form). Date Drawer Acceptor Amount Due Date 3. Signed by (select option): $ I am the creditor personally. I am employed by the creditor and authorised in writing by the creditor to make this statement. I know that the debt was incurred for the consideration stated and that the debt, to the best of my knowledge and belief, remains unpaid and unsatisfied. I am the creditor's agent authorised in writing to make this statement in writing. I know the debt was incurred for the consideration stated and that the debt, to the best of my knowledge and belief, remains unpaid and unsatisfied. Signature: Dated: Name: Occupation: Address: RECEIVE REPORTS BY Do you wish to receive all future reports and correspondence from our office via ? Yes No

18 Appointment of Proxy TESON TRIMS PTY LTD (In Liquidation) ACN (the Company) Insolvency Practice Rules, Corporations Act 2001 *I/*We (name of signatory) of (creditor name) a creditor of Teson Trims Pty Ltd (In Liquidation) appoint (name of proxy) of or in his or her absence (details of alternate proxy) _(address of proxy) as *my/*our *general/*special proxy to vote at the meeting of creditors to be held on Thursday, 11 January 2018, or at any adjournment of that meeting. If a special proxy, specify how you wish your proxy to vote for each of the resolutions. Resolutions For Against Abstain 1. That the remuneration of the Joint and Several Administrators, their partners and staff, for the period from 23 February 2016 to 6 December 2017, calculated at the hours spent at the rates detailed in the Report dated 22 December 2017 provided to creditors, is approved for payment in the amount of $18,036.00, exclusive of GST, to be drawn from available funds immediately or as funds become available. 2. That the remuneration of the Joint and Several Liquidators, their partners and staff, for the period from 7 December 2017 to finalisation, calculated at the hours spent at the rates detailed in the Report dated 22 December 2017 provided to creditors, is approved for payment in the amount of $20,000.00, exclusive of GST, to be drawn from available funds immediately or as funds become available. *I/*We authorise *my/*our proxy to vote as a general proxy on resolutions other than those specified above (delete if not required) Signature: Dated: *Omit if inapplicable

19 TESON TRIMS PTY LTD (In Liquidation) ACN (the Company) QUESTIONS TO BE RAISED AT THE MEETING TO: Matthew Byrnes FAX NO: (03) FROM: CREDITOR: QUESTIONS: 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: _Creditor Question Sheet_RP.Docx