27 October 2016
Homestead Homes Pty Ltd ACN 008 011 041 (In Liquidation) (“the Company”)
Circular to Creditors I advise that Barry Kogan and I were appointed Joint and Several Liquidators of the Company on 17 October 2016. Meeting of creditors A meeting of creditors must be convened within 11 days of my appointment. The meeting for the Company will be held at The Law Society of SA, Level 10, 178 North Terrace, Adelaide, SA on Friday, 4 November 2016 at 9:00AM. Registration for the meeting will open at 8:30AM. Accordingly, I attach for the Company:
a statutory notice convening the meeting (Form 529);
a Summary of Affairs (Form 509) provided by the Director;
a list of creditors;
information for attending and voting at a meeting of creditors;
a Proof of Debt form (Form 535), along with an information sheet to assist you to complete the form; and
a Proxy form (Form 532) and instructions.
Attendance and voting requirements Creditors who intend to vote at the meeting are requested to lodge a proof of debt with us prior to the meeting. Creditors who are unable to attend the meeting and wish to be represented, should ensure that either a proxy form, power of attorney or evidence of appointment of a company representative pursuant to section 250D of the Corporations Act 2001 (“the Act”) is validly completed and provided to us prior to the meeting. If a faxed copy of a proxy or power of attorney is provided to us prior to the meeting, the original of the instrument must be received within 72 hours of receipt of the faxed copy. Alternatively, proxy forms can be emailed to [email protected]
Proxy forms lodged via email must be validly executed by signing and scanning the completed form. Corporate creditors who wish to attend the meeting should note that they may only be represented by an individual if that person is validly granted a proxy or power of attorney by that corporation, or appointed as a company representative pursuant to section 250D of the Act. Proof of debt and proxy forms may be provided to us prior to the meeting or brought to the meeting. Proof of debt forms can be emailed to [email protected]
1. Circular to creditors-first meeting -BC
Declaration of Independence, Relevant Relationships and Indemnities In accordance with Section 506A of the Act and the Australian Restructuring, Insolvency and Turnaround Association (“ARITA”) Code of Professional Practice, a Declaration of Independence, Relevant Relationships and Indemnities is enclosed for your information. This declaration discloses information regarding our independence, any prior personal or professional relationships with the Company or related parties and any indemnities received in relation to this appointment. Remuneration The Joint and Several Liquidators’ remuneration can only be fixed by resolution of creditors, a resolution of a committee of inspection or by application to the Court. The resolutions relating to remuneration which will be put to the creditors at the meeting are detailed in the attached Remuneration Report. In accordance with section 499 of the Act and the ARITA Code of Professional Practice, a Schedule of Remuneration Methods and Hourly Rates and detailed Remuneration Report is also enclosed for your information. ******** A copy of the “Insolvency information for directors, employees, creditors and shareholders” information sheet issued by the Australian Securities & Investments Commission (“ASIC”) is enclosed for your information. If you require any further information, please contact my office on (03) 9038 3100. Yours faithfully
Homestead Homes Pty Ltd (In Liquidation)
Enclosure(s): Enclosures listed on the first page of this circular ASIC Insolvency Information for directors, employees, creditors and shareholders Declaration of Independence, Relevant Relationships and Indemnities Schedule of Remuneration Methods and Hourly Rates Remuneration Report
Corporations Act (2001) Subregulation 5.6.12 (2) NOTICE OF MEETING OF CREDITORS OF COMPANY Homestead Homes Pty Ltd ACN 008 011 041 (In Liquidation) (“the Company”)
Notice is given that a meeting of the creditors of the Company will be held at The Law Society of SA, Level 10, 178 North Terrace, Adelaide at 9:00AM on 4 November 2016 to consider the following: 1.
To confirm the appointment of Matthew Caddy and Barry Kogan as Liquidators or to appoint another person(s) as Liquidator in their place.
To consider any matters arising out of the Liquidation.
To approve the remuneration of the Liquidators.
If thought fit, to appoint a Committee of Inspection.
To consider the approval of the Liquidators’ powers to compromise certain debts of the Company and to enter into agreements for terms of greater than three months.
To authorise the destruction of the books and records of the Company following the deregistration of the Company, subject to the consent of the Australian Securities and Investments Commission being obtained.
To discuss any other relevant business which may arise.
Registration for the meeting will open at 8:30AM. Dated 27 October 2016
Australian Securities & Investments Commission
Presentation of summary of affairs of a company
Corporations Act 2001 497(2)(b)(i)
If there is insufficient space in any section of the form, you may attach an annexure and submit as part of this lodgement
Who should ASIC contact if there is a query about this form? Name Andrew Wharton
ASIC registered agent number (if applicable) n/a
Company/entity name McGrathNicol
ACN/ABN/ARBN/ARSN 41 945 982 761
Telephone number (03) 9038 3100
Postal address Level 6, 171 Collins Street, Melbourne VIC 3000 Australia
Email address (optional) n/a
Company name Homestead Homes Pty Ltd
ACN 008 011 041
Summary of assets and liabilities Date to which summary is made up Date 1
ASIC Form 509
6 / 1
17 January 2011
Page 1 of 2
Homestead Homes Pty Ltd (In Liquidation) - Creditor list Name
11 FARMING CRESCENT, HALLETT COVE, SA, 5158
ADELAIDE DIRECT STATIONERS
29 O. G. ROAD, KLEMZIG, SA, 5087
ADELAIDE INDEPENDENT FIRE
PO BOX 773, MODBURY, SA, 5092
ADELAIDE MARBLE SPECIALISTS
PO BOX 2111, REGENCY PARK BC, SA, 5010
AFFORDABLE ANTENNAS/M COOK & C.B ROBERTS
13A KARA CRESCENT, GULFVIEW HEIGHTS, SA, 5096
AGL SOUTH AUSTRALIA PTY LTD
LOCKED BAG 24, ADELAIDE, SA, 5001
AGRON & MYRVET ZENUNI
Amount of claim ($) 5,200.20 497.82 324.50 52,305.00 420.00 2,677.85 11,116.47
AJT LANDSCAPES/ ANDREW THOMPSON
27 BARRDICKSON CRESCENT, HAPPY VALLEY, SA, 5159
ALDO FAMILY TRUST/TOWER CONCRETE PUMPING
PO BOX 3173, NEWTON, SA, 5074
UNIT 3 / 19 SOUTH AUSTRALIA ONE DRIVE, NORTH HAVEN, SA, 5018
ATF SERVICES PTY LTD
PO BOX 47, CONCORD, NSW, 2137
PO BOX 26, SURREY DOWNS, SA, 5126
GPO BOX 5211, MELBOURNE, VIC, 3001
AUSTRALIAN ACRYLIC REPAIRS/A.C LONGFORD & A.L LONGFORD
8 HEITMANN COURT, TEA TREE GULLY, SA, 5091
BARBETTE PTY LTD/THE GERRITSEN FAMILY TRUST
3 CLIPPER COURT, SEAFORD, SA, 5162
BEACON LIGHTING PTY LTD
PO BOX 108, MT WAVERLEY, VIC, 3149
225 MARION ROAD, MARLESTON, SA, 5033
BEILER CONSTRUCTIONS / TRUSTEE FOR FOX TRADING TRUST
78 BAKER STREET, GLENGOWRIE, SA, 5044
BENNETT PLUMBING & CIVIL P/L/TTF ROGER BENNETT FAMILY TRUST
PO BOX 332, LONDSALE, SA, 5160
BENPAR CONSTRUCTIONS/TTF CD BENNETT & TTF RE PARDOE
37 WAINHOUSE STREET, TORRENSVILLE, SA, 5031
BETTA HOME FURNISHINGS
P O BOX 3491, NORWOOD, SA, 5067
BIANCO CONSTRUCTION & INDUSTRIAL SUPPLIES
42-56 GRAND JUNCTION ROAD, KILBURN, SA, 5084
BIANCO HIRING SERVICE PTY LTD
PO BOX 1, POORAKA, SA, 5095
BJ & CM PETERSON
5,154.00 9,746.63 117,540.40 1,092.71 440.00 15,063.40 9,694.61
5,287.91 16,152.00 2,466.48 8,630.70 30,973.29
BORAL CONSTRUCTION MATERIALS
ACCTS. RECEIVABLE DEPT, LOCKED BAG 5025, PARRAMATTA, NSW, 2124
BORAL HOLLOSTONE MASONRY (SA) PTY LTD
ACCTS.RECEIVABLE DEPTLOCKED BAG 5082, PARRAMATTA, NSW, 2124
237,742.43 185,755.96 Not quantified
BRUSHTEX PTY LTD
62 EXMOUTH ROAD, GLANDVILLE, SA, 5015
BUILDING DYNAMIX (WESTSIDE) /TTF BUILDING DYNAMIX TRUST
PO BOX 169, DRY CREEK, SA, 5094
BUILDING SEALANTS INDEPENDENT PTY LTD
PO BOX 1526, KERSBROOK, SA, 5231
BUNNINGS BUILDING SUPPLIES
P O BOX 160, WELSH POOL, WA, 6986
PO BOX 64, HOLDEN HILL, SA, 5088
27,610.64 6,754.00 440.00 5,208.36 745,804.40 Not quantified
C DENNIS CARPET SERVICE/MILLPINE PTY LTD
PO BOX 458, INGLE FARM, SA, 5098
CADD BRICKLAYING & CONSTRUCTION / DONNA MUMFORD
15 ROBINSON STREET, SHEIDOW PARK, SA, 5158
CANON AUSTRALIA PTY LTD
PO BOX 313, NORTH RYDE, NSW, 1670
CANON FINANCE AUSTRALIA
1 THOMAS HOLT DRIVE, MACQUARIE PARK NSW 2113
CARPET CALL (VIC) PTY LTD
P O BOX 166, MULGRAVE NORTH, VIC, 3170
401.52 Not quantified 25,914.99 Not quantified
PO BOX 1008, WILLASTON, SA, 5118
CD CUSTOM DESIGNS PTY LTD
PO BOX 19, SURREY DOWNS, SA, 5126
34,551.00 172,185.83 Not quantified
CIC REALTY SA PTY LTD
LEVEL 3, 64 ALLARA STREET, CANBERRA, ACT, 2601
CITY CONCRETE PUMPING PTY LTD
5 ANTONIO COURT, NEWTON, SA, 5074
COASTAL CARPENTRY SA/TROY JONATHON SMITH
139 ESPLANADE, PORT NOARLUNGA SOUTH, SA, 5167
CONCRETE BUSTERS PTY LTD
PO BOX 55, INGLE FARM, SA, 5098
CONSTRUCTION CAULKING SERVICES/TTF S & K PORTOLESI FAMILY TRUST
PO BOX 101, KLEMZIG, SA, 5087
CONSTRUCTION INDUSTRY TRAINING BOARD
PO BOX 1227, UNLEY, SA, 5061
385.00 2,128.72 24,766.71
DAY, JOHN DEPUTY COMMISSION OF TAXATION
Not quantified AUSTRALIAN TAXATION OFFICE, LOCKED BAG 1936, ALBURY NSW, 1936
119,646.95 Not quantified
PO BOX 71, INGLE FARM, SA, 5098
P O BOX 2528, REGENCY PARK, SA, 5942
DIRECT SKYLIGHT SUPPLIES P/L
PO BOX 3181, SALISBURY EAST, SA, 5109
19,409.80 212,684.72 1,925.00 Not quantified
DOWELL WINDOWS PTY LTD
PO BOX 571, ELIZABETH, SA, 5112
ENVIRONMENTAL LAND SERVICES (AUST)
11 GARDEN BOULEVARD, DINGLEY VILLAGE, VIC, 3172
FANTASTIC FINISH PAINTING/ GHULAM HAIDARI ZADA
2 BOWMAN CRESCENT, ENFIELD, SA, 5085
FERGUSON, HELEN IRIS
175,322.15 814.00 7,633.00 Not quantified
FINLAY PLUMBING SERVICES PTY LTD
UNIT 1, LOT 12 SHEARER DRIVE, SEAFORD, SA, 5169
FOOTERSVILLE PTY LTD
PO BOX 2495, REGENCY PARK, SA, 5942
94,012.57 95,660.15 Not quantified
FREEMAN WAUCHOPE PTY LTD
93 MORPHETT ROAD, CAMDEN PARK, SA, 5038
G.F. & A.E MARTIN PTY LTD
PO BOX 1014, GAWLER, SA, 5118
GARY SENSIER GEORGE KOUVARIS
5,797.35 Not quantified
Homestead Homes Pty Ltd (In Liquidation) - Creditor list Name
GLEAM AND CLEAN/G & Z ANTONIOU
PO BOX 94, MARLESTON DC, SA, 5033
GLIDEROL INTERNATIONAL PTY LTD
P O BOX 47, HOLDEN HILL, SA, 5088
GOLDEN GROVE SECURITY SERVICES/ M J & T A KIRK
18 ANNE-MARIE COURT, GOLDEN GROVE, SA, 5125
GRASSO, DAVID 928 NORTH EAST ROAD, MODBURY, SA, 5092
HALLS CRANE HIRE/TTF JOAG FAMILY TRUST
PO BOX 938, NORTH ADELAIDE, SA, 5006
HANDY CAN RUBBISH SOLUTIONS
PO BOX 587, PLYMPTON, SA, 5038
HELYAR, ROHAN PO BOX 424, GLENELG, SA, 5045
HIA INSURANCE SERVICES
PO BOX 550, HINDMARSH, SA, 5007
HOLTAN BUILDING AND MAINTENANCE SERVICES
PO BOX 472, STRATHALBYN, SA, 5255
HP FINANCIAL SERVICES
208/203 BLACKBURN ROAD, MT WAVERLEY VIC 3149
INCENTIVE ENTERTAINMENT PARTNERS PTY LTD
C/- HWL EBSWORTH LAWYERS, GPO BOX 5408, SYDNEY NSW 2001
INDEPENDENT SCAFFOLDING SERVICES PTY LTD/TTF KNIGHT FAMILY TRUST
PO BOX 3017, NORWOOD, SA, 5067
INDUSTRY FUNDS CREDIT CONTROL
PO BOX 13275, LAW COURTS, MELBOURNE VIC 8010
PO BOX 6806, SILVERWATER, NSW, 1811
INTERNODE SYSTEMS PTY LTD
PO BOX 284RUNDLE MALL, ADELAIDE, SA, 5000
LOT 20 (302) WOMMA ROAD, PENFIELD, SA, 5121
6,391.00 10,008.65 286.00 1,172.16 12,650.06 6,743.00 Not quantified 704,919.23 25,094.30 Not quantified 345.36 42.45 5,645.41 Not quantified
1252 REDGUM CT MT BARKER
Not quantified Not quantified
JONES LANG LASALLE PTY LTD
PO Box 2500, QVB, SYDNEY, NSW, 1230
JR BRICKLAYING / TRUSTEE FOR JR OTTERSPOOR TRUST
32 LAVER STREET, MOUNT BARKER, SA, 5251
JUST BOBCATS/JUSTCO SERVICES PTY LTD
PO BOX 348, GREENWITH, SA, 5125
20,965.36 440.00 5,405.29 1,573.00
KALAITSIDIS FAMILY TRUST
6 CHARD CRT, PARAFIELD GARDENS, SA, 5107
KAROB TRADING PTY LTD
PO BOX 184, VICTOR HARBOR, SA, 5211
KBS CONSULTANTS/TRUSTEE FOR KBS TRUST
59 HUGHES STREET, UNLEY, SA, 5061
KENNARDS HIRE (S.A) PTY LTD
LOCKED BAG 2025, SEVEN HILLS, NSW, 2147
KERIN, REBEKAH STACEY
1,496.00 1,806.72 10,616.71 615.00 Not quantified
KIDMAN CONTRACTORS/KIDMAN CONTRACTORS UNIT TRUST
2 PIOVESAN COURT, KIDMAN PARK, SA, 5025
KINETIC CONCRETE PUMPING/ TTF KAD INVESTMENT TRUST
PO BOX 100, FERRYDEN PARK, SA, 5010
5,043.01 3,296.04 Not quantified
41 BEULAH ROAD, NORWOOD, SA, 5067
KYM LESLIE LAND SERVICES GROUP
HERSEY BROS CONCRETE PUMP/COLIN W & BEVERLEY A & TREVOR R HERSEY
KWIK KOPY PRINTING CENTRE
5,331.25 64,089.58 Not quantified
H.T.P. DRAFTING PTY LTD/TTF THE RAMSEY FAMILY TRUST
J & B DEVELOPMENT INV
Amount of claim ($)
2,110.60 Not quantified
GPO BOX 1354, ADELAIDE, SA, 5001
LIDD ELECTRICAL PTY LTD/TTFTHE LIDDEMORE FAMILY TRUST
PO BOX 599, ST AGNES, SA, 5097
LIGHTNING DRAINAGE/TTF THE DAMIEN BENNETT TRUST
PO BOX 300, PARK HOLME, SA, 5043
LOAD 28 CRANE HIRE/ TTF MJR TRUST
PO BOX 3211, PORT ADELAIDE, SA, 5015
LYNCH & MEYER
GPO BOX 467, ADELAIDE, SA, 5001
LYNCH & SARACINO CONSTRUCTIONS PTY LTD
PO BOX 133, LAURA, SA, 5480
MAGNERA MASONS/A & J MAGNERA
18 BRISTOL CRESCENT, HIGHBURY, SA, 5089
MANNIX AIRCONDITIONING PTY LTD
83 SAINTS ROAD, SALISBURY PLAIN, SA, 5109
232.10 6,906.33 15,004.00 406,815.82 Not quantified
MASTER ELECTRICAL CO PTY LTD
25 ELLEMSEA CIRCUIT, LONSDALE, SA, 5160
MATTSSON & MARTYN/J.I. MATTSSON & C.M. MSTTSSON
P O BOX 248, MARDEN, SA, 5070
MAXIPLAS - ROTO PTY LTD
PO BOX 110, BLACK FOREST, SA, 5035
MCCORMACK, LEANNE TRACY
82,358.84 4,427.50 1,905.00 Not quantified
MCKENNA HAMPTON INSURANCE BROKERS
PO BOX 204, WEST PERTH, WA, 6872
MENTOR SUPERANNUATION MASTER TRUST
LOCKED BAG 1000, WOOLLONGONG DC, NSW, 2500
METAL-LINK PTY LTD
10 FLORENCE STREET, HENDON, SA, 5014
MIRO PETER SKOLJAREV MOYLE BENDALE TIMBER PTY LTD
5,620.00 100.48 221,973.06 2,253.39
PO BOX 121, WOODVILLE, SA, 5011
MS L GRACE
NATIONAL AUSTRALIA BANK LIMITED
GROUP STRATEGIC BUSINESS SERVICES, LEVEL 34, 500 BOURKE STREET, MELBOURNE VIC 3000
NATIONWIDE AUSTRALIAN INVESTMENTS
C/- MCGRATHNICOL. GPO BOX 9986, MELBOURNE VIC 3001
NEALE TAYLOR PLUMBING & GAS
4 EDISON DRIVE INDUSTRIAL PARK, GOLDEN GROVE, SA, 5125
NEATE, JOANNE WENDY
11,346,809.78 7,082.00 414.25 Not quantified
NORTHERN SAND & METAL
PO BOX 457, SALISBURY SOUTH, SA, 5106
NORTHGATE CONCRETE PUMPING/DJ & WM SAUER
39 IMMANUEL DRIVE, SALISBURY HEIGHTS, SA, 5109
NOVA TILING CONTRACTORS (N & SA GIOBBI)
PO BOX 318, ST AGNES, SA, 5097
OAKRIDGE BUILDING SERVICES PTY LTD
PO BOX 164, KANGARILLA, SA, 5157
GPO BOX 2437, ADELAIDE, SA, 5000
P & SE JACKSON AND N & L JACKSON
PARAFIELD GAS SERVICE/TTF PARAFIELD GAS SERVICES TRUST
33 SANTORINI WALK, MASWON LAKES, SA, 5095
PASQUALE NAPOLI (PATS PAINTING)
11 REGAL PLACE, PARA HILLS, SA, 5096
10,962.60 4,150.58 Not quantified
PETER PAN THE GLASS MAN
UNIT 5, 120-122 TOLLEY ROAD, ST AGNES, SA, 5097
PGH CLAY BRICKS AND PAVERS
202 GREENWITH ROAD, GOLDEN GROVE, SA, 5125
PIONEER WATERPROOFING/MESSRS A & P CALVANESE
48 TENNYSON AVE, TRANMERE, SA, 5073
PREMIUM APPLIANCE INSTALLS/TTF K & D READ FAMILY TRUST
8 KATHERINE CRESCENT, CRAIGMORE, SA, 5114
Homestead Homes Pty Ltd (In Liquidation) - Creditor list Name
PRESTIGE FOUNDATIONS/TTF DIGERONIMO FAMILY TRUST
1057 LOWER NORTH EAST ROAD, HIGHBURY, SA, 5089
PRIOR CONCRETE CONSTRUCTIONS
PO BOX 6166, WEST LAKES SHORE, SA, 5020
Amount of claim ($) 4,662.03 32,663.15 Not quantified
QBE INSURANCE (AUSTRALIA) LIMITED
GPO BOX 4323, MELBOURNE VIC 3000
RACHEL WALLIS DESIGN AND DRAFTING
26 SHANAHAN ROAD, DAVENPORT WA 6230
Not quantified 48,018.46 Not quantified
RCI CONSULTING ENGINEERS/RESIDENTIAL COMM INDUS CONSULTING ENGINEERS P/L
1 HAWKE STREET, ALBERT PARK, SA, 5014
REALFENCE INDUSTRIES TRUST REALFENCE
17 JERVOIS STREET, SOUTH PLYMPTON, SA, 5038
PO BOX 2161, REGENCY PARK, SA, 5942
RES CODE CERTIFIERS (SA) PTY LTD
PO BOX 523, KENSINGTON PARK, SA, 5068
RETURNS & LICENCES GPO BOX 2418, ADELAIDE, SA, 5001
63,181.58 2,355.54 31,228.36 3,565.00 13,920.40 Not quantified
ROBERTSONS GLAZING PTY LTD/TTF ROBERTSON FAMILY TRUST
4 VENTAIL COURT, HOLDEN HILL, SA, 5088
ROMAN MAINTENANCE PTY LTD
21 ST ALBANS AVE, VALLEY VIEW, SA, 5093
RONALD & TRACEY VAN ZOELEN
2,449.98 4,042.68 25,227.50
ROWAN, MATTHEW JOHN
RYAN, RICHARD JOHN
S A SECURITY MONITORING
P O BOX 302, TORRENSVILLE PLAZA, SA, 5031
S CLASOHM HOLDINDS PTY LTD
120 BAY ROAD, MOONTA BAY, SA, 5558
SA CONSTRUCT PTY LTD
PO BOX 552, WELLAND, SA, 5007
SA WATER CORPORATION
250 VICTORIA SQUARE, ADELAIDE, SA, 5001
PO BOX 2528, REGENCY PARK, SA, 5094
PO BOX 2005, HILTON PLAZA, SA, 5033
GPO BOX 9850, MELBOURNE, VIC, 3001
330.00 4,317.50 3,808.00
SJS3 (SA) PTY LTD
89 H1 RAGLESS PARKHOLME
SMART POSTS/ERINEX PTY LTD
35 WEAVER STREET, EDWARDSTOWN, SA, 5039
SOUTH AUSTRALIAN COUNTRY FIRE SERVICE
SHARED SERVICESGPO BOX 11028, ADELAIDE, SA, 5251
SPARTAN ELECTRICAL & FURNITURES
PO BOX 284, CAMPBELLTOWN, SA, 5074
STAR DOORS PTY LTD
5B ERUDINA AVENUE, EDWARDSTOWN, SA, 5039
STEL COMMUNICATIONS PTY LTD
243 GRANGE ROAD, FINDON, SA, 5023
STEPHEN RONALD DEW
Not quantified 1,860.50 426.00 116,843.70 5,470.30 15,006.20 4,697.26
PO BOX 307, ENFIELD PLAZA, SA, 5085
GPO BOX 2924, BRISBANE QLD 4001
SURINDER SINGH/ THE SINGH FAMILY TRUST
208.46 3,813.53 4,057.00
SW CARPENTRY & JOINERY/WILSON, SIMON PETER
2 SEA EAGLE CRESCENT, SEAFORD RISE, SA, 5169
GPO BOX 9901, MELBOURNE, SA, 8101
GPO BOX 9901, MELBOURNE VIC3000
6,270.44 6,647.26 Not quantified Not quantified
TERMI HOME & COMMERCIAL
PO BOX 85, GOODWOOD, SA, 5034
TIMBERWISE DESIGN PTY LTD/ PD AND SK ELMER FAMILY TRUST
25 KINGSWOOD AVENUE, ONKAPARINGA HILLS, SA, 5163
TIMCO PTY LTD
172 PARK TERRACE, SALISBURY PLAINS, SA, 5109
TOPSTAIRS AND STAFF PTY LTD
PO BOX 154, HINDMARSH, SA, 5007
TOSER DESIGN PTY LTD
PO BOX 278, LONSDALE, SA, 5160
TRADE CONNECTIONS PROPERTY MAINTENANCE
PO BOX 6048, LINDEN PARK, SA, 5065
TRADELINK PTY LIMITED (CRANE DISTRIBUTION LTD)
LOCKED BAG 1111, VIRGINIA BUSINESS CENTRE, QLD, 4014
TREATRITE CLEANING SERVICES/STILER INDUSTRIES P/L
PO BOX 568, KENSINGTON PARK, SA, 5068
TRUSSTECH SA PTY LTD
16 HIGH ST, DRY CREEK, SA, 5094
29,353.50 4,049.99 95,511.78 7,370.00 84,813.62 8,003.92 324.15 2,305.00 20,664.44 Not quantified
TUTTLE, HELEN LENORE UNITEX SA
Not quantified 20 CARDIFF COURT, CAVAN, SA, 5094
URIM & STELLIANE HALILAJ
WELDMET FABRICATIONS PTY LTD/LEPKA SETTLEMENTS TRUST
UNIT 2, 2 FERRY AVENUE, MELROSE PARK, SA, 5039
WILSON COLMAN & CO PTY LTD
1294 NORTH EAST ROAD, TEA TREE GULLY, SA, 5091
WINGFIELD TIMBER SUPPLIES
79 CAVAN ROAD, GEPPS CROSS, SA, 5094
WM BUILDING - WAYNE MALONEY
61 GAWLER STREET, PORT NOARLUNGA, SA, 5167
44,165.00 5,467.00 27,188.21 4,071.49
Homestead Homes Pty Ltd (In Liquidation) ACN 008 011 041 General Information for Attending and Voting at Meetings of Creditors Time and Place of Meeting Pursuant to Corporations Regulation (“Regulation”) 5.6.14 a meeting of creditors must be convened at a time and place most convenient for the majority of creditors entitled to receive notice of the meeting. Quorum
Pursuant to Regulation 5.6.16 a meeting must not act for any purpose except:
the election of a chairperson; and
the proving of debts; and
the adjournment of the meeting:
unless a quorum is present.
A quorum is deemed to be present if at least 2 (two) creditors are present at the meeting in person, by proxy, by power of attorney or participating by telephone.
A meeting is sufficiently constituted if only one person is present in person if the person represents personally or by proxy or otherwise a number of persons sufficient to constitute a quorum.
Chairperson Pursuant to Section 497(8) of the Corporations Act 2001, the creditors may appoint one of their number or the director who attends the meeting as Chairperson of the meeting. Voting
Pursuant to Regulation 5.6.23 creditors will not be eligible to vote at the meeting unless they have lodged particulars of their debt or claim prior to or at the meeting.
Accordingly, creditors who intend to vote at the meeting should ensure that they lodge a formal proof of debt with the company prior to or at the meeting.
Pursuant to Regulation 5.6.19 all resolutions put to the meeting will be decided on the voices unless a poll is demanded, before or on the declaration of the result of the voices. A poll may be demanded by:
the chairperson; or
at least 2 (two) persons present in person, by proxy, by power of attorney or participating by telephone and entitled to vote at the meeting; or
a person present in person, by proxy, by power of attorney or participating by telephone and representing not less than 10% of the total voting rights of all persons entitled to vote at the meeting. 1
Pursuant to Regulation 5.6.21, should a poll be demanded:
a resolution will be carried if a majority in number and a majority in value vote in favour of the resolution; and
a resolution will be lost if a majority in number and a majority in value vote against the proposed resolution.
In the event of a deadlock, the chairperson may exercise a casting vote. In such situations, the minutes of the meeting must specify the chairperson’s reasons for exercising, or not exercising, their casting vote. Proxies
Pursuant to Regulation 5.6.28 creditors who are entitled to attend and vote at the meeting may appoint a natural person over the age of 18 years as their proxy to attend and vote at the meeting on their behalf. Accordingly, creditors who are unable to attend the meeting but who wish to be represented should ensure that a validly executed proxy form is lodged with the company prior to or at the meeting.
Pursuant to Regulations 5.6.28 and 5.6.36A creditors may lodge a facsimile copy of a proxy form with the company prior to the meeting, however, the original of the instrument must be received by the company within 72 hours of receipt of the faxed copy.
Pursuant to Regulations 5.6.28, 5.6.29 and 5.6.31 creditors may lodge a proxy form with the company prior to the meeting by electronic means, however electronic lodgement will only be possible where the convenor has specified an electronic address or other electronic means on the proxy form. Proxy forms lodged via electronic means must be validly executed by signing and scanning the form.
Pursuant to Regulation 5.6.32 a person may, should they so desire, appoint the Chairperson by name or by reference to his or her office to act as his, her or its general or special proxy.
Pursuant to Regulation 5.6.33 special proxies, but not general proxies, can be used to vote in favour of any resolution that would directly or indirectly place the holder of the proxy (or any partner or employee of that person) in a position to receive any remuneration out of the assets of the company, except as an ordinary unsecured creditor.
Corporate Creditors Corporate creditors who wish to attend the meeting should note that they may only be represented by an individual if that person is validly granted a proxy or power of attorney by that corporation. Alternatively, Section 250D of the Corporations Act 2001 provides that a corporation may, by resolution of its board, provide a standing authority for a specified person to represent the corporation at specified meetings of creditors. A copy of any such resolution should be provided to the company prior to or at the meeting.
Committee of Inspection Pursuant to Section 548 of the Corporations Act 2001, a person may only serve as a member of a Committee of Inspection if the person is:
a creditor or contributory of the company personally; or
the attorney of a creditor or contributory under a general power of attorney; or
authorised in writing by a creditor or contributory.
Corporate creditors who are members of a Committee of Inspection may be represented by:
an officer or employee of the member; or
an individual authorised in writing by the member to represent the member on the committee.
Australian Company Number: 008 011 041 FORM 535 Subregulation 5.6.49(2)
Corporations Act (2001) FORMAL PROOF OF DEBT OR CLAIM (GENERAL FORM) To the Liquidators of Homestead Homes Pty Ltd (In Liquidation) 1.
This is to state that the company was on 17 October 2016 (date of court order in winding up by the Court, or date of
resolution to wind up, if a voluntary winding up), and still is, justly and truly indebted to: _____________________________________________________________________________________________________________________
(full name and address of the creditor and, if applicable, the creditor's partners. If prepared by an employee or agent
Consideration (state how the
Remarks (include details of voucher substantiating payment
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
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; OR
I am the creditor's agent authorised in writing to make this statement in writing. 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.
........................................... Signature Occupation: Address
*Strike out this section if this proof is made by the creditor personally.
Proofs of Debt Notes for your guidance (Please read carefully before filling in Form 535 or Form 536) It is a creditor’s responsibility to prove their claim to our satisfaction. When lodging claims, creditors must ensure that: a)
the proof of debt form is properly completed in every particular; and
evidence, such as that detailed below, is attached to the Form 535 or Form 536.
Directions for completion of a Proof of Debt 1.
Insert the full name and address of the creditor.
Under “Consideration” state how the debt arose, for example “goods sold to the company on …………….…..”.
Under “Remarks” include details of any documents that substantiate the debt (refer to the section titled “Information to support your claim” below for further information).
Where the space provided for a particular purpose is insufficient to contain all the required information in relation to a particular item, that information should be set out in an annexure.
An annexure to the form must have an identifying mark and be endorsed with the words: “This is the annexure of …… pages marked …… referred to in the Form 535/536 signed by me and dated …………………
…………………………………………………….. Name of Signatory “IN BLOCK LETTERS”
and signed by each person signing the form to which the document is annexed. 6.
The pages in the annexure must be numbered consecutively.
Where a document, copy of a document or other matter is annexed to a form, reference made in the form to the annexure shall be by its identifying mark, the number of pages in it, and a brief description of the nature of the document and its contents.
A reference to an annexure includes a document, copy of a document or any other matter accompanying, attaching to or annexed to a form.
Information to support your claim Please note that your debt is not likely to be accepted unless evidence to support its existence is provided. Detailed below are some examples of the type of debt creditors may be claiming and a suggested list of documents, copies of which should accompany a proof of debt for that class of creditor. Trade Creditors
Statements and supporting invoices(s) showing the amount of the debt; and
Advice(s) to pay outstanding invoice(s) (optional).
Executed guarantee/indemnity; 1
Notice of Demand served on the guarantor; and
Calculation of the amount outstanding under the guarantee.
Copy of the judgment; and
Documents/details to support the underlying debt as per other categories.
Deficiencies on Secured Debt
Security Documents (eg. mortgage);
Independent valuation of the secured portion of the debt (if not yet realised) or the basis of the creditor’s estimated value of the security;
Calculation of the deficiency on the security; and
Details of income earned and expenses incurred by the secured creditor in respect of the secured asset since the date of appointment.
Loans (Bank and Personal)
Executed loan agreement; and
Loan statements showing payments made, interest accruing and the amount outstanding as at the date of appointment.
Documentation that shows the assessment of debts, whether it is an actual debt or an estimate, and separate amounts for the primary debt and any penalties.
Basis of calculation of the debt;
Type of Claim (eg. wages, holiday pay, etc);
Correspondence relating to the debt being claimed; and
Contract of Employment (if any).
Copy of the lease; and
Statement showing amounts outstanding under the lease, differentiating between amounts outstanding at the date of the appointment and any future monies.
FORM 532 Corporations Act 2001 Regulation 5.6.29
Homestead Homes Pty Ltd ACN 008 011 041 (In Liquidation) (the Company”) APPOINTMENT OF PROXY I/We (1) __________________________________________________________________________________________________________________ of
a creditor/member of Homestead Homes Pty Ltd (In Liquidation) appoint
(2)______________________________________________________________________________________________________ or in his/her absence __________________________________________________________________________________________________________ as my/our general proxy to vote at the meeting of creditors to be held on 4 November 2016 at 9:00AM or at any adjournment of that meeting.
DATED this ___________ day of ________________________ 2016
(3) Signature ___________________________________
CERTIFICATE OF WITNESS - only complete if the person given the proxy is blind or incapable of writing.
I, ________________________________________________ of ________________________________________________________________________ certify that the above instrument appointing a proxy was completed by me in the presence of and at the request of the person appointing the proxy and read to him before he attached his signature or mark to the instrument.
DATED this ___________ day of ________________________ 2016
Signature of witness
Place of residence
Notes: (1) (2) (3)
If a firm strike out "I" and set out the full name of the firm. Insert the name of the person appointed. If the creditor is a sole trader , sign in accordance with the following example: “A.B., proprietor”. If the creditor is a partnership, sign in accordance with the following example: “A.B., a partner of the said firm.” If the creditor is a company, then the form of proxy must be under its Common Seal or under the hand of some officer duly authorised in that capacity, and the fact that the officer is so authorised must be stated in accordance with the following example: “for the company, A.B.” (duly authorised under the Seal of the Company).
Proxy forms should have been completed and returned by no later than 4:00PM (ACDT) on 3 November 2016 to be eligible to vote at the meeting. RETURN TO: Phone: Fax:
Homestead Homes Pty Ltd (In Liquidation) C/- McGrathNicol, GPO Box 9986, Adelaide SA 5001 +61 8 8468 3700 +61 8 8468 3799
Proxy Notes for your Guidance
Insert full name and address of creditor, contributory or member on the top line.
On the second line, insert the name of the person you appoint as your proxy. You may insert “the Chairperson of the meeting” if you wish.
On the next line insert the organisation the proxy holder represents or works for (not required if the Chairperson is your proxy).
You may appoint an alternate proxy on the fourth line who may act if your first appointed proxy cannot attend the meeting. You may insert “the Chairperson of the meeting” if you wish.
If the proxy is a general proxy the form requires no addition.
If the proxy is a special proxy the form must include instructions regarding the use of the proxy (i.e. details of the resolution and whether the proxy holder is to cast a vote in favour or against the resolution or abstain from voting).
Date and sign the Proxy form using one of the following various forms of execution:
Sign the proxy yourself.
e.g. sign – “Smith & Associates Per John Smith - Partner”
(i) By a director or secretary, e.g. “J Smith – Director”. (ii) By a person duly authorised to sign on behalf of the company, e.g. “Smith & Sons Pty Ltd. ACN: ______________ Per: J Smith A person duly authorised to sign on the company’s behalf”. OR
“Smith & Sons Pty Ltd. ACN: ______________ By its duly constituted attorney J Smith”. NB: If signing on behalf of a company the following example is not sufficient: ”Smith & Sons Pty Ltd. ACN: _______________ Per: J Smith”
“Certificate of Witness” is only to be used where the Proxy is being completed on behalf of a person who is blind or incapable of writing. In all other cases a witness to the signature of the person appointing the Proxy is not required and you may ignore the section headed “Certificate of Witness”.
Homestead Homes Pty Ltd (In Liquidation) ACN 008 011 041 Liquidators’ remuneration report to creditors 27 October 2016
Liquidators’ remuneration can only be fixed by resolution of a committee of inspection, the company’s creditors or by application to the Court. In accordance with Section 449 of the Act and the ARITA Code of Professional Practice, a Schedule of Remuneration Methods and Hourly Rates has been attached for creditors’ reference. In this section, the Liquidators outline the work undertaken by the Liquidators and their staff for the period from the commencement of the liquidation to 24 October 2016. The Liquidators intend to seek creditor approval of their remuneration totalling $70,134.54 incurred during the period from the commencement of the liquidation to 24 October 2016 at the upcoming meeting of creditors.
We, Matthew Caddy and Barry Kogan of McGrathNicol, have undertaken a proper assessment of this remuneration claim for our appointment as Liquidators of Homestead Homes Pty Ltd 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.
To date no remuneration has been approved or paid in this liquidation. This remuneration report details approval sought for the following fees: Period
Amount (ex GST)
Remuneration approval sought: Resolution 1: 17 October 2016 – 24 October 2016 (actual)
Resolution 2: From 25 October 2016 onwards
Total actual and estimated Liquidators remuneration*
* Approval for the future remuneration sought is based on an estimate of the work necessary to perform the Liquidators’ duties. If additional work is necessary beyond what is contemplated, a further report will be provided and approval sought from creditors. If the work undertaken is less than the estimated amount, the lesser amount will be paid. Please refer to the report section references detailed in the above table for full details of the calculation and composition of the remuneration approval sought.
Remuneration incurred from date of appointment to 24 October 2016 (actual)
The following resolution will be proposed at the meeting of creditors convened for 4 November 2016:
“That the remuneration of the Liquidators, their partners and staff, for the period from 17 October 2016 to 24 October 2016, calculated on hours spent at the rates detailed in the Schedule of Remuneration Methods and Hourly Rates provided to creditors, in the amount of $70,134.54 (exclusive of GST), is hereby approved for payment.” A description of tasks performed is set out below and a schedule of fees during this remuneration period is detailed at Appendix A of this report.
22.4 hours $9,385.21 (ex GST)
Employee entitlements / queries
16.9 hours $7,179.50 (ex GST)
Creditors 22.1 hours $9,709.36 (ex GST)
Preparing and reviewing display home listing.
Conducting and reviewing asset searches.
Meetings with Management in relation to assets.
Reviewing leased assets schedule, lease agreements and documentation.
Preparing and issuing lease disclaimer letters.
Addressing employees on Day 1 regarding appointment.
Preparing and issuing termination letters.
Preparing and issuing retention letters.
Liaising with Management regarding employee entitlements.
Liaising with FEG.
Reviewing books and records to consider what information is available to the Liquidators.
Reviewing and responding to various employee queries by telephone, email and in person.
Collating employee contracts.
Considering whether contractors may be deemed to be employees.
Liaising with payroll provider to ensure payroll is processed for retained employees.
Liaising with staff regarding timesheets.
Preparing payroll for week ending 24 October 2016.
Preparing and reviewing meeting materials for first meeting of creditors.
Organising meeting logistics including booking venue.
Compiling and reviewing creditors’ listings.
Task area Secured creditors
Closure of business
Closure of business
10.6 hours $5,035.50 (ex GST)
Sale of business 8.1 hours $4,094.17 (ex GST)
General administration 88.5 hours $34,730.80 (ex GST)
Sale of business
Statutory 4.0 hours $1,251.88 (ex GST)
Liaising with secured creditors regarding various matters.
Undertaking analysis for secured lender.
Negotiating and reviewing secured lender funding deed.
Liaising with legal advisors in relation to funding deed.
Issuing circular to creditors.
Compiling unsecured creditor analysis.
Liaising with unsecured creditors.
Reviewing and analysing PPSR registrations.
Communicating with each party claiming a security interest.
Dealing with PPSR claims.
Internal meetings regarding shutdown requirements.
Preparing circular to customers.
Attending to customer queries.
Liaising with landlords.
Liaising with key suppliers, including utility providers.
Organising mail redirections.
Internal meetings regarding sale strategy.
Preparing sale advertisement.
Obtaining and reviewing information regarding preappointment sale process.
Preparing and reviewing interested party register.
Preparing, compiling, reviewing and issuing sale materials and data pack.
Liaising with interested parties.
Preparing and lodging statutory forms including Form 505 (appointment), Form 525 and Form 5011.
Reviewing and issuing RATA pack to Director.
Preparing Liquidators’ DIRRI.
Notifying the ATO of Liquidators’ appointment and registration for GST and PAYG.
Preparing and issuing notifications to statutory bodies of Liquidators’ appointment.
Lodging notifications of lease disclaimers with ASIC.
Strategy and administration
Determining project strategy.
Internal meetings on strategy and actions required.
12.7 hours $5,768.07 (ex GST)
Meetings with Management and Director.
Liaising with legal advisor.
Reviewing media statement.
Reviewing media enquiries and liaising with media advisor.
File maintenance and managing correspondence.
Maintaining checklists and task lists.
Opening Liquidators’ bank account.
Issuing notification of appointment to banks.
Dealing with bank administration issues.
Notifying insurance broker of appointment.
Liaising with insurance broker regarding various queries.
Liaising with Management regarding insurance policies.
Considering strategy regarding building indemnity insurers.
Liaising with state based home indemnity insurers.
Preparing for and attending insurance meeting with QBE regarding home indemnity insurance and Liquidators’ ongoing strategy.
Reviewing insurance policy documents.
Liaising with insurance broker and legal advisors regarding potential claims.
Undertaking forensic imaging of electronic books and records.
Locating books and records.
Reviewing books and records.
Archiving books and records.
Banking 0.9 hours $198.86 (ex GST) Insurance 1.8 hours $840.71 (ex GST)
Books and records 69.1 hours $26,671.29 (ex GST)
Future works to be completed - Liquidation
At the meeting of creditors, the Liquidators will put a resolution to creditors for approval of prospective Liquidators’ fees capped to $100,000.00 (excluding GST) for the period from 25 October 2016 onwards (as described in the resolution below). Creditors should note that the proposed liquidation fees are in addition to the fees outlined in section 1.3. The following resolution will be proposed at the meeting of creditors convened for 4 November 2016:
“That the prospective remuneration of the Liquidators, to the maximum amount of $100,000.00 (excluding GST), calculated on hours spent at the rates detailed in the Schedule of Remuneration Methods and Hourly Rates provided to creditors, for the period from 25 October 2016 until the work undertaken in the estimation of remuneration is complete, or the time charges for work undertaken exceeds the capped fee amount (whichever occurs first). Creditors acknowledge that if actual costs incurred are below the amount approved, the Liquidators are only authorised to draw the amount incurred. Creditors also acknowledge that if actual costs incurred exceed the amount approved, the Liquidators will seek further approval from creditors. The Liquidators are approved to draw their remuneration as and when it is incurred from funds under their control.” The estimate of work to be done by the Liquidators and their staff is set out in the table below.
Closure of business
Employee entitlements and FEG
Liaise with secured creditors to agree strategy for realisation of display homes.
Conduct a sale process to realise owned display homes.
Arrange for sale of office furniture and equipment with auctioneers and obtain proceeds.
Correspondence with debtors via phone and email to confirm and agree payments.
Maintain debtor collections schedule.
Consider recovery actions for non-payment by debtors.
Correspondence with employees to finalise schedule of employee entitlements.
Review sales commission arrangements with various employees and/or contractors.
Correspondence with FEG.
Preparing notification sheets and reports to FEG.
Liaise with FEG regarding payment of entitlements to employees.
Prepare and issue payment summaries to employees.
Liaise with and update employees regarding the progress of the liquidation.
Recording employee information in MYOB.
Liaise with insurers regarding handover of key construction and other home building related documents.
Liaise with customers regarding specific issues relevant to each customer.
General description Other
Sale of business
Sale of business
Manage exit of leased office premises, including securing and transferring all company records offsite.
Transfer or disclaim leases for display homes, depending upon outcome of sale process.
Liaise with interested parties via phone and email regarding offers to purchase certain assets of the company.
Assess offers received from interested parties and determine appropriate realisation strategy.
Complete sale contract with purchaser(s) (if applicable).
Reconstruct profit and loss position to assess potential date of insolvency.
Consider any potential insolvent trading claims against Director.
Prepare and finalise Liquidator report to ASIC under s533 of the Act.
Review and consider the manner in which the company officers discharged their fiduciary duties.
If required, commence proceedings against company officers for failure to discharge fiduciary duties.
Consider any potential voidable transactions.
Consider any additional information made available to the Liquidators following the meeting of creditors.
Liaise with creditors regarding claims and submission of POD’s.
Provide creditors with updates regarding the Liquidation generally.
Reviewing and preparing correspondence to creditors and their representatives via email and post.
Liaise with secured creditor regarding sale of assets, including owned display homes.
General description Meeting of Creditors
Strategy and admin
Books and records
Preparing for and attending the meeting of creditors, including preparing the meeting circular, notices, proxies, and advertisements.
Forwarding notice of creditors meeting to all known creditors.
Book meeting room and set-up teleconference details for meeting of creditors.
Preparing meeting file including Chairman’s notes, agenda, certificate of postage, attendance register, list of creditors, and advertisement of meeting.
Convening the meeting of creditors to be held on 4 November 2016.
Prepare and record minutes of meeting and lodge same with ASIC.
Liaise with ATO and ASIC.
Prepare and submit quarterly BAS returns.
Prepare and submit six monthly returns to ASIC.
Maintain project checklists.
Attending internal discussions and planning in relation to the liquidation.
Discussions with company officers and employees with respect to the liquidation, including responding to queries.
Filing of documents and file management.
Monitoring cash position.
Preparing and authorising receipt and payment vouchers.
Prepare and review of bank reconciliations.
Arrange for insurance policies for company assets.
Liaise with insurance broker to determine if a notification of should be made under the D&O policy.
Provide wages declaration for Workers Compensation insurance.
Arrange for storage of books and records.
APPENDIX A: Liquidators’ schedule of actual remuneration to 24 October 2016
Homestead Homes Pty Ltd (In Liquidation) - Fees General administration Position
Asset Rate ($/hour) Total hours Total fees $ realisation Employees
Closure of business
Sale of business
Strategy & admin
Total (ex GST)
Books & records
4,364.29 2,612.50 5,375.00
Schedule of Remuneration Methods and Hourly Rates 1
Introduction This information is to assist you with understanding how remuneration is calculated and paid in an insolvency administration.
Basis of remuneration
Remuneration methods There are four basic methods that can be used to calculate the remuneration charged by an insolvency practitioner. They are:
Time based/hourly rates
This is the most common method. The total fee charged is based on the hourly rate charged for each person who carried out the work, multiplied by the number of hours spent by each person on each of the tasks performed.
The total fee charged is normally quoted at the commencement of the liquidation and is the total cost for the liquidation. Sometimes a practitioner will finalise a liquidation for a fixed fee.
The total fee charged is based on a percentage of a particular variable, such as the gross proceeds of asset realisations.
The practitioners’ fee is structured to be contingent on a particular outcome being achieved. 2.2
Method Proposed We propose that our remuneration will be calculated on a time basis which will be recorded and charged in six minute increments. Details of the hourly rates for different levels of staff are included below. The complexity and demands of the liquidation will determine the staff to be utilised for this appointment. This method is considered to be most suitable for this appointment as it ensures creditors are only charged for work that is performed in the liquidation, which can be difficult to accurately estimate at the date of appointment. Creditors will be advised of the proposed basis of remuneration in our initial remuneration advice to them.
Explanation of Hourly Rates The rates for our remuneration calculation are set out in the following table, together with a general guide showing the qualifications and experience of staff engaged in the liquidation and the role they take in the liquidation. The hourly rates charged encompass the total cost of providing professional services and should not be compared to an hourly wage.
Hourly rate (excl GST)
Guide to qualifications and role
Registered liquidator, Chartered Accountant or equivalent and generally degree qualified with more than twelve years of experience. Leads assignments with full accountability for strategy and execution.
Generally, Chartered Accountant or comparable qualification and degree qualified with more than ten years of experience, including four years of Director or equivalent experience. Autonomously leads complex insolvency appointments reporting to Appointee/Partner.
Generally, Chartered Accountant or comparable relevant qualification and degree qualified with more than nine years of experience. Autonomously leads insolvency appointments reporting to Appointee/Partner.
Generally, Chartered Accountant or comparable relevant qualification and degree qualified with more than seven years of experience. Self-sufficiently conducts small to medium insolvency appointments and leads major workstreams in larger matters.
Generally, Chartered Accountant or comparable relevant qualification and degree qualified with more than six years of experience, including two years of Manager 2 or equivalent experience. Self-sufficiently conducts small to medium insolvency appointments and takes a supervisory role on workstreams in larger matters.
Generally, Chartered Accountant or comparable relevant qualification and degree qualified with more than five years of experience. Self-sufficiently conducts small insolvency appointments and takes a supervisory role on workstreams in larger matters.
Generally, Chartered Accountant or comparable relevant qualification and degree qualified with more than three years of experience. Autonomously manages workstream activity within appointments.
Senior Accountant 1
Generally, degree qualified and undertaking Chartered Accountant’s qualification or comparable relevant qualification with more than two years of experience, including one year of Senior Accountant or equivalent experience. Completes multiple tasks within workstreams and appointments.
Generally, degree qualified and undertaking Chartered Accountant’s qualification or comparable relevant qualification with more than 16 months of experience. Completes tasks within workstreams and appointments under supervision.
Hourly rate (excl GST)
Guide to qualifications and role
Generally, degree qualified and undertaking Chartered Accountant’s qualification or comparable relevant qualification with at least one year of Accountant or equivalent experience. Assists with tasks within workstreams and appointments under supervision.
Generally, degree qualified and undertaking or about to undertake Chartered Accountant’s qualification or comparable relevant qualification with less than one year of experience. Assists with tasks within workstreams and appointments under supervision.
Undertaking relevant degree. Assists with tasks within workstreams and appointments under supervision.
Practice Services Director
National Practice Service leaders, generally degree qualified with more than ten years of experience and reporting directly to partners. Technical experts in their specific areas and have team management responsibilities.
Senior Practice Services
Senior technical, professional or functional expert in national Practice Services. Generally degree qualified with more than seven years of experience. Reports to Practice Service leader and may be responsible for team management.
Senior Client Administration and Senior Treasury
Appropriately experienced and undertakes senior level administrative support activities or senior Treasury activities. May be responsible for day to day management of projects or operations and may have supervisory responsibility for junior staff.
Client Administration and Treasury
Appropriately experienced and undertakes support activities, including but not limited to Client administration, Treasury and document management functions.
McGrathNicol reviews its hourly rates six monthly. The hourly rates quoted above remain in force until 31 December or 30 June (whichever occurs first) and McGrathNicol may increase fees for work continuing past that date. Creditors will be advised of any change to the hourly rates for this liquidation.
Disbursements There are three categories of disbursements which may be charged:
Externally provided professional services – these are on-charged at cost. An example of an externally provided professional service disbursement is legal fees.
Externally provided non-professional costs – such as travel, accommodation, external printing services and search fees – these are on-charged at cost.
Internal disbursements – such as photocopying, printing and postage. These disbursements are generally charged at cost but may include, in the case of disbursements such as such as telephone calls, photocopying and printing, both direct variable and fixed costs. For example the rate per page for printing includes a reasonable and commercial allowance for paper, toner, depreciation, power and maintenance).
Creditor approval is not required for disbursements. However, details of the basis of recovering internal disbursements in this liquidation are provided below and full details of actual costs incurred and to be charged to the liquidation will be provided in future reports. 4.1
Basis of Disbursement Claim
Rate (Excl GST)
Printing- black and white
$0.09 per page
$0.28 per page
Stationery and other incidental disbursements
Staff per diem travel allowance*
$89.00 per day
Staff vehicle use
$0.63 per km
Telephony – mobile, fixed line and conference calls
* Payable when partners or staff are required for business purposes to stay away from their usual place of residence overnight.
Declaration of Independence, Relevant Relationships and Indemnities
Home Australia Pty Ltd (In Liquidation) and its wholly owned subsidiaries as detailed in Schedule A (collectively “Home Australia”) The Corporations Act 2001 and professional standards require the Practitioners appointed to an insolvent entity to make a declaration as to: A.
their independence generally;
the circumstances of the appointment;
any relationships with the company and others within the previous 24 months;
any prior professional services for the company within the previous 24 months;
that there are no other relationships to declare; and
any indemnities given or up-front payments made to the Practitioner.
This declaration is made in respect of ourselves, our partners and the firm McGrathNicol, which for the purpose of this declaration includes the McGrathNicol Partnership, the McGrathNicol Advisory Partnership, and McGrathNicol Services Pty Limited. A.
We, Matthew Caddy and Barry Kogan of the firm McGrathNicol (“the Liquidators”) have undertaken a proper assessment of the risks to our independence prior to accepting the appointment as liquidators of Home Australia in accordance with the law and applicable professional standards. This assessment identified no real or potential risks to our independence. We are not aware of any reasons that would prevent us from accepting this appointment. B.
Declaration of Relationships
Circumstances of appointment
On 25 August 2016, Matthew Caddy and David Barnaby of McGrathNicol met with the sole director of Home Australia entities (Robert Day) and the former interim CFO/COO with the intention of discussing the financial position of Home Australia. This meeting was adjourned following a brief introduction as its purpose was superseded by an immediate financing option to be further explored by the director. On 9 September 2016, the meeting between Matthew Caddy, the director and the former interim CFO/COO was reconvened to discuss the financial position of Home Australia. From 11 October 2016 until the date of appointment, Matthew Caddy had a number of phone calls with the director for the purposes of:
obtaining sufficient information about Home Australia to understand its current financial position;
clarifying and explaining to Home Australia and the director the various options available to the companies and the nature and consequences of insolvency appointments; and
Matthew Caddy and Barry Kogan of McGrathNicol providing consents to act.
No remuneration was received for participating in these discussions and meetings. We believe that these meetings do not result in a conflict of interest or duty because:
the Courts and ARITA’s Code of Professional Practice specifically recognise the need for practitioners to provide advice on the insolvency process and the options available and do not consider such advice results in a conflict or is an impediment to accepting the appointment;
the nature of the limited scope advice provide to the Home Australia is such that it would not be subject to review and challenge during the course of the liquidations; and
the pre-appointment advice will not influence our ability to be able to fully comply with the statutory and fiduciary obligations associated with the liquidations of Home Australia in an objective and impartial manner.
We have provided no other information or advice to Home Australia or Mr Day prior to our appointments beyond that outlined in this DIRRI. (ii)
Relevant Relationships (excluding professional services to the Insolvent)
We, or a member of our firm, have or have had within the preceding 24 months, a relationship with: Name
Nature of relationship
National Australia Bank Limited (“nab”)
nab holds a charge on the whole or substantially the whole of the property of Home Australia.
We believe this relationship does not result in a conflict of interest or duty because each professional engagement undertaken for nab in relation to a particular entity or group of entities is conducted on an entirely separate basis which has no connection with these appointments.
McGrathNicol undertakes corporate recovery and advisory work from time to time on instructions from nab.
These engagements are only commenced after full regard is given to potential conflicts of interest in relation to all interested stakeholders. No work has been undertaken for nab in relation to any of the Home Australia companies. Given the above, our independence in acting as Liquidators of Home Australia has not been compromised.
Prior professional services to the Insolvent
Neither we, nor our firm, have provided any professional services to Home Australia in the previous 24 months. (iv)
No other relevant relationships to disclose
There are no other known relevant relationships, including personal, business and professional relationships, from the previous 24 months with Home Australia, an associate of Home Australia, a former insolvency practitioner appointed to Home Australia or any person or entity that currently has security over the whole or substantially the whole of Home Australia’s property and should be disclosed. C.
Indemnities and Up-front Payments
We have not been indemnified in relation to the Home Australia liquidations, other than any indemnities that we may be entitled to under statute and we have not received any up-front payments in respect of our remuneration or disbursements. D.
Appointments to Members of a Corporate Group
As listed on Schedule A of this Declaration, the Liquidators have been appointed as liquidators to eight entities within the Home Australia group of companies. We are of the view that the appointment to the group of companies will have significant benefits to the conduct of the Liquidations, particularly in that this will provide for cost-savings and enable an accurate as possible view to be obtained of the activities and financial position of the companies as a whole. We are aware that there were intercompany transactions within the group. At the time of our appointment, we were not aware of any conflicts of interest between the group companies. Should such a conflict arise, we will keep creditors informed and take appropriate action to resolve the conflict. Dated: 27 October 2016
...................................................................... Matthew Caddy
.............................................................................. Barry Kogan
Schedule A: Home Australia – entities over which the Liquidators are appointed Company name
Home Australia Pty Ltd
075 303 767
Ashford Homes Pty Ltd
Wholly owned subsidiary
009 217 976
Collier Homes Pty Ltd
Wholly owned subsidiary
008 681 454
Homestead Homes Pty Ltd
Wholly owned subsidiary
008 011 041
Huxley Homes Pty Ltd
Wholly owned subsidiary
106 443 216
Nationwide Australian Investments Pty Ltd
Wholly owned subsidiary
077 009 226
Newstart Homes (SE QLD) Pty Ltd
Wholly owned subsidiary
080 910 238
Smart Road Property Rentals Pty Ltd
Wholly owned subsidiary
008 038 024
Notes to the DIRRI: 1
If the circumstances change or new information is identified, we are required under the Corporations Act 2001 and the ARITA Code of Professional Practice to update this Declaration and provide a copy to the creditors/committee of creditors with our next communication, as well as table a copy of any replacement Declaration at the next meeting of the insolvent’s creditors/committee of creditors.
Any relationships, indemnities or up-front payments disclosed in the DIRRI must not be such that the Practitioner is no longer independent. The purpose of components B and C of the DIRRI is to disclose relationships that, while they do not result in the Practitioner having a conflict of interest or duty, ensure that creditors are aware of those relationships and understand why the Practitioner nevertheless remains independent.
Please note that the presentation of the above information is in accordance with the standard format suggested by ARITA.
Insolvency information for directors, employees, creditors and shareholders ASIC has 11 insolvency information sheets to assist you if you’re affected by a company’s insolvency and have little or no knowledge of what’s involved. These plain language information sheets give directors, employees, creditors and shareholders a basic understanding of the three most common company insolvency procedures—liquidation, voluntary administration and receivership. There is an information sheet on the independence of external administrators and one that explains the process for approving the fees of external administrators. A glossary of commonly used insolvency terms is also provided. The Insolvency Practitioners Association (IPA), the leading professional organisation in Australia for insolvency practitioners, endorses these publications and encourages its members to make their availability known to affected people.
List of information sheets •
INFO 41 Insolvency: a glossary of terms
INFO 74 Voluntary administration: a guide for creditors
INFO 75 Voluntary administration: a guide for employees
INFO 45 Liquidation: a guide for creditors
INFO 46 Liquidation: a guide for employees
INFO 54 Receivership: a guide for creditors
INFO 55 Receivership: a guide for employees
INFO 43 Insolvency: a guide for shareholders
INFO 42 Insolvency: a guide for directors
INFO 84 Independence of external administrators: a guide for creditors
INFO 85 Approving fees: a guide for creditors
Getting copies of the information sheets To get copies of the information sheets, visit ASIC’s website at www.asic.gov.au/insolvencyinfosheets. The information sheets are also available from the IPA website at www.ipaa.com.au. The IPA website also contains the IPA’s Code of Professional Practice for Insolvency Professionals, which applies to IPA members. Important note: The information sheets contain a summary of basic information on the topic. It is not a substitute for legal advice. Some provisions of the law referred to may have important exceptions or qualifications. These documents may not contain all of the information about the law or the exceptions and qualifications that are relevant to your circumstances. You will need a qualified professional adviser to take into account your particular circumstances and to tell you how the law applies to you. © Australian Securities & Investments Commission, December 2008 Page 1 of 1