File Details
ACN/Estate#:
VIC/1234/20/8
Office Name:
Ringwood
Trading Name
None known
Principal
Con Kokkinos
Admin Type
Debtors petition
Manager:
Sarah Peters
Start Date
14/09/2020
Exec Analyst
Aurelia Pereira
Status
Finalised
Contact Person
Matthew Hodges
Industry
Unknown
Appointee
Matthew Jess
I want to
File Summary
16 September 2020Xhevdet Lumanovski was declared bankrupt on 14 September 2020 as a result of a debtor’s petition lodged by the bankrupt. Ivan Glavas and Matthew Jess were appointed as joint and several trustees of the bankrupt estate.
Mr Lumanovski has completed a Statement of Affairs and we are seeking to collect the books and records pertaining to his examinable affairs. A Statutory Report to Creditors detailing Mr Lumanovski’s financial position and our preliminary assessment of the dividend prospects of the bankrupt estate will be issued by 13 October 2020.
In the interim, any queries in respect to this bankruptcy should be directed to Christopher Stewart on (03) 9613 5545 or chris.stewart@worrells.net.au.
21 October 2020
Creditors are referred to our Statutory Report to Creditors issued on 13 October 2020 which summarises the details of the bankrupts’ financial positions, his disclosures in his Statement of Affairs, and our initial investigations into the bankrupt’s affairs. A copy of this Report is available from the ‘Client Documents’ section below.
At this stage we are uncertain as to whether there will be a dividend to creditors and note that there are several unresolved investigations which may lead to recoveries. Creditors will be informed of any material updates accordingly.
We will continue to monitor the bankrupts’ compliance as necessary under the Bankruptcy Act, including assessing his income for contribution purposes.
It is anticipated that the bankrupt will be due for discharge from bankruptcy on 15 September 2023.
Creditors will be provided with an update in due course. In the interim, any enquiries should be directed to Chris Stewart of this office on (03) 9613 5545 or chirs.stewart@worrells.net.au
23 November 2021
Creditors are referred to our Advice to Creditors issued on 23 November 2021, a copy of which is available via the ‘File Information’ page of this website.
The advice also contains notice and relevant documentation for the upcoming proposals with a meeting. Any creditor wishing to submit their votes should do so prior to 21 December 2021.
Please direct all enquiries to Katherine Kokinos on (03) 9613 5509 or katherine.kokinos@worrells.net.au.
27 July 2022
Creditors are referred to our most recent advice to creditors dated 23 November 2021 for an update on the progress of the administration.
No creditor has been forthcoming in our request for funding to pursue any of the outstanding matters in the bankruptcy. Accordingly, we will be proceeding to finalise our investigations on the most commercial terms available and there may be no further updates to creditors.
In the interim, creditors should direct all enquiries to Matthew Watkins on 03 9613 5531 or at matthew.watkins@worrells.net.au.
Your Questions answered
Reasons for Insolvency
We curently have no reasons for the administration
Collections Summary
Debtors Collection
There are no debtors to collect on this file.
Scheduled Collections
There are no scheduled agreements in place for this file.
Income Assessments
| Start | End | Assessment | Collected | Written Off | Transferred |
|---|---|---|---|---|---|
| 14/09/2020 | 13/09/2021 | $0.00 | $0.00 | $0.00 | $0.00 |
| 14/09/2021 | 13/09/2022 | $0.00 | $0.00 | $0.00 | $0.00 |
| 14/09/2022 | 13/09/2023 | $0.00 | $0.00 | $0.00 | $0.00 |
Meeting of Creditors
Future Meetings
There are no future meetings for this file.
Past Meetings
A Proposal without a Meeting was called for 13 January 2023 at 05:00 pm.
Minutes of Meeting are made available shortly after each meeting and can be found in the Client Documents section below.
Creditor Information
| Received | Admitted | |
|---|---|---|
| Number of Creditors Recorded | 10 | |
| Number of PODs Claimed | 3 | 3 |
| Total of PODs Claimed | $1,908,168.00 | $1,908,168.00 |
| Total of Employee PODs Claimed | $0.00 | $0.00 |
| Total of Secured PODs Claimed | $0.00 | $0.00 |
| Total of Unsecured PODs Claimed | $1,908,168.00 | $1,908,168.00 |
If your debt in this estate is guaranteed by another party, and your guarantee contains a clause restricting that other party from proving their debt (if they have one) in this estate until your debt is paid, you must provide this office with a copy of that guarantee document before any meeting of creditors or payment of dividend.
Distribution Summary
Future Distributions
There are no future distributions for this file.
Past Distributions
| Creditor Type | Dividend Type | Date Paid | Amount | Rate |
|---|---|---|---|---|
| Non-priority | Final | 30/04/2024 | $499.05 | 0.0% |
Receipts and Payments Summary
Receipts Summary
| Account name | Total |
|---|---|
| Receipt - Debtors | $20,000.00 |
| Recovery - Other Void Transactions | $73,000.00 |
| Refunds and Sundry Receipts | $1,022.95 |
| Interests in Land | $60,000.00 |
| Total receipts | $154,022.95 |
Payments Summary
| Account name | Code | Total |
|---|---|---|
| Agents Charges, Commissions & Stamp Duty | B1 | $166.13 |
| ARC paid | B1 | $10,781.59 |
| Dividends - General | $499.05 | |
| Insurance | B1 | $2,588.65 |
| Legal Fees | A | $10,773.47 |
| Appointees Remuneration | $118,286.50 | |
| Petitioning Creditors Costs | B1 | $5,906.07 |
| Printing, Stationery & Postage | B2 | $417.13 |
| Searches | B1 | $79.36 |
| GST Paid | $1,000.00 | |
| Valuation Costs | B1 | $3,425.00 |
| Administration Charges (Internal) | B2 | $100.00 |
| Total payments | $154,022.95 |
Assets Summary
| Cash at Bank | $700.00 |
| Total assets | $700.00 |
Disbursement Summary
| Category | Code | Total ($) |
|---|---|---|
| External - Non-Professional | B1 | $22,946.80 |
| External - Professional | A | $10,773.47 |
| Internal | B2 | $517.13 |
Disbursements are divided into three types: A, B1, B2.
- A - disbursements are all externally provided professional services and are recovered at cost. (e.g.legal fees)
- B1 - disbursements are externally provided non-professional costs such as travel, accommodation and search fees. B1 disbursements are recovered at cost.
- B2 - disbursements are internally provided non-professional costs such as photocopying and document storage.B2 disbursements are charged at cost except for photocopying, printing and telephone calls which are charged at a rate which is intended to recoup both variable and fixed costs.
Fee Information (GST Inclusive)
Summary
| Time Spent | $130,431.10 |
| Fees Drawn | $130,115.15 |
| Fees Written Off | -$315.95 |
| WIP Balance | $0.00 |
Time spent by Employees
| Employee | Position | Hourly rate (ex GST) |
Total Hours | Total (ex GST) |
|---|---|---|---|---|
| Ivan Glavas | Principal | $600.00 | 0h 44m | $450.00 |
| Matthew Jess | Principal | $600.00 | 4h 0m | $2,410.00 |
| Matthew Kucianski | Principal | $600.00 | 24h 6m | $14,470.00 |
| Sarah Peters | Senior Manager | $540.00 | 57h 52m | $31,204.65 |
| Dean Phillips | Senior Manager | $520.00 | 13h 55m | $7,245.42 |
| Drew Austin | Manager | $520.00 | 27h 50m | $12,090.01 |
| Aurelia Pereira | Executive Analyst | $415.00 | 10h 45m | $4,457.81 |
| Joshua Peters | Executive Analyst | $415.00 | 9h 28m | $3,928.80 |
| Katherine Kokinos | Senior Business Analyst | $340.00 | 34h 36m | $11,769.71 |
| Matthew Watkins | Executive Analyst | $340.00 | 4h 31m | $1,493.69 |
| Will Sloane | Senior Business Analyst | $340.00 | 4h 28m | $1,337.18 |
| Alex Bryant | Senior Business Analyst | $295.00 | 5h 59m | $1,654.53 |
| Alysha Clift | Business Analyst | $295.00 | 0h 2m | $14.75 |
| Christopher Stewart | Assistant Manager | $295.00 | 39h 32m | $11,667.67 |
| Daniel Wong | Business Analyst | $295.00 | 0h 2m | $14.75 |
| Jordan Gueli-Quaresma | Business Analyst | $295.00 | 0h 8m | $44.26 |
| Sam Pryor | Executive Analyst | $295.00 | 0h 27m | $132.76 |
| Gary Howard | Business Analyst | $255.00 | 0h 46m | $195.52 |
| Julian Kis | Graduate | $255.00 | 0h 21m | $89.26 |
| Matt Waterhouse | Executive Analyst | $255.00 | 7h 15m | $1,480.23 |
| Andy Pham | Financial Assistant | $200.00 | 3h 5m | $619.97 |
| Benjamin Morassayan | Financial Assistant | $200.00 | 3h 0m | $600.00 |
| Joel Cuzzi | Senior Business Analyst | $200.00 | 0h 9m | $30.00 |
| Natasha Faziera | Financial Assistant | $200.00 | 0h 22m | $76.66 |
| Pravinaa Krishnan | Financial Assistant | $200.00 | 0h 23m | $80.00 |
| Wendy Gour | Financial Assistant | $200.00 | 1h 11m | $236.65 |
| Totals | 255h 10m | $107,794.30 | ||
| GST | $10,779.43 | |||
| Total including GST | $118,573.73 | |||
| Avg hourly rate | $379.29 |
Time Spent by Category
| Category | Total Hours | Total (inc GST) |
|
|---|---|---|---|
| Administration | 26h 8m | $11,597.27 | |
| Assets | 29h 24m | $13,288.45 | |
| Creditors | 78h 12m | $38,446.55 | |
| Dividend | 10h 59m | $4,918.54 | |
| Investigations | 110h 24m | $50,322.92 | |
| Totals | 255h 10m | $118,573.73 |
Client Documents
| Date | Name |
|---|---|
| 01/05/2024 | Final Advice |
| 30/04/2024 | Dividend analysis report |
| 07/02/2024 | Dividend Advice |
| 24/07/2023 | General Advice |
| 05/12/2022 | General Advice |
| 18/03/2022 | General Advice |
| 13/01/2022 | Certificate of Resolutions |
| 23/11/2021 | General Advice |
| 09/11/2020 | Certificate of Resolutions |
| 13/10/2020 | Stat Report |