File Details
ACN/Estate#:
619 136 195
Office Name:
Narre Warren
Trading Name
None known
Principal
Con Kokkinos
Admin Type
Creditors Vol
Manager:
Francis Osei-Ntim
Start Date
01/05/2023
Exec Analyst
Matthew Watkins
Status
Active
Contact Person
Lakshay Pahuja
Industry
Unknown
Appointee
Con Kokkinos
I want to
File Summary
01 August 2023Creditors are referred to our Advice to Creditors dated 01 August 2023 for details of our investigations into the company’s affairs.
At this stage, I anticipate there will be sufficient funds to enable the payment of priority creditor claims in full.
There is likely to be sufficient funds to pay a dividend to unsecured creditors. The timing and rate of such a dividend is dependent on:
• further asset realisations
• pursuing the claims identified in the above-mentioned report
• obtaining all proof of debts from creditors
• the extent of work required to obtain tax clearance from the ATO
• complete adjudications of creditors’ proofs of debts and any other unexpected developments that may arise.
A further update will be provided in due course. In the interim, any queries in respect of this file should be directed to Joel Cuzzi at joel.cuzzi@worrells.net.au.
Your Questions answered
Reasons for Insolvency
We curently have no reasons for the administration
Collections Summary
Debtors Collection
| Number of Debtors | Total Amount of Ledger | Number of Debtors With Outstanding Balances | Amount Collected | Amount Written Off | Amount Outstanding |
|---|---|---|---|---|---|
| 15 | $82,671.32 | 15 | $0.00 | $72,647.85 | $10,023.47 |
Scheduled Collections
There are no scheduled agreements in place for this file.
Meeting of Creditors
Future Meetings
There are no future meetings for this file.
Past Meetings
A Proposal without a Meeting was called for 02 June 2023 at 05:00 pm.
A Proposal without a Meeting was called for 30 August 2023 at 05:00 pm.
A Proposal without a Meeting was called for 28 March 2024 at 05:00 pm.
A Proposal without a Meeting was called for 30 September 2024 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 | 44 | |
| Number of PODs Claimed | 25 | 21 |
| Total of PODs Claimed | $5,892,961.00 | $4,325,652.00 |
| Total of Employee PODs Claimed | $52,140.00 | $52,140.00 |
| Total of Secured PODs Claimed | $0.00 | $0.00 |
| Total of Unsecured PODs Claimed | $5,840,821.00 | $4,273,512.00 |
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
| Date process commenced | 28/02/2024 |
| Date for lodgement of proofs of debt | 28/03/2024 |
| Expected date for payment | 18/04/2024 |
| Employee or Non-Priority | Non-priority |
| Interim or Final dividend | Interim |
Past Distributions
| Creditor Type | Dividend Type | Date Paid | Amount | Rate |
|---|---|---|---|---|
| Employee | Final | 18/04/2024 | $52,140.00 | 100.0% |
Receipts and Payments Summary
Receipts Summary
| Account name | Total |
|---|---|
| Sale of Assets | $834,313.64 |
| Interest Earned | $33,574.13 |
| Receipt - Debtors | $2,385.24 |
| Collection of Cash Balances | $15,657.93 |
| Recovery - Preferences | $65,000.00 |
| Fees from FEG | $429.00 |
| GST Collected | $111,126.00 |
| Total receipts | $1,062,485.94 |
Payments Summary
| Account name | Code | Total |
|---|---|---|
| Accounting Fees | B1 | $7,500.00 |
| Agents Charges, Commissions & Stamp Duty | B1 | $83,025.99 |
| Consultancy Fees | B1 | $6,000.00 |
| Dividends - General | $52,140.00 | |
| Freight & Cartage | B1 | $20,270.69 |
| Insurance | B1 | $5,939.23 |
| Lease & Rental Payments | B1 | $23,723.64 |
| Legal Fees | A | $60,693.28 |
| License Fees & Permits | B1 | $489.60 |
| Appointees Remuneration | $228,778.06 | |
| Printing, Stationery & Postage | B2 | $136.83 |
| Rates | B1 | $726.55 |
| Searches | B1 | $489.13 |
| Secured Creditors Payments | B1 | $12,860.89 |
| Security Services | B1 | $468.18 |
| Storage Costs | B2 | $22.46 |
| Trading Payments (Trade On) | B1 | $41,739.94 |
| GST Paid | $91,078.79 | |
| Valuation Costs | B1 | $5,000.00 |
| Administration Charges (Internal) | B2 | $500.00 |
| Total payments | $641,583.26 |
Assets Summary
| Cash at Bank | $426,902.68 |
| Suspense | -$186.64 |
| Total assets | $426,716.04 |
Disbursement Summary
| Category | Code | Total ($) |
|---|---|---|
| External - Non-Professional | B1 | $202,233.84 |
| External - Professional | A | $60,693.28 |
| Internal | B2 | $659.29 |
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 | $252,253.50 |
| Fees Drawn | $251,655.87 |
| Fees Written Off | $0.00 |
| WIP Balance | $597.64 |
Time spent by Employees
| Employee | Position | Hourly rate (ex GST) |
Total Hours | Total (ex GST) |
|---|---|---|---|---|
| Con Kokkinos | Principal | $660.00 | 47h 13m | $31,174.00 |
| Matthew Jess | Principal | $660.00 | 0h 57m | $638.00 |
| Dean Phillips | Senior Manager | $600.00 | 0h 40m | $410.00 |
| Francis Osei-Ntim | Senior Manager | $600.00 | 158h 41m | $91,539.98 |
| Greg Thiveos | Senior Manager | $600.00 | 2h 10m | $1,310.00 |
| Aurelia Pereira | Executive Analyst | $480.00 | 4h 20m | $1,803.81 |
| Hayden Montgomerie | Assistant Manager | $480.00 | 13h 14m | $5,363.71 |
| Matthew Watkins | Executive Analyst | $480.00 | 13h 12m | $6,332.75 |
| Joel Cuzzi | Senior Business Analyst | $415.00 | 158h 54m | $54,092.62 |
| Lakshay Pahuja | Senior Business Analyst | $415.00 | 6h 25m | $2,663.02 |
| Adrian Eduardus | Business Analyst | $360.00 | 0h 5m | $30.00 |
| Alex Bryant | Senior Business Analyst | $360.00 | 11h 9m | $4,006.66 |
| Gary Howard | Business Analyst | $360.00 | 0h 13m | $80.66 |
| Samuel Gillard-Goode | Graduate | $320.00 | 0h 24m | $128.00 |
| Helen Le | Financial Assistant | $275.00 | 0h 38m | $174.18 |
| Iqhwan Effendy | Financial Assistant | $275.00 | 34h 31m | $9,497.59 |
| Totals | 452h 53m | $209,244.99 | ||
| GST | $20,924.50 | |||
| Total including GST | $230,169.49 | |||
| Avg hourly rate | $504.63 |
Time Spent by Category
| Category | Total Hours | Total (inc GST) |
|
|---|---|---|---|
| Administration | 11h 7m | $5,798.73 | |
| Assets | 127h 28m | $65,774.16 | |
| Creditors | 142h 10m | $72,878.89 | |
| Dividend | 61h 51m | $29,165.36 | |
| Employees | 20h 49m | $10,413.76 | |
| Investigations | 89h 27m | $46,138.59 | |
| Totals | 452h 53m | $230,169.49 |
Client Documents
| Date | Name |
|---|---|
| 23/01/2025 | General Advice |
| 18/04/2024 | Dividend analysis report |
| 28/03/2024 | Certificate of Resolutions |
| 28/02/2024 | Dividend Advice |
| 31/08/2023 | Certificate of Resolutions |
| 01/08/2023 | Stat Report |
| 06/06/2023 | Certificate of Resolutions |
| 05/06/2023 | Originating Process - Receivership application |
| 05/06/2023 | Supporting Affidavit |
| 05/06/2023 | General Advice |
| 05/05/2023 | Advice to creditors |