File Details
ACN/Estate#:
082 723 635
Office Name:
Gold Coast
Trading Name
None known
Principal
Jason Bettles
Admin Type
Creditors Vol
Manager:
Robert Smith
Start Date
11/08/2023
Exec Analyst
Robert Smith
Status
Priority
Contact Person
Alex Gale
Industry
Building/Construction
Appointee
Jason Bettles
I want to
File Summary
On 11 August 2023, the company's shareholders resolved that the company be wound up and Jason Bettles and James Robba of this office were appointed as liquidators.A copy of our initial advice to creditors dated 18 August 2023 providing details on our appointment can be downloaded from the bottom of this webpage.
The liquidators are also seeking to have various resolutions passed by creditors, which may be done without calling a physical meeting of creditors. These proposals are included in our initial advice and creditors have until the date of closure of voting being 11 September 2023 at 5pm (to either vote "yes" or "no" to the proposal, or to object to the proposal being resolved without a meeting of creditors).
We ask that creditors complete and return each voting form to our office before the due date.
If you have any information that will assist our enquiries please contact our office.
Update - 28 August 2023
Sale of Company Assets
Creditors are advised that the company's assets will be sold via public auction on 31 May 2022, if you are interested in purchasing an asset of the company you may review the items avaialbale for sale and place bids via Lloyds Auctioneers and Valuers website
Any further enquiries regarding the auction process or assets being sold should be directed to Lloyds Auctioneers and Valuers.
Homeowners update
An updated FAQ has been linked to the documents tab of this webpage which provides an update on the process for obtaining documents and keys held for properties along with the progress of the liquidators actions in attempting to transfer the constructions contracts
Update - 15 August 2023
We refer to our initial report to creditors dated 18 August 2023, (a copy can be downloaded from this webpage) which called a virtual meeting of creditors. We now confirm that the resolutions as set out in that report were passed and a copy of the certificate of resolutions is attached to the 'Client Documents' section of this webpage.
An updated FAQ has been linked to the documents tab of this webpage which provides an update on the process for obtaining documents and keys held for properties.
Update 29 September 2023
The liquidators sought and received advice from an employment lawyer and now consider that further uncalculated entitlements are due to employees. As a result of this advice, the dividend scheduled for the 29 September 2023 will not be paid
We are now conducting further investigations into the quantuim of outstanding employee entitlements and will issue a further notice declaring a dividend in due course.
Update 9 November 2023
We refer to our advice to creditors dated 9 November 2023, which provides an update on the liquidators’ investigations to date. A copy of the report and other relevant documents have been attached to the ‘Client Documents’ section of this webpage. If creditors have any information which may assist with our investigations, we ask that they please forward that information to our office at their earliest convenience.
Update 22 December 2023
On 21 December 2023, the liquidators issued a further report to creditors declaring a dividend to priority unsecured creditors (employee entitlements) of the company. The details of the dividend are as follows:
Date for the lodgement of Proofs of Debt: 11 January 2024
Interim or Final: Final
Expected date for payment: 18 January 2024
It is recommended that all creditors download a full copy of the advice to creditors from the “Client Documents” section at the bottom of this page to review and consider its contents.
Update 19 January 2024
The dividend to employees has been paid. If you are an employee who has not received your dividend please contact our office.
Update 22 May 2024
A further dividend to creditors is likely to be paid once we receive from the Australian Taxation Office an updated claim in respect of outstanding superannuation owed to former employees, and a clearance from the ATO as required by the tax legislation. At this time we are not able to give creditors an indication on the timing of the payment of the dividend.
Update 25 July 2024
We refer to our advice to creditors dated 22 July 2024, which provides an update on the liquidator’s investigations to date. A copy of the report and other relevant documents have been attached to the ‘Client Documents’ section of this webpage. If creditors have any information which may assist with our investigations, we ask that they please forward that information to our office at their earliest convenience.
Update: 6 September 2024
On 6 September 2024, the liquidators issued a further report to creditors declaring a dividend to priority unsecured creditors (employee entitlements) of the company. The details of the dividend are as follows:
Date for the lodgement of Proofs of Debt: 30 September 2024
Interim or Final: Final
Expected date for payment: 10 October 2024
It is recommended that all creditors download a full copy of the advice to creditors from the “Client Documents” section at the bottom of this page to review and consider its contents.
Update: 10 October 2024
We confirm that on 10 October 2024, a dividend of 100 cents in the dollar was paid to priority creditors in respect to unpaid superannuation guarantee. Priority creditors should receive their dividend in the next few days
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 |
|---|---|---|---|---|---|
| 9 | $379,005.75 | 9 | $0.00 | $270,924.75 | $108,081.00 |
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 11 September 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 | 188 | |
| Number of PODs Claimed | 112 | 26 |
| Total of PODs Claimed | $10,537,732.00 | $699,909.00 |
| Total of Employee PODs Claimed | $304,317.00 | $304,317.00 |
| Total of Secured PODs Claimed | $0.00 | $0.00 |
| Total of Unsecured PODs Claimed | $10,233,415.00 | $395,592.00 |
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 |
|---|---|---|---|---|
| Employee | Final | 19/01/2024 | $291,421.00 | 100.0% |
| Employee | Final | 11/10/2024 | $0.00 | 100.0% |
Receipts and Payments Summary
Receipts Summary
| Account name | Total |
|---|---|
| Sale of Assets | $164,721.54 |
| Interest Earned | $9,249.85 |
| Receipt - Debtors | $108,081.00 |
| Collection of Cash Balances | $312,975.74 |
| Refunds and Sundry Receipts | $18,216.82 |
| GST Collected | $36,793.92 |
| Total receipts | $650,038.87 |
Payments Summary
| Account name | Code | Total |
|---|---|---|
| Accounting Fees | B1 | $6,000.00 |
| Advertising Costs | B1 | $800.00 |
| Agents Charges, Commissions & Stamp Duty | B1 | $18,988.06 |
| Collection Costs; Commissions, Legals etc | A | $2.05 |
| Bank Charges | B1 | $287.50 |
| Dividends - General | $318,747.27 | |
| Electricity | B1 | $110.03 |
| Freight & Cartage | B1 | $840.00 |
| Insurance | B1 | $2,973.03 |
| Lease & Rental Payments | B1 | $5,559.23 |
| Legal Fees | A | $15,351.36 |
| Appointees Remuneration | $212,178.00 | |
| Printing, Stationery & Postage | B2 | $298.26 |
| Refund Surplus Funds | B1 | $9,092.07 |
| Searches | B1 | $291.66 |
| Security Services | B1 | $80.00 |
| GST Paid | $19,737.49 | |
| Valuation Costs | B1 | $3,500.00 |
| Wages (Trade On) | B1 | $3,248.60 |
| Superannuation (Trade-On) | B1 | $455.02 |
| Administration Charges (Internal) | B2 | $2,700.00 |
| PAYG (Trade On) | B1 | $888.00 |
| Total payments | $622,127.63 |
Assets Summary
| Cash at Bank | $27,911.24 |
| Suspense | -$916.00 |
| Total assets | $26,995.24 |
Disbursement Summary
| Category | Code | Total ($) |
|---|---|---|
| External - Non-Professional | B1 | $53,113.20 |
| External - Professional | A | $15,353.41 |
| Internal | B2 | $2,998.26 |
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 | $248,074.70 |
| Fees Drawn | $233,395.80 |
| Fees Written Off | -$931.40 |
| WIP Balance | $13,747.49 |
Time spent by Employees
| Employee | Position | Hourly rate (ex GST) |
Total Hours | Total (ex GST) |
|---|---|---|---|---|
| James Robba | Principal | $680.00 | 20h 45m | $11,417.66 |
| Jason Bettles | Principal | $680.00 | 45h 21m | $30,702.05 |
| Philipp Stark | Senior Manager | $615.00 | 0h 11m | $123.00 |
| Robert Smith | Manager | $590.00 | 148h 2m | $84,161.54 |
| Alex Gale | Senior Business Analyst | $390.00 | 201h 21m | $78,533.00 |
| Kitty Evas | Senior Business Analyst | $390.00 | 0h 12m | $78.00 |
| Gustavo Lambert | Financial Assistant | $260.00 | 0h 7m | $34.66 |
| Sophia Crawford | Financial Assistant | $260.00 | 0h 6m | $30.34 |
| Totals | 416h 9m | $205,080.25 | ||
| GST | $20,508.02 | |||
| Total including GST | $225,588.27 | |||
| Avg hourly rate | $531.44 |
Time Spent by Category
| Category | Total Hours | Total (inc GST) |
|
|---|---|---|---|
| Administration | 9h 25m | $5,098.77 | |
| Assets | 62h 47m | $34,029.51 | |
| Creditors | 188h 5m | $100,501.30 | |
| Dividend | 37h 4m | $20,341.80 | |
| Employees | 57h 8m | $31,665.23 | |
| Investigations | 60h 42m | $33,951.66 | |
| Miscellaneous | 0h 54m | $0.00 | |
| Totals | 416h 9m | $225,588.27 |
Client Documents
| Date | Name |
|---|---|
| 10/10/2024 | Catch-up Dividend analysis report |
| 10/10/2024 | Catch-up Dividend analysis report |
| 10/10/2024 | Catch-up Dividend analysis report |
| 10/10/2024 | Catch-up Dividend analysis report |
| 10/10/2024 | Catch-up Dividend analysis report |
| 10/10/2024 | Catch-up Dividend analysis report |
| 06/09/2024 | Dividend Advice |
| 22/07/2024 | General Advice |
| 19/01/2024 | Dividend analysis report |
| 21/12/2023 | Dividend Advice |
| 09/11/2023 | Stat Report |
| 15/09/2023 | Frequently Asked Questions - Updated |
| 28/08/2023 | Frequently Asked Questions - Updated |
| 24/08/2023 | Priority Unsecured Creditor Entitlements Letter |
| 23/08/2023 | Report on Company Activities and Property |
| 18/08/2023 | Initial advice |
| 17/08/2023 | Frequently Asked Questions |
| 17/08/2023 | HBCF Claim Fact Sheet |
| 17/08/2023 | QBCC Claim Fact Sheet |