File Details
ACN/Estate#:
005 267 532
Office Name:
Melbourne
Trading Name
None known
Principal
Con Kokkinos
Admin Type
Liquidation - Court
Manager:
Francis Osei-Ntim
Start Date
16/08/2023
Exec Analyst
Matthew Watkins
Status
Priority
Contact Person
Lakshay Pahuja
Industry
Unknown
Appointee
Paul Burness
I want to
File Summary
14 November 2023Creditors are referred to our Advice to creditors dated 14 November 2023 which provides an update on the status of the liquidation.
Creditors will note that the the directors are intending to make an application to the Court to terminate the liquidation. Accordingly, the quantum and timing of a dividend to ordinary unsecured creditors is dependent on this application or further the realisation of assets as detailed in the report.
A further update will be provided to creditors in due course.
Any queries in respect of this file should be directed to Joel Cuzzi on (03) 9613 5556 or joel.cuzzi@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.
Meeting of Creditors
Future Meetings
There are no future meetings for this file.
Past Meetings
A Proposal without a Meeting was called for 14 September 2023 at 05:00 pm.
A Proposal without a Meeting was called for 06 December 2023 at 05:00 pm.
A Proposal without a Meeting was called for 31 January 2025 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 | 3 | |
| Number of PODs Claimed | 2 | 0 |
| Total of PODs Claimed | $204,628.00 | $0.00 |
| Total of Employee PODs Claimed | $0.00 | $0.00 |
| Total of Secured PODs Claimed | $0.00 | $0.00 |
| Total of Unsecured PODs Claimed | $204,628.00 | $0.00 |
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
There are no past distributions for this file.
Receipts and Payments Summary
Receipts Summary
| Account name | Total |
|---|---|
| Rent Received | $228,271.36 |
| Sale of Assets | $727,689.20 |
| Interest Earned | $3,612.67 |
| Collection of Cash Balances | $14,721.69 |
| Refunds and Sundry Receipts | $20,919.41 |
| Trading Receipts | $6,416.20 |
| GST Collected | $20,670.43 |
| Total receipts | $1,022,300.96 |
Payments Summary
| Account name | Code | Total |
|---|---|---|
| Agents Charges, Commissions & Stamp Duty | B1 | $19,438.52 |
| Property Management Expenses | B1 | $22,208.82 |
| Filing Fees & Government Charges | B1 | $174.46 |
| Insurance | B1 | $95,896.57 |
| Land Tax | B1 | $111,784.00 |
| Lease & Rental Payments | B1 | $226.35 |
| Legal Fees | A | $107,099.10 |
| Legal Outlays | A | $11,748.88 |
| License Fees & Permits | B1 | $835.00 |
| Appointees Remuneration | $41,685.52 | |
| Petitioning Creditors Costs | B1 | $7,433.40 |
| Rates | B1 | $35,592.93 |
| Repairs & Maintenance | B1 | $19,981.09 |
| Searches | B1 | $309.80 |
| Sundry Expenses | B2 | $23,034.45 |
| Trading Payments (Trade On) | B1 | $228.70 |
| Travel Expenses | B1 | $196.17 |
| GST Paid | $27,242.31 | |
| Valuation Costs | B1 | $2,585.00 |
| Administration Charges (Internal) | B2 | $366.53 |
| Total payments | $528,067.60 |
Assets Summary
| Cash at Bank | $495,297.06 |
| Suspense | -$5,783.51 |
| Total assets | $489,513.55 |
Disbursement Summary
| Category | Code | Total ($) |
|---|---|---|
| External - Non-Professional | B1 | $315,827.11 |
| External - Professional | A | $118,847.98 |
| Internal | B2 | $23,400.98 |
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 | $263,913.40 |
| Fees Drawn | $45,854.07 |
| Fees Written Off | -$7,409.07 |
| WIP Balance | $210,650.26 |
Time spent by Employees
| Employee | Position | Hourly rate (ex GST) |
Total Hours | Total (ex GST) |
|---|---|---|---|---|
| Con Kokkinos | Principal | $710.00 | 47h 0m | $33,381.50 |
| Matthew Jess | Principal | $710.00 | 3h 16m | $2,319.33 |
| Paul Burness | Principal | $710.00 | 12h 45m | $9,064.30 |
| Francis Osei-Ntim | Senior Manager | $645.00 | 193h 48m | $120,602.49 |
| Matthew Watkins | Executive Analyst | $520.00 | 23h 34m | $12,251.85 |
| Joel Cuzzi | Senior Business Analyst | $450.00 | 47h 33m | $18,075.38 |
| Lakshay Pahuja | Senior Business Analyst | $450.00 | 22h 40m | $10,207.50 |
| Adrian Eduardus | Business Analyst | $390.00 | 0h 24m | $156.00 |
| Gary Howard | Business Analyst | $390.00 | 0h 34m | $224.16 |
| Samuel Gillard-Goode | Graduate | $350.00 | 0h 9m | $23.34 |
| Aurelia Pereira | Executive Analyst | $300.00 | 0h 45m | $225.00 |
| Iqhwan Effendy | Financial Assistant | $300.00 | 36h 5m | $10,610.00 |
| Nikhlesh Ravindran | Financial Assistant | $300.00 | 4h 34m | $1,325.00 |
| Totals | 393h 15m | $218,465.85 | ||
| GST | $21,846.58 | |||
| Total including GST | $240,312.43 | |||
| Avg hourly rate | $526.73 |
Time Spent by Category
| Category | Total Hours | Total (inc GST) |
|
|---|---|---|---|
| Administration | 48h 52m | $28,143.52 | |
| Assets | 103h 1m | $65,251.85 | |
| Creditors | 60h 43m | $34,210.52 | |
| Dividend | 1h 51m | $1,129.40 | |
| Investigations | 116h 17m | $72,922.76 | |
| Trade on | 62h 28m | $38,654.38 | |
| Totals | 393h 15m | $240,312.43 |
Client Documents
| Date | Name |
|---|---|
| 06/02/2025 | Certificate of Resolutions |
| 06/12/2024 | General Advice |
| 29/05/2024 | General Advice |
| 12/12/2023 | Certificate of Resolutions |
| 14/11/2023 | Stat Report |
| 18/09/2023 | Certificate of Resolutions |
| 21/08/2023 | Initial Advice |