File Details
I want to
File Summary
10 January 2025I was appointed Liquidator of the above company on 10 October 2024. I have now issued a more detailed report on the Liquidation..
We will continue work in the following areas:
• Recovery of the records of the company
• Realisation of Physical Assets
• Collection of amounts due to the company
• Detailed Insolvency Investigation
• Investigation into offences
• Investigation into potential recoveries (Preferences, Insolvent Trading etc)
This report will also be posted to our website. The password for this file on our website is: wp35369
Michael Beck
Liquidator
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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 13 November 2024 at 05:00 pm.
A Proposal without a Meeting was called for 04 February 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 | 20 | |
| Number of PODs Claimed | 8 | 0 |
| Total of PODs Claimed | $700,368.00 | $0.00 |
| Total of Employee PODs Claimed | $0.00 | $0.00 |
| Total of Secured PODs Claimed | $160,000.00 | $0.00 |
| Total of Unsecured PODs Claimed | $540,368.00 | $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 |
|---|---|
| Interest Earned | $654.84 |
| Collection of Cash Balances | $48,156.48 |
| Refunds and Sundry Receipts | $48,156.48 |
| Upfront Indemnity | $20,000.00 |
| GST Collected | $529.00 |
| Total receipts | $117,496.80 |
Payments Summary
| Account name | Code | Total |
|---|---|---|
| Accounting Outlays | B1 | $201.37 |
| Appointees Remuneration | $16,120.07 | |
| Searches | B1 | $88.44 |
| GST Paid | $42.62 | |
| Administration Charges (Internal) | B2 | $136.36 |
| Total payments | $16,588.86 |
Assets Summary
| Cash at Bank | $52,751.46 |
| Suspense | -$20,000.00 |
| Total assets | $32,751.46 |
Disbursement Summary
| Category | Code | Total ($) |
|---|---|---|
| External - Non-Professional | B1 | $289.81 |
| Internal | B2 | $136.36 |
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 | $18,029.50 |
| Fees Drawn | $17,732.08 |
| Fees Written Off | $0.00 |
| WIP Balance | $297.46 |
Time spent by Employees
| Employee | Position | Hourly rate (ex GST) |
Total Hours | Total (ex GST) |
|---|---|---|---|---|
| Michael Beck | Principal | $680.00 | 7h 47m | $5,303.98 |
| Rachael Samuels | Manager | $590.00 | 6h 32m | $3,854.63 |
| Charmaine Farrell | Graduate | $290.00 | 19h 38m | $5,698.50 |
| Sophia Crawford | Financial Assistant | $260.00 | 0h 9m | $43.34 |
| Totals | 34h 8m | $14,900.45 | ||
| GST | $1,490.04 | |||
| Total including GST | $16,390.49 | |||
| Avg hourly rate | $500.50 |
Time Spent by Category
| Category | Total Hours | Total (inc GST) |
|
|---|---|---|---|
| Administration | 1h 4m | $459.06 | |
| Assets | 2h 45m | $1,340.35 | |
| Creditors | 18h 39m | $9,609.94 | |
| Dividend | 0h 43m | $327.59 | |
| Investigations | 10h 57m | $4,653.55 | |
| Totals | 34h 8m | $16,390.49 |
Client Documents
| Date | Name |
|---|---|
| 10/01/2025 | Stat Report |
| 22/10/2024 | Initial Advice |