File Details
ACN/Estate#:
QLD/301/25/4
Office Name:
Ipswich
Trading Name
None known
Principal
Andrew Worrell
Admin Type
Controlling T'Tee
Manager:
Caleb O'Dea
Start Date
27/02/2025
Exec Analyst
Caleb O'Dea
Status
Priority
Contact Person
Rama Su'a
Industry
Other
Appointee
Adam Ward
I want to
File Summary
Adam Ward was appointed Controlling Trustees of Cindy Patricia Paterson & Andrew Paterson's estate on 27 February 2025.PIA Proposal
Mr and Mrs Paterson have put forward a proposal to their creditors to compromise their debts. They propose to make one contribution of $90,000 within one month of the PIA being accepted. The money is being provided by a related third party and is not available in a bankruptcy scenario. Following our investigations of the debtor's affairs, it is my recommendation that creditors accept the proposal as it would provide a greater return for creditors as compared to a bankruptcy scenario.
I have conducted investigations into the financial position of the debtors and determined that creditors could expect to receive a dividend under the Personal Insolvency Agreement of:
• 100 cents in the dollar to priority creditors; and
• 12.91 cents in the dollar to unsecured creditors
Under a bankruptcy scenario, creditors may receive dividends of:
• 93.36 cents in the dollar to priority creditors; and
• 0 cents in the dollar to unsecured creditors
Full details of our investigations can be found in the report to creditors dated 26 March 2025. This report can be downloaded from the 'Client Documents' section at the bottom of this page.
Meeting of Creditors
A meeting of creditors for creditors to, amongst other things, vote on whether to accept the PIA proposal or not is currently scheduled to be held at our Ipswich Office on 10 April 2025 at 10:30 AM (AEST). If you wish to attend, please ensure you complete and return the Statement of Claim and Appointment of Proxy Form, which can be found in our latest report to creditors.
Adam Ward
Controlling Trustee
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
There are no income assessments in place for this file.
Meeting of Creditors
Future Meetings
A CT - Part X has been called for 10 April 2025 at 10:30 am at Worrells in Ipswich.
Past Meetings
There are no past meetings for this file.
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 | 7 | |
| Number of PODs Claimed | 1 | 0 |
| Total of PODs Claimed | $436,321.00 | $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 | $436,321.00 | $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 |
|---|---|
| Collection of Cash Balances | $10,000.00 |
| Total receipts | $10,000.00 |
Payments Summary
| Account name | Code | Total |
|---|---|---|
| ARC paid | B1 | $700.00 |
| Searches | B1 | $39.10 |
| Total payments | $739.10 |
Assets Summary
| Cash at Bank | $9,260.90 |
| Suspense | -$10,000.00 |
| Total assets | -$739.10 |
Disbursement Summary
| Category | Code | Total ($) |
|---|---|---|
| External - Non-Professional | B1 | $739.10 |
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 | $15,670.40 |
| Fees Drawn | $0.00 |
| Fees Written Off | $0.00 |
| WIP Balance | $15,670.38 |
Time spent by Employees
| Employee | Position | Hourly rate (ex GST) |
Total Hours | Total (ex GST) |
|---|---|---|---|---|
| Adam Ward | Principal | $680.00 | 0h 46m | $532.66 |
| Andrew Worrell | Principal | $680.00 | 1h 10m | $804.66 |
| Caleb O'Dea | Manager | $590.00 | 10h 42m | $5,506.65 |
| Rama Su'a | Business Analyst | $345.00 | 17h 41m | $6,106.75 |
| Totals | 30h 22m | $12,950.73 | ||
| GST | $1,295.07 | |||
| Total including GST | $14,245.80 | |||
| Avg hourly rate | $631.13 |
Time Spent by Category
| Category | Total Hours | Total (inc GST) |
|
|---|---|---|---|
| Administration | 1h 48m | $193.34 | |
| Assets | 4h 48m | $2,285.11 | |
| Creditors | 16h 41m | $8,098.18 | |
| Dividend | 0h 15m | $94.88 | |
| Employees | 0h 27m | $208.55 | |
| Investigations | 4h 24m | $2,430.73 | |
| Trade on | 1h 56m | $935.01 | |
| Totals | 30h 22m | $14,245.80 |
Client Documents
| Date | Name |
|---|---|
| 26/03/2025 | General Advice |
| 03/03/2025 | Initial Advice |
| 03/03/2025 | DIRRI |