t private and confidential - grant thornton llp · notes 3. unsecured creditor claims as at the...

Level 17, 383 Kent Street

Sydney NSW 2000

Correspondence to:

Locked Bag Q800

QVB Post Office

Sydney NSW 1230

T +61 2 8297 2400

F +61 2 9299 4445

E [email protected]

W www.grantthornton.com.au

Our Ref: 2nd Creditors Report Finalised .Doc

Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389

‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the

context requires. Grant Thornton Australia Ltd is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm

is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and

are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its

Australian subsidiaries and related entities. GTIL is not an Australian related entity to Grant Thornton Australia Limited.

Liability limited by a scheme approved under Professional Standards Legislation. Liability is limited in those States where a current scheme applies.

Dear Sir / Madam

AMPLIFY SERVICES PTY LIMITED (IN LIQUIDATION)

ACN 113 578 420 (“the Company”)

As you are aware Said Jahani and I were appointed as Joint and Several Liquidators of the abovenamed Company on 27 November 2014.

A Meeting of Creditors of the Company will be held at the offices of Grant Thornton, Level

17, 383 Kent Street, Sydney NSW on Tuesday, 29 September 2015 at 10:00AM. A formal

Notice of Meeting is attached as Appendix A. The purpose of the meeting is to provide an

update on the progress of the liquidation, and to fix the retrospective and prospective

remuneration of the Liquidators.

Creditors are reminded that in order to be eligible to vote at the forthcoming meeting, a proof

of debt form (attached as Appendix B) must be submitted if one has not been submitted

previously.

Furthermore, proxy forms (attached as Appendix C) are required to be sent to our office by

4:00pm on the business day prior to the meeting, being Monday, 28 September 2015.

In accordance with Corporations Regulation 5.6.13A, telephone facilities will be available for the above meeting. Should you wish to attend via telephone, the dial-in details are:

Dial in: 02 8297 2700 Participant Pin: 88584

To the Creditor as Addressed

15 September 2015

PRIVATE AND CONFIDENTIAL

2

Summarised below is an update on the progress of the liquidation for the period 27

November 2014 to 4 September 2015 (“the Period”).

1. Key actions undertaken since the first meeting of creditors

Detailed below is a summary of the key items actioned by the Liquidators subsequent to the

first meeting of creditors held on 12 December 2014:

- Facilitated the sale of the Company’s assets, primarily comprising IT equipment; - Liaised with the Company’s customers to collect outstanding debtors; - Liaised with legal advisors to assess the recoverability of the Webjet Marketing Pty

Limited (“Webjet”) and Zuji Pty Ltd (“Zuji”) debtors (further discussed below); - Liaised with former employees to calculate outstanding pre-appointment employee

entitlements; - Liaised with the Department of Education, Employment and Workplace Relations

(“DEEWR”) who administers the Fair Entitlements Guarantee Scheme (“FEG”) concerning the claims of former employees;

- Undertaken investigations into the Company’s affairs; and - Paid distribution to employees for outstanding pre-appointment entitlements.

2. Receipts and Payments

Enclosed at Appendix D is a summary of the receipts and payments for the Company for

the period ending 11 September 2015.

3. Debtors

The pre-appointment debtor ledger of Amplify was $492,625. The Liquidators have

pursued these debts and we provide the summary outcome below to date:

Summary of debtor collections

($) ($)

Pre-appointment debtors ledger 492,625

Less:

Est. pre-appointment debtor collections (184,879)

Doubtful debts / in dispute (307,746)

Estimated further debtors recoverable -

A number of the pre-appointment debtors are noted as doubtful or in dispute. We are

investigating this further however there are a number of disputes regarding the under-

performance of the Company on certain projects.

3

The Liquidators executed a settlement agreement on 11 September 2015 regarding a pre-

appointment debtor amount owing from Webjet and Zuji. The terms of settlement remain

confidential so we are unable to provide further details, however confirm funds are included

in our estimated return to creditors.

4. Employees

All employees were terminated at the date of appointment.

The Liquidators liaised with the DEEWR with respect to finalising all outstanding pre-

appointment employee entitlements. The total funds received from FEG of $72,053.94 have

been distributed to employees (the applicable PAYG was withheld and will be forwarded to

the Australian Taxation Office (“ATO”).

The Liquidators are reviewing superannuation outstanding (which is excluded from FEG) as

at the date of appointment and estimate a total of $6,406 is payable, subject to the

superannuation guarantee charge.

The Liquidators also confirm there will be sufficient funds available to reimburse FEG’s

contribution of $72,053.94. FEG is entitled to “stand in the shoes” of employees and

recoup entitlements it has paid in the winding up of Company if there are sufficient

realisations for priority creditors.

5. Investigations

The Liquidators have undertaken an investigation into the Company’s affairs and will be

lodging a report with the Australian Securities & Investments Commission (“ASIC”) within

the next 30 days.

ASIC will then advise the Liquidators whether a further supplementary report is required to

be lodged, or whether the Liquidators can proceed to wind-up the Company’s affairs with a

view to deregistering the Company once the liquidation is finalised.

6. Liquidators’ Remuneration

At the first meeting of creditors, creditors approved the Liquidators remuneration for the

period from 27 November 2014 to future in the amount of $74,247.00 (excl. GST and

disbursements). These approved fees have been paid.

At the upcoming meeting of creditors the Liquidator will be seeking additional remuneration

to be approved for the period 1 June 2015 to 4 September 2015 in the amount of

$20,926.00 excluding GST and disbursements, as outlined in the following table.

4

Retrospective remuneration

Liquidators retrospective remuneration (excl. GST and disbursements)

Period $

27 Nov ember 2014 to 3 December 2014 14,246.50

4 December 2014 to 31 July 2015 60,000.00

Past remuneration approved and paid 74,246.50

Additional retrospective remuneration

1 June 2015 to 4 September 2015 20,926.00

Additional retrospective remuneration - to be approved for the period 1 June 2015 to 4 September 2015 20,926.00

The effect of the proposed resolution will be to approve the balance of the remuneration

incurred from 1 June 2015 to 4 September 2015 in the amount of $20,926.00 (plus GST and

disbursements).

The reason for the additional costs incurred in excess of the initial estimate relate to the

work which was necessary to be undertaken in relation to:

- Significant correspondence with FEG; - Preparing FEG acquittal and notification statements; - Distributing employee FEG distributions; - Correspondence with employees; - Liaising with company officers regarding debtor collections and assessing

information to support recoverability; and - Liaising with legal advisors to assess the recoverability of certain debtors.

Future Remuneration

Liquidators prospective remuneration (excl. GST and disbursements)

Period $

Prospective remuneration

4 September 2015 to finalisation 35,000.00

Prospective remuneration - to be approved for the period 4 September 2015 to finalisation 35,000.00

The calculation of future costs, noting only actual time costs incurred will be drawn,

primarily relate to the following tasks:

- Preparation of correspondence to creditors advising intention to declare dividend; - Adjudicating proofs of debt; - Preparing dividend calculations; - Distribution to creditors; - Finalise engagement

5

Further details concerning the work completed and time costs can be found in the

Liquidators Remuneration Report, attached as Appendix E.

7. Return to creditors

An estimated outcome statement for the liquidation (i.e. from appointment to completion)

is provided below. The Liquidators anticipate a return as follows:

• 100 c in the dollar return to priority creditors (employees); and

• 1.57c in the dollar return to unsecured creditors.

Estimated Outcome Statement

All figures are exclusive of GST

Note

Book Value

($)

Liquidation

($)

Asset Realisations

Cash at bank/on hand at date of appointment 39,661 39,661

Debtors 492,625 184,879

IT Equipment 3,965 3,207

FEG contribution for Liquidator's serv ices 3,465

Director contribution 12,000

Interest income 504

Total est. Asset Realisations 536,251 243,716

Liquidator's fees approv ed and paid (74,210)

Est. Future Liquidator's fees (55,926)

Liquidator's disbursements approv ed and paid (685)

Est. Future Liquidator's disbursements (315)

IT ex penses (1,372)

Legal costs approv ed and paid (7,334)

Est. Future legal costs (2,666)

Bank charges (200)

Total Est. Liquidation Costs (142,708)

Total Assets Available for Creditors 101,009

Priority Creditors

FEG receipts for employ ee entitlements 72,054

FEG distribution to employ ees including PAYG w ithholding tax (72,054)

Superannuation div idend (subject to SGC) 1 (6,406)

FEG div idend 2 (72,054)

Total Assets available to Unsecured creditors 22,549

Unsecured creditor claims 3 (1,438,019) (1,438,019)

Estimated Dividend to Unsecured Creditors (cents/$) 1.57

Surplus/(Shortfall) to Unsecured Creditors (1,438,019) (1,415,470)

Notes

3. Unsecured creditor claims as at the date of appointment of liquidator.

2. Full repay ment to FEG for pre-appointment employ ee entitlements contribution.

1. As Superannuation w as not paid by FEG, this is treated as a priority claim and w ill be paid in full to all

employ ees. Note, SGC refers to Superannuation Gaurantee Charge.

6

The Liquidators seek all creditors to submit proofs of debt and will commence the formal

adjudication process as soon as possible.

8. Finalisation

The Liquidators anticipate that they will be in a position to finalise the liquidation within the next 6 months, after a distribution to priority creditors and clearance from ASIC.

9. Contact Details

Should you have any queries in relation to the above, please contact Dale Slater of our office on (02) 8297 2598 or [email protected]. Yours faithfully

Gayle Dickerson Joint and Several Liquidator Enc.

FORM 529

Subregulation 5.6.12(2)

Corporations Act 2001

NOTICE OF MEETING

AMPLIFY SERVICES PTY LIMITED (IN LIQUIDATION) ACN 113 578 420

Said Jahani and I were appointed Joint and Several Liquidators of the Company on 27 November 2014. Notice is hereby given that a meeting of the creditors of the Company will be held at the offices of Grant Thornton, Level 17, 383 Kent Street, Sydney NSW on Tuesday 29 September 2015 at 10:00AM. The purpose of the meeting is to: 1. Receive an account of the Liquidator’s acts and dealings and of the conduct of the winding up

to date. 2. To fix the retrospective remuneration of the Liquidators for the period 1 June 2015 to 4

September 2015. 3. To fix the prospective remuneration of the Liquidators subsequent to 4 September 2015. 4. To consider any other business that may be brought forward. In accordance with Corporations subregulation 5.6.13A, telephone facilities will be available for the above meeting. Should you wish to attend via telephone, the dial in details are:

Dial in: 02 8297 2700 Participant Pin: 88584

Dated this 15th day of September 2015

GAYLE DICKERSON JOINT AND SEVERAL LIQUIDATOR

*Do not complete if this proof is made by the creditor personally.

ACN 113 578 420

FORM 535 Subregulation 5.6.49(2)

Corporations Act (2001)

FORMAL PROOF OF DEBT OR CLAIM

(GENERAL FORM)

To the Liquidators of Amplify Services Pty Limited (In Liquidation)

1. This is to state that the company was on 27 November 2014 (date of court order in winding up by the

Court, or date of resolution to wind up, if a voluntary winding up), and still is, justly and truly indebted to:

_________________________________________________________ (full name and address of the creditor and, if applicable, the creditor's partners. If prepared by

an employee or agent of the creditor, also insert a description of the occupation of the creditor)

for $_______________and______cents.

Date Consideration (state how the Debt arose)

Amount $ c

Remarks (include details of voucher substantiating payment

2. To my knowledge or belief the creditor has not, nor has any person by the creditor's order, had or received any satisfaction or security for the sum or any part of it except for the following: (insert

particulars of all securities held. If the securities are on the property of the company, assess the value

of those securities. If any bills or other negotiable securities are held, show them in a schedule in the

following form).

Date Drawer Acceptor Amount $c Due Date

*3. I am employed by the creditor and authorised in writing by the creditor to make this statement. I know that the debt was incurred for the consideration stated and that the debt, to the best of my knowledge and belief, remains unpaid and unsatisfied.

*3. I am the creditor's agent authorised in writing to make this statement in writing. I know that the debt was incurred for the consideration stated and that the debt, to the best of my knowledge and belief, remains unpaid and unsatisfied.

........................................... Dated Signature Occupation: Address Proof of Debt Reference:

FORM 532 Corporations Act 2001

Regulation 5.6.29

Amplify Services Pty Limited (In Liquidation) ACN: 113 578 420 (the Company)

APPOINTMENT OF PROXY

I/We (1) _____________________________________________________________________________ of

_________________________________________________________________________________________________

a creditor/member of Amplify Services Pty Limited (In Liquidation) appoint

(2)_____________________________________________ or in his/her absence

(3) _____________________________________________as my/our general/special proxy to vote at the meeting of creditors to be held on 29 September 2015 at 10:00 AM or at any adjournment of that meeting. Resolution Type For Against Abstain

That the Liquidator’s retrospective remuneration for the period from 1 June 2015 to 4 September 2015 be approved and fixed to an amount of $20,926 (excluding GST and disbursements).

Special □ □ □

That the Liquidator’s prospective remuneration for the period 4 September 2015 to finalisation be approved and limited to the amount of $35,000.00 (plus GST and disbursements).

Special □ □ □

DATED this ___________ day of ________________________ 2015

(4) Signature ___________________________________

CERTIFICATE OF WITNESS - only complete if the person given the proxy is blind or incapable of writing.

I, ____________________________________________ of _______________________________________________

certify that the above instrument appointing a proxy was completed by me in the presence of and at the request of the person appointing the proxy and read to him before he attached his signature or mark to the instrument.

DATED this ___________ day of ________________________ 20

Signature of witness ___________________________________

Description ___________________________________

Place of residence ___________________________________

Notes:

(1) If a firm strike out "I" and set out the full name of the firm.

(2) Insert the name of the person appointed.

(3) If a special proxy, “add the words ‘to vote for’ or the words ‘to vote against’ and specify the particular resolution”.

(4) If the creditor is a sole trader , sign in accordance with the following example: “A.B., proprietor”.

If the creditor is a partnership, sign in accordance with the following example: “A.B., a partner of the said firm.”

If the creditor is a company, then the form of proxy must be under its Common Seal or under the hand of some officer duly authorised in that capacity, and the fact that the officer is so authorised must be stated in accordance with the following example: “for the company, A.B.” (duly authorised under the Seal of the Company).

Proxy forms should have been completed and returned by no later than 4:00 PM on 28 September 2015 to be eligible to vote at the meeting.

RETURN TO: Amplify Services Pty Limited (In Liquidation) of care of Grant Thornton Australia Limited Address: Locked Bag Q800, QVB Post Office, Sydney NSW 1230 Phone: +61 2 8297 2400 Fax: +61 2 9299 4533

Appendix D

$ (incl. GST)

RECEIPTS

Accounts Receivable (Pre-Appointment) 89,879

Bank Charges 22

Cash at Bank - ANZ - Pre Appointment 39,661

Contributions (1) 12,000

FEG Liability (2) 72,054

GST Control: GST Received 5,081

Interest Income 482

Plant and Equipment 3,528

Total 222,707

PAYMENTS

Liquidator Disbursements (753)

Bank Charges (173)

Liquidator Fees (81,630)

FEG Contribution - Amplify Services Pty Ltd (50,992)

IT Expenses (1,509)

Legal Fees (8,068)

Total (143,126)

Cash at bank at 11 September 2015 79,581

1) Contributions relate to an indemnity provided to the Liquidators at the beginning of the engagement.

2) The PAYG applicable on the FEG Contributions includes PAYG payable of $11,307 which will be remitted to the ATO.

Receipts and Payments Summary - Amplify Services Pty Limited (In Liquidation) from appointment to 11 September 2015

Amplify Services Pty Limited (In Liquidation) (A.C.N 113 578 420) (“the Company”)

Remuneration Request Approval Report

Declaration We, Gayle Dickerson and Said Jahani, of Grant Thornton Australia Limited have undertaken a proper assessment of this remuneration claim for our appointment as Grant Thornton Australia Limited, of Amplify Services Pty Limited (In Liquidation), in accordance with the law and applicable professional standards. We are satisfied that the remuneration claimed is in respect of necessary work, properly performed, or to be properly performed, in the conduct of the Liquidation.

Executive Summary To date, remuneration totalling $74,247.00 (excl. GST) has been approved in this Liquidation. This remuneration report details approval sought for the following fees:

Period Amount

(ex GST)

Past Remuneration Approved: 27 November 2014 to 3 December 2014 4 December 2014 to 31 July 2015 Total past remuneration approved

$14,247.00 $60,000.00

$74,247.00

Retrospective remuneration approval sought Resolution 1: Remuneration for the period 1 June 2015 to 4 September 2015 Future remuneration approval sought Resolution 2: Remuneration for the period 4 September 2015 to finalisation

$20,926.00

$35,000.00

Total – current remuneration approval sought*

$55,926.00

* Approval for the future remuneration sought is based on an estimate of the work necessary to the completion of the administration. Should additional work be necessary beyond what is contemplated, further approval may be sought from creditors.



Description of work completed

Resolution 1: 1 June 2015 to 4 September 2015 “That the Liquidator’s retrospective remuneration for the period from 1 June 2015 to 4 September 2015 be approved and fixed to an amount of $20,926.00 (excluding GST and disbursements) and that the Liquidator be entitled to draw such remuneration and disbursements progressively from funds held”.

Company Amplify Services Pty Limited (In Liquidation)

Practitioner(s) Gayle Dickerson and Said Jahani Firm Grant Thornton Australia Limited

Administration Type Creditors Voluntary Liquidation

Period From 1 June 2015 to 4 September 2015

Task Area General Description Includes

Assets (10.8 hours) ($6,088.00)

Plant and Equipment • Liaising with valuers, auctioneers and interested parties

• Reviewing asset listings

• Liaising with various parties concerning the sale of the assets

Debtors • Reviewing and assessing debtors ledgers (including liaising with management)

• Liaising with debtors regarding collections

• Liaising with legal advisors concerning the recoverability of the debtors

Creditors (14.8 hours) ($4,998.00)

Creditor Enquiries • Receive and follow up creditor enquiries via telephone

• Review and prepare correspondence to creditors and their representatives via facsimile, email and post

• Correspondence with creditors

Dealing with proofs of debt

• Receipting and filing Proofs of Debt received

• Corresponding with OSR, ATO and FEG regarding Proofs of Debt

Meeting of Creditors • Preparation of meeting notices, proxies and advertisements

• Forward notice of meeting to all known creditors




• Preparation of meeting file, including agenda, certificate of postage, attendance register, list of creditors, reports to creditors, advertisement of meeting and draft minutes of meeting.

• Preparation and lodgement minutes of meetings with ASIC

• Responding to stakeholder queries and questions immediately following meeting

Employees (11.7 hours) ($3,878.00)

Employees enquiries

• Receive and follow up employee enquiries via telephone


• Preparation of letters to employees advising of their entitlements and options available

• Receive and prepare correspondence in response to employees objections to leave entitlements

FEG • Correspondence with FEG

• Preparing notification spreadsheet

• Preparing FEG quotations

• Preparing FEG distributions

Calculation of entitlements

• Calculating employee entitlements

• Reviewing employee files and company’s books and records

• Reconciling superannuation accounts

• Reviewing awards and contracts

• Liaising with solicitors regarding entitlements

Investigation (4.8 hours) ($2,190.00)

Conducting investigation • Collection of company books and records

• Reviewing company’s books and records

• Review and preparation of company nature and history

• Conducting and summarising statutory searches

• Preparation of comparative financial statements

• Preparation of deficiency statement

• Review of specific transactions and liaising with directors regarding certain transactions

• Liaising with directors regarding certain transactions

• Preparation of investigation file




Administration (6.0 hours) ($2,137.00)

Processing receipts and payments

• Entering receipt and payments into accounting system

Document maintenance/file review/checklist

• First month, then 6 monthly administration review

• Filing of documents

• File reviews

• Updating checklists

Insurance • Identification of potential issues requiring attention of insurance specialists

• Correspondence with Blue Broking regarding initial and ongoing insurance requirements

• Reviewing insurance policies

Bank account administration

• Preparing correspondence opening and closing accounts

• Requesting bank statements

• Bank account reconciliations

• Correspondence with bank regarding specific transfers

Planning/Review • Discussions regarding status of liquidation

Books and records/ storage

• Dealing with records in storage

• Sending job files to storage

Statutory (3.6 hours) ($1,635.00)

Report as to Affairs • Letter of deponents

• Directors Questionnaire

• Completion deadlines and extensions

• Filing with ASIC

ASIC Form 524 and other forms

• Preparing and lodging ASIC forms including 505, 524, 911 etc

• Correspondence with ASIC regarding statutory forms

ATO & other statutory reporting

• Notification of appointment

• Preparing BAS’




• Completing PAYG Summaries/group certificates TOTAL (51.7 hours)

($20,926.00)

Resolution 1 - Calculation of retrospective remuneration



Description of work completed

Resolution 2: 4 September 2015 to finalisation

“That the Liquidator’s prospective remuneration for the period 4 September 2015 to finalisation be approved and limited to the amount of $35,000.00 (plus GST and disbursements) and that the Liquidator be entitled to draw such remuneration and disbursements progressively from funds held. Further remuneration in excess of this amount will require further approval from creditors.

Company Amplify Services Pty Limited (In Liquidation)

Practitioner(s) Gayle Dickerson and Said Jahani Firm Grant Thornton Australia Limited

Administration Type Creditors Voluntary Liquidation

Period From 4 September 2015 to finalisation.


Creditors (29.6 hours) ($11,320.00)

Creditor Enquiries • Receive and follow up creditor enquiries via telephone


Dealing with proofs of debt

• Receipting and filing Proofs of Debt

Meeting of Creditors • Preparation of meeting notices, proxies and advertisements

• Forward notice of meeting to all known creditors

• Preparation of meeting file, including agenda, certificate of postage, attendance register, list of creditors, reports to creditors, advertisement of meeting and draft minutes of meeting.

• Preparation and lodgement minutes of meetings with ASIC

• Responding to stakeholder queries and questions immediately following meeting

Employees (24.0 hours) ($9,300.00)

Employees enquiries

• Receive and follow up employee enquiries via telephone


FEG • Correspondence with FEG

• Preparing notification spreadsheet




• Preparing FEG quotations

• Preparing FEG distributions

Employee dividend • Correspondence with employees regarding dividend

• Correspondence with ATO regarding SGC proof of debt

• Calculating dividend rate

• Preparing dividend file

• Advertising dividend notice

• Preparing distribution

• Receipting Proofs of Debt

• Ensuring PAYG is remitted to ATO

Investigation (9.0 hours) ($3,780.00)

Conducting investigation • Correspondence with ASIC to receive assistance in obtaining reconstruction of financial statements, company’s books & records and Report as to Affairs

• Review and preparation of company nature and history

• Conducting and summarising statutory searches

• Lodgement of investigation with the ASIC

• Preparation and lodgement of supplementary Section 533 report if required

Dividend (18.0 hour) ($6,520.00)

Processing proofs of debt • Preparation of correspondence to potential creditors inviting lodgement of Proofs of Debt

• Receipt of Proofs of Debt

• Maintain Proofs of Debt register

• Adjudicating Proofs of Debt

• Request further information from claimants regarding Proofs of Debt

• Preparation of correspondence to claimant advising outcome of adjudication

Dividend procedures • Preparation of correspondence to creditors advising of intention to declare dividend

• Advertisement of intention to declare dividend

• Obtain clearance from ATO to allow distribution of company’s assets

• Preparation of dividend calculation




• Preparation of correspondence to creditors announcing declaration of dividend

• Advertise announcement of dividend

• Preparation of distribution

• Preparation of dividend file

• Preparation of payment vouchers to pay dividend

• Preparation of correspondence to creditors enclosing payment of dividend

Administration (7.4 hours) ($2,280.00)

Processing receipts and payments

• Entering receipt and payments into accounting system

Document maintenance/file review/checklist

• 6 monthly administration review

• Filing of documents

• File reviews

• Updating checklists

Insurance • Identification of potential issues requiring attention of insurance specialists

• Correspondence with Blue Broking regarding initial and ongoing insurance requirements

• Reviewing insurance policies

Bank account administration

• Preparing correspondence opening and closing accounts

• Requesting bank statements

• Bank account reconciliations

• Correspondence with bank regarding specific transfers

Finalisation • Notifying ATO of finalisation

• Cancelling ABN / GST / PAYG registration

• Completing checklists

• Finalising WIP

Planning/Review • Discussions regarding status of liquidation

Books and records/ • Dealing with records in storage




storage • Sending job files to storage

Statutory (5.0 hours) ($1,800.00)

ASIC Form 524 and other forms

• Preparing and lodging ASIC forms including 505, 524, 911 etc

• Correspondence with ASIC regarding statutory forms

ATO & other statutory reporting

• Preparing BAS’

TOTAL (93.0 hours)

($35,000.00)

Resolution 2 – Calculation of prospective remuneration



Schedule of remuneration methods and hourly rates

Please find attached a schedule of remuneration method, the method chosen for this remuneration claim and an explanation of the hourly rates. Statement of Remuneration Claim Resolution 1: 1 June 2015 to 4 September 2015 “That the Liquidator’s retrospective remuneration for the period from 1 June 2015 to 4 September 2015 be approved and fixed to an amount of $20,926.00 (excluding GST and disbursements) and that the Liquidator be entitled to draw such remuneration and disbursements progressively from funds held”.

Resolution 2: 4 September 2015 to finalisation

“That the Liquidator’s prospective remuneration for the period 4 September 2015 to finalisation be approved and limited to the amount of $35,000.00 (plus GST and disbursements) and that the Liquidator be entitled to draw such remuneration and disbursements progressively from funds held. Further remuneration in excess of this amount will require further approval from creditors.

Remuneration Recoverable from External Sources During this appointment a contribution may be received from the Fair Entitlements Guarantee Scheme (“FEG”) should there be insufficient

monies available with respect to calculating outstanding employee entitlements.

Disbursements Disbursements are divided into three types:

1. Externally provided professional services - these are recovered at cost. An example of an externally provided professional service disbursement is legal fees.

2. Externally provided non-professional costs such as travel, accommodation and search fees - these are recovered at cost. 3. Internal disbursements such as photocopying, printing and postage. These disbursements, if charged to the Administration, would generally

be charged at cost; though some expenses such as telephone calls, photocopying and printing may be charged at a rate which recoups both variable and fixed costs. The recovery of these costs must be on a reasonable commercial basis.



Any future disbursements will be claimed in accordance with the law and applicable professional standards. We are satisfied that the disbursements claimed are necessary and proper.

Internal disbursements Rate (Excl GST)

Advertising At cost

Binding At cost

Courier At cost

Faxes & Photocopies At cost

Postage At cost

Stationery

- Folders At cost

- Filing Index At cost

Staff vehicle use At cost

Part 8: Queries

Arrangements can be made to inspect the time and costs records which give greater detail of the work performed by contacting Dale Slater of this office on

(02) 8297 2598 or [email protected].

Grant Thornton Australia Limited is a member firm within Grant Thornton International Ltd. Grant Thornton International Ltd and the member firms are not a worldwide partnership. Grant Thornton Australia Limited, together

with its subsidiaries and related entities, delivers its services independently in Australia.

Liability limited by a scheme approved under Professional Standards Legislation.

Our Ref: DRAFT RR NSW CHARGE OUT RATES - 1 JULY 2015 DRAFT.DOCX

Recovery & Reorganisation NSW Charge out Rates* as at 1 July 2015

* Excluding GST

NSW & ACT

Partner $650

Associate Director $560

Bankruptcy Trustee $525

Senior Manager $535

Manager $480

Supervisory/ Assistant Manager $430

Senior $390

Intermediate Accountant $320

Graduate $265

Undergraduate $215

Administrator $210

PA / EA $180

t private and confidential - grant thornton llp · notes 3. unsecured creditor claims as at the...

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