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1. Circular to creditors-first meeting -BC (2)
27 October 2016
Newstart Homes (S.E. QLD) Pty Ltd
ACN 080 910 238 (In Liquidation)
(“the Company”)
Circular to Creditors
I advise that Matthew Caddy and I were appointed Joint and Several Liquidators of the Company on
17 October 2016.
Meeting of creditors
A meeting of creditors must be convened within 11 days of my appointment. The meeting for the
Company will be held at Chartered Accountants Australia & New Zealand (“CAANZ”), Level 32, Central Plaza
One, 345 Queen St, Brisbane on Friday, 4 November 2016 at 2.30PM. Registration for the meeting will
open at 2:00PM.
Accordingly, I attach for the Company:
a statutory notice convening the meeting (Form 529);
a Summary of Affairs (Form 509) provided by the Director;
a list of creditors;
information for attending and voting at a meeting of creditors;
a Proof of Debt form (Form 535), along with an information sheet to assist you to complete the
form; and
a Proxy form (Form 532) and instructions.
Attendance and voting requirements
Creditors who intend to vote at the meeting are requested to lodge a proof of debt with us prior to the
meeting. Creditors who are unable to attend the meeting and wish to be represented, should ensure that
either a proxy form, power of attorney or evidence of appointment of a company representative pursuant to
section 250D of the Corporations Act 2001 (“the Act”) is validly completed and provided to us prior to the
meeting. If a faxed copy of a proxy or power of attorney is provided to us prior to the meeting, the
original of the instrument must be received within 72 hours of receipt of the faxed copy. Alternatively,
proxy forms can be emailed to [email protected]. Proxy forms lodged via email must
be validly executed by signing and scanning the completed form.
Corporate creditors who wish to attend the meeting should note that they may only be represented by an
individual if that person is validly granted a proxy or power of attorney by that corporation, or appointed as
a company representative pursuant to section 250D of the Act.
Proof of debt and proxy forms may be provided to us prior to the meeting or brought to the meeting.
Proof of debt forms can be emailed to [email protected].
Page 2
Declaration of Independence, Relevant Relationships and Indemnities
In accordance with Section 506A of the Act and the Australian Restructuring, Insolvency and Turnaround
Association (“ARITA”) Code of Professional Practice, a Declaration of Independence, Relevant Relationships
and Indemnities is enclosed for your information.
This declaration discloses information regarding our independence, any prior personal or professional
relationships with the Company or related parties and any indemnities received in relation to this
appointment.
Remuneration
The Joint and Several Liquidators’ remuneration can only be fixed by resolution of creditors, a resolution of
a committee of inspection or by application to the Court. The resolutions relating to remuneration which
will be put to the creditors at the meeting are detailed in the attached Remuneration Report.
In accordance with section 499 of the Act and the ARITA Code of Professional Practice, a Schedule of
Remuneration Methods and Hourly Rates and detailed Remuneration Report is also enclosed for your
information.
* * * * * * * *
A copy of the “Insolvency information for directors, employees, creditors and shareholders” information
sheet issued by the Australian Securities & Investments Commission (“ASIC”) is enclosed for your
information.
If you require any further information, please contact my office on (03) 9038 3100.
Yours faithfully
Newstart Homes (S.E. QLD) Pty Ltd (In Liquidation)
Barry Kogan
Liquidator
Enclosure(s):
Enclosures listed on the first page of this circular
ASIC Insolvency Information for directors, employees, creditors and shareholders
Declaration of Independence, Relevant Relationships and Indemnities
Schedule of Remuneration Methods and Hourly Rates
Remuneration Report
FORM 529
Corporations Act (2001)
Subregulation 5.6.12 (2)
NOTICE OF MEETING OF CREDITORS OF COMPANY
Newstart Homes (S.E. QLD) Pty Ltd
ACN 080 910 238 (In Liquidation)
(“the Company”)
Notice is given that a meeting of the creditors of the Company will be held at Chartered Accountants Australia &
New Zealand (“CAANZ”), Level 32, Central Plaza One, 345 Queen St, Brisbane at 2.30PM on 4 November 2016 to
consider the following:
1. To confirm the appointment of Matthew Caddy and Barry Kogan as Liquidators or to appoint another
person(s) as Liquidator in their place.
2. To consider any matters arising out of the Liquidation.
3. To approve the remuneration of the Liquidators.
4. If thought fit, to appoint a Committee of Inspection.
5. To consider the approval of the Liquidators’ powers to compromise certain debts of the Company and
to enter into agreements for terms of greater than three months.
6. To authorise the destruction of the books and records of the Company following the deregistration of
the Company, subject to the consent of the Australian Securities and Investments Commission being
obtained.
7. To discuss any other relevant business which may arise.
Registration for the meeting will open at 2:00PM.
Dated 27 October 2016
Barry Kogan
Liquidator
ASIC Form 509 17 January 2011 Page 1 of 2
Australian Securities & Investments Commission
Lodgement details Who should ASIC contact if there is a query about this form?Name
ASIC registered agent number (if applicable)
Company/entity name
ACN/ABN/ARBN/ARSN
Telephone number
Postal address
Email address (optional)
Company detailsCompany name
ACN
Summary of assets and liabilitiesDate to which summary is made upDate
/ / [D D] [M M] [Y Y]
If there is insufficient space in any section of the form, you may attach an annexure and submit as part of this lodgement
Presentation of summary of affairs of a company
Form 509Corporations Act 2001
497(2)(b)(i)
Andrew Wharton
n/a
McGrathNicol
(03) 9038 3100
Level 6, 171 Collins Street, Melbourne VIC 3000 Australia
n/a
41 945 982 761
Newstart Homes (S.E. Qld) Pty Ltd
080 910 238
1 6 1 0 1 6
Newstart Homes (S.E. QLD) Pty Ltd (In Liquidation) - Creditor list
Name Address Amount claimed ($)
A & L WINDOWS (QLD) PTY LTD U2 / 76 QUINNS HILL ROAD EAST STAPYLTON QLD 4207 57,908.39
A SOLID RENDERER 11B CAMPHOR LAUREL COURT TALLEBUDGERA VALLEY QLD 4228 5,863.00
AARON AND JULIE SMITH Not quantified
ADAM POKORNY 9,780.52
AJK FENCING PO BOX 6042 YATALA QLD 4207 7,682.22
AMANDA SIGSWORTH Not quantified
ANDERSENS CARPETS - WYNNUM 35 BAY TERRACE WYNNUM QLD 4178 55,253.05
ANDREAS WEILER 3,460.00
ANDREW BEARD & ANGELA THOMSON Not quantified
ANYTHING TILING 14 MOONAH AVENUE SOUTHPORT QLD 4215 6,456.23
AUSTRAL BRICKS PO BOX 6550 WETHERILL PARK NSW 1851 11,334.36
AUSTRAL INSULATION - GC PO BOX 2200 NERANG EAST QLD 4211 9,087.19
AUSTRALIA POST GPO BOX 2943 MELBOURNE VIC 3001 489.55
BARRIER HOME SECURITY & BLINDS PO BOX 890 MT OMMANEY QLD 4074 4,208.70
BBC DIGITAL 183 FERRY ROAD, SOUTHPORT QLD 4215 Not quantified
BE DISTRIBUTORS PO BOX 1757 MUDGEERABA QLD 4213 39.75
BEAUMONT TILES PO BOX 33 ARCHERFIELD QLD 4108 5,341.61
BERWICKS (GOLD COAST) PL PO BOX 7239 SOUTHPORT PARK QLD 4215 3,905.23
BEST DOORS PO BOX 57 CLONTARF BEACH QLD 4019 14,731.47
BKS WATERPROOFING TA DRYMAN PO BOX 532 ORMEAU QLD 4208 3,164.76
BLAINE WATSON 12,100.00
BONE, MATTHEW JAMES Not quantified
BORAL CONSTRUCTION MAT GROUP LTD LOCKED BAG 5025 PARRAMATTA NSW 2124 50,615.40
BOX & LOCK STORAGE TERMINAL 54 LAWRENCE DRIVE NERANG QLD 4211 276.00
BRASTIN ROOFING UNIT 4 / 4 NORTHWOOD STREET UPPER COOMERA QLD 4209 78,452.01
BRETT DAVEY Not quantified
BRIAN & DIERDRE GILMOUR Not quantified
BRISTILE ROOFING PTY LTD PO BOX 3040 DARRA QLD 4076 118,538.87
BUILDING CERTIFICATION GROUP 47 MANILLA STREET EAST BRISBANE QLD 4169 29,183.19
BUNNINGS BUILDING SUPPLIES PO BOX 2277 MANSFIELD BC QLD 4122 1,188.95
CABCHARGE PO BOX 600 PADDINGTON NSW 2000 6.09
CAMERON & MAIOHA ORTH Not quantified
CARDNO PO BOX 253 ACACIA RIDGE QLD 4110 3,509.00
CAVAN & ELAINE SEARS Not quantified
CHARLES & BELINDA GRECH Not quantified
CHAY ADAMS 708.00
CHRIS & JESSI MARTIN Not quantified
CHRISTOPHER & DEBORAH CONLON Not quantified
CLINTON & JEANETTE KARL Not quantified
COASTLINE BARBEQUES & HEATING 108 FERRY ROAD SOUTHPORT QLD 4215 1,732.01
COMMISSIONER OF STATE REVENUE GPO BOX 2476 BRISBANE QLD 4001 2,876.60
COMMISSIONER PAY-ROLL TAX (QLD) GPO BOX 2248 BRISBANE QLD 4001 17,556.02
COMPUTER DOCTOR STE 1 GR FL 70 REMEMBRANCE DRIVE SURFERS PARADISE QLD 4217 330.00
CORINTHIAN INDUSTRIES PRIVATE BAG 4 ST MARYS NSW 1790 5,962.08
CRAIG & PAULA DENNISON Not quantified
CREST CABINETS (AUSTRALIA) P/L PO BOX 2606 NERANG MDC QLD 4211 59,499.00
CRISTAN CARUANA Not quantified
CROSS CRANES PTY LTD PO BOX 5122 BRENDALE QLD 4500 10,359.25
CSR BUILDING PRODUCTS LIMITED TRINITI 3, 39 DELPHI ROAD, NORTH RYDE NSW 2113 40,038.19
D & I CLARKE SIGNS 51 SHERLOCK COURT GUANABA QLD 4210 5,863.00
D & S SHEPPARD PL PO BOX 281 PETRIE QLD 4502 852.50
DANIEL & JANETTE HADDON Not quantified
DAVE & AN-LING SOLETTI Not quantified
DENNIS & CHERYL ARNOLD Not quantified
DEPUTY COMMISSIONER OF TAXATION LOCKED BAG 1936 ALBURY NSW 1936 31,307.76
DESIGNER SCHEMES 2 MONTE VISTA COURT BROADBEACH WATERS QLD 4218 250.00
DEWSTOW, SARAH MELISSA Not quantified
DL DETAIL (LEACH FAMILY TRUST) PO BOX 554 ELANORA QLD 4221 6,732.00
DOUBLE WIN CHEN PL 4 WAHROONGA PLACE SUFERS PARADISE QLD 4217 860.00
DYNAMIC BRADVIEW ROOFING PO BOX 3239 CLONTARF DC QLD 4019 44,705.50
ECONOGAS AUSTRALIA PTY LTD PO BOX 2623 BURLEIGH QLD 4220 924.00
EDWARDS & ASSOCIATES WASTE WATER CONSULTANTS PO BOX 3077 SOUTHPORT BC QLD 4215 8,965.00
ELDON BOTTCHER ARTCHITECTS PTY LTD PO BOX 3606 ROBINA TC QLD 4230 1,260.00
FAST PROOF PRESS PTY LTD PO BOX 2022 NERANG EAST QLD 4211 4,827.00
FERDINAND & PAMELA SARMIENTO Not quantified
FERGUS HATCHER & JANE HALL Not quantified
FOUNDATION RECRUITMENT OFFICE 7 / 12 NORTH LAKES DRIVE NORTH LAKES QLD 4509 8,177.21
FPC PRINTERS PO BOX 558 SOUTHPORT QLD 4215 638.00
FUJI XEROX FINANCE LOCKED BAG 2051, NORTH RYDE NSW 2113 Not quantified
GALEA MARBLE & GRANITE INDUSTRIES P/L 188 NERANG ROAD SOUTHPORT QLD 4215 30,241.64
GAVIN & KARA WOODROW Not quantified
GGC GROUP PTY LTD 174 SUNSHINE PARADE MIAMI QLD 4220 2,953.05
GOLD COAST CITY COUNCIL PO BOX 5042 GCMC QLD 9726 1,255.65
GOOP GUYS PO BOX 3511 CALOUNDRA QLD 4511 1,567.50
Newstart Homes (S.E. QLD) Pty Ltd (In Liquidation) - Creditor list
Name Address Amount claimed ($)
GORDON & SIMONE RELPH Not quantified
GRACE RECORDS MANAGEMENT (QLD) PL 9 HEPHER ROAD CAMPBELLTOWN NSW 2560 747.72
GRANT MITCHELL 14,227.03
GRANT PINK PLUMBING 3 PARK AVENUE BROADBEACH WATERS QLD 4218 26,857.20
GRANT THORNTON SERVICES (SA) P/L GPO BOX 1270 ADELAIDE SA 5001 13,750.00
GUEST FURNITURE HIRE PTY LTD PO BOX 715 MT WAVERLEY BC VIC 3149 13,250.16
HALLIDAY & TREMBATH SOLICITORS PO BOX 7206 GCMC QLD 9726 6,644.43
HDT ENTERPRISES PL 24 DORIEN STREET MT GRAVATT EAST QLD 4122 990.00
HUDSON HTH PO BOX 4527 DANDENONG SOUTH VIC 3164 238,050.25
INTERNODE SYSTEMS PTY LTD PO BOX 284 RUNDLE MALL SA 5000 139.90
IPSWICH CITY COUNCIL PO BOX 191 IPSWICH QLD 4305 634.19
JAMES & AYLA MATENGA 215.22
JELDWEN AUSTRALIA PRIVATE BAG 4 ST MARYS NSW 1790 12,579.60
JIMS MOWING EDENS LANDING 30-34 ARCHER COURT CHAMBERS FLAT QLD 4133 720.00
JIMS MOWING SPRINGFIELD 1 ASH AVENUE SPRINGFIELD LAKES QLD 4300 165.00
JODELLAN PTY LTD 67 HIVES ROAD NORTH MACLEAN QLD 4280 2,256.10
JOHN & HILARY GRANT Not quantified
JOHN & MARGARET PRESTON 202.00
JOHN & RENEE CHABRIERE Not quantified
JOSHUA & SELENA GOOCH Not quantified
JUSTIN & JANICA O"BRIEN Not quantified
JUSTIN ROONEY & JESSICA ROSEN Not quantified
JUSTIN UNDERWOOD 10,088.56
KENNARDS HIRE LOCKED BAG 2025 SEVEN HILLS NSW 2147 316.01
KEVIN & MICHELLE COLLINS Not quantified
KHYLA TRULOFF Not quantified
KNIGHT FRANK AUSTRALIA PTY LTD PO BOX 1608 BROADBEACH QLD 4218 13,436.98
KYE RUTTER & BLAIR ALLEN Not quantified
LANCE & SUSAN BOUCAUT Not quantified
LARKMAN, GAIL ALLISON Not quantified
LEASE & ASSET FINANCE PL UNIT 2/414 UPPER ROMA STREET, BRISBANE QLD 4000 Not quantified
LEE ANDERSEN & JIE BAI Not quantified
LEE SIEW LEE Not quantified
LINCOLN & LINCOLN ENTERPRISES PL 27 BRINDISI AVENUE ISLE OF CAPRI QLD 4217 18,760.10
LOGAN CITY COUNCIL PO BOX 3226 LOGAN CITY DC QLD 4114 477.11
M & Y JORIS CONSULTING 3041/3029 THE BOULEVARD CARRARA QLD 4211 462.00
MANNIX AIR PO BOX 329 UNDERWOOD QLD 4119 191,159.50
MASTER KEY LOCKSMITHS PO BOX 3726 LOGANHOLME QLD 4129 231.00
MATTHEW & JESSICA FRANCIS Not quantified
MATTHEW BONE Not quantified
MCKENNA HAMPTON 1,960.00
MELISSA SCHMORL 8,000.00
MICHAEL & LAURA ROSS Not quantified
MICHAEL MCGUANE 2,920.00
MICHAEL'S LAWN & GARDEN MAINTENANCE PO BOX 1220 OXENFORD QLD 4210 235.00
MIKE & CYNTHIA BERRY Not quantified
MILLS, JULIE DAWN Not quantified
MITCHELL & CINDY SOTELO Not quantified
MMS BUILDING SERVICES PTY LTD 2169-2185 WATERFORD/TAMBORINE ROAD TAMBORINE QLD 4270 80,115.28
MOHAMMED LAFTAH 1,070.00
NATEATAN LARKIN Not quantified
NATHAN & KARA HAWKE Not quantified
NATIONAL AUSTRALIA BANK LIMITED GROUP STRATEGIC BUSINESS SERVICES, LEVEL 34, 500 BOURKE STREET, MELBOURNE VIC 3000 11,353,530.62
NATIONAL BANK VISA CARD PAYMENT 9, 22 KING WILLIAM STREET ADELAIDE SA 5000 3,902.58
NATIONAL TILES CO PTY LTD PO BOX 1042 GROVEDALE MDC VIC 3216 33,031.41
NATIONWIDE AUST INVESTMENTS C/- MCGRATHNICOL, GPO BOX 9986, MELBOURNE VIC 3001 32,160.00
NEOPOST AUSTRALIA FINANCE PL LEVEL 3,68 WATERLOO ROAD NORTH RYDE NSW 2113 449.90
NEOPOST FINANCE AUSTRALIA PTY LTD PO BOX 2172, BERALA NSW 2141 Not quantified
NETWORK STEEL FABRICATION 3 ENTERPRISE STREET CLEVELAND QLD 4163 9,053.69
NGATAI BRICKLAYING 17 LANGPORT PARADE MUDGEERABA QLD 4213 14,432.44
NIC & HANS DIJKSTRA 4,000.00
NICHOLAS & MEGAN SELBIE & COLLEEN PRYCE Not quantified
NICHOLAS & PATRICIA DE VAAL Not quantified
OFFICEWORKS GPO BOX 1816 MELBOURNE VIC 3001 139.72
ON SITE RENTALS PO BOX 906 ST MARYS NSW 1790 5,934.11
PAUL & BELINDA JOYCE Not quantified
PAUL & CAREN CHRISTOPHER Not quantified
PETER & KELLY SWADDLE Not quantified
PETER & ROSANNE HATHAWAY Not quantified
PETRINA CUNNINGHAM Not quantified
PHILIP & JAMIE ALLEN Not quantified
PHILIP & REBECCA VERHEIJEN Not quantified
POINT OF PURCHASE SIGNS PL PO BOX 8270 BUNDALL QLD 4217 1,650.00
POLES & HOLES 89 OUTLOOK CRES. BARDON QLD 4065 153.23
Newstart Homes (S.E. QLD) Pty Ltd (In Liquidation) - Creditor list
Name Address Amount claimed ($)
PPI PROMOTION & APPAREL PL 71 WELLAND AVENUE WELLAND SA 5007 1,248.50
PRO LEVEL FLOOR PREPARATION 9 GROSVENOR COURT WORONGARY QLD 4213 880.00
PRO SET PLASTERBOARD CONTRACTING PO BOX 2054 SOUTHPORT QLD 4215 338,816.45
PROJEX BOBCATS & SOILS PTY LTD PO BOX 5056 BRASSALL QLD 4305 18,089.50
PURE WATER SYSTEMS PO BOX 685 BURLEIGH HEADS QLD 4220 25.00
QLD MASTER BUILDERS ASSOC 417-419 WICKHAM TERRACE BRISBANE QLD 4000 10,525.60
QLD SOIL TEST PTY LTD 14/121 NEWMARKET ROAD WINDSOR QLD 4030 16,188.70
QUALITY TANKS (QLD) PTY LTD PO BOX 5168 GCMC QLD 9726 26,447.00
QUEENSLAND TRANSPORT GPO BOX 2211 BRISBANE QLD 4001 1,775.45
R JAY ELECTRICAL SERVICES PO BOX 3270 DARRA QLD 4076 74,819.66
RAY BUCHANAN & MARGARET TRACEY Not quantified
REDLAND BAY ROOF TRUSSES PTY LTD PO BOX 1701 CLEVELAND DC QLD 4163 253,209.00
REEVES, ANTHONY Not quantified
REEVES, MICHELLE Not quantified
RICHARD & SHEENA BARDRICK Not quantified
ROBERT & TANYA HUTCHISON & D HAGENSON 4,602.20
ROBERT MELO 1,925.00
RODNEY & MARIE-ANN PINDER Not quantified
RONALD & DESLEA FIRTH Not quantified
RPM RENTAL LEASING 61 BERWICK STREET, FORTITUDE VALLEY QLD 4006 Not quantified
SAMANTHA BELL Not quantified
SCOTT & SARAH WHALEY Not quantified
SEEK LIMITED GPO BOX 2335 SYDNEY NSW 2001 594.00
SHERRY'S TERMITE PROTECTION P/L PO BOX 1481 OXENFORD QLD 4210 15,397.72
SHRED-X DOCUMENT DESTRUCTION PO BOX 1184 OXENFORD QLD 4210 145.26
SLAB SOLUTIONS QLD PL PO BOX 7244 LOGANHOLME QLD 4129 337,703.53
SPRING CLEAN CARPET CARE PO BOX 1903 CLEVELAND QLD 4163 250.00
STEPHEN LONGMORE 1,540.00
STEVE COOPER & ASSOC PTY LTD 27 NORFOLK ROAD SOUTH BRISBANE QLD 4101 22,605.00
STEVE HESS TILING 38 PADEMELON PASS MOUNT NATHAN QLD 4211 17,299.37
STEVEN KEIGHLEY & POLLYANNE WILLIAMS Not quantified
STORY & CO PLUMBING PTY LTD PO BOX 279 CURRUMBIN WATERS QLD 4223 27,001.74
STRUCTERRE CONSULTING ENGINEERS (QLD) PO BOX 621 HAMILTON QLD 4007 841.50
SUNSHINE CLEANING & SEALING 5 BURNS STREET CAPALABA QLD 4157 1,868.90
TALLONSMORE PL CRESTLEA STREET 11 BRISBANE QLD 4165 6,041.93
TAPP CARPENTRY SERVICES PL 5 BRENDON STREET TARRAGINIDI QLD 4121 21,644.28
TAYLEX INDUSTRIES PTY LTD 56 PRAIRIE ROAD ORMEAU QLD 4208 17,983.01
TELSTRA GPO BOX 9901 MELBOURNE VIC 3001 1,166.41
THOMAS MOON Not quantified
TIME 4 A TRADIE 38 ALLIED DRIVE ARUNDEL QLD 4214 3,500.00
VOLKE CONSTRUCTIONS PL 122 PAGAN ROAD YATALA QLD 4207 2,832.58
WILSON COLMAN & CO PTY LTD 1294 NORTH EAST ROAD TEA TREE GULLY SA 5091 1,804.00
WOODESON EXCAVATIONS PTY LTD PO BOX 221 NERANG QLD 4211 60,405.43
WOODTEX PO BOX 5123 EAST LISMORE NSW 2480 450.00
WRIGHT EXPRESS AUSTRALIA P/L (MOTORPASS) GPO BOX 4735 MELBOURNE VIC 3001 790.11
XEROX BUSINESS CENTRE PO BOX 7061 GOLD COAST MAIL CTR QLD 9726 293.95
YANG & THAO Not quantified
Newstart Homes (S.E. QLD) Pty Ltd (In Liquidation)
ACN 080 910 238
General Information for Attending and Voting at Meetings of Creditors
Time and Place of Meeting
Pursuant to Corporations Regulation (“Regulation”) 5.6.14 a meeting of creditors must be convened at a time and place most convenient for the majority of creditors entitled to receive notice of the meeting.
Quorum
Pursuant to Regulation 5.6.16 a meeting must not act for any purpose except:
– the election of a chairperson; and
– the proving of debts; and
– the adjournment of the meeting:
unless a quorum is present.
A quorum is deemed to be present if at least 2 (two) creditors are present at the meeting in person, by
proxy, by power of attorney or participating by telephone.
A meeting is sufficiently constituted if only one person is present in person if the person represents
personally or by proxy or otherwise a number of persons sufficient to constitute a quorum.
Chairperson
Pursuant to Section 497(8) of the Corporations Act 2001, the creditors may appoint one of their number or the director who attends the meeting as Chairperson of the meeting.
Voting
Pursuant to Regulation 5.6.23 creditors will not be eligible to vote at the meeting unless they have lodged
particulars of their debt or claim prior to or at the meeting.
Accordingly, creditors who intend to vote at the meeting should ensure that they lodge a formal proof of
debt with the company prior to or at the meeting.
Pursuant to Regulation 5.6.19 all resolutions put to the meeting will be decided on the voices unless a poll
is demanded, before or on the declaration of the result of the voices.
A poll may be demanded by:
– the chairperson; or
– at least 2 (two) persons present in person, by proxy, by power of attorney or participating by
telephone and entitled to vote at the meeting; or
– a person present in person, by proxy, by power of attorney or participating by telephone and
representing not less than 10% of the total voting rights of all persons entitled to vote at the
meeting.
1
Pursuant to Regulation 5.6.21, should a poll be demanded:
– a resolution will be carried if a majority in number and a majority in value vote in favour of the
resolution; and
– a resolution will be lost if a majority in number and a majority in value vote against the proposed
resolution.
In the event of a deadlock, the chairperson may exercise a casting vote. In such situations, the minutes of the meeting must specify the chairperson’s reasons for exercising, or not exercising, their casting vote.
Proxies
Pursuant to Regulation 5.6.28 creditors who are entitled to attend and vote at the meeting may appoint a
natural person over the age of 18 years as their proxy to attend and vote at the meeting on their behalf.
Accordingly, creditors who are unable to attend the meeting but who wish to be represented should ensure that a validly executed proxy form is lodged with the company prior to or at the meeting.
Pursuant to Regulations 5.6.28 and 5.6.36A creditors may lodge a facsimile copy of a proxy form with the
company prior to the meeting, however, the original of the instrument must be received by the company
within 72 hours of receipt of the faxed copy.
Pursuant to Regulations 5.6.28, 5.6.29 and 5.6.31 creditors may lodge a proxy form with the company prior
to the meeting by electronic means, however electronic lodgement will only be possible where the
convenor has specified an electronic address or other electronic means on the proxy form. Proxy forms
lodged via electronic means must be validly executed by signing and scanning the form.
Pursuant to Regulation 5.6.32 a person may, should they so desire, appoint the Chairperson by name or by
reference to his or her office to act as his, her or its general or special proxy.
Pursuant to Regulation 5.6.33 special proxies, but not general proxies, can be used to vote in favour of any
resolution that would directly or indirectly place the holder of the proxy (or any partner or employee of
that person) in a position to receive any remuneration out of the assets of the company, except as an
ordinary unsecured creditor.
Corporate Creditors
Corporate creditors who wish to attend the meeting should note that they may only be represented by an individual if that person is validly granted a proxy or power of attorney by that corporation.
Alternatively, Section 250D of the Corporations Act 2001 provides that a corporation may, by resolution of its board, provide a standing authority for a specified person to represent the corporation at specified meetings of creditors. A copy of any such resolution should be provided to the company prior to or at the meeting.
2
Committee of Inspection
Pursuant to Section 548 of the Corporations Act 2001, a person may only serve as a member of a Committee of Inspection if the person is:
a creditor or contributory of the company personally; or
the attorney of a creditor or contributory under a general power of attorney; or
authorised in writing by a creditor or contributory.
Corporate creditors who are members of a Committee of Inspection may be represented by:
an officer or employee of the member; or
an individual authorised in writing by the member to represent the member on the committee.
3
*Strike out this section if this proof is made by the creditor personally.
Australian Company Number: 080 910 238
FORM 535
Subregulation 5.6.49(2)
Corporations Act (2001)
FORMAL PROOF OF DEBT OR CLAIM
(GENERAL FORM)
To the Liquidators of Newstart Homes (S.E. QLD) Pty Ltd (In Liquidation)
1. This is to state that the company was on 17 October 2016 (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; OR
*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
1
Proofs of Debt
Notes for your guidance
(Please read carefully before filling in Form 535 or Form 536)
It is a creditor’s responsibility to prove their claim to our satisfaction.
When lodging claims, creditors must ensure that:
a) the proof of debt form is properly completed in every particular; and
b) evidence, such as that detailed below, is attached to the Form 535 or Form 536.
Directions for completion of a Proof of Debt
1. Insert the full name and address of the creditor.
2. Under “Consideration” state how the debt arose, for example “goods sold to the company on …………….…..”.
3. Under “Remarks” include details of any documents that substantiate the debt (refer to the section titled
“Information to support your claim” below for further information).
4. Where the space provided for a particular purpose is insufficient to contain all the required information in
relation to a particular item, that information should be set out in an annexure.
5. An annexure to the form must have an identifying mark and be endorsed with the words:
“This is the annexure of …… pages marked …… referred to in the Form 535/536 signed by me and
dated …………………
…………………………………… ……………………………………………………..
Signature(s) Name of Signatory “IN BLOCK LETTERS”
and signed by each person signing the form to which the document is annexed.
6. The pages in the annexure must be numbered consecutively.
7. Where a document, copy of a document or other matter is annexed to a form, reference made in the form to
the annexure shall be by its identifying mark, the number of pages in it, and a brief description of the nature of
the document and its contents.
8. A reference to an annexure includes a document, copy of a document or any other matter accompanying,
attaching to or annexed to a form.
Information to support your claim
Please note that your debt is not likely to be accepted unless evidence to support its existence is provided. Detailed
below are some examples of the type of debt creditors may be claiming and a suggested list of documents, copies
of which should accompany a proof of debt for that class of creditor.
Trade Creditors
Statements and supporting invoices(s) showing the amount of the debt; and
Advice(s) to pay outstanding invoice(s) (optional).
Guarantees/Indemnities
Executed guarantee/indemnity;
2
Notice of Demand served on the guarantor; and
Calculation of the amount outstanding under the guarantee.
Judgment Debt
Copy of the judgment; and
Documents/details to support the underlying debt as per other categories.
Deficiencies on Secured Debt
Security Documents (eg. mortgage);
Independent valuation of the secured portion of the debt (if not yet realised) or the basis of the creditor’s
estimated value of the security;
Calculation of the deficiency on the security; and
Details of income earned and expenses incurred by the secured creditor in respect of the secured asset
since the date of appointment.
Loans (Bank and Personal)
Executed loan agreement; and
Loan statements showing payments made, interest accruing and the amount outstanding as at the date of
appointment.
Tax Debts
Documentation that shows the assessment of debts, whether it is an actual debt or an estimate, and
separate amounts for the primary debt and any penalties.
Employee Debts
Basis of calculation of the debt;
Type of Claim (eg. wages, holiday pay, etc);
Correspondence relating to the debt being claimed; and
Contract of Employment (if any).
Leases
Copy of the lease; and
Statement showing amounts outstanding under the lease, differentiating between amounts outstanding at
the date of the appointment and any future monies.
FORM 532
Corporations Act 2001 Regulation 5.6.29
Newstart Homes (S.E. QLD) Pty Ltd ACN 080 910 238 (In Liquidation) (the Company”)
APPOINTMENT OF PROXY
I/We (1) __________________________________________________________________________________________________________________ of
_______________________________________________________________________________________________________________________________
a creditor/member of Newstart Homes (S.E. QLD) Pty Ltd (In Liquidation) appoint
(2)______________________________________________________________________________________________________ or in his/her absence
__________________________________________________________________________________________________________ as my/our general proxy to vote at the meeting of creditors to be held on 4 November 2016 at 2:30PM or at any adjournment of that meeting.
DATED this ___________ day of ________________________ 2016
(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 ________________________ 2016
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 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 4:00PM (AEST) on 3 November 2016 to
be eligible to vote at the meeting.
RETURN TO: Newstart Homes (S.E. QLD) Pty Ltd (In Liquidation) C/- McGrathNicol, GPO Box 9986, Brisbane QLD 4001 Phone: +61 7 3333 9800 Fax: +61 7 3333 9899
1
Proxy
Notes for your Guidance
Insert full name and address of creditor, contributory or member on the top line.
On the second line, insert the name of the person you appoint as your proxy. You may insert “the
Chairperson of the meeting” if you wish.
On the next line insert the organisation the proxy holder represents or works for (not required if the
Chairperson is your proxy).
You may appoint an alternate proxy on the fourth line who may act if your first appointed proxy cannot
attend the meeting. You may insert “the Chairperson of the meeting” if you wish.
If the proxy is a general proxy the form requires no addition.
If the proxy is a special proxy the form must include instructions regarding the use of the proxy (i.e. details
of the resolution and whether the proxy holder is to cast a vote in favour or against the resolution or
abstain from voting).
Date and sign the Proxy form using one of the following various forms of execution:
Sole Trader - Sign the proxy yourself.
Partnership - e.g. sign – “Smith & Associates
Per John Smith - Partner”
Company - (i) By a director or secretary, e.g. “J Smith – Director”.
(ii) By a person duly authorised to sign on behalf of the company, e.g.
“Smith & Sons Pty Ltd. ACN: ______________
Per: J Smith
A person duly authorised to sign on the company’s behalf”.
OR
“Smith & Sons Pty Ltd. ACN: ______________
By its duly constituted attorney J Smith”.
NB: If signing on behalf of a company the following example is not
sufficient:
”Smith & Sons Pty Ltd. ACN: _______________
Per: J Smith”
“Certificate of Witness” is only to be used where the Proxy is being completed on behalf of a person who is
blind or incapable of writing. In all other cases a witness to the signature of the person appointing the
Proxy is not required and you may ignore the section headed “Certificate of Witness”.
Newstart Homes (S.E. QLD) Pty Ltd (In Liquidation) ACN 080 910 238 Liquidators’ remuneration report to creditors 27 October 2016
1
Liquidators’ remuneration 1
Liquidators’ remuneration can only be fixed by resolution of a committee of inspection, the company’s creditors or by
application to the Court.
In accordance with Section 449 of the Act and the ARITA Code of Professional Practice, a Schedule of Remuneration
Methods and Hourly Rates has been attached for creditors’ reference.
In this section, the Liquidators outline the work undertaken by the Liquidators and their staff for the period from the
commencement of the liquidation to 24 October 2016. The Liquidators intend to seek creditor approval of their
remuneration totalling $37,674.54 incurred during the period from the commencement of the liquidation to
24 October 2016 at the upcoming meeting of creditors.
Declaration 1.1
We, Matthew Caddy and Barry Kogan of McGrathNicol, have undertaken a proper assessment of this remuneration claim
for our appointment as Liquidators of Newstart Homes (S.E. QLD) Pty Ltd 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.
Summary 1.2
To date no remuneration has been approved or paid in this liquidation. This remuneration report details approval sought
for the following fees:
Period Report
reference
Amount
(ex GST)
Remuneration approval sought:
Resolution 1: 17 October 2016 – 24 October 2016 (actual) 1.3 $37,674.54
Resolution 2: From 25 October 2016 onwards 1.4 $100,000.00
Total actual and estimated Liquidators remuneration* $137,674.54
* Approval for the future remuneration sought is based on an estimate of the work necessary to perform the Liquidators’
duties. If additional work is necessary beyond what is contemplated, a further report will be provided and approval
sought from creditors. If the work undertaken is less than the estimated amount, the lesser amount will be paid.
Please refer to the report section references detailed in the above table for full details of the calculation and composition
of the remuneration approval sought.
2
Remuneration incurred from date of appointment to 24 October 2016 (actual) 1.3
The following resolution will be proposed at the meeting of creditors convened for 4 November 2016:
“That the remuneration of the Liquidators, their partners and staff, for the period from 17 October 2016 to
24 October 2016, calculated on hours spent at the rates detailed in the Schedule of Remuneration Methods and
Hourly Rates provided to creditors, in the amount of $37,674.54 (exclusive of GST), is hereby approved for
payment.”
A description of tasks performed is set out below and a schedule of fees during this remuneration period is detailed at
Appendix A of this report.
General description Task area Includes
Asset realisation
11.7 hours
$5,189.71 (ex GST)
Assets Identifying assets.
Securing assets.
Preparing and reviewing display home listing.
Conducting and reviewing asset searches.
Meetings with Management in relation to assets.
Engaging and liaising with auctioneers.
Meetings on site with auctioneers.
Reviewing leased assets schedule, lease agreements and documentation.
Preparing and issuing lease disclaimer letters.
Liaising with landlords regarding office furniture.
Coordinating returns of company property from employees.
Employees
10.8 hours
$5,268.50 (ex GST)
Employee entitlements /
queries Addressing employees on Day 1 regarding appointment.
Preparing and issuing termination letters.
Preparing and issuing retention letters.
Liaising with Management regarding employee entitlements.
Liaising with FEG.
Reviewing books and records to consider what information is available to the Liquidators.
Reviewing and responding to various employee queries by telephone, email and in person.
Collating employee contracts.
Considering whether contractors may be deemed to be employees.
Payroll Liaising with payroll provider to ensure payroll is processed
for retained employees.
Liaising with staff regarding timesheets.
Reviewing timesheets.
Preparing payroll for week ending 24 October 2016.
3
General description Task area Includes
Creditors
16.4 hours
$8,134.36 (ex GST)
Meetings Preparing and reviewing meeting materials for first meeting
of creditors.
Organising meeting logistics including booking venue.
Compiling and reviewing creditors’ listings.
Secured creditors Liaising with secured creditors regarding various matters.
Undertaking analysis for secured lender.
Negotiating and reviewing secured lender funding deed.
Liaising with legal advisors in relation to funding deed.
Unsecured creditors Issuing circular to creditors.
Compiling unsecured creditor analysis.
Liaising with unsecured creditors.
PPSR Reviewing and analysing PPSR registrations.
Communicating with each party claiming a security interest.
Dealing with PPSR claims.
Closure of business
3.2 hours
$1,791.50 (ex GST)
Closure of business Internal meetings regarding shutdown requirements.
Preparing circular to customers.
Attending to customer queries.
Liaising with landlords.
Liaising with key suppliers, including utility providers.
Organising mail redirections.
Sale of business
7.1 hours
$3,644.17 (ex GST)
Sale of business Internal meetings regarding sale strategy.
Preparing sale advertisement.
Obtaining and reviewing information regarding pre-appointment sale process.
Preparing and reviewing interested party register.
Preparing, compiling, reviewing and issuing sale materials and data pack.
Liaising with interested parties.
General
administration
32.4 hours
$13,646.30 (ex GST)
Statutory
3.5 hours
$1,171.88 (ex GST)
Preparing and lodging statutory forms including Form 505 (appointment), Form 525 and Form 5011.
Reviewing and issuing RATA pack to Director.
Preparing Liquidators’ DIRRI.
Notifying the ATO of Liquidators’ appointment and registration for GST and PAYG.
Preparing and issuing notifications to statutory bodies of Liquidators’ appointment.
4
General description Task area Includes
Strategy and
administration
14.6 hours
$6,201.57 (ex GST)
Determining project strategy.
Internal meetings on strategy and actions required.
Meetings with Management and Director.
Liaising with legal advisor.
Reviewing media statement.
Reviewing media enquiries and liaising with media advisor.
File maintenance and managing correspondence.
Maintaining checklists and task lists.
Collecting documentation.
Banking
0.9 hours
$198.86 (ex GST)
Opening Liquidators’ bank account.
Issuing notification of appointment to banks.
Insurance
1.2 hours
$483.71 (ex GST)
Notifying insurance broker of appointment.
Liaising with insurance broker regarding various queries.
Liaising with Management regarding insurance policies.
Considering strategy regarding building indemnity insurers.
Liaising with state based home indemnity insurers.
Preparing for and attending insurance meeting with QBE regarding home indemnity insurance and Liquidators’ ongoing strategy.
Reviewing insurance policy documents.
Liaising with insurance broker and legal advisors regarding potential claims.
Books and records
12.2 hours
$5,590.29 (ex GST)
Undertaking forensic imaging of electronic books and records.
Locating books and records.
5
Future works to be completed - Liquidation 1.4
At the meeting of creditors, the Liquidators will put a resolution to creditors for approval of prospective Liquidators’ fees
capped to $100,000.00 (excluding GST) for the period from 25 October 2016 onwards (as described in the resolution
below).
Creditors should note that the proposed liquidation fees are in addition to the fees outlined in section 1.3.
The following resolution will be proposed at the meeting of creditors convened for 4 November 2016:
“That the prospective remuneration of the Liquidators, to the maximum amount of $100,000.00 (excluding GST),
calculated on hours spent at the rates detailed in the Schedule of Remuneration Methods and Hourly Rates provided
to creditors, for the period from 25 October 2016 until the work undertaken in the estimation of remuneration is
complete, or the time charges for work undertaken exceeds the capped fee amount (whichever occurs first).
Creditors acknowledge that if actual costs incurred are below the amount approved, the Liquidators are only
authorised to draw the amount incurred. Creditors also acknowledge that if actual costs incurred exceed the
amount approved, the Liquidators will seek further approval from creditors.
The Liquidators are approved to draw their remuneration as and when it is incurred from funds under their control.”
The estimate of work to be done by the Liquidators and their staff is set out in the table below.
Task area General description Includes
Asset realisation
Assets Liaise with secured creditors to agree strategy for realisation
of display homes.
Conduct a sale process to realise owned display homes.
Arrange for sale of office furniture and equipment with auctioneers and obtain proceeds.
Correspondence with debtors via phone and email to confirm and agree payments.
Maintain debtor collections schedule.
Consider recovery actions for non-payment by debtors.
Employees
Employee entitlements
and FEG Correspondence with employees to finalise schedule of
employee entitlements.
Review sales commission arrangements with various employees and/or contractors.
Correspondence with FEG.
Preparing notification sheets and reports to FEG.
Liaise with FEG regarding payment of entitlements to employees.
Prepare and issue payment summaries to employees.
Liaise with and update employees regarding the progress of the liquidation.
Recording employee information in MYOB.
Closure of business Customers Liaise with insurers regarding handover of key construction
and other home building related documents.
Liaise with customers regarding specific issues relevant to each customer.
6
Task area General description Includes
Other Manage exit of leased office premises, including securing
and transferring all company records offsite.
Transfer or disclaim leases for display homes, depending upon outcome of sale process.
Sale of business Sale of business Liaise with interested parties via phone and email regarding
offers to purchase certain assets of the company.
Assess offers received from interested parties and determine appropriate realisation strategy.
Complete sale contract with purchaser(s) (if applicable).
Investigations
Assessment Reconstruct profit and loss position to assess potential date
of insolvency.
Consider any potential insolvent trading claims against Director.
Prepare and finalise Liquidator report to ASIC under s533 of the Act.
Review and consider the manner in which the company officers discharged their fiduciary duties.
If required, commence proceedings against company officers for failure to discharge fiduciary duties.
Consider any potential voidable transactions.
Consider any additional information made available to the Liquidators following the meeting of creditors.
Creditors
Creditor enquiries Liaise with creditors regarding claims and submission of
POD’s.
Provide creditors with updates regarding the Liquidation generally.
Reviewing and preparing correspondence to creditors and their representatives via email and post.
Secured creditors Liaise with secured creditor regarding sale of assets,
including owned display homes.
7
Task area General description Includes
Meeting of Creditors Preparing for and attending the meeting of creditors,
including preparing the meeting circular, notices, proxies, and advertisements.
Forwarding notice of creditors meeting to all known creditors.
Book meeting room and set-up teleconference details for meeting of creditors.
Preparing meeting file including Chairman’s notes, agenda, certificate of postage, attendance register, list of creditors, and advertisement of meeting.
Convening the meeting of creditors to be held on 4 November 2016.
Prepare and record minutes of meeting and lodge same with ASIC.
General
administration
Statutory Liaise with ATO and ASIC.
Prepare and submit quarterly BAS returns.
Prepare and submit six monthly returns to ASIC.
Maintain project checklists.
Strategy and admin Attending internal discussions and planning in relation to the
liquidation.
Discussions with company officers and employees with respect to the liquidation, including responding to queries.
Filing of documents and file management.
Updating checklists.
Banking Monitoring cash position.
Preparing and authorising receipt and payment vouchers.
Prepare and review of bank reconciliations.
Insurance Arrange for insurance policies for company assets.
Liaise with insurance broker to determine if a notification of should be made under the D&O policy.
Provide wages declaration for Workers Compensation insurance.
Books and records Arrange for storage of books and records.
8
APPENDIX A: Liquidators’ schedule of actual remuneration to 24 October 2016
Newstart Homes (S.E. QLD) Pty Ltd (In Liquidation) - Fees
Position Total hours Total fees $ Statutory
Strategy
& admin Banking Insurance
Books &
records
Partner 650 7.8 5,064.27 390.00 975.00 1,272.14 871.00 931.67 243.75 325.00 - 55.71 -
Director 1 595 8.1 4,845.00 654.50 357.00 1,164.50 714.00 - 178.50 348.50 - 238.00 1,190.00
Senior Manager 500 7.0 3,492.32 128.57 140.00 157.14 80.00 2,575.00 18.75 300.00 - 78.57 14.29
Manager 475 1.7 798.17 - 190.00 298.57 - - 255.31 - 54.29 - -
Manager 1 475 31.1 14,772.50 3,230.00 1,757.50 5,130.00 - - - 4,655.00 - - -
Assistant Manager 430 14.8 6,351.71 - 1,849.00 - - - - 79.86 12.29 24.57 4,386.00
Accountant 275 4.9 1,360.56 766.07 - - 126.50 137.50 271.56 58.93 - - -
Undergraduate 190 0.6 114.00 - - - - - - - 114.00 - -
Administration 160 5.5 876.00 20.57 - 112.00 - - 204.00 434.29 18.29 86.86 -
Total (ex GST) 81.5 37,674.54 5,189.71 5,268.50 8,134.36 1,791.50 3,644.17 1,171.88 6,201.57 198.86 483.71 5,590.29
Rate ($/hour)
Asset
realisation Employees Creditors
Closure of
business
Sale of
business
General administration
1
Schedule of Remuneration Methods and Hourly Rates
Introduction 1
This information is to assist you with understanding how remuneration is calculated and paid in an
insolvency administration.
Basis of remuneration 2
Remuneration methods 2.1
There are four basic methods that can be used to calculate the remuneration charged by an insolvency
practitioner. They are:
Time based/hourly rates
This is the most common method. The total fee charged is based on the hourly rate charged for each
person who carried out the work, multiplied by the number of hours spent by each person on each of the
tasks performed.
Fixed Fee
The total fee charged is normally quoted at the commencement of the liquidation and is the total cost for
the liquidation. Sometimes a practitioner will finalise a liquidation for a fixed fee.
Percentage
The total fee charged is based on a percentage of a particular variable, such as the gross proceeds of asset
realisations.
Contingency
The practitioners’ fee is structured to be contingent on a particular outcome being achieved.
Method Proposed 2.2
We propose that our remuneration will be calculated on a time basis which will be recorded and charged in
six minute increments. Details of the hourly rates for different levels of staff are included below. The
complexity and demands of the liquidation will determine the staff to be utilised for this appointment.
This method is considered to be most suitable for this appointment as it ensures creditors are only charged
for work that is performed in the liquidation, which can be difficult to accurately estimate at the date of
appointment.
Creditors will be advised of the proposed basis of remuneration in our initial remuneration advice to them.
Explanation of Hourly Rates 3
The rates for our remuneration calculation are set out in the following table, together with a general guide
showing the qualifications and experience of staff engaged in the liquidation and the role they take in the
liquidation. The hourly rates charged encompass the total cost of providing professional services and
should not be compared to an hourly wage.
2
Title Guide to qualifications and role Hourly rate
(excl GST)
Appointee/Partner Registered liquidator, Chartered Accountant or equivalent and
generally degree qualified with more than twelve years of
experience. Leads assignments with full accountability for
strategy and execution.
$650
Director 1 Generally, Chartered Accountant or comparable qualification
and degree qualified with more than ten years of experience,
including four years of Director or equivalent experience.
Autonomously leads complex insolvency appointments
reporting to Appointee/Partner.
$595
Director Generally, Chartered Accountant or comparable relevant
qualification and degree qualified with more than nine years
of experience. Autonomously leads insolvency appointments
reporting to Appointee/Partner.
$550
Senior Manager Generally, Chartered Accountant or comparable relevant
qualification and degree qualified with more than seven years
of experience. Self-sufficiently conducts small to medium
insolvency appointments and leads major workstreams in
larger matters.
$500
Manager 1 Generally, Chartered Accountant or comparable relevant
qualification and degree qualified with more than six years of
experience, including two years of Manager 2 or equivalent
experience. Self-sufficiently conducts small to medium
insolvency appointments and takes a supervisory role on
workstreams in larger matters.
$490
Manager Generally, Chartered Accountant or comparable relevant
qualification and degree qualified with more than five years of
experience. Self-sufficiently conducts small insolvency
appointments and takes a supervisory role on workstreams in
larger matters.
$475
Assistant Manager Generally, Chartered Accountant or comparable relevant
qualification and degree qualified with more than three years
of experience. Autonomously manages workstream activity
within appointments.
$430
Senior Accountant 1 Generally, degree qualified and undertaking Chartered
Accountant’s qualification or comparable relevant qualification
with more than two years of experience, including one year of
Senior Accountant or equivalent experience. Completes
multiple tasks within workstreams and appointments.
$395
Senior Accountant Generally, degree qualified and undertaking Chartered
Accountant’s qualification or comparable relevant qualification
with more than 16 months of experience. Completes tasks
within workstreams and appointments under supervision.
$375
3
Title Guide to qualifications and role Hourly rate
(excl GST)
Accountant 1 Generally, degree qualified and undertaking Chartered
Accountant’s qualification or comparable relevant qualification
with at least one year of Accountant or equivalent experience.
Assists with tasks within workstreams and appointments under
supervision.
$325
Accountant Generally, degree qualified and undertaking or about to
undertake Chartered Accountant’s qualification or comparable
relevant qualification with less than one year of experience.
Assists with tasks within workstreams and appointments under
supervision.
$275
Undergraduate/ Cadet Undertaking relevant degree. Assists with tasks within
workstreams and appointments under supervision. $190
Practice Services
Director
National Practice Service leaders, generally degree qualified
with more than ten years of experience and reporting directly
to partners. Technical experts in their specific areas and have
team management responsibilities.
$580
Senior Practice
Services
Senior technical, professional or functional expert in national
Practice Services. Generally degree qualified with more than
seven years of experience. Reports to Practice Service leader
and may be responsible for team management.
$410
Senior Client
Administration and
Senior Treasury
Appropriately experienced and undertakes senior level
administrative support activities or senior Treasury activities.
May be responsible for day to day management of projects or
operations and may have supervisory responsibility for junior
staff.
$210
Client Administration
and Treasury
Appropriately experienced and undertakes support activities,
including but not limited to Client administration, Treasury
and document management functions.
$160
McGrathNicol reviews its hourly rates six monthly. The hourly rates quoted above remain in force until 31
December or 30 June (whichever occurs first) and McGrathNicol may increase fees for work continuing past
that date.
Creditors will be advised of any change to the hourly rates for this liquidation.
4
Disbursements 4
There are three categories of disbursements which may be charged:
Externally provided professional services – these are on-charged at cost. An example of an
externally provided professional service disbursement is legal fees.
Externally provided non-professional costs – such as travel, accommodation, external printing
services and search fees – these are on-charged at cost.
Internal disbursements – such as photocopying, printing and postage. These disbursements are
generally charged at cost but may include, in the case of disbursements such as such as telephone
calls, photocopying and printing, both direct variable and fixed costs. For example the rate per
page for printing includes a reasonable and commercial allowance for paper, toner, depreciation,
power and maintenance).
Creditor approval is not required for disbursements. However, details of the basis of recovering internal
disbursements in this liquidation are provided below and full details of actual costs incurred and to be
charged to the liquidation will be provided in future reports.
Basis of Disbursement Claim 4.1
Internal Disbursements Rate
(Excl GST)
Advertising At cost
Courier At cost
Printing- black and white $0.09 per page
Printing- Colour $0.28 per page
Postage At Cost
Stationery and other incidental disbursements At Cost
Staff per diem travel allowance* $89.00 per day
Staff vehicle use $0.63 per km
Telephony – mobile, fixed line and conference calls At cost
* Payable when partners or staff are required for business purposes to stay away from their usual place of
residence overnight.
Home Australia Pty Ltd (In Liquidation) and its wholly owned subsidiaries as detailed in Schedule A
(collectively “Home Australia”)
The Corporations Act 2001 and professional standards require the Practitioners appointed to an insolvent entity to
make a declaration as to:
their independence generally; A.
relationships, including B.
the circumstances of the appointment; (i)
any relationships with the company and others within the previous 24 months; (ii)
any prior professional services for the company within the previous 24 months; (iii)
that there are no other relationships to declare; and (iv)
any indemnities given or up-front payments made to the Practitioner. C.
This declaration is made in respect of ourselves, our partners and the firm McGrathNicol, which for the purpose of
this declaration includes the McGrathNicol Partnership, the McGrathNicol Advisory Partnership, and McGrathNicol
Services Pty Limited.
Independence A.
We, Matthew Caddy and Barry Kogan of the firm McGrathNicol (“the Liquidators”) have undertaken a proper
assessment of the risks to our independence prior to accepting the appointment as liquidators of Home Australia in
accordance with the law and applicable professional standards. This assessment identified no real or potential risks
to our independence. We are not aware of any reasons that would prevent us from accepting this appointment.
Declaration of Relationships B.
Circumstances of appointment (i)
On 25 August 2016, Matthew Caddy and David Barnaby of McGrathNicol met with the sole director of Home
Australia entities (Robert Day) and the former interim CFO/COO with the intention of discussing the financial
position of Home Australia. This meeting was adjourned following a brief introduction as its purpose was
superseded by an immediate financing option to be further explored by the director.
On 9 September 2016, the meeting between Matthew Caddy, the director and the former interim CFO/COO was
reconvened to discuss the financial position of Home Australia.
From 11 October 2016 until the date of appointment, Matthew Caddy had a number of phone calls with the
director for the purposes of:
obtaining sufficient information about Home Australia to understand its current financial position;
clarifying and explaining to Home Australia and the director the various options available to the companies
and the nature and consequences of insolvency appointments; and
Matthew Caddy and Barry Kogan of McGrathNicol providing consents to act.
No remuneration was received for participating in these discussions and meetings.
We believe that these meetings do not result in a conflict of interest or duty because:
the Courts and ARITA’s Code of Professional Practice specifically recognise the need for practitioners to
provide advice on the insolvency process and the options available and do not consider such advice results
in a conflict or is an impediment to accepting the appointment;
the nature of the limited scope advice provide to the Home Australia is such that it would not be subject to
review and challenge during the course of the liquidations; and
the pre-appointment advice will not influence our ability to be able to fully comply with the statutory and
fiduciary obligations associated with the liquidations of Home Australia in an objective and impartial
manner.
Declaration of Independence,
Relevant Relationships and Indemnities
2
We have provided no other information or advice to Home Australia or Mr Day prior to our appointments beyond
that outlined in this DIRRI.
Relevant Relationships (excluding professional services to the Insolvent) (ii)
We, or a member of our firm, have or have had within the preceding 24 months, a relationship with:
Name Nature of relationship Reasons
National Australia Bank Limited (“nab”)
nab holds a charge on the whole or substantially the whole of the property of Home Australia. McGrathNicol undertakes corporate recovery and advisory work from time to time on instructions from nab.
We believe this relationship does not result in a conflict of interest or duty because each professional engagement undertaken for nab in relation to a particular entity or group of entities is conducted on an entirely separate basis which has no connection with these appointments. These engagements are only commenced after full regard is given to potential conflicts of interest in relation to all interested stakeholders. No work has been undertaken for nab in relation to any of the Home Australia companies. Given the above, our independence in acting as Liquidators of Home Australia has not been compromised.
Prior professional services to the Insolvent (iii)
Neither we, nor our firm, have provided any professional services to Home Australia in the previous 24 months.
No other relevant relationships to disclose (iv)
There are no other known relevant relationships, including personal, business and professional relationships, from
the previous 24 months with Home Australia, an associate of Home Australia, a former insolvency practitioner
appointed to Home Australia or any person or entity that currently has security over the whole or substantially the
whole of Home Australia’s property and should be disclosed.
Indemnities and Up-front Payments C.
We have not been indemnified in relation to the Home Australia liquidations, other than any indemnities that we
may be entitled to under statute and we have not received any up-front payments in respect of our remuneration
or disbursements.
Appointments to Members of a Corporate Group D.
As listed on Schedule A of this Declaration, the Liquidators have been appointed as liquidators to eight entities
within the Home Australia group of companies.
We are of the view that the appointment to the group of companies will have significant benefits to the conduct of
the Liquidations, particularly in that this will provide for cost-savings and enable an accurate as possible view to be
obtained of the activities and financial position of the companies as a whole. We are aware that there were inter-
company transactions within the group. At the time of our appointment, we were not aware of any conflicts of
interest between the group companies. Should such a conflict arise, we will keep creditors informed and take
appropriate action to resolve the conflict.
Dated: 27 October 2016
...................................................................... ..............................................................................
Matthew Caddy Barry Kogan
3
Schedule A: Home Australia – entities over which the Liquidators are appointed
Company name Corporate nature ACN
Home Australia Pty Ltd Parent 075 303 767
Ashford Homes Pty Ltd Wholly owned subsidiary 009 217 976
Collier Homes Pty Ltd Wholly owned subsidiary 008 681 454
Homestead Homes Pty Ltd Wholly owned subsidiary 008 011 041
Huxley Homes Pty Ltd Wholly owned subsidiary 106 443 216
Nationwide Australian Investments Pty Ltd Wholly owned subsidiary 077 009 226
Newstart Homes (SE QLD) Pty Ltd Wholly owned subsidiary 080 910 238
Smart Road Property Rentals Pty Ltd Wholly owned subsidiary 008 038 024
Notes to the DIRRI:
1 If the circumstances change or new information is identified, we are required under the Corporations Act 2001 and the
ARITA Code of Professional Practice to update this Declaration and provide a copy to the creditors/committee of
creditors with our next communication, as well as table a copy of any replacement Declaration at the next meeting of the
insolvent’s creditors/committee of creditors.
2 Any relationships, indemnities or up-front payments disclosed in the DIRRI must not be such that the Practitioner is no
longer independent. The purpose of components B and C of the DIRRI is to disclose relationships that, while they do
not result in the Practitioner having a conflict of interest or duty, ensure that creditors are aware of those relationships
and understand why the Practitioner nevertheless remains independent.
Please note that the presentation of the above information is in accordance with the standard format suggested by ARITA.
Important note: The information sheets contain a summary of basic information on the topic. It is not
Insolvency information for directors, employees, creditors and shareholders ASIC has 11 insolvency information sheets to assist you if you’re affected by a company’s insolvency and have little or no knowledge of what’s involved.
These plain language information sheets give directors, employees, creditors and shareholders a basic understanding of the three most common company insolvency procedures—liquidation, voluntary administration and receivership. There is an information sheet on the independence of external administrators and one that explains the process for approving the fees of external administrators. A glossary of commonly used insolvency terms is also provided.
The Insolvency Practitioners Association (IPA), the leading professional organisation in Australia for insolvency practitioners, endorses these publications and encourages its members to make their availability known to affected people.
List of information sheets • INFO 41 Insolvency: a glossary of terms • INFO 74 Voluntary administration: a guide for creditors • INFO 75 Voluntary administration: a guide for employees • INFO 45 Liquidation: a guide for creditors • INFO 46 Liquidation: a guide for employees • INFO 54 Receivership: a guide for creditors • INFO 55 Receivership: a guide for employees • INFO 43 Insolvency: a guide for shareholders • INFO 42 Insolvency: a guide for directors • INFO 84 Independence of external administrators: a guide for creditors • INFO 85 Approving fees: a guide for creditors
Getting copies of the information sheets To get copies of the information sheets, visit ASIC’s website at www.asic.gov.au/insolvencyinfosheets. The information sheets are also available from the IPA website at www.ipaa.com.au. The IPA website also contains the IPA’s Code of Professional Practice for Insolvency Professionals, which applies to IPA members.
a substitute for legal advice. Some provisions of the law referred to may have important exceptions or qualifications. These documents may not contain all of the information about the law or the exceptions and qualifications that are relevant to your circumstances. You will need a qualified professional adviser to take into account your particular circumstances and to tell you how the law applies to you.
© Australian Securities & Investments Commission, December 2008 Page 1 of 1
