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Forsyth Holdings Group Pty Ltd (In Liquidation) – Statutory Report by Liquidator | Page 1
Statutory Report by Liquidator
FORSYTH HOLDINGS GROUP PTY LTD (IN LIQUIDATION)
ACN 159 401 475 (“the Company”)
24 April 2019
Cameron Crichton
Liquidator
T (07) 3222 0200
Forsyth Holdings Group Pty Ltd (In Liquidation) – Statutory Report by Liquidator | Page 2
1. Introduction
I refer to my initial correspondence to creditors dated 19 February 2019 and to my appointment as Liquidator of
the Company on 25 January 2019.
The purpose of this report is to:
Provide you with an update on the progress of the liquidation;
Provide you with an estimate of the assets and liabilities of the Company;
Brief you on further inquiries that need to be undertaken;
Explain the causes of failure of the Company;
Advise you of likely recovery actions; and
Advise you of the likelihood of a dividend being paid in the liquidation.
I have relied on information provided from numerous sources to prepare the report, including:
Discussions with the Director (Alexander Cameron Forsyth) of the Company;
Discussions with Secured Creditors;
Discussions with the Company’s accountant, Bryant & Bryant;
Discussions with the Voluntary Administrator, Courtney Jones & Associates, that was appointed to the Company prior to my appointment;
Discussions with the Company’s pre insolvency advisors, Collins Wentworth;
Information available from public sources, such as; Australian Securities and Investments Commission (ASIC), the Queensland Department of Transport, land title searches and the Personal Property Securities Register (PPSR); and
A review of the Company's limited books and records provided to date.
Whilst I have no reason to doubt the accuracy of any information, I have not performed an audit and reserve the
right to alter my conclusions, should the underlying data prove to be inaccurate or change materially from the
date of appointment.
2. Background of the Company and Causes of Failure
2.1 Background of Company
The Company was incorporated on 9 July 2012 and ASIC records indicate the current place of business as 815
New Cleveland Road, Gumdale, Queensland. However, the business previously operated at Gosport Street,
Hemmant, Queensland and up to 21 January 2018, at 47 Wyuna Court, Hemmant, Queensland. The Company
appears to have operated as an asset holding entity within a wider Forsyth Group of Companies, hiring plant and
equipment to its related party entities which provided transport logistics services to Forsyth Transport Pty Ltd.
There were no employees for the Company.
From my investigations to date I understand Alexander Cameron Forsyth was responsible for the operational
management of the business.
According to the Voluntary Administrators’ Report to Creditors dated 8 January 2019, the business assets were
either sold or transferred to the following parties, in or around August 2018:
Qube Logistics (QLD) Pty Ltd;
Monaro Fuel Haulage Pty and Hartfell Pty Ltd AFT the Haylock Family Trust T/as Emerald Carrying Co; and
Apac Energy Pty Ltd.
Forsyth Holdings Group Pty Ltd (In Liquidation) – Statutory Report by Liquidator | Page 3
2.2 Cause of the Company’s Failure
The Director has advised that the causes of the failure of the Company are due primarily to the following reasons:
Issues relating to a dispute with the former Landlord of the Gosport Street, Hemmant property;
Ongoing commitments for hire purchase liabilities;
Reduction in price achieved in the sale of business assets to unrelated parties due to Landlord issue; and
Failure of grain contracts (impairing the collectability of debts due from Forsyth Transport Pty Ltd).
My limited investigations into the affairs of the Company confirm that, in addition to the reasons identified by the
Director, the failure of the Company may be attributable to liquidity issues arising from significant increases in
funding to related parties. The Company’s general ledger entries indicates that from the period of 19 May 2018
to the date of my appointment, the Company funded the following related party loan account balances
movements:
Apac Energy Pty Ltd – c. $801k;
Forsyth Investments Pty Ltd – c. $855k;
Forsyth Transport Pty Ltd – c. $399k.
Whilst it is my understanding that the loan receivable from Forsyth Transport Pty Ltd relate to charges, costs and
expenses associated with the use and maintenance of the plant and equipment of Forsyth Holdings Group Pty
Ltd, it appears that the movements in loan receivables due from Apac Energy Pty Ltd and Forsyth Investments
Pty Ltd relates primarily to cash advances. I am yet to determine whether there was any commercial justification
for these payments and my investigations are ongoing.
My initial investigations in to the affairs of the Company based on the following sources of financial information
made available:
Limited books and records of the Company provided by the Director and his advisors;
Bank statements; and
Limited books and records of the Company provided by the Voluntary Administrator.
At the time of this report I have not received all of the books and records of the Company.
3. Update on the progress of the liquidation
3.1 Assets and liabilities
The Director of the Company is required to complete and provide to the Liquidator a statement about the
Company's business, property, affairs and financial circumstances, also known as the Report on Company
Activities and Property (ROCAP). The ROCAP is a snapshot in time as at the date of my appointment of the
assets and liabilities of the Company, disclosing book values and the Director’s opinion on the estimated
realisable value (ERV) for assets.
On 30 January 2019 a written request was issued to the Director to complete the Report on Company Activities
and Property (ROCAP) for the Company. A completed ROCAP was submitted to my office on 1 February 2019.
Forsyth Holdings Group Pty Ltd (In Liquidation) – Statutory Report by Liquidator | Page 4
Below is an analysis of the assets and liabilities of the Company, and comparison to the ROCAP as provided by
the Director.
Interest in Land
Land title searches confirm that the Company held a leasehold interest in a property located at 47 Wyuna Court,
Hemmant, Queensland.
The leasehold interest was transferred from the Company in December 2018 to Hemmant Services Pty Ltd, a
related party, for $400,000.
I have received a copy of a valuation dated 31 October 2018 that values the leased property at $400,000. My
investigations into the commerciality of this transaction is continuing.
3.1.1 Cash at Bank
On appointment, I issued correspondence to all major Australian financial institutions requesting they immediately
freeze any accounts held in the Company’s name. I have identified the following bank accounts held by the
Company:
Assets and Liabilities
NoteDirectors' ROCAP
Book Value ($)ERV ($)
Management
Accounts as at 11
November 2018
($)
Liquidators ERV ($)
Assets
Interest in Land Nil Nil Nil Nil
Debtors Nil Nil 16,500 Nil
Related party Loans 1 2,559,628.44 Nil 2,559,628.44 Unknow n
Cash on Hand / at Bank 2 4,073.14 4,073.14 4,073.14 Nil
Deposits Nil Nil 14,817.04 Nil
Plant & Equipment 3 63,096.32 Nil 38,393.08 Unknow n
Motor Vehicles 4 Nil Nil 602,638.75 Unknow n
Other Assets 5 Nil Nil 2,642.56 Unknow n
Total Assets 2,626,797.90 4,073.14 3,238,693.01 Unknown
Liabilities
Bank Nil Nil Nil Nil
Secured Creditors 3 168,359.41 Nil 398,726.43 Unknow n
Priority Creditors Nil Nil Nil Nil
Partly Secured Creditors Nil Nil Nil Nil
Unsecured Creditors 6 1,831,873.04 Nil 1,820,812.74 2,167,430.45
Total Liabilities 2,000,232.45 Nil 2,219,539.17 Unknown
Net Surplus / (shortfall) 626,565.45 4,073.14 1,019,153.84 Unknown
Note 1: Three (3) related party loans: APAC Energy $1,302,157, Forsyth Property $868,254 and Forsyth Transport $389,217
Note 2: The Directors advised that tw o Westpac bank account existed that has funds totalling $3.973 and Cash on Hand of $100. The Voluntary
Administrator (VA) hold a lien over these funds for unpaid VA fees.
Note 3: The Director advised the Company ow ned a forklift f inanced by De Lage Landen. The Voluntary Administrators subsequently disclaimed
this asset on the basis the financier's debt exceeded the value fo the asset.
Note 4: The Director advised there are no motor vehicles. A search of the Qld motor vehicle registration database identif ies tw o motor vehicles not
recorded in the management accounts consisting of a 2013 Great Wall Utility and a 2008 Pig trailer. Further, the management account note
that a prime mover and trailer are subject to an insurance claim and potentially sold to Forsyth Transport Pty Ltd. We have requested further
details of the insurance claim and asset sale from the Director.
Note 5: $2,642 consists of prepayments on Borrow ing costs and Registrations. Further, w e have identif ied a Prestige Motor Vehicle Plate
("TIMING") from a search of the Qld motor vehicle registrations w hich does not appear in the management accounts.
Note 6: Liquidators ERV represents values of Proof of Debt's received to date for the Liquidation. Management Account amount represents data
values from the Company's records as at 11 November 2018.
Balance as at date of appointment
Cash at Bank
Westpac bank account ending in …180 Nil
Westpac bank account ending in …199 Nil
CBA bank account ending in …178 Nil
Voluntary Administrator's bank account $19,552
Total Cash at Bank at date of appointment $19,552
Forsyth Holdings Group Pty Ltd (In Liquidation) – Statutory Report by Liquidator | Page 5
I understand from the Voluntary Administrators that the funds held in the Westpac and CBA bank accounts were
transferred upon their appointment to the Voluntary Administrators bank account. The Voluntary Administrators
have advised that they hold a lien over funds for outstanding Voluntary Administration fees. The Voluntary
Administration fees from 10 December 2018 to the end of the Voluntary Administration. This would be in excess
of c. $13k to c. $40k as per the Voluntary Administrator’s report of 8 January 2019.
To date, I have not received all bank statement relating to the Company’s CBA and Westpac bank accounts and
have requested copies of the missing bank statements from the Director and the respective banks.
3.1.2 Debtors
On appointment, the Company’s records indicated book debts totaling $2,559,628.44 as detailed in the table
below:
The Director’s ROCAP indicated that at the time of Liquidation the Company had the following three (3) key
debtors totaling c. $2.5M all of which are related party debtors.
APAC Energy Pty Ltd – The debt appears to relate to cash advances made to Apac over the 1.5 years
preceding my appointment. This entity provides fueling network solutions, bulk refueling and whole-fleet
lubrication solutions. Apac had previously offered to contribute $700k to settle this debt as part of a
DOCA proposal provided to the Voluntary Administrators. The Director has verbally indicated that the
$700k offer remains available. I have followed up the Director requesting further details of the offer and
Apac’s financial position. Given the quantum of the debt, should I consider it commercially justified to
compromise the debt, creditors’ approval will be required before proceeding.
Forsyth Property Pty Ltd – This entity holds a commercial property located at Wellcamp, Queensland.
The Director has indicated that the Wellcamp property is heavily encumbered and that the mortgagee
(An entity potentially associated with the Director’s mother) is currently in possession of the property.
Forsyth Transport Pty Ltd (Subject to a Deed of Company Arrangement) – The debt appears to relate
to the repayment of a loan liability including cash advances made to Forsyth Transport over the over the
1.5 years preceding my appointment. This entity was the operating entity for the Forsyth Group. The
company entered into a Deed of Company Arrangement (DOCA) in or around December 2018. I have
lodged a claim in the DOCA.
I am currently investigating the collectability of the above debtors.
3.1.3 Motor Vehicles and Plant & Equipment
I have undertaken the following tasks since the date of appointment in relation to motor vehicles and plant &
equipment:
Held discussions with the Voluntary Administrator in relation to the Company’s motor vehicles and plant
and equipment:
Conducted a search of the Queensland motor vehicle registration database to identify motor vehicles
owned by the Company;
Reviewed the Company’s asset register;
Reviewed the Personal Property Security Registrar for motor vehicles and plant & equipment subject to
a security interest; and
Held discussions with the Director in relation to the Company’s motor vehicles and plant & equipment.
The Voluntary Administrator advised all assets including motor vehicles and plant & equipment were sold prior to
their appointment but for a boiler and trailer sold to a third party that was in dispute (the third party no longer
wanted the assets). I have requested the Director to advise of the location of these assets.
Debtor ROCAP Amount ROCAP ERV
APAC Energy Pty Ltd 1,302,157.05$ Nil
Forsyth Property Pty Ltd 868,254.11$ Nil
Forsyth Transport Pty Ltd (Subject to a Deed of Company Arrangement) 389,217.28$ Nil
Total Debtors 2,559,628.44$ -$
Forsyth Holdings Group Pty Ltd (In Liquidation) – Statutory Report by Liquidator | Page 6
A search of the Queensland motor vehicle registration database identified two motor vehicles registered in the
Company’s name, being a:
2013 Great Wall Utility; and
2008 Pig trailer.
I have requested the Director provide details on the location of these motor vehicles.
I understand that a related company, Forsyth Transport Pty Ltd, may have outstanding insurance claims relating
to a Prime Mover and Trailer valued at c. $370k per the management accounts. I am investigating whether the
Company has a claim to any of the potential outstanding insurance claims.
The Queensland motor vehicle registration database identified a set of personalised number plates belonging to
the Company. I have requested the Director deliver the personalised number plates to this office or submit an
offer to purchase. As at the date of this report, I have not received a response to my request.
Asset Sale Agreements
I understand from the Director, the Company initially entered into an agreement to sell the business to Qube
Logistics (Qld) Pty Ltd (“Qube”). However, the sale did not proceed due to a dispute with the landlord of the
Gosport Street, Hemmant property (a property leased by the Forsyth Group of Companies). The landlord
subsequently entered into possession of the Gosport Street property and the sale of the business to Qube did not
proceed. The Company subsequently entered into Asset Sale Agreements with Qube and Monaro Fuel Haulage
for the sale of the motor vehicles and plant & equipment.
Details of these asset sale transactions are summarised below:
The written down value of the Company’s assets per the asset register as at 23 July 2018 was $12,438,496.
I understand from the Director that certain plant & equipment was sold or transferred to APAC Energy prior to the
appointment of Voluntary Administrators. I have requested a copy of the asset sale agreement or transfer
document(s) but am yet to be provided with same.
I have requested documentation from the Director in relation to the dispute with the landlord.
My investigation into the sale of the Company’s motor vehicles and plant & equipment are ongoing.
3.1.4 Assets subject to specific charges – Personal Property Security Registration (PPSR)
As at the date of my appointment I identified that the Company has 11 PPSR registrations. Outlined below is a
list of the PPSR registrations along with my comments:
Purchaser Agreement date $ (exclusive of GST)
Qube Logistics (QLD) Pty Ltd 3 August 2018 5,634,088
Monaro Fuel Haulage Pty Ltd and Hartfell Pty Ltd ATF
the Haylock Family Trust T/As Emerald Carrying Co
13 August 2018 6,153,000
Total of Asset Sale Agreements $11,787,088
Collateral Class PMSI Secured Party Details Registration Date Comment
ALLPAAP - With exceptions Unknow n Westpac Banking Corporation 11 December 2012 Aw aiting documentation from the secured party
ALLPAAP - No exceptions Unknow n Forsyth Investments (Aust) Pty Ltd 6 November 2015 Aw aiting documentation from the secured party
ALLPAAP - No exceptions Unknow n Bryantcraft Pty Ltd Trading as
Bryant and Bryant
19 October 2018 Security interest invalid, registration date w ithin
six months of date of appointment of Voluntary
Administrators
Other Goods Yes De Lage Landen Pty Limited 26 July 2016 Documents received, under review
Other Goods Yes Adapt-A-Lift Group Pty Ltd 17 May 2017 Aw aiting documentation from the secured party
Other Goods No APAC Energy Pty Ltd 18 July 2018 Security interest invalid, registration date w ithin
six months of date of appointment of Voluntary
Administrators
Motor Vehicle Yes De Lage Landen Pty Limited 26 July 2016 Documents received, under review
Motor Vehicle Yes Adapt-A-Lift Group Pty Ltd 17 May 2017 Aw aiting documentation from the secured party
Motor Vehicle Yes De Lage Landen Pty Limited 28 June 2017 Documents received, under review
Motor Vehicle Yes Gogetta Equipment Funding Pty Ltd 11 September 2017 Documents received, under review
Motor Vehicle Yes Gogetta Equipment Funding Pty Ltd 11 September 2017 Documents received, under review
Forsyth Holdings Group Pty Ltd (In Liquidation) – Statutory Report by Liquidator | Page 7
Provision of information from the secured parties will assist in my investigations into the circumstances and
commerciality of the aforementioned asset sales and transfers.
3.1.5 Employee Liabilities
The Director has advised that the Company doesn’t have any employees. The books and records received to
date confirm this position.
3.1.6 Unsecured Creditor Claims
The table below represents known unsecured creditors of the Company to date:
3.2 Receipts and Payments to date
I have not received any funds, nor processed any payments in the Liquidation to date.
3.3 Investigations and possible recovery actions
3.3.1 Investigations undertaken
I have commenced my initial investigations into the affairs of the Company prior to my appointment and any
potential recovery actions that may be available to the Liquidator to pursue.
My initial findings of these investigations are detailed below. Given the limited time that has passed in the
Liquidation the below findings are preliminary and may be subject to change.
3.3.2 Directors and Officers to assist the Liquidator
Section 530A of the Corporations Act 2001 (Clth) (the “Act”) places a positive obligation on a director to assist the
liquidator or provisional liquidator of a company. I believe that the Director has not fully complied with his
obligation pursuant to s530A of the Act.
3.3.3 Directors’ obligations to maintain adequate books and records
The Company’s accountant has advised that the FY16 financial statements and taxation return were the last
formal documents prepared and lodged for the Company. Draft financial statements for the period up to 25
November 2018 were provided to the Voluntary Administrator and I have received general ledger extract for the
period up to my appointment. I am unable to verify the accuracy of same and accordingly I am currently unable
to clarify whether the Director has breached his obligations to maintain adequate books and records of the
Company pursuant to s286 of the Act.
3.3.4 Insolvent trading
As an asset holding entity in a corporate group, the Company was reliant upon funding from related parties
including Forsyth Transport Pty Ltd. The Voluntary Administrator of Forsyth Transport Pty Ltd indicated that
Forsyth Transport Pty Ltd became insolvent in or around 4 September 2018, and accordingly by extension the
Company was also likely insolvent at that time.
At this point in time, I have not received sufficient information to determine when these related party loans
become impaired. Accordingly, I am unable to determine exactly when the Company likely became insolvent.
Further investigations will be undertaken to assess the merits of any potential insolvent trading claim upon receipt
of additional information (including related party financial accounts).
Unsecured Creditors ROCAP ($) Advised ($) POD ($)
Australian Taxation Office 1,656,214.30$ 1,656,214.30$ 1,890,585.58$
Collins Wentw orth Pty Ltd 38,128.37$ 38,128.37$ 38,155.37$
Eagle Alliance Earthmoving QLD 65,542.09$ 65,542.09$ 65,542.09$
Forsyth Investments (Aust) Pty Ltd 21,223.82$ 21,223.82$ 21,223.82$
Navman Wireless Australia Pty Ltd 49,292.10$ 49,292.10$ 45,793.00$
State Debt Recovery Office 892.20$ 892.20$ Not Received
Transurban Group 580.16$ 580.16$ Not Received
Total Unsecured Creditors 1,831,873.04$ 1,831,873.04$ Unknown
Forsyth Holdings Group Pty Ltd (In Liquidation) – Statutory Report by Liquidator | Page 8
3.3.5 Voidable transactions
Unfair preference claims The relation-back period in this matter commenced on 19 May 2018, being 6 months prior to the date of the
winding up application being filed.
The majority of the Company’s trade suppliers appear to have had their debts substantially repaid, and my
investigations have identified six (6) payments totalling c. $200k that may be considered preferential.
My investigations are continuing into the circumstances of these payments.
Uncommercial transactions – Third Parties To date, my preliminary investigations have not identified any potential uncommercial transactions. However,
further investigations will be undertaken once further information becomes available.
Unreasonable Director related transactions My preliminary investigations identified 27 payments totalling c. $2.7m, from the Company’s banking records,
during the relation back period that may be potential unreasonable director related transactions. These
payments relate to Apac Energy Pty Ltd, Forsyth Investments Pty Ltd, Forsyth Transport Pty Ltd, Sea Cargo Hc
Pty Ltd and the Director.
Additionally, I note the following based on the Company’s general ledger entries:
Apac Energy Pty Ltd - This loan receivable increased from c. $465k to c. $1.3m from the 19 May 2018
to the date of my appointment. The movement predominately relates to c. $801k cash transferred to
Apac during August and September 2018.
Forsyth Investments Pty Ltd – This loan balance moved from a c. $436k liability to c. $418k debt
(Asset) from the 19 May 2018 to the date of my appointment. This movement was the result of net cash
transfers totalling c. $855k.
Forsyth Transport Pty Ltd - This loan balance reduced from c. $788k to c. $389k from the 19 May
2018 to the date of my appointment. This movement was a result of net cash transfers totalling c.
$399k.
Further investigations will be undertaken once further information becomes available.
3.3.6 Further inquiries to be undertaken
I plan to undertake the following further investigations:
Request ASIC’s assistance in obtaining the Company’s books and records;
Review trading history to determine the date the Company became insolvent and consider any potential insolvent trading claim;
Purse recovery of voidable transactions including preference payments and any uncommercial transactions; and
Collectability of intercompany loans.
Consider seeking funding from ASIC and /or the ATO to pursue further investigations and litigations where appropriate.
3.4 Meetings held
To date, no meeting of the Company’s creditors have been required to be held and therefore, no meeting of
creditors has been convened. I will likely convene a meeting in the coming months when the Liquidation is
further advanced.
4. Likelihood of a dividend
I am unable to provide a dividend estimate of any certainty at this stage of the liquidation. If I do declare a
dividend, any creditor whose claim has not yet been admitted will be contacted and asked to submit a proof of
debt.
When I am ready to declare a dividend, any creditor whose claim has not yet been admitted will be contacted and
asked to submit a proof of debt. This formalises your claim in the liquidation and is used to determine all claims
against the Company.
Forsyth Holdings Group Pty Ltd (In Liquidation) – Statutory Report by Liquidator | Page 9
5. Cost of the liquidation
In my initial information to creditors, I estimated that my total remuneration for the liquidation would be $40,000 -
$60,000 to complete subject to variables. The Director has not yet provided all necessary information and
engaged with me to resolve the Company’s claim to key assets. Consequently, my efforts to progress key
investigations and realisations have been protracted. My estimate of costs of the liquidation outlined in my initial
communication is likely to be exceeded. Based on information currently available I estimate that the total
remuneration for the Liquidation is likely to be between $80,000 and $90,000, further information in respect to my
remuneration will be provided to creditors in due course following and when funds become available.
6. What happens next in the liquidation?
I will proceed with the liquidation, including:
Recover any further available property;
Collect pre-appointment related party debtor accounts;
Complete my investigations into the Company’s affairs;
Recover any voidable transactions if identified;
Distribute funds to creditors (if funds are available);
Complete my reporting to the corporate insolvency regulator, the Australian Securities and Investments Commission (ASIC); and
Any other matters relevant to the liquidation.
If I receive a request for a meeting that complies with the guidelines set out in the initial information provided to
you, I will hold a meeting of creditors.
I may write to you again with further information on the progress of the liquidation.
I expect to have completed this liquidation within 6 to 12 months from the date of this report.
7. Compliance with best practice
I confirm that this report complies with the requirements in the Insolvency Practice Rules (IPR), specifically IPR
70-40, as well as the statements of best practice issued by the Australian Restructuring Insolvency and
Turnaround Association (ARITA) with regard to content of the Statutory Report by Liquidator and the Code of
Professional Practice with regard to remuneration.
8. Where can you get more information?
You can access information which may assist you on the following websites:
The Australian Restructuring Insolvency and Turnaround Association (ARITA) at www.arita.com.au/creditors -
Summary of ARITA Insolvency information sheets, refer Appendix B.
The Australian Securities and Investments Commission (ASIC) at www.asic.gov.au - Summary of ASIC
information sheet - Insolvency information, refer Appendix C.
Forsyth Holdings Group Pty Ltd (In Liquidation) – Statutory Report by Liquidator | Page 10
Should you have any queries with respect to the above, you may also contact Barbara Proberts of my office on
+61 7 3222 0368 or via email on [email protected].
There is also information about this liquidation on my firm’s website at https://www.grantthornton.com.au/ under
Creditors Information. Creditors are advised to search “Forsyth Holdings Group Pty Ltd” at the top of the
webpage to easily navigate to the page.
Dated this 23rd Day of April 2019
Cameron Crichton
Liquidator
List of attachments
Appendix A – Summary of ARITA Insolvency information sheets
Appendix B – Summary of ASIC Information sheets
Appendix C – Form 535 Proof of Debt
Forsyth Holdings Group Pty Ltd (In Liquidation) – Statutory Report by Liquidator | Page 11
Appendix A
Summary of ARITA Insolvency information sheets
Forsyth Holdings Group Pty Ltd (In Liquidation) – Statutory Report by Liquidator | Page 12
Appendix B Summary of ASIC Information sheet – Insolvency information
14/11/2018 Insolvency information for directors, employees, creditors and shareholders | ASIC - Australian Securities and Investments Commi…
https://asic.gov.au/regulatory-resources/insolvency/insolvency-information-for-directors-employees-creditors-and-shareholders/ 1/1
Insolvency information for directors, employees, creditors andshareholdersThis information sheet (INFO 39) lists ASIC's information sheets for directors, employees, creditors and shareholdersaffected by a company's insolvency.
We have produced these with endorsement from the Australian Restructuring Insolvency & Turnaround Association(ARITA).
The information sheets give a basic understanding of the three most common company insolvency procedures –liquidation, voluntary administration and receivership – as well as the independence requirements for externaladministrators and approving external administrator remuneration. There is also a glossary of commonly used insolvencyterms.
List of information sheets
INFO 41 Insolvency: A glossary of termsINFO 42 Insolvency: A guide for directorsINFO 43 Insolvency: A guide for shareholdersINFO 45 Liquidation: A guide for creditorsINFO 46 Liquidation: A guide for employeesINFO 54 Receivership: A guide for creditorsINFO 55 Receivership: A guide for employeesINFO 74 Voluntary administration: A guide for creditorsINFO 75 Voluntary administration: A guide for employeesINFO 84 Independence of external administrators: A guide for creditorsINFO 85 Approving fees: A guide for creditors
Where can I get more information?
Further information is available from the ARITA website. The ARITA website also contains the ARITA Code ofProfessional Practice for Insolvency Practitioners.
This is Information Sheet 39 (INFO 39) updated on 1 September 2017. Information sheets provide conciseguidance on a specific process or compliance issue or an overview of detailed guidance.
Last updated: 01/09/2017 10:57
Forsyth Holdings Group Pty Ltd (In Liquidation) – Statutory Report by Liquidator | Page 13
Appendix C
Form 535 Proof of Debt
*Do not complete if this proof is made by the creditor personally.
ACN 159 401 475 FORM 535
Subregulation 5.6.49(2) Corporations Act (2001)
FORMAL PROOF OF DEBT OR CLAIM (GENERAL FORM)
To the Liquidator of Forsyth Holdings Group Pty Ltd (In Liquidation)
1 This is to state that the company was on 25 January 2019 (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.
4 * 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: Phone: Address: Email:
