![Page 1: Initial Information for Creditors(17525378.3)](https://reader030.vdocuments.mx/reader030/viewer/2022012810/61c0fb9f17f9e60ff6471735/html5/thumbnails/1.jpg)
#17525378v3<CLIENT> - Initial Information for Creditors
THE POWER OF BEING UNDERSTOOD AUDIT | TAX | CONSULTING RSM Australia Partners is a member of the RSM network and trades as RSM. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practices in its own right. The RSM network is not itself a separate legal entity in any jurisdiction. RSM Australia Partners ABN 36 965 185 036 Liability limited by a scheme approved under Professional Standards Legislation
RSM Australia Partners
Level 32 Exchange Tower 2 The Esplanade Perth WA 6000 GPO Box R1253 Perth WA 6844
T +61 (0) 8 9261 9100 F +61 (0) 8 9261 9111
www.rsm.com.au
Email: [email protected]
12 October 2021
INITIAL INFORMATION FOR CREDITORS
MAP Exports Pty Ltd (In Liquidation) ACN 153 932 202 (“the Company”) Formerly Trading As "Map Exports" and "Map Farm Fresh"
The purpose of this document is to provide you with information about the liquidation of the Company and your rights as a creditor.
Notification of appointment
I was appointed Liquidator of the Company on 13 September 2021 pursuant to an Order of the Supreme Court of Western Australia.
The Company is now in liquidation and according to the records you are a creditor of the Company.
A copy of my Declaration of Independence, Relevant Relationships and Indemnities (DIRRI) is attached at Annexure A. The DIRRI assists you to understand any relevant relationships that I have, and any indemnities or upfront payments that have been provided to me. I have considered each relationship and it is my opinion that none of the relationships disclosed in the DIRRI result in a conflict of interest or duty or affect my independence.
What is a court liquidation?
A court liquidation is where an order to place a company into liquidation is made by the court. Usually this is on application of a creditor where the Company has not paid its outstanding debt. Generally this means that the Company is insolvent.
What happens to your debt?
All creditors of the Company are now creditors in the liquidation. As a creditor, you have certain rights, although your debt will now be dealt with in the liquidation.
If you have leased property to the Company, have a retention of title claim or hold a Personal Property Security Interest in relation to the company, please contact my staff as soon as possible.
Proofs of Debt are not being called for at this stage, but creditors are requested to keep this office informed of any changes of address. Creditors are able to lodge a Proof of Debt (Annexure B) if they so wish.
Your rights as a creditor
Information regarding your rights as a creditor is provided in the information sheet included at Annexure C. This includes your right to:
Make reasonable requests for a meeting or information
Give directions to the liquidator
Appoint a reviewing liquidator or replacement liquidator
![Page 2: Initial Information for Creditors(17525378.3)](https://reader030.vdocuments.mx/reader030/viewer/2022012810/61c0fb9f17f9e60ff6471735/html5/thumbnails/2.jpg)
#17525378v3<CLIENT> - Initial Information for Creditors Page 2 of 5
Summary of the Company’s affairs
I have not received a Report on Company Activities and Property (ROCAP) from the Company’s sole Director Mr Romero Rebelo (Director) at the time of preparing this report. If a ROCAP is received, a summary of the Company’s affairs will be provided to creditors in our next report.
Update on liquidation to date
The Company was incorporated in 2011 and operated a fresh produce wholesale business, selling fruit and vegetables from Western Australia to customers overseas. I understand the business ceased to trade on, or shortly before my appointment.
Director Compliance & ASIC Referral
To date, the Director has failed to cooperate with my requests to:
deliver to me or provide me access to the Company assets;
deliver to me or provide me access to the Company’s books and records;
complete and deliver to me a ROCAP;
provide me details and information pertaining to the Company’s affairs; and
attend an interview with me at my office to provide information pertaining to the Company’s affairs.
I have requested compliance on several occasions including by letter, email and in several telephone conversations between my staff and the Director.
As a result of the ongoing non-compliance, I have referred this matter to the Australian Securities and Investments Commission (ASIC), for assistance.
I have also engaged legal representation to provide me with advice and assist with compelling compliance from the Director regarding the above matters.
Motor Vehicles and Plant & Equipment
Following my appointment, I wrote to the Western Australian Department of Transport (DoT), seeking details of all motor vehicles registered in the Company’s name.
The DoT has provided a schedule of all motor vehicles registered at the date of my appointment, which confirms the Company owns five (5) motor vehicles and two (2) trailers, details of which are as follows:
Year Make Model
2016 BMW 5 Series
2017 Mercedes-Benz GLS
2014 Holden Commodore
2009 Holden Maloo
1998 Nissan Patrol
2018 John Papas Trailer
1991 Custom made Trailer
An auctioneer has advised that on an unsighted, desktop valuation basis only, the vehicles may be worth a total of approximately $180,000.
Through further enquiries made, I have been able to determine that the BMW and Mercedes-Benz are subject to finance contracts owing $37,476 and $52,869 respectively. I wrote to the respective finance companies that hold security interests seeking further information. Both have responded providing a copy of the finance contracts and the payout figures noted above.
![Page 3: Initial Information for Creditors(17525378.3)](https://reader030.vdocuments.mx/reader030/viewer/2022012810/61c0fb9f17f9e60ff6471735/html5/thumbnails/3.jpg)
#17525378v3<CLIENT> - Initial Information for Creditors Page 3 of 5
I have requested that the Director deliver up these Company assets. However, to date, he has failed to do so. It is understood that the vehicles are located on a rural property owned by a related entity.
My staff have attended the curb side of both the rural property owned by the related entity, and the address listed as the Company’s principal place of business on the ASIC register. However, they were unable to sight the vehicles.
Once I obtain possession of the vehicles, I will arrange for a formal valuation to be conducted, and then with the assistance of my agent, consider the most commercial method to sell the vehicles.
In addition to the assets noted above, the Company’s financial statements, that I have obtained from third party enquiries, show that as at 30 June 2019 the Company also owned plant and equipment comprising office equipment, a forklift and a cool room.
As noted above, the Director has failed to deliver to me or provide me with access to secure the Company’s assets, as he is required pursuant to the Corporations Act 2001. Accordingly, I have engaged a lawyer to assist in obtaining possession of the assets. Correspondence has been issued to the Director in this regard and the necessary legal action will be taken should the assets not be made available to me in the short term.
If any creditor has information concerning the whereabouts of the Company’s motor vehicles and other assets, I ask that this information be provided to my office immediately.
Pre-appointment Unrelated Debtors
Following my appointment, I was able to obtain transfer of the Company’s Xero management accounts file to my firm. The management accounts show that the Company is owed $2,396,597 from 16 debtors.
These debts prima facie relate to the sale of fruit and vegetables to overseas customers based in the Middle East and South East Asia.
I have written to all debtors demanding payment of the sums due. To date, no recovery has been made and I have received correspondence from multiple debtors disputing the sums owed due to prior payment and or in relation of quality issues.
Where commercial to do so, I will engage collection agents and/or lawyers to further pursue recovery of these debts due to the Company.
Related Debtors
In addition to the debtors noted above, the Company’s management accounts record the following loans due to the Company, as at the date of liquidation:
Internal disbursements Balance ($)
Romeo Rebelo 973,817
Rebelo Nominees Pty Ltd as trustee for the Rebelo Family Trust 93,706
MAP Exports Farming Pty Ltd as trustee for the Rebelo Farming Trust 220,083
Total 1,287,606
Demands for repayment of these debts will be issued by my legal representatives shortly.
General Security Interest
Australia and New Zealand Banking Group (ANZ) holds a general security interest over all assets of the Company. Whilst no debt is owed to ANZ by the Company, ANZ has confirmed that the security interest is in relation to a guarantee provided for a debt facility to MAP Exports Farming Pty Ltd as trustee for the Rebelo Farming Trust.
Following my appointment, I made enquiries of ANZ seeking further information and records. It was confirmed that the Company holds two bank accounts with ANZ.
![Page 4: Initial Information for Creditors(17525378.3)](https://reader030.vdocuments.mx/reader030/viewer/2022012810/61c0fb9f17f9e60ff6471735/html5/thumbnails/4.jpg)
#17525378v3<CLIENT> - Initial Information for Creditors Page 4 of 5
I have since attended two meetings with ANZ regarding the liquidation and have received records and bank statements that will assist in my further investigations. Further, ANZ will shortly transfer the credit balance of the accounts (approximately $16,000) to the liquidation account.
Investigations to Date
Following my appointment, I wrote to the Company’s former accountant and lawyer seeking a copy of all records held and for details concerning the Company’s affairs.
The Company’s former accountant initially advised that they were unable to comply with my requests therefore, I was required to instruct my lawyer to issue correspondence setting out the basis on which, as Liquidator, I am entitled to the records. Following this, I received some information and a report from the Company’s Xero management accounts.
The lawyer confirmed that they had acted for the Company in relation two matters, provided some records of the Company including 2019 financial statements, and invited me to attend their offices to inspect their files. I attended the lawyer’s office with a member of my staff and am awaiting the records that I have requested a copy of that will assist in my further investigations.
In addition, I have undertaken searches of the Company and related entities to establish whether any further assets are held. I have held telephone conversations with various creditors to obtain further information regarding the Company’s affairs.
I have also established that the Company’s owns two website domains and has several telephone numbers in its name which I understand are being used by related entities. I have written to the Company’s former IT provider seeking access to data, and have also been liaising with Telstra regarding the ongoing provision of telephone services.
Whilst a significant level of work has been undertaken to date to identify and locate Company assets and records, and understand the Company’s affairs, my investigations remain ongoing.
Given the lack of cooperation of the Director, I consider that the most appropriate next step regarding my investigations may be to conduct a public examination of the Director and where required, other parties that have had prior involvement with the Company. This will enable me to seek further records and allow my lawyer or a barrister to examine those persons in Court.
Funding of Further Investigations
The liquidation currently has insufficient funds to meet the costs of the conduct of the winding up. Accordingly, I may be restricted in further investigations and recovery actions, past those that I consider commercial to pursue.
Options that exist to progress the claims include funding from creditors and/or engaging a lawyer to act on a speculative basis, and/or litigation funding.
As noted above, I have engaged a lawyer on a speculative basis who is currently assisting with requesting compliance from the Director and also assessing the merits of undertaking a public examination.
Notwithstanding, I invite any creditor wishing to fund further investigations and the conduct of a public examination to notify me in writing of your interest to do so, within 28 days of the date of this report.
What happens next?
I will proceed with the liquidation, including:
Recovering and selling any available property (including motor vehicles);
Recovering outstanding debtors;
Investigating the Company’s affairs;
Pursuing any recovery actions identified;
![Page 5: Initial Information for Creditors(17525378.3)](https://reader030.vdocuments.mx/reader030/viewer/2022012810/61c0fb9f17f9e60ff6471735/html5/thumbnails/5.jpg)
#17525378v3<CLIENT> - Initial Information for Creditors Page 5 of 5
Reporting to the corporate regulator, ASIC; and
Reporting my findings to creditors.
If I receive a request for a meeting that complies with the guidelines set out the creditor rights information sheet, I will hold a meeting of creditors.
I will write to you within three months of my appointment advising whether a dividend is likely and update you on the progress of my investigations.
I may write to you again after that with further information on the progress of the liquidation.
Costs of the liquidation
Included at Annexure D is my Initial Remuneration Notice. This document provides you with information about how we propose to be paid for undertaking the liquidation.
Annexure E is a detailed report on the remuneration I have incurred to date and expect to incur, this is called a Remuneration Approval Report. I am unable to pay my remuneration without the approval of creditors or the Court.
As noted in the Remuneration Approval Report, the total costs incurred in conducting the liquidation are expected to be high due to the non-compliance of the Director, the likelihood of future litigation regarding delivery of possession of the Company’s assets and other recovery actions identified being required and future dealings regarding same being potentially contested.
I propose to have my remuneration approved by a proposal without a meeting. Information about passing resolutions without a meeting and a voting form is included at Annexure F. A Proof of Debt (Form 535) is included at Annexure B, for your completion and return with the proposal form.
Where can you get more information?
If you wish to receive future notifications by electronics means, please complete and return Annexure E.
The Australian Restructuring Insolvency and Turnaround Association (ARITA) provides information to assist creditors with understanding liquidations and insolvency. This information is available from ARITA’s website at www.arita.com.au/creditors.
ASIC also provides information sheets on a range of insolvency topics. These information sheets can be accessed on ASIC’s website at www.asic.gov.au (search for “insolvency information sheets”).
You can also contact my office and speak with myself or John Dowey of this office on (08) 9261 9151.
Yours faithfully JEROME MOHEN Liquidator
Attachments
Annexure A - Declaration of Independence, Relevant Relationships and Indemnities Annexure B - Proof of Debt Form Annexure C - Information Sheet - Creditor Rights in Liquidations Annexure D - Initial Remuneration Notice Annexure E - Remuneration Approval Report Annexure F - Proposal Without a Meeting - Remuneration and Supporting Information Annexure G - Authority for Electronic Notices
![Page 6: Initial Information for Creditors(17525378.3)](https://reader030.vdocuments.mx/reader030/viewer/2022012810/61c0fb9f17f9e60ff6471735/html5/thumbnails/6.jpg)
#17525378v3<CLIENT> - Initial Information for Creditors
ANNEXURE A | DECLARATION OF INDEPENDENCE, RELEVANT RELATIONSHIPS AND INDEMNITIES
MAP Exports Pty Ltd (In Liquidation) ACN 153 932 202 (the Company)
Formerly Trading As "Map Exports" And "Map Farm Fresh"
The purpose of this document is to assist creditors with understanding any relationships that the Liquidator has and any indemnities or upfront payments that have been provided to the Liquidator. None of the relationships disclosed in this document are such that the independence of the Liquidator is affected.
This information is provided to you to enable you to make an informed assessment on any independence concerns, so you have trust and confidence in my independence and, if not, can act to remove and replace me if you wish.
This document requires the Practitioner appointed to an insolvent entity to make declarations as to:
A. their independence generally; B. relationships, including
B1. the circumstances of the appointment; B2. any relationship with the Insolvent and others within the previous 24 months; B3. any prior professional services for the Insolvent within the previous 24 months; B4. that there are no other relationships to declare; and
C. any indemnities given, or up-front payments made, to the Practitioner.
This declaration is made in respect of myself, my Partners, RSM Australia Partners (RSM), and the related entities of RSM. The related entities of RSM are listed in Schedule A at the end of this document.
A. Independence
I, Jerome Hall Mohen, of RSM Australia Partners have undertaken a proper assessment of the risks to my independence prior to accepting the appointment as Liquidator of the Company in accordance with the law and applicable professional standards. This assessment identified no real or potential risks to my independence. I am not aware of any reasons that would prevent me from accepting this appointment.
B. Declaration of Relationships
B1. Circumstances of appointment
I was approached on 8 July 2021, to act as Liquidator by solicitors, Benz Legal, acting for Castro Farms Pty Ltd. After undertaking the abovementioned assessment, I signed a consent to act on 12 July 2021. I was was subsequently appointed as Liquidator by the Supreme Court of Western Australia on 13 September 2021.
I believe that this referral does not result in a conflict of interest or duty because:
the giving of a consent to act does not result in any duty owed to that creditor that would conflict with my interests or duties under the Corporations Act 2001 (Cth);
referrals from solicitors, business advisors and accountants are commonplace and do not impact on my independence in carrying out my duties as Liquidator; and
there is no expectation, agreement or understanding between myself and the Petitioning Creditor about the conduct of this, past and any future likely referrals and I am free to act independently and in accordance with the laws and the requirements of the ARITA Code of Professional Practice.
B2. Relevant Relationships with the Insolvent and Others
Neither I nor my firm have, or have had within the preceding 24 months, any relationships with the Company, any associate of the Company or any former insolvency practitioner appointed to the Company, that should be disclosed, other than that noted below at Section B3.
![Page 7: Initial Information for Creditors(17525378.3)](https://reader030.vdocuments.mx/reader030/viewer/2022012810/61c0fb9f17f9e60ff6471735/html5/thumbnails/7.jpg)
#17525378v3<CLIENT> - Initial Information for Creditors
B3. Prior Professional Services to the Insolvent
In July 2019, the Director of the Company Mr Romeo Rebelo was referred to Mr Paul Steber, a principal, of RSM’s business advisory division, by the Company’s former bookkeeper in regard to providing the Company with taxation and compliance services.
Shortly following, in August and September 2019, RSM commenced the process of onboarding the Company as a client.
In October 2019, the Company’s former bookkeeper also made enquiries of Mr Steber regarding an outstanding Company debtor based in the Middle East, and seeking information as to whether RSM could assist in recovery of the debt. RSM was never instructed to commence these works and no works in this regard were undertaken.
On 25 November 2019, a letter dated 18 November 2019 was sent via email from Mr Rebelo to Mr Steber advising that he had terminated the employment of the former bookkeeper, that he had decided to cease the onboarding with RSM and that he was going to remain with the Company’s prior accountant, with immediate effect.
The last time entry for onboarding the Company by RSM was on 27 September 2019. No engagement letter for RSM was ever executed by the Company or Mr Rebelo.
In the period of July 2019 to September 2019 no taxation, compliance or business advisory works were provided to the Company. All works pertained to the potential transfer of the Company’s accounts to RSM, which ultimately did not eventuate.
On 19 November 2019 and 25 November 2019 invoices totalling $1,211.10 for the onboarding works were raised and issued by RSM to the Company. These invoices were never paid and the balances due by the Company were written off by RSM on 15 December 2020.
I do not consider my firm’s prior involvement with the Company and Mr Rebelo causes any conflict of interest or duty as the services provided were onboarding only in a business advisory capacity. No taxation or compliance work or works which would be subject to review in the liquidation were completed. These immaterial dealings with my firm were also by in large 24 months prior to my appointment as Liquidator and will not affect my ability to be able to fully comply with the statutory and fiduciary obligations associated with the liquidation of the Company in an objective and impartial manner.
B4. No Other Relevant Relationships to Disclose
There are no other known relevant relationships, including personal, business and professional relationships, from the previous 24 months with the Company, any associate of the Company, any former insolvency practitioner appointed to the Company or any persons or entity which is entitled to enforce a security interest in the whole, or substantially the whole, of the Company’s property (including any PPSA retention of title property) that should be disclosed.
C. Indemnities and Up-Front Payments
I have not been indemnified in relation to this administration, other than any indemnities that I may be entitled to under statute and I have not received any up-front payments in respect of my remuneration or disbursements.
Dated this 12th day of October 2021 JEROME MOHEN Liquidator
Notes:
1. If circumstances change, or new information is identified, I am required under the Corporations Act 2001 and the ARITA Code of Professional Practice to update this Declaration and provide a copy to creditors with my next communication as well as table a copy of any replacement declaration at the next meeting of the Company’s 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.
![Page 8: Initial Information for Creditors(17525378.3)](https://reader030.vdocuments.mx/reader030/viewer/2022012810/61c0fb9f17f9e60ff6471735/html5/thumbnails/8.jpg)
#17525378v3<CLIENT> - Initial Information for Creditors
SCHEDULE A – RELATED ENTITIES OF RSM AUSTRALIA PARTNERS
RSM Australia Partners
RSM Australia Pty Ltd as trustee for Birdanco Practice Trust trading as RSM
RSM Corporate Australia Pty Ltd
RSM Digital Australia Pty Ltd
RSM Financial Services Australia Pty Ltd
BC Law Pty Ltd
RSM Timor Unipessoal Lda
Birds Holdings Pty Ltd
Birdanco Holdings Pty Ltd as trustee for Birdanco Holdings Trust
Birdanco Proprietors Pty Ltd
Birdanco Structural Trust (corporate trustee RSM Australia Pty Ltd)
Gorwill Nominees Pty Ltd as trustee for
Birdanco Financing Trust
Bird Cameron Investment Unit Trust
![Page 9: Initial Information for Creditors(17525378.3)](https://reader030.vdocuments.mx/reader030/viewer/2022012810/61c0fb9f17f9e60ff6471735/html5/thumbnails/9.jpg)
#17525378v3<CLIENT> - Initial Information for Creditors
ANNEXURE B | PROOF OF DEBT FORM
FORM 535 CORPORATIONS ACT 2001
ACN 153 932 202 Subregulation 5.6.49(2)
FORMAL PROOF OF DEBT OR CLAIM (GENERAL FORM)
To the Liquidator of MAP Exports Pty Ltd (In Liquidation) (“the Company”) 1. This is to state that the Company was, on 13 September 2021 (1) and still is, justly and truly indebted to(2) (full name):
................................................................................................................................................................................................. (‘Creditor’)
................................................................................................................................................................................................. of (full address)
for $ ................................................................................................. dollars and ..................................................................... cents.
Particulars of the debt are:
Date Consideration(3)
state how the debt arose Amount
$ GST included
$ Remarks(4)
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 manner of satisfaction or security for the sum or any part of it except for the following: ...........................................................
Insert particulars of all securities held. Where the securities are on the property of the company, assess the value of those securities. If any bills or other negotiable securities are held, specify them in a schedule in the following form:
Date Drawer Acceptor Amount $ Due Date
I am not a related creditor of the Company (5)
I am a related creditor of the Company (5) relationship:_______________________________________________
3A.(6)* 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, still remains unpaid and unsatisfied.
3B.(6)* I am the creditor's agent authorised in writing to make this statement in writing. I know that the debt was incurred and for the consideration stated and that the debt, to the best of my knowledge and belief, still remains unpaid and unsatisfied.
DATED this day of 2021 Signature of Signatory......................................................................................................................................................................................
NAME IN BLOCK LETTERS ...........................................................................................................................................................................
Occupation .......................................................................................................................................................................................................
Address ............................................................................................................................................................................................................
� I would like to receive all communications in relation to the Company electronically, including notices and reports.
Email ........................................................................................ Phone ................................................................................
See Directions overleaf for the completion of this form OFFICE USE ONLY
POD No: ADMIT (Voting / Dividend) - Ordinary $
Date Received: / / ADMIT (Voting / Dividend) – Preferential $
Entered into CORE IPS: Reject (Voting / Dividend) $
Amount per ROCAP: $ Object or H/Over for Consideration $
Reason for Admitting / Rejection
PREP BY/AUTHORISED TOTAL PROOF $
DATE AUTHORISED / /
![Page 10: Initial Information for Creditors(17525378.3)](https://reader030.vdocuments.mx/reader030/viewer/2022012810/61c0fb9f17f9e60ff6471735/html5/thumbnails/10.jpg)
#17525378v3<CLIENT> - Initial Information for Creditors
Proof of Debt Form Directions * Strike out whichever is inapplicable. (1) Insert date of Court Order in winding up by the Court, or date of resolution to wind up, if a voluntary winding up. (2) Insert full name and address (including ABN) 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. (3) Under "Consideration" state how the debt arose, for example "goods sold and delivered to the company between
the dates of .....................................................", "moneys advanced in respect of the Bill of Exchange". (4) Under "Remarks" include details of vouchers substantiating payment. (5) Related Party / Entity: Director, relative of Director, related company, beneficiary of a related trust. (6) If the Creditor is a natural person and this proof is made by the Creditor personally. In other cases, if, for example,
you are the director of a corporate Creditor or the solicitor or accountant of the Creditor, you sign this form as the Creditor’s authorised agent (delete item 3A). If you are an authorised employee of the Creditor (credit manager etc), delete item 3B.
Annexures A. If space provided for a particular purpose in a form is insufficient to contain all the required information in relation to
a particular item, the information must be set out in an annexure. B. An annexure to a form must:
(a) have an identifying mark;
(b) and be endorsed with the words:
i) "This is the annexure of (insert number of pages) pages marked (insert an identifying mark) referred to in the (insert description of form) signed by me/us and dated (insert date of signing); and
(c) be signed by each person signing the form to which the document is annexed.
C. The pages in an annexure must be numbered consecutively. D. If a form has a document annexed the following particulars of the annexure must be written on the form:
(a) the identifying mark; and
(b) the number of pages. E. A reference to an annexure includes a document that is with a form.
![Page 11: Initial Information for Creditors(17525378.3)](https://reader030.vdocuments.mx/reader030/viewer/2022012810/61c0fb9f17f9e60ff6471735/html5/thumbnails/11.jpg)
#17525378v3<CLIENT> - Initial Information for Creditors
ANNEXURE C | CREDITOR RIGHTS INFORMATION SHEET
![Page 12: Initial Information for Creditors(17525378.3)](https://reader030.vdocuments.mx/reader030/viewer/2022012810/61c0fb9f17f9e60ff6471735/html5/thumbnails/12.jpg)
#17525378v3<CLIENT> - Initial Information for Creditors
![Page 13: Initial Information for Creditors(17525378.3)](https://reader030.vdocuments.mx/reader030/viewer/2022012810/61c0fb9f17f9e60ff6471735/html5/thumbnails/13.jpg)
#17525378v3<CLIENT> - Initial Information for Creditors
ANNEXURE D | INITIAL REMUNERATION NOTICE
Remuneration methods
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 administration and is the total cost for the administration. Sometimes a Practitioner will finalise an administration for a fixed fee.
Percentage The total fee charged is based on a percentage of a particular variable, such as the gross proceeds of assets realisations.
Contingency The practitioner’s fee is structured to be contingent on a particular outcome being achieved.
Method chosen
Given the nature of this administration I propose that my remuneration be calculated on time based / hourly rates. This is because:
This method reflects my practice of assigning staff at the appropriate level to conduct the necessary work. Individuals are required to record the nature of the work performed at intervals of six minutes. This method ensures creditors are only charged for work that is performed and provides complete transparency.
Fixed fee and percentage method are inappropriate as I am unable to estimate with certainty the total amount of fees necessary to complete all tasks required in this administration. In addition I am required to perform a number of tasks which do not relate to the realisation of assets, e.g., statutory obligations, responding to creditor queries, and reporting to ASIC.
It is proposed that the remuneration be calculated on an hourly basis at the hourly fees charged by RSM Australia Partners.
Liquidators best estimate of total remuneration
I expect to claim a total amount of remuneration of approximately $125,000 - $250,000 (plus GST and disbursements) for the liquidation of the Company. This amount is subject to change depending on the complexities of the administration and the time taken to perform the necessary tasks of the administration and is subject to the approval of the creditors. It is expected that this estimate may increase significantly should additional work be required if public examinations are required as part of the investigations required to investigate the Company’s affairs and/or litigation required to recover assets and any potential recovery actions identified, if any.
I have had to incur significant extra costs to date due to the Director not providing me possession of the Company’s assets and books and records. It is likely that significant further costs will be incurred should I be required to obtain possession of the Company’s assets and books and records through legal proceedings.
The extent to which recovery claims identified by the Liquidator are defended (which cannot be envisaged at this time) will also have a significant impact on the actual remuneration incurred. Explanation of hourly rates
The current rates for my remuneration calculation are set out in the following table together with a general guide showing the qualifications and experience of staff engaged in the administration and the role they take in the administration. The hourly rates charged encompass the total cost of providing professional services and should not be compared to an hourly wage.
![Page 14: Initial Information for Creditors(17525378.3)](https://reader030.vdocuments.mx/reader030/viewer/2022012810/61c0fb9f17f9e60ff6471735/html5/thumbnails/14.jpg)
#17525378v3<CLIENT> - Initial Information for Creditors
Classification Guide to level of insolvency experience Rate per hour $
Appointee Registered Liquidator / Trustee. Partner bringing his / her specialist skills to the administration or insolvency task.
650
Principal / Associate Director
Qualified. Typically 12+ years’ experience. Capable of controlling all aspects of an administration and/or insolvency task. May be appropriately qualified to take appointments in his/her own right.
550 - 595
Senior Manager Typically qualified, 7+ years’ experience. Member of the CAANZ (or equivalent) and member of the ARITA. Well developed technical and commercial skills. Assist appointee in the planning and control of all administrations and/or insolvency tasks. Responsible for supervision of junior staff.
475 – 550
Manager Typically qualified, 6-7 years’ experience. University degree and completed the CA Program (or equivalent) and the ARITA Insolvency Education Program. Well developed technical and commercial skills. Assist appointee in the planning and control of all administrations and/or insolvency tasks. Responsible for supervision of junior staff.
375 – 475
Assistant Manager 4-6 years’ experience. University degree and completed the CA Program (or equivalent) and completed or completing the ARITA Insolvency Education Program. Conduct of small appointments, assists in planning and control of medium to larger appointments. Also supervises junior staff.
340 – 415
Senior Analyst 1 2-4 years’ experience. University degree, completing or completed the CA Program (or equivalent). Assist planning and control of small to medium jobs and performs some more difficult tasks on larger jobs. Assists in supervision of junior staff.
320 – 370
Senior Analyst 2 1-3 years’ experience. University degree and completing the CA Program (or equivalent). Assist in day to day fieldwork of administrations and/or insolvency tasks under supervision of more senior staff.
285 – 340
Analyst 1-2 years’ experience. University degree and commenced the CA Program (or equivalent). Assist in day to day fieldwork of administrations and/or insolvency tasks under supervision of more senior staff.
240 – 285
Graduate 0-1 years’ experience for a graduate or an under-graduate completing course part time. Assist in day to day fieldwork of administrations and/or insolvency tasks under supervision of more senior staff.
200 – 240
Secretary / PA Assists all levels of staff undertaking general administrative and secretarial duties. 190
Treasury Responsible for integrity of all aspect of cash receipts and payments, bank account reconciliations, preparation of statutory lodgements with ATO and ASIC
190
Junior Administration Data input, computer skills and filing. Maintains data entry into specialised insolvency computer system, including receipts and payments and financial information, also prepares bank reconciliations, Form 524's and BAS returns.
75 - 95
Notes:
1. The scale of fees is intended to be a guide as to the qualifications and experience of the staff engaged. In some instances, staff may be engaged under an appropriate classification principally due to experience.
2. The term "Qualified" means that the staff member has completed either the Chartered Accountants Australia and New Zealand or Certified Practising Accountants in Australia's education program and/or the Australian Restructuring Insolvency & Turnaround Association’s education program.
3. Time spent on matters is recorded and charged in 6 minute intervals. 4. The above rates are effective as at 1 July 2021. 5. The above rates exclude Goods and Services Tax. 6. For the purpose of this administration the above current hourly rates are expected to be increased in accordance with the March quarter Consumer Price Index (all
groups weighted average) at 1 July each year (rounded up to the nearest $5).
Disbursements
Disbursements are divided into three types:
Externally provided professional services - these are recovered at cost. An example of an externally provided professional service disbursement is legal fees.
Externally provided non-professional costs such as travel, accommodation and search fees - these are recovered at cost.
Internal non-professional costs such as photocopying, printing and postage. These disbursements, if charged to the administration, would generally be charged at cost.
I am not required to seek creditor approval for expenses paid to third parties or for disbursements where I am recovering a cost incurred on behalf of the administration, but I must account to creditors. I must be satisfied that these expenses and disbursements are appropriate, justified and reasonable.
![Page 15: Initial Information for Creditors(17525378.3)](https://reader030.vdocuments.mx/reader030/viewer/2022012810/61c0fb9f17f9e60ff6471735/html5/thumbnails/15.jpg)
#17525378v3<CLIENT> - Initial Information for Creditors
I am required to obtain creditor’s consent for the payment of a disbursement where I, or a related entity of myself, may directly or indirectly obtain a profit. In these circumstances, creditors will be asked to approve my disbursements prior to these disbursements being paid from the administration.
Basis of disbursement claim
Internal disbursements Rate
$ (ex GST)
Advertising at cost
Couriers at cost
Faxes (per page) no charge
Postage (including express and registered envelopes) at cost
Printing / photocopying (per page) no charge
Stationery no charge
Storage of records (per box/month) at cost
Telephone call no charge
Travel; motor vehicle car hire, parking, tolls
ATO cents per km rate at cost
![Page 16: Initial Information for Creditors(17525378.3)](https://reader030.vdocuments.mx/reader030/viewer/2022012810/61c0fb9f17f9e60ff6471735/html5/thumbnails/16.jpg)
#17525378v3<CLIENT> - Initial Information for Creditors Page 1 of 10
ANNEXURE E | REMUNERATION APPROVAL REPORT
MAP Exports Pty Ltd (In Liquidation) ACN 153 932 202 (“the Company”) Formerly Trading As "Map Exports" and "Map Farm Fresh"
This remuneration report provides you with the information you need to be able to make an informed decision regarding the approval of my remuneration for undertaking the liquidation of the Company.
This report has the following information included: Part 1: Declaration ............................................................................................................................................................ 1
Part 2: Executive Summary .............................................................................................................................................. 1
Part 3. Remuneration ........................................................................................................................................................ 2
3.1 Remuneration claim resolutions ....................................................................................................................... 2
3.2 Details of remuneration .................................................................................................................................... 2
3.3 Total remuneration reconciliation ..................................................................................................................... 4
3.4 Likely impact on dividends ............................................................................................................................... 4
Part 4: Disbursements ...................................................................................................................................................... 4
Part 5: Approval of remuneration ................................................................................................................................... 4
Part 6: Queries ................................................................................................................................................................... 5
What do you need to do next?
You should read this report and the other documentation that I have sent you.
To minimise the costs in this liquidation, I have elected to seek the approval of creditors for my remuneration and internal disbursements without a meeting. Information about the proposals without a meeting process is included at Part 5 of this report.
You can cast your vote by using the included voting form. This form then need to be returned to my office by post, scanned and emailed or faxed. I need to receive your form by 5.00pm (AWST) Thursday, 4 November 2021 for your vote to count. If you choose to use post, please allow enough time for your letter to be delivered.
If you have any questions, or need any assistance with understanding the materials I have sent to you, please contact John Dowey of my office on (08) 9261 9151 or by email [email protected].
Part 1: Declaration
I, Jerome Mohen, of RSM Australia Partners have undertaken a proper assessment of this remuneration claim for my appointment as liquidator of the Company in accordance with the law and applicable professional standards. I am satisfied that the remuneration claimed is in respect of necessary work, properly performed, or to be properly performed, in the conduct of the liquidation.
Part 2: Executive Summary
I expect to claim a total amount of remuneration of approximately $125,000 - $250,000 (plus GST and disbursements) for the liquidation of the Company. This amount is subject to change depending on the complexities of the administration and the time taken to perform the necessary tasks of the administration and is subject to the approval of the creditors. It is expected that this estimate may increase significantly should additional work be required if public examinations are required as part of the investigations required to investigate the Company’s affairs and/or litigation required to recover assets and any potential recovery actions identified, if any.
I have had to incur significant extra costs to date due to the Director not providing me possession of the Company’s assets and books and records. It is likely that significant further costs will be incurred should I be required to obtain possession of the Company’s assets and books and records through legal proceedings.
![Page 17: Initial Information for Creditors(17525378.3)](https://reader030.vdocuments.mx/reader030/viewer/2022012810/61c0fb9f17f9e60ff6471735/html5/thumbnails/17.jpg)
#17525378v3<CLIENT> - Initial Information for Creditors Page 2 of 10
The extent to which recovery claims identified by the Liquidator are defended (which cannot be envisaged at this time) will also have a significant impact on the actual remuneration incurred. For present purposes, I have elected to seek remuneration approval for the low-end estimate at this juncture, however, the actual remuneration incurred for the liquidation may be higher for the reasons outlined above. Should additional work be necessary beyond what is currently being sought, further approval may be sought from creditors.
Remuneration currently claimed is summarised below:
Period Report Reference Amount (ex GST)
Current remuneration claim:
Liquidation
Resolution 1: 13 September 2021 to 7 October 2021 Sch 1 $42,988.00
Resolution 2: 8 October 2021 to the Conclusion of the liquidation Sch 2 $82,012.00
Total remuneration currently claimed $125,000.00
Approval for the future remuneration sought is based on an estimate of the work necessary to the completion of the administration. Should additional work be necessary beyond what is contemplated, further approval may be sought from creditors.
Please refer below for full details of the calculation and composition of the remuneration approval sought.
Part 3: Remuneration
3.1 Remuneration claim resolutions
I will be seeking approval of the following resolutions to approve my remuneration. Details to support these resolutions are included in section 3.2 and in the attached Schedules.
Resolution 1 from 13 September 2021 to 7 October 2021
“That the remuneration of the Liquidator for the period 13 September 2021 to 7 October 2021, calculated at hourly rates as detailed in the report to creditors of 12 October 2021, is approved for payment in the sum of $42,988 plus GST, and that the Liquidator can draw the remuneration immediately or as required.”
Resolution 2 from 8 October 2021 to the Conclusion of the liquidation “That the future remuneration of the Liquidator from 8 October 2021 to the conclusion of the liquidation is determined at a sum equal to the cost of time spent by the Liquidator and his partners and staff, calculated at the hourly rates as detailed in the report to creditors of 12 October 2021, up to a capped amount of $82,012 plus GST, and that the Liquidator can draw the remuneration on a monthly basis or as required”.
3.2 Details of remuneration
The basis of calculating the remuneration claims are summarised below and the details of the major tasks performed and the costs associated with each of those major tasks are contained in Schedules 1 and 2.
![Page 18: Initial Information for Creditors(17525378.3)](https://reader030.vdocuments.mx/reader030/viewer/2022012810/61c0fb9f17f9e60ff6471735/html5/thumbnails/18.jpg)
#17525378v3<CLIENT> - Initial Information for Creditors Page 3 of 10
Resolution 1: 13 September 2021 to 7 October 2021
The below table sets out time charged to each major task area by staff members working on the Liquidation for the period 13 September 2021 to 7 October 2021 which is the basis of the Resolution 1 claim. More detailed descriptions of the tasks performed within each task area, matching the amounts below, are contained in Schedule 1.
Employee Position Average $ / hour (ex GST)
Total actual hours
Total ($)
Task Area
Assets ($)
Creditors ($)
Trade on ($)
Investigation ($)
Administration ($)
Jerome Mohen Partner 650.00 13.3 8,645.00 1,105.00 1,820.00 195.00 4,745.00 780.00
Greg Dudley Partner 650.00 1.4 910.00 910.00
Travis Kukura Principal 595.00 0.4 238.00 119.00 119.00
Shannon O'Connor Senior Manager 480.00 0.4 192.00 192.00
Phil Davie Senior Manager 480.00 57.5 27,600.00 12,384.00 3,072.00 9,072.00 3,072.00
Jacob Pantlin Senior Analyst 2 340.00 1.5 510.00 510.00
John Dowey Analyst 260.00 11.6 3,016.00 1,404.00 338.00 858.00 416.00
Abbey Woodhams Analyst 250.00 1.2 300.00 300.00
Kirsty Avery Secretary 190.00 7.3 1,387.00 209.00 19.00 1,159.00
Amrita Nhansarak Treasury 190.00 1.0 190.00 190.00
TOTAL (excluding GST) 449.67 95.6 42,988.00 15,521.00 5,230.00 195.00 16,425.00 5,617.00
![Page 19: Initial Information for Creditors(17525378.3)](https://reader030.vdocuments.mx/reader030/viewer/2022012810/61c0fb9f17f9e60ff6471735/html5/thumbnails/19.jpg)
#17525378v3<CLIENT> - Initial Information for Creditors Page 4 of 10
Resolution 2: 8 October 2021 to the Conclusion of the liquidation The below table sets out the expected costs for the major tasks likely to be performed by the Liquidator and his staff for the period of 8 October 2021 to the conclusion of the liquidation which is the basis of the Resolution 2 claim. More detailed descriptions of the tasks likely to be performed within each task area, matching the amounts below, are contained in Schedule 2.
Task Area Total $ (ex GST)
Assets 30,000
Creditors 10,000
Employees 2,000
Trade On 1,000
Investigation 33,000
Administration 6,012
Total 82,012
3.3 Total remuneration reconciliation
At this point in time, I estimate that the total remuneration for this liquidation will be $125,000 - $250,000. This includes the current approval amount being sought of $125,000.
As noted above, this amount may increase substantially should the Company be required to be a party to any legal proceedings to realise the assets of the Company, if any, and/or if public examinations are conducted as part of the investigations required to investigate the Company’s affairs.
3.4 Likely impact on dividends
The ultimate dividend rate paid to unsecured creditors is determined by a number of factors, including:
The priority regime set out in Section 556(1) of the Corporations Act 2001;
The value of realisations achieved and the value of creditor claims admitted to participate in the dividend; and
The remuneration for the work performed to achieve realisations and to generally administer the liquidation.
As there are currently no funds in the liquidation, any dividend to creditors is dependent on the recoveries made in the liquidation.
Part 4: Disbursements
The following internal disbursements have been incurred by my firm and will be drawn from the administration bank account in due course, should funds become available.
Disbursements Total (Ex GST)
Externally provided professional services
Searches 281.33
Total 281.33
Part 5: Approval of remuneration
Creditors are asked to approve my resolution without a meeting. Enclosed with this report are two voting forms which provide creditors with the options of:
Voting in favour of the proposed remuneration resolution
Voting against the proposed remuneration resolution
Objecting to the proposed remuneration being resolved without a meeting of creditors
The proposed resolutions are set out in section 3.1 above.
An information sheet for creditors voting without a meeting is enclosed with this report.
![Page 20: Initial Information for Creditors(17525378.3)](https://reader030.vdocuments.mx/reader030/viewer/2022012810/61c0fb9f17f9e60ff6471735/html5/thumbnails/20.jpg)
#17525378v3<CLIENT> - Initial Information for Creditors Page 5 of 10
Creditors may also contact John Dowey on (08) 9261 9151 if they require any further information or clarification.
Voting forms must be returned to my office at GPO BOX R1253 PERTH WA 6844 by no later than 5.00pm (AWST) Thursday, 4 November 2021. They may also be sent by fax to (08) 9261 9111 or by email to [email protected].
Part 6: Queries
If you have any queries in relation to the information in this report, please contact my staff on (08) 9261 9151.
You can also access information which may assist you on the following websites:
ARITA at www.arita.com.au/creditors
ASIC at www.asic.gov.au (search for “insolvency information sheets”).
Supporting documentation for my remuneration claim may be viewed if requested, provided sufficient notice is given.
Schedule 1 – Resolution 1 Table of major tasks for remuneration
The schedule below provides a description of the work undertaken in each major task area for the 13 September 2021 to 7 October 2021.
ASSETS
Plant and equipment
Attempts made to locate motor vehicles
Correspondence with the Department of Transport
External correspondence regarding the Company’s potential plant and equipment
Internal discussions regarding motor vehicles
Obtaining valuations of motor vehicles
Liaising with valuers and auctioneers
Liaising with Director regarding motor vehicles
Reviewing asset listings
Liaising with lawyer regarding recovery of vehicles
Assets subject to specific charges
Correspondence to secured creditors regarding PMSIs on motor vehicles
Reviewing validity of security over motor vehicles
Debtors
Attempts to locate debtors and contact details
Correspondence with debtors
Draft and issuance of demands to debtors
Extracting debtor information from Company management accounts
Internal discussions relating to debtors
Liaising with Company accountant regarding debtors
Review of bank statements
Reviewing debtor information and ledgers
Other assets
Correspondence with banks regarding other assets including bank accounts held
Correspondence with external parties
![Page 21: Initial Information for Creditors(17525378.3)](https://reader030.vdocuments.mx/reader030/viewer/2022012810/61c0fb9f17f9e60ff6471735/html5/thumbnails/21.jpg)
#17525378v3<CLIENT> - Initial Information for Creditors Page 6 of 10
Initial inquiries to identify Company assets
Tasks associated with realising other assets
CREDITORS
Creditor Enquiries, Requests & Directions
Receive and respond to creditor enquiries
Review and prepare initial correspondence to creditors and their representatives
Telephone calls with creditors
Secured creditor reporting
Correspondence and telephone conversations with secured creditor (ANZ)
Meetings with secured creditor representatives
Requesting records and information from secured creditor
Creditor reports
Preparation of Initial Report to Creditors
TRADE ON / TREASURY
Trade on Tasks
Processing receipts and payments
INVESTIGATION
Conducting investigation
Attempts to obtain Company books and records
Correspondence with Company accountant and solicitor
Correspondence with Director regarding company history and records
Correspondence with the ATO seeking information regarding Company
Correspondence to other external entities regarding Company affairs
Conducting initial searches and investigations
Conducting initial review of Company management accounts
Engaging solicitor to assist secure records from director and accountant
Initial review of bank statements
Internal discussions regarding investigations
Investigations into potential Company assets
Obtaining and securing Company management accounts
Preparation of Notices under the Corporations Act 2001
ASIC reporting
Preparation and lodgement of ASIC assistance requests
ADMINISTRATION / STATUTORY
Correspondence
General correspondence
Document maintenance/file review/checklist
Preparation of strategy documents
Internal strategy meetings
Insurance
![Page 22: Initial Information for Creditors(17525378.3)](https://reader030.vdocuments.mx/reader030/viewer/2022012810/61c0fb9f17f9e60ff6471735/html5/thumbnails/22.jpg)
#17525378v3<CLIENT> - Initial Information for Creditors Page 7 of 10
Correspondence with insurer regarding initial and ongoing insurance requirements
Bank account administration
Preparing correspondence opening accounts
Requesting bank statements
ATO and other statutory reporting
Correspondence with the ATO
Notification of appointment
Books and records / storage
Dealing with records in storage
Schedule 2 – Resolution 2 Table of major tasks for remuneration
Description of future work expected to be performed during the period 8 October 2021 to the Conclusion of the liquidation
ASSETS
Plant and equipment
Liaising with valuers, auctioneers and interested parties
Reviewing asset listings
Further attempts made to locate motor vehicles
Correspondence with the Department of Transport, as required
Correspondence regarding the Company’s plant and equipment
Internal discussions regarding motor vehicles
Obtaining formal valuations of motor vehicles and other plant & equipment
Liaising with valuers and auctioneers
Liaising with Director regarding motor vehicles
Reviewing asset listings
Liaising with lawyer regarding recovery of vehicles and plant & equipment
Engage lawyer(s) in relation to seizure warrants to secure possession of motor vehicles
Meetings with agents and police (as required) regarding enforcement of warrants
Preparation of necessary court application and affidavit to obtain seizure warrants
Engage lawyer(s) in relation to seizure warrants to secure possession of motor vehicles
Attendance at Court as required to obtain orders relating to seizure warrants
Assets subject to specific charges
All tasks associated with realising assets subject to finance (including BMW and Mercedes)
Debtors
Correspondence with debtors
Reviewing and assessing debtors ledgers
Liaising with debt collectors and lawyers regarding collection of debts
Other assets
Correspondence with banks regarding receipt of credit funds
Correspondence with external parties
Initial inquiries to identify Company assets
![Page 23: Initial Information for Creditors(17525378.3)](https://reader030.vdocuments.mx/reader030/viewer/2022012810/61c0fb9f17f9e60ff6471735/html5/thumbnails/23.jpg)
#17525378v3<CLIENT> - Initial Information for Creditors Page 8 of 10
Tasks associated with realising other assets
CREDITORS
Creditor Enquiries, Requests & Directions
Receive and respond to creditor enquiries
Maintaining creditor request log
Review and prepare correspondence to creditors and their representatives
Considering reasonableness of creditor requests
Obtaining legal advice on requests (if applicable)
Documenting reasons for complying or not complying with requests or directions
Compiling information requested by creditors
Secured creditor reporting
Correspondence with PPSR registered creditors (including ANZ) regarding liqudaition
Preparing reports to secured creditor as required
Responding to secured creditor’s queries
Creditor reports
Preparing Statutory Report by Liquidator
Preparing addition reports to creditors
Dealing with proofs of debt
Receipting and filing POD’s when not related to a dividend
Corresponding with OSR and ATO regarding POD’s when not related to a dividend
Meeting of creditors, if required
Meeting of creditors, preparation of meeting notices, proxies and advertisements
Forward notice of meeting to all known creditors
Preparation of meeting file, including agenda, certificate of postage, attendance register, list of creditors, reports to creditors, advertisement of meeting and draft minutes of meeting.
Preparation and lodgement of minutes of meetings with ASIC
Responding to stakeholder queries and questions immediately following meeting
Proposals to Creditors
Preparing proposal notices and voting forms
Forward notice of proposal to all known creditors
Reviewing votes and determining outcome of proposal
Preparation and lodgement of proposal outcome with ASIC
EMPLOYEES (as required)
Employees enquiries
Receive and follow up employee enquiries via telephone
Maintain employee enquiry register
Review and prepare correspondence to employees and their representatives
Calculation of entitlements
Calculating employee entitlements
Reviewing employee files and company’s books and records
![Page 24: Initial Information for Creditors(17525378.3)](https://reader030.vdocuments.mx/reader030/viewer/2022012810/61c0fb9f17f9e60ff6471735/html5/thumbnails/24.jpg)
#17525378v3<CLIENT> - Initial Information for Creditors Page 9 of 10
Reconciling superannuation accounts
Reviewing awards
Liaising with solicitors regarding entitlements
TRADE ON / TREASURY
Processing receipts and payments
Entering receipt and payments into accounting system
INVESTIGATION
Conducting investigation
Collection of further company books and records
Correspondence with ASIC to receive assistance in obtaining reconstruction of financial statements, company’s books and records and Report on Company Activities and Property
Reviewing company’s books and records
Review and preparation of company nature and history
Conducting and summarising statutory searches
Preparation of comparative financial statements
Review of specific transactions and liaising with directors regarding certain transactions
Liaising with directors regarding certain transactions
Preparation of investigation file
Lodgement of investigation with the ASIC
Preparation and lodgement of supplementary report, if required
Examinations
Preparation of application and affidavit to initiate examination proceedings
Preparing brief to lawyer
Liaising with lawyer(s) regarding examinations
Attendance at examination
Reviewing examination transcripts
Liaising with lawyer(s) regarding outcome of examinations and further actions available
Litigation / recoveries
Engage lawyer(s) in relation to seizure warrants to secure possession of motor vehicles
Meetings with agents and police as required regarding enforcement of warrants
Preparation of necessary court application and affidavit to obtain seizure warrants
Engage lawyer(s) in relation to seizure warrants to secure possession of motor vehicles
Attendance at Court as required to obtain orders relating to seizure warrants
Internal meetings to discuss status of litigation
Preparing brief to lawyer
Liaising with lawyer regarding recovery actions
Attending to negotiations
Attending to settlement matters
ASIC reporting
Preparing statutory investigation reports
![Page 25: Initial Information for Creditors(17525378.3)](https://reader030.vdocuments.mx/reader030/viewer/2022012810/61c0fb9f17f9e60ff6471735/html5/thumbnails/25.jpg)
#17525378v3<CLIENT> - Initial Information for Creditors Page 10 of 10
Preparing affidavits seeking non lodgements assistance
Liaising with ASIC
ADMINISTRATION / STATUTORY
Correspondence
General correspondence
Document maintenance/file review/checklist
Six monthly administration review
Filing of documents
File reviews
Updating checklists
Insurance
Identification of potential issues requiring attention of insurance specialists
Correspondence with insurer regarding initial and ongoing insurance requirements
Reviewing insurance policies
Correspondence with previous brokers
Bank account administration
Preparing correspondence closing accounts
Requesting bank statements
Bank account reconciliations
Correspondence with bank regarding specific transfers
ASIC forms 5602 / 5603 and other forms
Preparing and lodging ASIC forms including 505, 5602, 5603, 911 etc
Correspondence with ASIC regarding statutory forms
ATO and other statutory reporting
Preparing BAS
Finalisation
Notifying ATO of finalisation
Cancelling ABN / GST / PAYG registration
Completing checklists
Finalising WIP
Planning / Review
Discussions regarding status of administration
Books and records / storage
Dealing with records in storage
Sending job files to storage
![Page 26: Initial Information for Creditors(17525378.3)](https://reader030.vdocuments.mx/reader030/viewer/2022012810/61c0fb9f17f9e60ff6471735/html5/thumbnails/26.jpg)
#17525378v3<CLIENT> - Initial Information for Creditors
ANNEXURE F | PROPOSAL WITHOUT A MEETING – REMUNERATION AND SUPPORTING INFORMATION
PROPOSAL FOR VOTING WITHOUT MEETING OF CREDITORS
ACN 153 932 202
Company name MAP EXPORTS PTY LTD (IN LIQUIDATION)
CREDITOR INFORMATION
Creditor name ABN if applicable
Creditor address
Are you or your related entities related to the company?
If yes provide details:
Details of any security held Estimated value of security held
Amount claimed (less value of security held if any)
$ Details of amount claimed (brief description)
PROPOSED RESOLUTION
Resolution 1 from 13 September 2021 to 7 October 2021
“That the remuneration of the Liquidator for the period 13 September 2021 to 7 October 2021, calculated at hourly rates as detailed in the report to creditors of 12 October 2021, is approved for payment in the sum of $42,988 plus GST, and that the Liquidator can draw the remuneration immediately or as required.”
STATEMENT OF REASONS FOR THE PROPOSAL AND THE LIKELY IMPACT IT WILL HAVE ON CREDITORS IF IT IS PASSED
The Liquidator is entitled to reasonable remuneration for work carried out by him and his staff, and such remuneration may be fixed by resolution of the creditors. As at 7 October 2021, I have incurred costs in the amount of $42,988 plus GST and Disbursements. The above proposal is therefore made to enable creditors to approve the remuneration of the Liquidator without the requirement, and associated costs, to convene and hold a meeting of creditors solely for this purpose.
If creditors approve the proposal, it will enable the Liquidator to draw his remuneration up to the approved capped amount, from the funds realised in the liquidation.
The approval of the Liquidator’s fees in this manner will reduce the overall costs of administering the estate by avoiding the requirement to hold a meeting of creditors. However, it should be noted that any remuneration paid to the Liquidator will necessarily reduce the funds ultimately available for distribution to the creditors.
VOTING ON THE PROPOSAL
In accordance with the Act, creditors are given the option of approving, not approving or objecting to the proposed resolution being resolved without a meeting of creditors.
For your vote to count, please tick the appropriate Yes, No or Object box referred to below, then sign and return this form to my office by post, email or fax by 5.00pm (AWST) Thursday, 4 November 2021. Please allow enough time for your letter to be delivered if using post.
YES I approve the proposed resolution
NO I do not approve the proposed resolution
OBJECT I object to the proposed being resolved without a meeting of creditors
Signature: Date:
Print Name of Authorised Signatory:
![Page 27: Initial Information for Creditors(17525378.3)](https://reader030.vdocuments.mx/reader030/viewer/2022012810/61c0fb9f17f9e60ff6471735/html5/thumbnails/27.jpg)
#17525378v3<CLIENT> - Initial Information for Creditors
PROPOSAL FOR VOTING WITHOUT MEETING OF CREDITORS
ACN 153 932 202
Company name MAP EXPORTS PTY LTD (IN LIQUIDATION)
CREDITOR INFORMATION
Creditor name ABN if applicable
Creditor address
Are you or your related
entities related to the
company?
If yes provide details:
Details of any security held Estimated value of security
held
Amount claimed (less
value of security held if
any)
$ Details of amount claimed
(brief description)
PROPOSED RESOLUTION
Resolution 2 from 8 October 2021 to the Conclusion of the liquidation
“That the future remuneration of the Liquidator from 8 October 2021 to the conclusion of the liquidation is determined at a sum equal to the cost of time spent by the Liquidator and his partners and staff, calculated at the hourly rates as detailed in the report to creditors of 12 October 2021, up to a capped amount of $82,012.00 plus GST, and that the Liquidator can draw the remuneration on a monthly basis or as required”.
STATEMENT OF REASONS FOR THE PROPOSAL AND THE LIKELY IMPACT IT WILL HAVE ON CREDITORS IF IT IS PASSED
The Liquidator is entitled to reasonable remuneration for work carried out by him and his staff, and such remuneration may be fixed by resolution of the creditors. As at 7 October 2021, I have incurred costs in the amount of $42,988 plus GST and Disbursements. The above proposal is therefore made to enable creditors to approve the remuneration of the Liquidator without the requirement, and associated costs, to convene and hold a meeting of creditors solely for this purpose.
If creditors approve the proposal, it will enable the Liquidator to draw his remuneration up to the approved capped amount, from the funds realised in the liquidation.
The approval of the Liquidator’s fees in this manner will reduce the overall costs of administering the estate by avoiding the requirement to hold a meeting of creditors. However, it should be noted that any remuneration paid to the Liquidator will necessarily reduce the funds ultimately available for distribution to the creditors.
VOTING ON THE PROPOSAL
In accordance with the Act, creditors are given the option of approving, not approving or objecting to the proposed resolution being resolved without a meeting of creditors.
For your vote to count, please tick the appropriate Yes, No or Object box referred to below, then sign and return this form to my office by post, email or fax by 5.00pm (AWST) Thursday, 4 November 2021. Please allow enough time for your letter to be delivered if using post.
YES I approve the proposed resolution
NO I do not approve the proposed resolution
OBJECT I object to the proposed being resolved without a meeting of creditors
Signature: Date:
Print Name of Authorised Signatory:
![Page 28: Initial Information for Creditors(17525378.3)](https://reader030.vdocuments.mx/reader030/viewer/2022012810/61c0fb9f17f9e60ff6471735/html5/thumbnails/28.jpg)
#17525378v3<CLIENT> - Initial Information for Creditors
![Page 29: Initial Information for Creditors(17525378.3)](https://reader030.vdocuments.mx/reader030/viewer/2022012810/61c0fb9f17f9e60ff6471735/html5/thumbnails/29.jpg)
#17525378v3<CLIENT> - Initial Information for Creditors
![Page 30: Initial Information for Creditors(17525378.3)](https://reader030.vdocuments.mx/reader030/viewer/2022012810/61c0fb9f17f9e60ff6471735/html5/thumbnails/30.jpg)
#17525378v3<CLIENT> - Initial Information for Creditors
ANNEXURE G | AUTHORITY FOR ELECTRONIC NOTICES
MAP EXPORTS PTY LTD (IN LIQUIDATION)
ACN 153 932 202 (“the Company”) FORMERLY TRADING AS "MAP EXPORTS" AND "MAP FARM FRESH"
Corporations Act 2001 Section 600G
CREDITOR’S APPROVAL TO THE USE OF EMAIL BY THE EXTERNAL ADMINISTRATOR WHEN GIVING OR
SENDING CERTAIN NOTICES UNDER SECTION 600G OF THE CORPORATIONS ACT 2001
Should you wish to receive notices and documents relating to the administration of MAP Exports Pty Ltd by email, please complete this form and return it to John Dowey at the address set out below.
I/We authorise the External Administrator on behalf of the Company and his or her employees and agents to send and give notices and documents where such notices and documents may be sent by email to me using the email address provided below.
Where the external administration has evolved into another form of external administration (such as a
voluntary administration becoming a deed of company arrangement or creditors voluntary administration) I/We authorise the External Administrator of the Company whether as voluntary administrator or deed administrator or liquidator of the Company and his employees and agents to send and give notices and documents where such notices and documents may be sent by email to me/us using the email address provided below.
Signature:
Creditor name:
Creditor address:
Contact name:
Position:
Email Address:
Contact number:
Creditors may sign into the Creditors Portal web site and register their email address to receive email alerts on any notifications posted for the Company. Creditors also may elect to use the Creditors Portal to submit Proof of Debt forms and Proxies for voting purposes.
Creditors Portal Web Address: http://core.ips-docs.com/
Login Name:
Login Password:
Return to: RSM Australia Partners Via Email: [email protected] Via Post: Level 32 Exchange Tower 2 The Esplanade , PERTH WA 6000