liquidator’s annual report to creditors · 4/22/2016 · a form 535 – formal proof of debt or...

Liquidator Kimberley Wallman

Appointment Date – Liquidator 3 February 2015

Contact Sam Clark

Telephone Number (08) 9215 7955

HLB Mann Judd (Insolvency WA) ABN 54 686 879 814 Level 3, 35 Outram Street West Perth WA 6005 | PO Box 622 West Perth WA 6872 | Telephone +61 8 9215 7900 | Fax +61 8 9321 0429

Website: www.hlbinsolvencywa.com.au

Liability limited by a scheme approved under Professional Standards Legislation

HLB Mann Judd (Insolvency WA) is a member of International . A world-wide network of accounting fi rms and business advisers.

Galukama Transport Pty Ltd (In Liquidation)

ACN: 150 899 424

As Trustee for the Galukama Transport Trust

(“the Company”)

Liquidator’s Annual Report to Creditors

Dated: 22 April 2016

http://www.hlbinsolvencywa.com.au/

Galukama Transport Pty Ltd (In Liquidation) ACN: 150 899 424 Liquidator’s Annual Report to Creditors _____________________________________________________________________________________________________

_____________________________________________________________________________________________________ Page | 2 HLB Mann Judd (Insolvency WA) – Kim Wallman

1. Introduction

As creditors will be aware, I, Kimberley Stuart Wallman, was appointed Liquidator of the Company on 3 February 2015 pursuant to section 491(1) of the Corporations Act 2001 (“the Act”). In accordance with section 508 of the Act, the purpose of this annual report is to provide creditors with the following information:

A account of my acts and dealings during the conduct of the winding up in the preceding 12 months;

A description of the acts and dealings that remain to be carried out by me in order to complete the winding up; and

An estimate of when the winding up is likely to be completed. In this report I also provide notice of:

My intention to declare a priority dividend (see section 2 below); and An annual general meeting of creditors to be held 17 May 2016.

2. Priority Dividend

Due to the asset realisations to date (see 2.1 below) I anticipate there will be sufficient surplus assets to pay a dividend to priority creditors (see 2.3 below). Accordingly, I enclose the following as Annexure A:

Form 534 - Notice Inviting Formal Proof of Debt or Claim

Form 548 - Notice to Priority Creditor or Person Claiming to be a Priority Creditor of Intention to Declare a Dividend

A Form 535 – Formal Proof of Debt or Claim Form is provided at Annexure D. Should you be a priority creditor (e.g. a former employee claiming outstanding employee entitlements) would you please complete the enclosed POD and return to the address as indicated below by 13 May 2016. If you have already submitted a POD to this office you are not required to submit another. I note that at this stage I will seek only to pay priority creditors in full or in part. Should surplus assets be available thereafter I will then provide further notice to ordinary unsecured creditors of my intention to declare a further dividend, at which stage I will again invite formal proofs of debt or claim. Therefore, if you are an ordinary unsecured creditor it is not required that you complete and lodge a POD at this stage, although you are welcome to do so.

http://www.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s9.html#dealing

http://www.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s1371.html#order



3. Liquidator’s dealings and conduct of the winding up

3.1. Asset Realisations

I set out below a summary of the asset realisations achieved to date, compared with my initial estimates.

As per Director’s Declaration of

Solvency (Form 520)

Liquidator’s Initial Estimated Realisable

Values

Actual Realisations Achieved

Notes

$ $ $

ASSETS

Cash at Bank 115,000.00 115,000.00 112,524.33

Trade Debtors 315,000.00 315,000.00 240,155.33 1

Plant and Equipment 10,000.00 10,000.00 15,950.00 2

TOTAL ASSETS 440,000.00 440,000.00 385,579.97

Notes:

1. The Director disclosed recoverable trade debtors of $315,000 in his Report as to Affairs (“RATA”). To date I have recovered $240,155.33 of outstanding debtors. I have referred the three largest debtors that remain outstanding to an external debt collector. These three debtors total $97,011.72.

2. The Director disclosed $10,000 is realisable plant and equipment. For the sake of clarity, I note that the Company was a trading entity, which rented trucks and trailers from a separate related entity. I have concluded the sale of this plant and equipment, which comprised of office furniture and equipment, limited workshop equipment and the Company’s intellectual property, to an independent third party for $15,550.

3.2. Investigations and Report to ASIC

I advise that I have finalised my investigations into the affairs of the Company. You may recall in my previous report to creditors a number of the investigations remained incomplete. Details of these investigations are now provided below. Duty to ensure books and records are maintained in accordance with the Corporations Act 2001 (Section 286) – a company must keep written financial records that:

a) correctly record and explain its transactions and financial position and performance, and b) would enable true and fair financial statements to be prepared and audited.

I have formed the view that the Company maintained accurate books and records sufficient to enable the Directors to assess the Company’s financial position from time to time.



3.2.1. Voidable Transactions

Insolvent transactions (Section 588FC) – these are unfair preferences or uncommercial transactions entered into when the Company was insolvent or became insolvent as a result of entering into the transaction. My investigations into this matter are set out below:

Unfair preferences (Section 588FA) – these are transactions where a company transacts with a creditor resulting in that creditor receiving more than the creditor would receive if the transaction were set aside and the creditor claimed the same amount in a liquidation. Unfair preferences paid by the Company within six months of the relation-back day (the day of the Liquidator’s appointment) are void against the Liquidator. This timeframe is extended to four years should a related entity be a party to the transaction (s588FE(4)). My investigations did not indicated any material payments that would be considered preferential and therefore repayable to the Liquidator. Uncommercial transactions (Section 588FB) – these are transactions entered into that a reasonable person would not have entered, having regard to the benefits and detriment to the Company and to the other parties involved in the transaction. Uncommercial transactions entered into by a company are voidable against the Liquidator if they were entered into within two years of the relation-back day. My investigations did not indicate the presence of any uncommercial transactions.

Unfair loans to a company (Section 588FD) – these are loans made to a Company where interest and other charges on the loan are extortionate. These transactions can be recovered regardless of when they were entered into as long as they were entered into on or before the winding up begun. My investigations have not revealed any unfair loans. Unreasonable director-related transactions (Section 588FDA) – these are transactions entered into by a company and a director, close associate of a director, or person on behalf of a director, which a reasonable person would not have entered into. The transaction must be a payment by a company, the transfer of property by a company, or the incurrence of an obligation of a director’s by a company. These transactions are voidable if they were entered into within four (4) years of the relation-back day. My investigations did not reveal any related party transactions. Transactions entered into for the purpose of defrauding creditors (Section 588FE (5)) – these are insolvent transactions entered into for the purpose of defeating, delaying or interfering with the rights of creditors and were entered into within a period of ten (10) years prior to the relation-back day. My investigations did not reveal any such transactions. Circulating Security Interest created within six months (Section 588FJ) – where a circulating security interest is granted by the Company within six months of the relation-back day, the security interest is void against the Liquidator unless valuable consideration was given or the Company was solvent at the time of granting of the circulating security interest. My search of the PPSR has revealed circulating security interests registered against the Company within six months of the relation-back day. I note however that my investigations into this matter revealed that the security interests were registered against advances made or plant and equipment leased, and not past debts. I also not no claim has been made by any of these relevant secured parties. Should recovery proceedings be commenced by the relevant secured parties, the matter will be more closely looked at, but at this stage I do not believe it would be commercial to do so.



3.2.2. Insolvent Trading

Directors’ duty to prevent insolvent trading (Section 588G) – a Director of a Company has a duty to prevent a Company from incurring a debt when the Company is insolvent or there are reasonable grounds to suspect that the company is or would become insolvent. A Director would fail to fulfil that duty if the Director was aware of the grounds for suspecting the Company is or would become insolvent or a reasonable person in a like position would be aware of such grounds. The defences available to the Director are as follows;

(i) The Director had reasonable grounds to expect, and did expect, that the Company was solvent and would remain so; or

(ii) The Director had reasonable grounds to believe, and did believe, that a competent and reliable person was providing adequate information to the Director and based on that information the Director expected the Company to be solvent and to remain so; or

(iii) The Director did not take part in the management of the company at the time due to illness or other good reason; or

(iv) The Director took reasonable steps to prevent the Company from incurring the debt. I have formed the view that the Director traded whilst insolvent because at the time various transactions were entered there were reasonable grounds to believe the Company may not have been able to pay its debts as and when they fell due. Having said this, I am aware that the Director has filed a debtor’s petition and has become bankrupt. I have written to his Trustee in Bankruptcy requesting details of the likelihood of a dividend from the bankrupt estate; however, I am yet to receive a response. Depending on the response I receive, I may or may not lodge a formal proof of debt in his Estate for the value of the insolvent trading claim I have against him. A report pursuant to section 533 of the Act was submitted to ASIC on 15 July 2015, detailing my investigations into the past affairs and dealings of the Company. 3.3. Dividend Prospects

Given the uncertainty surrounding the likely return from further debt recovery action, as well as having not received a proof of debt from the Australian Taxation Office in respect of superannuation guarantee charges, I provide an optimistic, neutral and pessimistic summary of dividend prospects as follows: Optimistic – 100 cents in the dollar to priority creditors and 4 to 8 cents in the dollar to ordinary unsecured creditors. Neutral – 90 to 100 cents in the dollar to priority creditors and no return to ordinary unsecured creditors. Pessimistic – 75 to 90 cents in the dollar to priority creditors and no return to ordinary unsecured creditors. 3.4. Account of receipts and payments

A summary of my receipts and payments to 2 February 2016 is enclosed as Annexure B.



3.5. Statutory Accounts

Pursuant to section 539(5) of the Act, I am required to give notice to every creditor and contributory in any notice, report or circular that my six monthly accounts and statements (ASIC Form 524) have been completed and submitted to ASIC. For the sake of completeness and in the event that a creditor requests to receive a copy of this annual report, please see below a summary of my previous lodgements of the ASIC Form 524 to date:

Description From To Date lodged

Presentation of Accounts and Statements – Form 524 3 February 2015 3 August 2015 7 August 2015 Presentation of Accounts and Statements – Form 524 3 August 2015 3 February 2016 8 February 2016

4. Acts and dealings necessary to complete the liquidation

A description of the remaining tasks required to complete the liquidation of the Company are as follows:

I. Finalise debtor recovery actions; II. Attend to payment of dividend to priority creditors;

III. Attend to payment of dividend to ordinary unsecured creditors (subject to surplus funds being available to do so);

IV. Prepare and circulate the final report for the liquidation including notice of the final meeting of Members and Creditors; and

V. Hold the final meeting of the liquidation (if applicable); VI. Lodge final ASIC returns, ATO Business Activity Statements and resignation documentation.

5. Remuneration

I advise that at the time of writing I have drawn all previously approved remuneration. Accordingly, at the upcoming annual general meeting of creditors I will seek to have a resolution passed approving further remuneration totalling $6,812.50 (Excl. GST). A summary of my remuneration previously approved, drawn and sought follows.

Remuneration Amount (Exc GST)

Past remuneration approved and drawn: Resolution from 3 February 2015 to 9 February 2015 Resolution 10 February 2015 to finalisation Total remuneration approved and drawn: Current remuneration approvals sought:

7,104.00

82,896.00

90,000.00

Resolution from 22 March 2016 to 18 April 2016 1,812.50

Resolution from 19 April 2016 to finalisation 5,000.00

Total remuneration sought 6,812.50

*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 be sought from creditors

I enclose my remuneration report as Annexure C.



6. Annual general meeting of creditors

An annual general meeting of creditors is convened for 17 May 2016 at 10:00am at the office of HLB Mann Judd (Insovlency WA), Level 3, 35 Outram Street, West Perth WA. Notice of meeting, a POD, and an Appointment of Proxy form are enclosed as Annexure D. These forms include instructions on how to complete them, however if you would like assistance please liaise with the contact detailed on the cover page of this report.

7. Estimated completion date of the winding up

The final meeting of the Company is anticipated to be convened within the next three to four months (i.e. May / June 2016).

8. Final Comments

Should you have any queries in relation to the content of this report, please do not hesitate to liaise with the contact person detailed on the cover page of this report. Yours faithfully,

Kim Wallman – Liquidator of Galukama Transport Pty Ltd (in Liquidation) ACN 150 899 424

ANNEXURE A

PRIORITY DIVIDEND DOCUMENTS:

Form 534 - Notice Inviting Formal Proof of Debt or Claim

Form 548 - Notice to Creditor or Person Claiming to be a Creditor

of Intention to Declare a Dividend

FORM 534

Corporations Act 2001

Sub-regulation 5.6.48(3)

NOTICE INVITING FORMAL PROOF OF DEBT OR CLAIM

GALUKAMA TRANSPORT PTY LTD (IN LIQUIDATION) ACN: 150 899 424 AS TRUSTEE FOR THE GALUKAMA TRANSPORT TRUST

(“the Company”) TAKE NOTICE that creditors of the Company, whose debts or claims have not already been admitted, are required on or before 18 May 2016, to prove their debts or claims and to establish any title they may have to priority, by delivering or posting to me at my address a Formal Proof of Debt or Claim in accordance with Form 535 (for creditors) or Form 536 (for employees) containing their respective debts or claims. If they do not they will be excluded from: (a) the benefit of any distribution made before their debts or claims are proved or their priority is

established; and (b) objecting to the distribution. A Form 535 – Formal Proof of Debt is enclosed. Dated: 22 April 2016

Kim Wallman – Liquidator of Galukama Transport Pty Ltd (In Liquidation) ACN: 150 899 424

FORM 548

Corporations Act 2001 Sub-regulation 5.6.65(1)

NOTICE TO PRIORITY CREDITORS OR PERSON CLAIMING TO BE A PRIORITY CREDITOR OF INTENTION TO DECLARE A DIVIDEND

GALUKAMA TRANSPORT PTY LTD (IN LIQUIDATION) ACN: 150 899 424

AS TRUSTEE FOR THE GALUKAMA TRANSPORT TRUST (“the Company”)

A first and final dividend is to be declared for the Company on 2 June 2016. You are required formally to prove your debt or claim on or before 18 May 2016. If you do not, I will exclude your claim from participation, and I will proceed to make a final dividend without having regard to it. A Form 535 – Formal Proof of Debt is enclosed. Dated: 22 April 2016

Kim Wallman – Liquidator of Galukama Transport Pty Ltd (In Liquidation) ACN: 150 899 424

ANNEXURE B

Galukama Transport Pty Ltd ACN: 150 899 424

Kim Wallman - Liquidator

HLB Mann Judd (Insolvency WA)

Liquidator's Account of Receipts and Payments For the period 03 February 2015 to 02 February 2016

Receipts

Pre-appointment debtors recovered

240,155.33

Company cash at bank recovered

112,524.64

BAS refunds

7,177.15

Sale of assets

15,950.00

Total

375,807.12

Payments

Bank charges & fees

37.60

Plant & equipment

495.00

Liquidator's remuneration

88,627.33

Liquidator's disbursements

1,800.83

Refund of funds received in error

12,870.00

Total

103,830.76

Cash Balance

275,833.53

HLB Mann Judd (Insolvency WA) ABN 54 686 879 814

Level 3, 35 Outram Street West Perth WA 6005 | PO Box 622 West Perth WA 6872 | Telephone +61 8 9215 7900 | Fax +61 8 9321 0429 Website: www.hlbinsolvencywa.com.au Liability limited by a scheme approved under Professional Standards Legislation HLB Mann Judd (Insolvency WA) is a member of International . A world-wide network of accounting fi rms and business advisers.

Liquidator Kim Wallman

Appointment Date 3 February 2015

Meeting of Creditors 17 May 2016

Contact Sam Clark

Telephone Number (08) 9215 7955

Galukama Transport Pty Ltd (In Liquidation) ACN: 150 899 424

(“the Company”)

Remuneration Report

Dated: 22 April 2016

http://www.hlbinsolvencywa.com.au/

Galukama Transport Pty Ltd (in Liquidation) ACN: 150 899 424 Remuneration Report _____________________________________________________________________________________________________


1. Introduction

In compliance with the Australian Restructuring Insolvency & Turnaround Association (“ARITA”) Code of Professional Practice and the requirements of the Corporations Act 2001, I set out below my remuneration report for the period 22 March 2016 to 18 April 2016, and prospective future remuneration.

2. Declaration

I, Kim Wallman, 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, in the conduct of the administration.

3. Summary of Remuneration Approvals Sought

I summarise below is my remuneration that is being sought for approval at the creditors meeting to be held on 17 May 2016:

Remuneration Amount (Exc GST)

Past remuneration approved and drawn: Resolution from 3 February 2015 to 9 February 2015 Resolution 10 February 2015 to finalisation Total remuneration approved and drawn: Current remuneration approvals sought:

7,104.00

82,896.00

90,000.00

Resolution from 22 March 2016 to 18 April 2016 1,812.50

Resolution from 19 April 2016 to finalisation 5,000.00

Total remuneration sought 6,812.50

*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 be sought from creditors

4. Description of Work

The tasks which external administrators undertake can be broadly divided into seven categories. These are:

Assets Creditors Employees Trade on Investigation Dividend Administration

Information on the seven categories (if work done is applicable) is summarised in Annexure A to enable creditors to understand the type and purpose of work being undertaken.



5. Calculation of Remuneration (Time Basis)

I advise that HLB Mann Judd (Insolvency WA) utilises the time basis method for charging remuneration. Time based remuneration is appropriate for this administration because:

It ensures creditors are only charged for work performed in the conduct of the administration; I am required to perform tasks unrelated to asset realisations; therefore fees solely based on

asset realisations would be impractical; I am unable to provide a reliable estimate of the total remuneration required to complete all

tasks in the administration.

Information regarding the time charged by myself and my partners and staff working on this appointment is summarised in Annexure A to enable creditors to understand the time undertaken on various tasks in the liquation as described above. The schedule of hourly rates for the 2015/16 financial year are set out below:

Classification Details of classification Charge out rate / hour (excl of GST)

Appointee 30+ years’ experience, registered liquidator and registered trustee. Significant experience on a range of administrations and a very deep understanding of insolvency legislation and issues.

$484

Senior consultant Generally, 20+ years’ experience. University degree, member of the ICAA and ARITA, deep understanding of insolvency legislation and issues.

$442- $479

Consultant Brings specific, high-level experience to insolvency or other appointments.

$359

Senior Manager Generally, 10+ years’ experience with at least 2 years’ as manager, very strong understanding of insolvency legislation and issues.

$338

Manager Generally, 5+ years’ experience. University degree, member of the ICAA or completing the ICAA’s CA program, member of ARITA or completing the ARITA IEP program, or has relevant experience. Strong understanding of insolvency legislation and issues.

$291

Supervisor Generally, 4-5 years’ experience. University degree, member of the ICAA or completing the ICAA’s CA program, member of ARITA or completing the ARITA IEP program, or has relevant experience. Strong understanding of insolvency legislation and issues.

$259

Senior Generally, 2-4 years’ experience. University degree, member of the ICAA or completing the ICAA’s CA program. Sound knowledge of relevant insolvency legislation and issues.

$228

Intermediate Generally, 1-3 years’ experience, has completed or substantially completed a university degree or has relevant experience, takes direction from senior staff in completing administrative tasks.

$176

Secretary Appropriate skills for tasks required. $159 - $176

Office Assistant Appropriate skills for tasks required. $100 - $133



6. Remuneration Recoverable from External Sources

I have not received any payments from external sources for the conduct of this Liquidation.

7. Disbursements

Disbursements are divided into three types:

A disbursements are all externally provided professional services and are recovered at cost. An example of an A disbursement is legal fees.

B1 disbursements are externally provided non-professional costs such as travel,

accommodation and search fees. They are recovered at cost. B2 disbursements are internally provided non-professional costs such as photocopying

and document storage. B2 disbursements are charges at cost except for photocopying, printing and telephone calls which are charged at a rate which is intended to recoup both variable and fixed costs.

Full details of disbursements on this appointment are provided in the attached remuneration summaries (page 2 and 4 of Annexure A). I have undertaken a proper assessment of disbursements claimed for the Company, in accordance with the law and applicable professional standards, I am satisfied that the disbursements claimed are necessary and proper. Creditor approval for the payment of disbursements is not required however, I must account to creditors. Creditors have the right to question the incurring of the disbursements and can challenge the disbursements in court.

8. Report on Progress of Administration

I invite creditors to review my report to creditors dated 9 October 2015 for further information regarding the progress of the liquidation.

9. Future Remuneration

When creditors meet on 17 May 2016, I will ask for approval to be paid remuneration for services rendered in the Liquidation of the Company. A summary of the major tasks and costs relating to the professional services for the period 22 March 2016 to 18 April 2016 is set out in page 1-2 of Annexure A, and the expected tasks and costs relating to the professional services for the period beginning 19 April 2016 to finalisation, is set out in page 3-4 of Annexure A. I will report to creditors should matters change which prevent me from being able to complete the liquidation of the Company for this capped amount of remuneration.

10. Summary of Receipts and Payments

A summary of the receipts and payments for the administration/ liquidation made up to 18 April 2016 is attached as Appensix B.



11. Previous Remuneration Claims

Please refer to section 3 above for information regarding my previous remuneration approvals in this appointment.

12. Statement of Remuneration Claim

At the forthcoming meeting of creditors, creditors will be asked to pass the following resolutions: Liquidator’s Past Fees 22 March 2016 to 18 April 2016 (Annexure A pages 1-2)

“That the remuneration of the Liquidator and staff for the period 22 March 2016 to 18 April 2016, calculated at hourly rates detailed in the Remuneration Report to creditors dated 22 April 2016, is determined in the sum of $1,812.50, which excludes GST and expenses and is approved for immediate payment”. Prospective Fees from 19 April 2016 to finalisation (Annexure A pages 3-4) “That the future remuneration of the Liquidator from 19 April 2016 to finalisation is determined at a sum equal to the cost of time spent by the Liquidator and his staff, calculated at the hourly rates as detailed in the Remuneration Report to creditors dated that will be increased in accordance with the annual Consumer Price Index (all groups) at 31 March each year, to be adjusted at 1 July each year, up to a capped amount of $5,000.00, exclusive of GST, above which further approval be required, and that the Liquidator can draw the remuneration on a monthly basis or as required.”

13. Queries/Information Sheets

The above information is provided to assist creditors consider the appropriateness of the remuneration claim that is being made. Creditors should feel free to contact my office to seek further information concerning the remuneration claim if they so need. ARITA has produced a document entitled “Creditor Information Sheet: Approving remuneration in external administrations”. This document can be downloaded from the ARITA website www.arita.com.au or alternatively a copy can be obtained by contacting this office. Yours faithfully,

Kimberley Wallman – Liquidator of Galukama Transport Pty Ltd (In Liquidation) ACN: 150 899 424

http://www.arita.com.au/

Galukama Pty Ltd (In Liqiudation) A.C.N. 150 899 424 Appendix A

Creditors Voluntary Liquidation Page 1 of 4

Kimberley Wallman (Liquidator)


TASKS COMPLETED IN THE PERIOD:

FROM - 22 March 2016

TO - 18 April 2016

FOR REMUNERATION APPROVAL

Task Area General Description Includes

[Est. cost]

Assets Debtor Collections Liaise with debt collection agent.

$409.60 Provision of documents to debt collection agent.

Creditors General Review and adjudicate Australian Taxation Office proof of debt for priority

claim.

$409.60 Updating creditor database.

Monitoring administration pre-finalisation.

Reporting Review and update annual report and annexures.

Employees Superannuation Review updated superannuation guarantee charge assessment from ATO

and compare to Company records.

$290.40

Administration General Filing, file e-mailing system, photocopying, scanning documents, manage

incoming mail.

$702.90 Manage disbursements and data entry of payments and receipts.

Prepare and maintain checklist for the progress of the appointment.

Banking Preparing Liquidators fee.

Review of bank reconcilliation, supporting documents and matters remaining

to finalise administration.

TOTAL

$1,812.50

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Galukama Pty Ltd (In Liqiudation) A.C.N. 150 899 424 Appendix A

Creditors Voluntary Liquidation Page 3 of 4

Kimberley Wallman (Liquidator)


TASKS COMPLETED IN THE PERIOD:

FROM - 19 APRIL 2016

TO - FINALISATION

FOR REMUNERATION APPROVAL

Task Area General Description Includes

[Est. cost]

Creditors Reports Prepare and complete remuneration report and annual report to creditors.

$2,191.00 Prepare and dispatch final report to creditors and members.

Meetings Prepare for annual general meeting of creditors and prepare minutes of the

meeting.

Prepare and hold final meeting of creditors and members.

General Communications with creditors

Dividend Dividend notifications Prepare and send notice of intention to declare a dividend and follow

statutory notice requirements.

$2,114.00 Payment of dividends Adjudicate upon claims received from creditors and seek further information

as necessary.

Calculate applicable dividend rates and issue dividend letters and cheques

and records presentation of same as required.

Administration General and Banking Filing, file e-mailing system, photocopying, scanning documents, manage

incoming mail.

$695.00 Manage disbursements and data entry of payments and recepts.

Update the website with creditors reports and minutes.

Maintain checklist for the progress of the liquidation.

Taxation Prepare and lodge Business Activity Statements and update BAS register of

payments/refunds.

Cancel GST registration with the ATO.

Advise ATO of finalisation.

Statutory lodgements Prepare and lodge statutory ASIC Forms.

Remuneration Manage the remuneration of the Liquidator as approved by creditors.

Books and Records Apply to ASIC for the destruction of books and records upon finalisation of

the appointment and following approval from ASIC.

Arrange for the storage and destruction of the company and liquidators

books and records.

TOTAL

$5,000.00

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Page 4 of 4

Appendix A

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Galukama Transport Pty LtdCreditor's Voluntary Liquidation Appendix B

Kim Wallman - Liquidator


Liquidator's Account of Receipts and PaymentsFor the period 03 February 2015 to 18 April 2016

Receipts

Pre-appointment debtors recovered 254,235.33

Company cash at bank recovered 112,524.64

BAS refunds 7,177.15

Sale of assets 15,950.00

Total 389,887.12

Payments

Bank charges & fees 42.20

Plant & equipment 495.00

Liquidator's remuneration 97,296.76

Liquidator's disbursements 1,800.83

Refund of funds received in error 12,870.00

Consultants 1,548.80

Total 114,053.59

Cash Balance 275,833.53

Page 1 of 1

ANNEXURE D

MEETING DOCUMENTS:

Form 529 - Notice of Annual General Meeting of

Creditors

Form 535 - Formal Proof of Debt or Claim

Form 532 – Appointment of Proxy Form

Section 508 Corporation Act 2001

CORPORATIONS ACT 2001

NOTICE OF ANNUAL GENERAL MEETING OF CREDITORS

Galukama Transport Pty Ltd (In Liquidation) ACN 150 899 424

As Trustee for the Galukama Transport Trust (“the Company”)

Notice is given pursuant to section 508 of the Corporations Act 2001 that an annual general meeting of creditors of the Company will be held at the offices of HLB Mann Judd (Insolvency WA), Level 3, 35 Outram Street West Perth, WA on 17 May 2016 at 10:00am. The purpose of this meeting is to:

1. Receive an account of the Liquidator’s acts and dealings and conduct of the winding up;

2. To consider the approval of the Liquidator’s past remuneration; and 3. To consider the approval of the Liquidator’s prospective remuneration.

Dated this: 22 April 2016

Kim Wallman – Liquidator Tel: (08) 9215 7900 Fax: (08) 9321 0429 [email protected]

mailto:[email protected]

Form 535 Corporations Act 2001

Sub regulation 5.6.49(2)

FORMAL PROOF OF DEBT OR CLAIM (GENERAL FORM)

To the Liquidator of Galukama Transport Pty Ltd (in Liquidation) ACN 150 899 424

INSTRUCTIONS This is to state that the Company was on 3 February 2015 and still is, justly and truly

indebted to:

Creditor / company name: ABN:

1. Insert name of creditor here.

(1) (2)

2. Insert creditor’s ABN here or “N/A” if not applicable. In the amount of: GST in claim:

3. Insert debt amount here (inclusive of GST). (3) $ (4) $

4. Insert GST component of claim here.

TO ENSURE THE VALIDITY OF YOUR CLAIM, PLEASE ATTACH APPROPRIATE DOCUMENTATION TO SUBSTANTIATE YOUR CLAIM. PLEASE SEE OVERLEAF FOR FURTHER INFORMATION.

Particulars of the debt(s) are (5):

Date/s Consideration (e.g. goods supplied / services rendered)

Amount Remarks

5. Show here details of goods and services were provided to the Company and remain unpaid for.

6. Do not complete unless you are a secured creditor.

(6) 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 as an attachment to this form).

7. Do not complete this section unless you act for an employee.

8. Do not complete this section unless you act for an employee.

(7) 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. (8) 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.

9. Insert date here DATED (9) this ______ day of __________________ 2016

10 .Sign here Signature: (10) Phone:

Name: Fax:

Occupation: Email:

Postal address:

FOR OFFICE USE ONLY

Dividend Expectations: Priority only Unsecured Creditors Unascertained No Class

Priority: $ Unsecured: $ Total Admitted: $

Rejected: $ Comments:

Signed Appointee: File Manager:

NOTES TO THE PROOF OF DEBT OR CLAIM FORM

1. Failure to provide an Australian Business Number or notice that one is not applicable will result in

48.5% of any dividend being withheld and remitted to the Australian Taxation Office. 2. To enable to adjudication of your claim, it is required that you submit together with your Proof of

Debt or Claim form. It should be noted that failure to provide substantiating documentation may result in your claim being rejected. Generally, a statement of account and corresponding invoices is requested. However, if it is

impractical to submit correspondence invoices (e.g. if the sheer quantum of invoices makes postage impractical) a statement of account is requested as a minimum in the first instance. Should a statement of account or invoices not be available, other documentation may be provided such as a purchase order or other substantiating voucher. The Administrator / Liquidator may contact you to then discuss your documentation and anything else that may be available to assist in his / her adjudication process.

DIRECTIONS FOR ANNEXURE

1. Where the space provided for a particular purpose is insufficient to contain all the required

information in relation to a particular item, that information shall be set out in an annexure. 2. An annexure to form shall have an identifying mark and be endorsed with the words:-

This is the annexure of ............ pages marked .................. referred to in the (insert description of form)

signed by me and dated .....................................

................................................ ............................................................................. Signature(s) Name of Signatory IN BLOCK LETTERS

3. The pages in the annexure shall be numbered consecutively. 4. Where a document, copy of a document or other matter is annexed to a form, reference made in

the form to the annexure shall be by its identifying mark, the number of pages in it, and a brief description of the nature of the document and its contents.

A reference to an annexure includes a document, copy of a document or any other matter accompanying, attached to or annexed to a form.

Form 532 Corporations Act 2001

Sub regulation 5.6.29

Galukama Transport Pty Ltd (In Liquidation)

ACN: 150 899 424

APPOINTMENT OF PROXY

Appoint a proxy to vote on your behalf

IMPORTANT PLEASE READ

You can appoint any person over the age of 18 (Option 1) OR the Chairperson (Option 2) to represent you either through a special or general proxy. You can specify on the proxy form how the proxy is to vote on a particular resolution, which the proxy must comply with. This is called a ‘special proxy’. Alternatively, you can allow the proxy to exercise his/her discretion as to how to vote on each of the resolutions put before the meeting. This is called a ‘general proxy’. The Liquidator (or his or her nominee) must not use a general proxy to vote in favour of a resolution approving payment of the Administrator’s / Liquidator’s remuneration.

I / We (Full name of creditor)

of

(Address)

being a creditor of Galukama Transport Pty Ltd (In Liquidation), entitled to attend and vote at the Meeting of Creditors to be held on 17 May 2016 at 10:00am, hereby appoint:

OPTION 1

Appointee (Full name and address)

As my / our general / special proxy.

OPTION 2 OR □ the Chairperson of the Meeting of Creditors as my / our general / special proxy.

Voting directions ! PLEASE NOTE: If you complete the section below, you are deemed to have appointed a special proxy.

My / Our special proxy shall vote as instructed below:-

FOR AGAINST ABSTAIN

“That the remuneration of the Liquidator and staff for the period 22 March 2016 to 18 April 2016, calculated at hourly rates detailed in the Remuneration Report to creditors dated 22 April 2016, is determined in the sum of $1,812.50, which excludes GST and expenses and is approved for immediate payment”.

□ □ □

“That the future remuneration of the Liquidator from 19 April 2016 to finalisation is determined at a sum equal to the cost of time spent by the Liquidator and his staff, calculated at the hourly rates as detailed in the Remuneration Report to creditors dated that will be increased in accordance with the annual Consumer Price Index (all groups) at 31 March each year, to be adjusted at 1 July each year, up to a capped amount of $5,000.00, exclusive of GST, above which further approval be required, and that the Liquidator can draw the remuneration on a monthly basis or as required.”

□ □ □

Sign This section must be completed

Name of authorised representative:

Date _____ / _____ / ________ Phone: _______________________ Email: _________________________

PLEASE RETURN THIS PROXY, duly completed, to Sam Clark via email to [email protected], or via facsimile to 08 9321 0429,

or via post to PO Box 622 West Perth WA 6872. Please note that proxy forms received after 5.00 pm on the day before the meeting may not be accepted.

Certificate of Witness

This certificate is to be completed only if the person giving the proxy is blind or incapable of writing. The signature of the creditor must not be witnessed by the

person nominated as proxy.

I, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . of . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . certify that the above instrument appointing a proxy was completed by me in the presence of and at the request of the person appointing the proxy and read to him or her before he or she signed or marked the instrument. Dated this . . . . . . . . . . day of . . . . . . . . . . . . . . 2016 Signature of Witness: . . . . . . . . . . . . . . . . . . . . . . . . . . Address: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

STEP 2

STEP 3

STEP 1

liquidator’s annual report to creditors · 4/22/2016 · a form 535 – formal proof of debt or...

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