727 collins street initial information for creditors t (03 ... · 11 june 2019 initial information...
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Grant Thornton Australia Limited Level 22, Tower 5 Collins Square 727 Collins Street Melbourne VIC 3008 T (03) 8320 2222
ABN-41 127 556 389 ACN-127 556 389
Grant Thornton Australia Ltd ABN 41 127 556 389 ACN 127 556 389 ‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Limited is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities. Liability limited by a scheme approved under Professional Standards Legislation.
www.grantthornton.com.au
To the creditor as addressed
11 June 2019
Initial Information for creditors
Whirlwind Print Pty Ltd (In Liquidation)
ACN 075 484 856 (“the Company”)
The purpose of this letter is to provide you with information about the liquidation of the Company and your
rights as a creditor, and to seek approval of proposals without a meeting. Notification of appointment
We were appointed Joint and Several Liquidators of the Company by a resolution of the Company’s
members on 28 May 2019. The Liquidation is proceeding as a creditors’ voluntary liquidation.
We act for all creditors. We are responsible for locating the Company’s assets, investigating the
Company’s affairs, reporting to the Australian Securities and Investments Commission (“ASIC”) and, if
funds become available, paying money owed to creditors.
Our independent status and who appointed us is outlined in our Declaration of Independence, Relevant
Relationships and Indemnities (DIRRI) attached at Appendix A.
What do you need to know?
Question Answer
What is a creditors’ voluntary liquidation?
A creditors’ voluntary liquidation, or CVL, is a liquidation initiated by the Company where it cannot pay all of its creditors in full. This means that the Company is insolvent.
What are your rights as a creditor?
Information regarding your rights as a creditor is provided in the information sheet included at Appendix B. This includes
your right to:
Make reasonable requests for a meeting
Make reasonable requests for information
Give directions to me
Appoint a reviewing liquidator
Replace me as liquidator.
We wish to draw to your attention the special right to request a meeting in the first 20 business days of a creditor’s
© 2019 Grant Thornton Australia Limited. 2
voluntary liquidation. If we receive a request for a meeting from at least 5% of known creditors that are not a related entity of the Company we are required to hold a meeting, as long as the request is reasonable. The details of whether a request is reasonable or not is included in the information sheet at Appendix B.
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.
The amount of money you receive depends on the amount we recover, including from finding and selling the Company’s assets. After paying our fees, creditors share the remaining money. This amount is called a dividend.
A dividend can vary between creditors because the law entitles different types of creditors to be paid before other types of creditors.
If you have leased the Company property, have a retention of title claim or hold a Personal Property Security in relation to the Company, please contact our staff as soon as possible.
Do you have to do anything? You should read this information. You can choose to participate in the liquidation process, but you don’t have to.
If we need you to take action, we will write and ask you. For example, we may ask you to provide proof of your debt before we can pay you a dividend.
If you do not think you are a creditor, please let us know.
Summary of the Company’s affairs
We received a Report on Company Activities and Property (ROCAP) from the directors on 4 June 2016.A summary of the Company’s affairs from the information in the ROCAP is attached at Appendix C.
Listing of creditors
We have attached at Appendix D a list of creditors, including
their address and the estimated amounts of their claims, that are shown in the records of the Company. Any creditors related to the Company are identified. We are required to provide this information to creditors under law.
What is the cost of the liquidation We get paid out of the Company’s money, including realisations from assets or from money paid to us by others, such as the Company’s directors. If there is not enough money in the liquidation, we may not get paid in full.
We may write and ask that you approve our remuneration for the work that we do in completing the liquidation. If we do, we will provide you with detailed information so that you can understand what tasks we have undertaken and the costs of those tasks.
Included at Appendix E is our Initial Remuneration Notice.
This document provides you with information about how we propose to be paid for undertaking the liquidation.
© 2019 Grant Thornton Australia Limited. 3
What further communication will you receive?
We will write to you within three months of our appointment advising whether a dividend is likely and update you on the progress of our investigations.
We may also send you updates on the progress of the liquidation or proposals to approve certain matters in the liquidation at any time.
It is unlikely that we will hold a meeting to communicate with creditors unless we believe it is in the interests of creditors. However, if we receive a request for a meeting that complies with the guidelines set out in the creditor rights information sheet, we will hold a meeting of creditors.
What happens next? We will proceed with the liquidation, including:
recovering and selling any available property
investigating the Company’s affairs
reporting to the corporate regulator, the Australian Securities and Investments Commission (ASIC); and
distributing any available funds to creditors in accordance with their priority.
Where can you get more information?
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 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 asic.gov.au (search for “insolvency information sheets”).
Please contact my office should you require further information. There is also information about this
liquidation on my firm’s website: www.grantthornton.com.au.
Yours faithfully
Andrew Hewitt
Joint And Several Liquidator
Appointment date: 28 May 2019
Contact name: Stephanie Elder
Contact number: +61 3 8663 6051
Email: [email protected]
© 2019 Grant Thornton Australia Limited. 4
Attachments
Appendix A - Declaration of Independence, Relevant Relationships and Indemnities (DIRRI)
Appendix B - Information Sheet – Creditor Rights in Liquidation
Appendix C - Form 509 Summary of affairs
Appendix D - List of creditors
Appendix E - Initial remuneration notice
Appendix F - Remuneration Approval Report
Appendix G - Proposal without a Meeting Forms
Appendix H - Formal Proof of Debt
Appendix I - Information Sheet – Proposals without a Meeting
Appendix J - Summary of ASIC Information Sheets
Appendix A
Declaration of Independence, Relevant Relationships and Indemnities
WHIRLWIND PRINT PTY LTD (IN LIQUIDATION)
ACN 075 484 856
Practitioner/s appointed to an insolvent entity are required to make declarations as to:
A. their independence generally;
B. relationships, including
the circumstances of the appointment;
any relationships with the Company and others within the previous 24 months;
any prior professional services for the Company within the previous 24 months;
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 us, our partners, Grant Thornton Australia Limited and any of its associated entities.
A Independence
We, Andrew Stewart Reed Hewitt and Ahmed Bise of GTAL have undertaken a proper assessment of the risks to our independence prior to accepting the appointment as Liquidators of Whirlwind Print Pty Ltd in accordance with the law and applicable professional standards. This assessment identified no real or potential risks to our independence. We are not aware of any reasons that would prevent us from accepting this appointment.
B Declaration of Relationships
i Circumstances of appointment
This appointment was referred to us by Mr David Newman of Maddocks. We advise that Mr Hewitt had a teleconference with Mr Newman and Mr John Lindholm of Ferrier Hodgson on Tuesday, 21 May 2019. A further phone call took placcircumstances and to coordinate a meeting to accept the appointment as Liquidators on Tuesday, 28 May 2019. These discussions were limited to:
- General discussion in regards to the financial position of the Company, its history and a high level summary of its operations;
- Clarification and explanation of various insolvency regimes available to the Company and the nature and consequences of an insolvency appointment; and
- To discuss the process of appointing External Administrators to the Company.
In our opinion, the referral by Mr Newman to GTAL, does not affect our independence for the following reasons:
- The introduction being unconditional;
- No prior engagement had been undertaken by GTAL in relation to the Company;
- The communications were of limited scope;
- There is no expectation or understanding between the Liquidators and the Company regarding the conduct of the Liquidation; and
- Introductions within a professional network are routine.
We have provided no other information or advice to Company, the director and its advisors prior to our appointment beyond that outlined in this DIRRI. All subsequent informal correspondence was to ascertain the financial position of the Company prior to our appointment.
We did not receive any remuneration or fees for this advice or our time.
ii Relevant Relationships (excluding Professional Services to the Insolvent)
We, or a member of our firm, have, or have had within the preceding 24 months, a relationship with:
Name Nature of relationship Reasons
Australian and New Zealand
ANZ had a registered security interest against the Company.
GTAL does, from time to time, undertake work for ANZ unrelated to the Company and our appointment.
The work undertaken does include engagements where GTAL has acted for ANZ on matters unrelated to our appointment as Liquidators to the Company.
We believe that this relationship does not result in a conflict of interest or duty because:
Each professional engagement undertaken for ANZ is conducted on an entirely separate basis, which has no connection with this appointment.
These engagements are only commenced after full regard is given to potential conflicts of interest in relation to all interested stakeholders.
GTAL has not undertaken any engagement for the Company.
The nature of the work conducted by GTAL as instructed by ANZ on past matters (as mentioned above) will not influence our ability to fully comply with the statutory and fiduciary obligations associated with the Liquidation of the Company in an objective and impartial manner.
Scottish Pacific Business Finance
Scottish Pacific has a registered security interest against the Company.
GTAL does, from time to time, undertake work for Scottish Pacific unrelated to the Company and our appointment.
The work undertaken does include engagements where GTAL has acted for Scottish Pacific on matters
We believe that this relationship does not result in a conflict of interest or duty because:
Each professional engagement undertaken for Scottish Pacific is conducted on an entirely separate basis, which has no connection with this appointment.
These engagements are only commenced after full regard is given to potential conflicts of
unrelated to our appointment as Liquidators to the Company.
interest in relation to all interested stakeholders.
GTAL has not undertaken any engagement for the Company.
The nature of the work conducted by GTAL as instructed by Scottish Pacific on past matters (as mentioned above) will not influence our ability to fully comply with the statutory and fiduciary obligations associated with the Liquidation of the Company in an objective and impartial manner.
Australian Taxation Office I note the ATO has a claim against the Company. I have had past dealings with the ATO in its capacity as a creditor of past insolvency administrations conducted by me as insolvency practitioners.
My past involvement with the ATO will not influence my ability to be able to fully comply with the statutory and fiduciary obligations associated with the conduct of the Liquidation of the Company in an objective and impartial manner.
iii Prior Professional services to the Insolvent
Neither we, nor our firm, have provided any professional services to Whirlwind Print Pty Ltd in the previous 24 months.
iv 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 Whirlwind Print Pty Ltd, an associate of Whirlwind Print Pty Ltd, a former insolvency practitioner appointed to Whirlwind Print Pty Ltd or any person or entity that has security over the whole or substantially whole of Whirlwind Print Pty Ltd
C Indemnities and up-front payments
We have not been indemnified in relation to this administration, other than any indemnities that we may be entitled to under statute and we have not received any up-front payments in respect of our remuneration or disbursements.
Dated this 4th day of June 2019
___________________ ___________________ Andrew Hewitt Ahmed Bise
Note:
1. If circumstances change, or new information is identified, we are required under the Corporations Act 2001 and the ARITA Code of
Professional Practice to update this Declaration and provide a copy to creditors with our next communication as well as table a copy
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.
Appendix B
ARITA ACN 002 472 362
Level 5, 191 Clarence Street, Sydney NSW 2000 Australia | GPO Box 4340, Sydney NSW 2001 t +61 2 8004 4344 | e [email protected] | arita.com.au
AUSTRALIAN RESTRUCTURING INSOLVENCY & TURNAROUND ASSOCIATION
Creditor Rights in Liquidations
Requests must be reasonable.
They are not reasonable if:
Both meetings and information:
(a) complying with the request would
prejudice the interests of one or
more creditors or a third party
(b) there is not sufficient available
property to comply with the request
(c) the request is vexatious
Meeting requests only:
(d) a meeting of creditors dealing with
the same matters has been held, or
will be held within 15 business days
Information requests only:
(e) the information requested would be
privileged from production in legal
proceedings
(f) disclosure would found an action
for breach of confidence
(g) the information has already been
provided
(h) the information is required to be
provided under law within 20
business days of the request
If a request is not reasonable due to (b),
(d), (g) or (h) above, the liquidator must
comply with the request if the creditor
meets the cost of complying with the
request.
Otherwise, a liquidator must inform a
creditor if their meeting or information
request is not reasonable and the
reason why.
As a creditor, you have rights to request meetings and information or take certain actions:
Right to request a meeting
Right to request
information
Right to give directions to
liquidator
Right to appoint a reviewing liquidator
Right to replace
liquidator
Right to request a meeting
Right to request information
In liquidations, no meetings of creditors are held automatically.
However, creditors with claims of a certain value can request in
writing that the liquidator hold a meeting of creditors.
A meeting may be requested in the first 20 business days in a
creditors’ voluntary liquidation by ≥ 5% of the value of the debts held
by known creditors who are not a related entity of the company.
Otherwise, meetings can be requested at any other time or in a court
liquidation by:
▪ > 10% but < 25% of the known value of creditors on the condition
that those creditors provide security for the cost of holding the
meeting
▪ ≥ 25% of the known value of creditors
▪ creditors by resolution, or
▪ a Committee of Inspection (this is a smaller group of creditors
elected by, and to represent, all the creditors).
If a request complies with these requirements and is ‘reasonable’,
the liquidator must hold a meeting of creditors as soon as
reasonably practicable.
Liquidators will communicate important information with creditors as
required in a liquidation. In addition to the initial notice, you should
receive, at a minimum, a report within the first three months on the
likelihood of a dividend being paid.
Additionally, creditors have the right to request information at any
time. A liquidator must provide a creditor with the requested
information if their request is ‘reasonable’, the information is relevant
to the liquidation, and the provision of the information would not
cause the liquidator to breach their duties.
A liquidator must provide this information to a creditor within 5
business days of receiving the request, unless a longer period is
agreed. If, due to the nature of the information requested, the
liquidator requires more time to comply with the request, they can
extend the period by notifying the creditor in writing.
AUSTRALIAN RESTRUCTURING INSOLVENCY & TURNAROUND ASSOCIATION PAGE 2
12112 (LIQ) - INFO - CREDITOR RIGHTS INFORMATION SHEET V1_0 Version: July 2017
Creditors, by resolution, may give a liquidator directions in relation to a liquidation. A liquidator must have
regard to these directions, but is not required to comply with the directions.
If a liquidator chooses not to comply with a direction given by a resolution of the creditors, they must
document their reasons.
An individual creditor cannot provide a direction to a liquidator.
Creditors, by resolution, may appoint a reviewing liquidator to review a liquidator’s remuneration or a cost or
expense incurred in a liquidation. The review is limited to:
▪ remuneration approved within the six months prior to the appointment of the reviewing liquidator, and
▪ expenses incurred in the 12 months prior to the appointment of the reviewing liquidator.
The cost of the reviewing liquidator is paid from the assets of the liquidation, in priority to creditor claims.
An individual creditor can appoint a reviewing liquidator with the liquidator’s consent, however the cost of
this reviewing liquidator must be met personally by the creditor making the appointment.
Creditors, by resolution, have the right to remove a liquidator and appoint another registered liquidator.
For this to happen, there are certain requirements that must be complied with:
Meeting request Information and notice Resolution at meeting
Right to appoint a reviewing liquidator
Right to replace liquidator
Right to give directions to liquidator
A meeting must be reasonably
requested by the required
number of creditors.
Creditors must inform the
existing liquidator of the
purpose of the request for the
meeting.
Creditors must determine who
they wish to act as the new
liquidator (this person must be a
registered liquidator) and obtain:
▪ Consent to Act, and
▪ Declaration of
Independence, Relevant
Relationships and
Indemnities (DIRRI).
The existing liquidator will send
a notice of the meeting to all
creditors with this information.
If creditors pass a resolution
to remove a liquidator, that
person ceases to be
liquidator once creditors pass
a resolution to appoint
another registered liquidator.
For more information, go to www.arita.com.au/creditors
Appendix C
Appendix D
Creditor Listing (Individual Names Suppressed)Whirlwind Print Pty Ltd - Whirlwind Print Pty Ltd (In Liquidation)All Creditors
PRIORITY CREDITORS
AddressCreditor Name ROCAP Advised Claimed Trans IDRelated
PartyAbbe Corrugated Pty. Ltd. PO Box 255 Dallas VIC 3047 AUSTRALIA 0.00 0.00 0.00Agfa Gevaert Ltd PO Box 9149 Scoresby VIC 3179 0.00 0.00 0.00ANZ Banking Group Ltd 100 Queen Street Melbourne VIC 3000 Australia 0.00 0.00 0.00Australia and New Zealand Banking ANZ Australia (PPSR), ANZ Centre Melbourne,
Level 9, 833 Collins Street Docklands VIC 3008 0.00 0.00 0.00
Ball & Doggett Pty Ltd 221-251 DISCOVERY ROAD DANDENONGSOUTH VIC 3175 AUSTRALIA
0.00 0.00 0.00
BOQ Equipment Finance Limited GPO BOX 3116 BRISBANE QLD 4001 0.00 0.00 0.00BOQ Equipment Finance Limited GPO Box 898 BRISBANE QLD 4000 0.00 0.00 0.00Commonwealth Bank of Australia PO Box 336 SILVERWATER NSW 2128 0.00 0.00 0.00Computers Now 64 Clarendon Street South Melbourne VIC 3205 0.00 0.00 0.00Currie Group Pty. Ltd. 2-4 Guest Street Hawthorn VIC 3122
AUSTRALIA 0.00 0.00 0.00
De Lage Landen Pty Ltd GPO Box 1540 Sydney NSW 2001 0.00 0.00 0.00Domain Paper (Australia) Pty Ltd 22 Galli Court Dandenong South VIC 3175
AUSTRALIA 0.00 0.00 0.00
Domain Paper (Australia) Pty Ltd 43-47 Cleeland Road Oakleigh South VIC 3167AUSTRALIA
0.00 0.00 0.00
Eclipx Commercial Pty Ltd PO Box 5403, Hunter Connection Mail CentreSydney NSW 2000 AUSTRALIA
0.00 0.00 0.00
Fujifilm Australia Pty Ltd PO Box 6368 Frenchs Forest NSW 2086AUSTRALIA
0.00 0.00 0.00
HP Financial Services (Australia) Pty Hewlett Packard Financial Services Level 11,Wisma UOA Damansara 2 No 6 Jalan ChangkatSemantan Damansara Heights Kuala Lumpur50490 MALAYSIA
0.00 0.00 0.00
Jet Technologies Australia Pty Ltd Jet Technologies Australia Pty Limited, LockedBag 5010 ALEXANDRIA NSW 2015 AUSTRALIA
0.00 0.00 0.00
K.W. Doggett & Co. Pty. Ltd. K W Doggett & Co Pty Ltd 221-251 DiscoveryRoad Dandenong South VIC 3175 AUSTRALIA
0.00 0.00 0.00
Kodak (Australasia) Pty Ltd Level 4, 990 Whitehorse Road, Box Hill VIC3128
0.00 0.00 0.00
Macquarie Leasing PO Box H94, Australia Square SYDNEY NSW1215
0.00 0.00 0.00
National Australia Bank Limited Level 16, 500 Bourke Street Melbourne VIC3000 AUSTRALIA
0.00 0.00 0.00
Neopost Australia Pty Ltd PO Box 208 Regents Park NSW 2142AUSTRALIA
0.00 0.00 0.00
Print & Pack Australia PO Box 354 Macquarie Park NSW 1670 0.00 0.00 0.00Scottish Pacific Benchmark Finance GPO Box 9969 SYDNEY NSW 2001 Australia 0.00 0.00 0.00Spicers Australia Pty Ltd Spicers Australia Pty Ltd, PO Box 4557
Dandenong South VIC 3175 AUSTRALIA 0.00 0.00 0.00
Upstream Print Solutions Pty Ltd PO BOX 4157 Macquarie Centre North RydeNSW 2113 AUSTRALIA
0.00 0.00 0.00
Visy Industries Australia Pty Ltd PO Box 2636 Gladstone Park VIC 3056AUSTRALIA
0.00 0.00 0.00
Wilmaridge Pty. Ltd. 32-38 Tootal Road Dingley VIC 3172AUSTRALIA
0.00 0.00 0.00
0.00 0.00 0.0028Totals for Priority Creditors
PRIORITY CREDITORS (EMPLOYEES AND SGC)
AddressCreditor Name ROCAP Advised Claimed Trans IDRelated
PartyEmployee Name Suppressed Suppressed 0.00 22,274.18 0.00 6695094Employee Name Suppressed Suppressed 0.00 8,174.55 0.00 6695095Employee Name Suppressed Suppressed 0.00 0.00 0.00Employee Name Suppressed Suppressed 0.00 10,418.53 0.00 6695096Employee Name Suppressed Suppressed 0.00 32,948.87 0.00 6695097Employee Name Suppressed Suppressed 0.00 9,092.88 0.00 6695098Employee Name Suppressed Suppressed 0.00 0.00 0.00Employee Name Suppressed Suppressed 0.00 20,476.74 0.00 669509911/06/2019 12:26 PM 1Page
PRIORITY CREDITORS (EMPLOYEES AND SGC)
AddressCreditor Name ROCAP Advised Claimed Trans IDRelated
PartyEmployee Name Suppressed Suppressed 0.00 20,476.74 0.00 6695099Employee Name Suppressed Suppressed 0.00 12,796.50 0.00 6695100Employee Name Suppressed Suppressed 0.00 8,718.12 0.00 6695101Employee Name Suppressed Suppressed 0.00 10,220.34 0.00 6695102Employee Name Suppressed Suppressed 0.00 34,035.14 0.00 6695103Employee Name Suppressed Suppressed 0.00 7,906.81 0.00 6695104Employee Name Suppressed Suppressed 0.00 0.00 0.00Employee Name Suppressed Suppressed 0.00 7,137.08 0.00 6695105Employee Name Suppressed Suppressed 0.00 0.00 0.00Employee Name Suppressed Suppressed 0.00 4,846.12 0.00 6695106Employee Name Suppressed Suppressed 0.00 26,775.00 0.00 6695107Employee Name Suppressed Suppressed 0.00 4,670.11 0.00 6695108Employee Name Suppressed Suppressed 0.00 11,829.94 0.00 6695109Employee Name Suppressed Suppressed 0.00 14,162.05 0.00 6695110Employee Name Suppressed Suppressed 0.00 78,599.78 0.00 6695111Employee Name Suppressed Suppressed 0.00 4,077.44 0.00 6695112Employee Name Suppressed Suppressed 0.00 58,389.11 0.00 6695113Employee Name Suppressed Suppressed 0.00 29,954.06 0.00 6695114Employee Name Suppressed Suppressed 0.00 7,223.54 0.00 6695115Employee Name Suppressed Suppressed 0.00 38,837.93 0.00 6695116Employee Name Suppressed Suppressed 0.00 14,657.02 0.00 6695117Employee Name Suppressed Suppressed 0.00 19,549.22 0.00 6695118Employee Name Suppressed Suppressed 0.00 23,305.04 0.00 6695119Employee Name Suppressed Suppressed 0.00 0.00 0.00Employee Name Suppressed Suppressed 0.00 19,153.13 0.00 6695120Employee Name Suppressed Suppressed 0.00 12,944.34 0.00 6695121Employee Name Suppressed Suppressed 0.00 19,540.95 0.00 6695122Employee Name Suppressed Suppressed 0.00 28,760.71 0.00 6695123Employee Name Suppressed Suppressed 0.00 15,565.14 0.00 6695124Employee Name Suppressed Suppressed 0.00 0.00 0.00Employee Name Suppressed Suppressed 0.00 17,385.08 0.00 6695125Employee Name Suppressed Suppressed 0.00 29,723.68 0.00 6695126Employee Name Suppressed Suppressed 0.00 12,312.00 0.00 6695127Employee Name Suppressed Suppressed 0.00 14,970.42 0.00 6695128Employee Name Suppressed Suppressed 0.00 0.00 0.00Employee Name Suppressed Suppressed 0.00 13,589.18 0.00 6695129Employee Name Suppressed Suppressed 0.00 5,873.52 0.00 6695130Employee Name Suppressed Suppressed 0.00 30,474.11 0.00 6695131Employee Name Suppressed Suppressed 0.00 0.00 0.00Employee Name Suppressed Suppressed 0.00 6,729.84 0.00 6695132Employee Name Suppressed Suppressed 0.00 22,032.00 0.00 6695133Employee Name Suppressed Suppressed 0.00 19,083.88 0.00 6695134Employee Name Suppressed Suppressed 0.00 13,368.03 0.00 6695135Employee Name Suppressed Suppressed 0.00 0.00 0.00Employee Name Suppressed Suppressed 0.00 0.00 0.00Employee Name Suppressed Suppressed 0.00 34,459.08 0.00 6695136Employee Name Suppressed Suppressed 0.00 37,967.91 0.00 6695137Employee Name Suppressed Suppressed 0.00 27,163.14 0.00 6695138Employee Name Suppressed Suppressed 0.00 47,899.60 0.00 6695139Employee Name Suppressed Suppressed 0.00 0.00 0.00Employee Name Suppressed Suppressed 0.00 2,080.14 0.00 6695140Employee Name Suppressed Suppressed 0.00 21,888.00 0.00 6695141Employee Name Suppressed Suppressed 0.00 2,991.12 0.00 6695142Employee Name Suppressed Suppressed 0.00 17,271.08 0.00 6695143Employee Name Suppressed Suppressed 0.00 0.00 0.00Employee Name Suppressed Suppressed 0.00 19,225.50 0.00 6695144Employee Name Suppressed Suppressed 0.00 38,516.26 0.00 6695145Employee Name Suppressed Suppressed 0.00 1,296.00 0.00 6695146Employee Name Suppressed Suppressed 0.00 55,275.86 0.00 6695147Employee Name Suppressed Suppressed 0.00 2,903.96 0.00 6695148Employee Name Suppressed Suppressed 0.00 40,821.34 0.00 6695149Employee Name Suppressed Suppressed 0.00 25,719.99 0.00 6695150Employee Name Suppressed Suppressed 0.00 58,435.92 0.00 6695151Employee Name Suppressed Suppressed 0.00 21,470.99 0.00 669515211/06/2019 12:26 PM 2Page
PRIORITY CREDITORS (EMPLOYEES AND SGC)
AddressCreditor Name ROCAP Advised Claimed Trans IDRelated
PartyEmployee Name Suppressed Suppressed 0.00 5,190.96 0.00 6695153Employee Name Suppressed Suppressed 0.00 13,206.17 0.00 6695154Employee Name Suppressed Suppressed 0.00 78,025.16 0.00 6695155Employee Name Suppressed Suppressed 0.00 42,208.31 0.00 6695156Employee Name Suppressed Suppressed 0.00 28,274.48 0.00 6695157Employee Name Suppressed Suppressed 0.00 9,869.19 0.00 6695158Employee Name Suppressed Suppressed 0.00 32,309.54 0.00 6695159Employee Name Suppressed Suppressed 0.00 29,320.76 0.00 6695160Employee Name Suppressed Suppressed 0.00 0.00 0.00Employee Name Suppressed Suppressed 0.00 0.00 0.00Employee Name Suppressed Suppressed 0.00 14,115.41 0.00 6695161Employee Name Suppressed Suppressed 0.00 0.00 0.00Employee Name Suppressed Suppressed 0.00 31,101.04 0.00 6695162Employee Name Suppressed Suppressed 0.00 1,224.00 0.00 6695163Employee Name Suppressed Suppressed 0.00 42,888.08 0.00 6695164Employee Name Suppressed Suppressed 0.00 39,906.53 0.00 6695165Employee Name Suppressed Suppressed 0.00 6,288.38 0.00 6695166Employee Name Suppressed Suppressed 0.00 0.00 0.00Employee Name Suppressed Suppressed 0.00 9,136.66 0.00 6695167Employee Name Suppressed Suppressed 0.00 18,156.26 0.00 6695168Employee Name Suppressed Suppressed 0.00 9,300.70 0.00 6695169Employee Name Suppressed Suppressed 0.00 29,398.10 0.00 6695170Employee Name Suppressed Suppressed 0.00 25,109.83 0.00 6695171Employee Name Suppressed Suppressed 0.00 51,733.12 0.00 6695172Employee Name Suppressed Suppressed 0.00 53,143.34 0.00 6695173Employee Name Suppressed Suppressed 0.00 23,867.49 0.00 6695174Employee Name Suppressed Suppressed 0.00 0.00 0.00Employee Name Suppressed Suppressed 0.00 24,076.49 0.00 6695175Employee Name Suppressed Suppressed 0.00 1,224.00 0.00 6695176Employee Name Suppressed Suppressed 0.00 4,522.50 0.00 6695177Employee Name Suppressed Suppressed 0.00 34,708.66 0.00 6695178Employee Name Suppressed Suppressed 0.00 11,869.60 0.00 6695179Employee Name Suppressed Suppressed 0.00 39,425.60 0.00 6695180Employee Name Suppressed Suppressed 0.00 20,460.69 0.00 6695181Employee Name Suppressed Suppressed 0.00 0.00 0.00Employee Name Suppressed Suppressed 0.00 19,509.70 0.00 6695182Employee Name Suppressed Suppressed 0.00 0.00 0.00Employee Name Suppressed Suppressed 0.00 33,610.97 0.00 6695183Employee Name Suppressed Suppressed 0.00 0.00 0.00Employee Name Suppressed Suppressed 0.00 42,125.40 0.00 6695184Employee Name Suppressed Suppressed 0.00 40,695.95 0.00 6695185Employee Name Suppressed Suppressed 0.00 14,605.50 0.00 6695186Employee Name Suppressed Suppressed 0.00 11,658.71 0.00 6695187Employee Name Suppressed Suppressed 0.00 0.00 0.00Employee Name Suppressed Suppressed 0.00 44,501.73 0.00 6695188Employee Name Suppressed Suppressed 0.00 6,062.13 0.00 6695189Employee Name Suppressed Suppressed 0.00 16,733.12 0.00 6695190Employee Name Suppressed Suppressed 0.00 20,034.89 0.00 6695191Employee Name Suppressed Suppressed 0.00 26,085.71 0.00 6695192Employee Name Suppressed Suppressed 0.00 0.00 0.00Employee Name Suppressed Suppressed 0.00 45,917.72 0.00 6695193Employee Name Suppressed Suppressed 0.00 0.00 0.00
0.00 2,309,570.58 0.00123Totals for Priority Creditors (Employees and SGC)
UNSECURED CREDITORS
AddressCreditor Name ROCAP Advised Claimed Trans IDRelated
PartyABBE CORRUGATED PTY LTD 9-23 KING WILLIAM ST BROADMEADOWS VIC
3047 30,260.35 30,260.35 0.00 6694087
Able Cutting Formes P/L 1/32 Macquarie Dve Thomastown VIC 3074 23,259.50 23,259.50 0.00 6694119Able Workplace Supplies 14 Penrose Place Frenchs Forest NSW 2086 0.00 0.00 0.0011/06/2019 12:26 PM 3Page
UNSECURED CREDITORS
AddressCreditor Name ROCAP Advised Claimed Trans IDRelated
PartyAdvance Security 94 Warburton Highway Lilydale VIC 3140 88.00 88.00 0.00 6694062AGFA Graphics 15 Dalmore Drive Scoresby VIC 3179 229,746.66 229,746.66 0.00 6694076AGL Gas/Electricity Locked Bag 60 Mount Waverley VIC 3149 70.41 70.41 0.00 6694029Air Logic Pty Ltd PO BOX 490 Sommerville VIC 3912 5,862.01 5,862.01 0.00 6694054Allied Express Transport Pty Ltd PO Box 262, Regents Park Business Centre
NSW 3,595.72 3,595.72 0.00 6694146
Auspro Pest Control PO Box 257 Hampton Park VIC 3976 180.00 180.00 0.00 6694101Aussie Magnet Company Pty Ltd Factory 37, 25-37 Huntingdale Road Burrwood
VIC 3125 220.00 220.00 0.00 6694030
Avon Graphics - Melbourne 34 Kingsley Close Rowville VIC 3178 26,333.73 26,333.73 0.00 6694122B J Ball Papers 221-251 Discovery Road Dandenong South VIC
3175 80,500.75 80,500.75 0.00 6694083
Baldwin Graphic Equipment Level 1, 27 Crescent Street Rozelle NSW 2039 519.15 519.15 0.00 6694103Ball & Doggett PO Box 4060 Dandenong South VIC 3175 654,396.94 654,396.94 0.00 6694117Birk & Blyme PO Box 6054 FRENCHS FOREST DC NSW 2086 2,686.75 2,686.75 0.00 6694031Bloom Hearing (Balwyn) Shop 3, 385 Belmore Road BALWYN VIC 3103 0.00 0.00 0.00Bloom Hearing Specialists 109 Main street Croydon VIC 3136 300.00 300.00 0.00 6694106Blue Star Promote Level 1, 78 Atlantic Drive Keysborough VIC
3173 322.30 322.30 0.00 6694109
BML 11 Century Drive Braeside VIC 3195 1,610.40 1,610.40 0.00 6694082Bottcher Australia Pty Ltd 3 Citrus Street Braeside VIC 3195 18,189.16 18,189.16 0.00 6694032Bound To Impress Pty Ltd Unit 1, 9 Clarice Road Box Hill South VIC 3128 5,374.50 5,374.50 0.00 6694096Building Cleaning Services 2 Bennett Street Mortlake NSW 2137 1,954.32 1,954.32 0.00 6694136Castle Printing (Vic) Pty Ltd Unit 4, 764 Burwood Highway FERNTREE
GULLY VIC 3156 341.00 341.00 0.00 6694033
Cisco Systems Australia NSW Level 24, 177 Pacific HWY North Sydney NSW2060
143.00 143.00 0.00 6694138CJ King and Co Factory 1, 225a Brisbane Road, 225a Brisbane
Road Biggera Waters QLD 4215 6,144.78 6,144.78 0.00 6694074
CleverCogs 968A Riversdale Rd SURREY HILLS VIC 3127 2,812.98 2,812.98 0.00 6694128Clouds Group Pty Ltd 3 Lemana Cres, MELBOURNE Mount Waverley
VIC 3149 1,694.00 1,694.00 0.00 6694130
Coles 0n-Line PO Box 2000 GLEN IRIS, VICTORIA NSW 3146 2,140.64 2,140.64 0.00 6694143Collections Australia Licensed Commercial Agent,, PO Box 48
Mentone VIC 3194 3,676.48 3,676.48 0.00 6694079
Colour Graphic Services Pty Ltd PO Box 4026 Denis East VIC 2112 0.00 0.00 0.00Colourhead Digital Colour 2 Herald Court Glen Waverley VIC 3150 4,400.00 4,400.00 0.00 6694105Compliance Service Australia Pty Ltd 2/16-28 Melverton Drive HALLAM VIC 3803 715.21 715.21 0.00 6694089Computers Now 352 Ferntree Gully Road Notting Hill VIC 3168 2,251.45 2,251.45 0.00 6694034CP Gluing 102 - 106 Mahoneys Road THOMASTOWN VIC
3074 2,087.25 2,087.25 0.00 6694035
Currie Group Pty Ltd PO Box 326 Hawthorn, Victoria VIC 3122 14,365.86 14,365.86 0.00 6694055Dataform Paper Processing Pty ltd 8 Dilop Drive Epping VIC 3076 2,815.55 2,815.55 0.00 6694126Dial A Label 1 Samantha Court KNOXFIELD VIC 3180 6,448.75 6,448.75 0.00 6694051DIC Australia Pty Limited 42 Sunmore Close Heatherton VIC 3202 51,295.20 51,295.20 0.00 6694036Digital Factor Unit 52 76B Edinburgh Road Marrikville NSW
2204 586.30 586.30 0.00 6694097
Direct Paper Supplies 32 -38 Tootal Road Dingley VIC 3195 1,241,606.45 1,241,606.45 0.00 6694052Direct Payment Solutions Aust P/L PO Box A2417 Sydney South NSW 1235 240.90 240.90 0.00 6694140Dockets & Forms 3/19 chifley st Smithfield NSW 2164 827.32 827.32 0.00 6694144Dorset Business Solutions PO Box 951 Bayswater VIC 3153 356.41 356.41 0.00 6694084Eclipse Commercial Seating Unit Trust 1 Kingston Park Court, MELBOURNE Knoxfield
VIC 3180 46,082.21 46,082.21 0.00 6694129
eCoCareBags Pty Ltd Level 27/525 Collins Street Melbourne Vic 3000 0.00 0.00 0.00Electric Forklifts Pty Ltd Unit 8, 19-25 Rimfire Drive Hallam VIC 3803 2,000.83 2,000.83 0.00 6694091Everfast Labels 13 Reserve Street Preston VIC 3072 0.00 0.00 0.00Exclaimer Ltd Level 10, 20 Martin Place Sydney NSW 2000 208.00 208.00 0.00 6694080Express Envelopes Pty Ltd 15 Johnston Court DANDENONG SOUTH VIC
3175 81,598.16 81,598.16 0.00 6694037
Flint Group Australia Pty Ltd 25-51 Berends Drive Dandenong South VIC3175
4,092.00 4,092.00 0.00 6694107Flower Daise Shop 20 Mountain Gate SC Ferntree Gully VIC
3156 50.00 50.00 0.00 6694069
Fuji Xerox Australia Pty Limited 101 Waterloo Road Macquarie Park NSW 2113 32,619.15 32,619.15 0.00 6694038GBC Fordigraph Pty Ltd (Neopost) P.O. Box 208 Regents Park NSW 2143 5,931.97 5,931.97 0.00 6694057Grafenia Operations Ltd Focal Point, 3rd Avenue Manchester M17 1FG 18,760.00 18,760.00 0.00 669409311/06/2019 12:26 PM 4Page
UNSECURED CREDITORS
AddressCreditor Name ROCAP Advised Claimed Trans IDRelated
PartyGregcom Communications Pty Ltd 39 Gilbert Road Castle Hill NSW 2154 10,976.82 10,976.82 0.00 6694139Heidelberg Graphic Equipment P O Box 750 Mulgrave VIC 3170 2,961.75 2,961.75 0.00 6694039Hinsitsu Toll Manufacturing Pty Ltd 13 Mikey Bvd BEACONSFIELD VIC 3807 6,358.00 6,358.00 0.00 6694116Hogan Print Unit 11, 6-8 McLachlan Avenue Artarmon NSW
2064 1,738.00 1,738.00 0.00 6694133
Hornet Press Pty Ltd 73 Rushdale St KNOXFIELD VIC 3180 1,641.20 1,641.20 0.00 6694064HR3 Level 1, 1030 Dandenong Rd Carnegie VIC 3163 5,493.55 5,493.55 0.00 6694124I Do Books PO Box 554 Lilydale VIC 3140 826.10 826.10 0.00 6694085ID Digitial (formerly Intense Design) Suite 2, 970 High St ARMADALE VIC 3143 400.00 400.00 0.00 6694073IES Industrial Electrical Services & PO Box 169 Baxter VIC 3911 1,982.38 1,982.38 0.00 6694065IQ Australia PTY. LTD. Level One, 17 Connor Street, Burleigh Heads
QLD 4220 4,890.08 4,890.08 0.00 6694145
JCS ( AUST ) PTY LTD T/AS JCS Unit 21,, 44 Sparks Avenue Fairfield VIC 3078 9,658.00 9,658.00 0.00 6694111Jet Technologies Locked Bag 5010 Alexandria NSW 2015 24,820.62 24,820.62 0.00 6694056Jossimo Print Pty Ltd 20 Laser Drive ROWVILLE VIC 3178 4,062.30 4,062.30 0.00 6694131Knight Packaging Supplies Factory 2, 120-122 Rodeo Drive Dandenong VIC
3175 5,796.83 5,796.83 0.00 6694040
Knox Signage & Printing Pty Ltd 20 Laser Drive Rowville VIC 3178 567.18 567.18 0.00 6694137Kodak (Australasia) Pty Ltd Level 4, 990 Whitehorse Road, Box Hill VIC
3128 9,605.67 9,605.67 0.00 6694059
KONICA MINOLTA BUSINESS 4 DRAKE AVENUE NSW AUSTRALIA 2113 13,157.73 13,157.73 0.00 6694115KW Doggett TBA TBA VIC TBA 571.40 571.40 0.00 6694141Lindsay Yates & Partners 4 George Place Artamon NSW 2064 67,568.31 67,568.31 0.00 6694148M2 Commander Pty Ltd Level 10, 452 Flinders Street Melbourne VIC
3000 Australia 550.42 550.42 0.00 6694134
Mail Plus Lane Cove GPO Box 586 Sydney NSW 2001 217.80 217.80 0.00 6694147Mailing Today 8 Kerr Court Rowville VIC 3178 15,117.87 15,117.87 0.00 6694114Marvel Bookbinding 21 Kylta Road Heidelberg West, Vic VIC 3084 15,556.20 15,556.20 0.00 6694053MD Recovery Pty Ltd 10 Stratton Court Bayswater VIC 3153 1,776.50 1,776.50 0.00 6694102Metromatics Pty Ltd Unit 3725 Cook Rd Mitcham VIC 3132 2,546.39 2,546.39 0.00 6694098MF Tech PO Box 258 EPPING VIC 3076 335.50 335.50 0.00 6694090Mountain Gate Post Office Shop 33, Mountain Gate Shoppin, , Centre
Mountain Gate VIC 3156 922.50 922.50 0.00 6694068
MPI Australia Pty Limited PO Box 6530 Silverwater NSW 2128 2,504.35 2,504.35 0.00 6694081Murata Kimpaku Co LTD 3-21-4 Otsuka Bunkyo Tokyo 112-8634 0.00 0.00 0.00 6694118National Waste Solutions P/L PO BOX 714 Ringwood VIC 3134 2,233.00 2,233.00 0.00 6694120Neway Constructions P/L (Grey Army) PO Box 2130 Rowville VIC 3178 0.00 0.00 0.00One Bind Bindery Personnel 2 Mullens Road Vermont South VIC 3133 640.20 640.20 0.00 6694088Optus Communications GPO Box 4101 SYDNEY, NSW VIC 2000 3,556.76 3,556.76 0.00 6694123Pack Creations 9 Anzed Court MULGRAVE VIC 3170 8,987.00 8,987.00 0.00 6694108Packmaster 30 Geddes Street Mulgrave VIC 3170 7,637.30 7,637.30 0.00 6694041Pestell Consultancy 81 Arena Parade Officer VIC 3809 3,360.00 3,360.00 0.00 6694104Post Press Solutions Pty Ltd (The 195 Forster Rd Mt Waverley VIC 3149 56,201.20 56,201.20 0.00 6694061Print & Pack Australia PO Box 354 Macquarie Park NSW 1670 135,872.88 158,509.09 0.00 6694078Promocean Australia 44-46 Overseas Drive Noble Park North VIC
3174 451.00 451.00 0.00 6694077
Qualtape Australia Pty Ltd PO Box 372 Toongabbie NSW 2146 5,459.94 5,459.94 0.00 6694072R Short & Sons Pty Ltd 2/70 Wadhusrt Drive Boronia VIC 3155 352.00 352.00 0.00 6694070Red E Group 1/5 Nicole Close Bayswater North VIC 3153 0.00 0.00 0.00Region4 Pty Ltd 7/2 Fiveways Blvd KEYSBOROUGH VIC 3173 0.00 0.00 0.00Reliance Forklift Services F 59/57 Malcolm Place, MELBOURNE
Campbellfield VIC 3061 181.50 181.50 0.00 6694121
Safetyquip 1/417 Dorset Road Bayswater VIC 3153 215.90 215.90 0.00 6694060Sanders Plumbing Pty Ltd PO Box 8110 Ferntree Gully VIC 3156 177.10 177.10 0.00 6694075Scorpion Technology Unit 4-5/No 2 Garden Road Clayton VIC 3168 328.00 328.00 0.00 6694127Seaga (Vic) Pty Ltd 33-35 Kolora Road Heidelberg West VIC 3081 464.75 464.75 0.00 6694063Servicom PO Box 6921 BAULKHAM HILLS BC NSW 2153 4,950.66 4,950.66 0.00 6694099Spectra Training 100 Dorcas Street SOUTH MELBOURNE VIC
3205 1,000.00 1,000.00 0.00 6694094
Spicers Australia Pty Ltd Private Bag 2 PRESTON, VIC VIC 3072 22,894.25 22,894.25 0.00 6694042St John Ambulance Australia 98 York Street MELBOURNE VIC 3205 312.50 312.50 0.00 6694050Star Track Express Locked Bag 23 Tullamarine VIC 3043 7,524.35 7,524.35 0.00 6694043Stockdale Personnel P/L Level 1, 17-25 Cotham Road Kew VIC 3101 5,238.47 5,238.47 0.00 6694044Supagas PO Box 406 BAYSWATER VIC 3153 380.10 380.10 0.00 6694100Sutton Anderson Management Pty Suite C2, 210 Willoughby Road, Sydney Crows 22,366.66 22,366.66 0.00 669413211/06/2019 12:26 PM 5Page
UNSECURED CREDITORS
AddressCreditor Name ROCAP Advised Claimed Trans IDRelated
PartyNest NSW 2065
22,366.66 22,366.66 0.00 6694132Sydney Waste Pty Ltd 41-43 Bridge Street, Sydney Rydalmere NSW
2116 138.60 138.60 0.00 6694135
T/A Prologica (DLP Management) 6 Newcastle Road Bayswater VIC 3152 1,188.00 1,188.00 0.00 6694112Technotrans Technologies Pty Ltd Unit 7, 111 Lewis Road WANTIRNA VIC 3152 1,185.80 1,185.80 0.00 6694067Telstra Corporation Limited-Mobiles GPO Box 9901 MELBOURNE, VIC NSW 3001 1,974.71 1,974.71 0.00 6694142Tenderlink.com PO Box 1567, Macquarie Centre North Ryde
NSW 2113 0.00 0.00 0.00
The Printing Hub 52 Sydenham Road NORWOOD SA 5067 22,363.08 22,363.08 0.00 6694066Thexton Engineering Pty Ltd 2 Rings Road Moorabbin VIC 3189 440.00 440.00 0.00 6694110Toll Transport Pty Ltd PO Box 229E MELBOURNE, VIC VIC 3001 23,757.52 23,757.52 0.00 6694045Tubeworks Pty Ltd PO Box 388 ROSANNA, VIC VIC 3084 1,891.45 1,891.45 0.00 6694046Turtle Point Lakeside Kunappipi Spring Road Midge Point, Qld VIC
4799 396.57 396.57 0.00 6694125
Upstream Print Solutions Pty Ltd 154 Highbury Road BURWOOD VIC 3125 1,307.51 1,307.51 0.00 6694095Vacutech Pty Ltd 2/1 Armsted Road BAYSWATER, VIC VIC 3153 863.50 863.50 0.00 6694047VFS Metro PO Box 423 DOVETON VIC 3177 17,815.51 17,815.51 0.00 6694086W.H. Blakeley Industrial Knives P/L 56 Duerdin Street Clayton VIC 3168 10,671.94 10,671.94 0.00 6694049W.M. Formecutting Factory 4 29 Jersey Road BAYSWATER, VIC VIC
3153 4,248.20 4,248.20 0.00 6694048
Wellcom Group Ltd 870 Lorimer Street PORT MELBOURNE VIC 3207 334.46 334.46 0.00 6694113Whirlwind Print - PNP 22 Henderson Road Knoxfield VIC 3180 132.00 132.00 0.00 6694071Wholesale Fridge Magnets TA Mister 1/11 Lindaway Place Tullamarine VIC 3043 623.00 623.00 0.00 6694092Wilkin Contracting Services P/L 20 Davross Court Seville VIC 3139 3,107.50 3,107.50 0.00 6694058
3,217,590.82 3,240,227.03 0.00129Totals for Unsecured Creditors
11/06/2019 12:26 PM 6Page
3,217,590.82 5,549,797.61 0.00280Totals for All Creditors:
Appendix E
Remuneration advice
Whirlwind Print Pty Ltd (In Liquidation)
ACN 075 484 856 (“the Company”)
Introduction
The purpose of the Initial Remuneration Notice is to provide you with information about how our remuneration for undertaking
the Creditors Voluntary Liquidation will be set.
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 asset realisations.
Contingency: The practitioner’s fee is structured to be contingent on a particular outcome being achieved.
Method proposed
Given the nature of this administration we propose that our remuneration will be calculated on the time based/hourly rates method. In our opinion, this is the fairest method for the following reasons:
We will only be paid for work done, subject to sufficient realisations of the Companies’/Partnership’s assets. Or, if there are insufficient assets realised, subject to the indemnity provided to us (please refer to my Declaration of Independence, Relevant Relationship and Indemnities);
It ensures creditors are only charged for work that is performed. Our time is recorded and charged in six minute increments and staff are allocated to duties according to their relevant experience and qualifications;
We are required to perform a number of tasks which do not relate to the realisation of assets, for example responding to creditor enquiries, reporting to ASIC, distributing funds in accordance with the provisions of the Corporations Act or the Bankruptcy Act;
We are unable to estimate with certainty the total amount of fees necessary to complete all tasks required in the external administrations;
We have a time recording system that is able to produce a detailed analysis of time spent on each type of task by each individual staff member utilised in the administration; and
The method provides full accountability in the method of calculation.
Details of the hourly rates are included below.
Creditors will be advised of the proposed basis of remuneration in our initial remuneration advice to them.
Estimate of the cost of the administration
I estimate that the administration will cost approximately $81,925 (excl. GST) to complete. This estimate is subject to the
following variables which may have a significant effect on this estimate and that we are unable to determine at this early stage
in the administrations:
Realisation of assets (including assessing and determining any potential secured assets);
The extent of required investigations into the affairs of the Company prior to the appointment of the Liquidators;
Any actions of the Liquidators to recover voidable transactions that may be identified during the Liquidation;
Dealing with secured creditors in relation to their secured claims;
Liaising with creditors;
Dividends (if applicable); and
Any other unforeseen matters.
Prior to our appointment, we provided an estimate of the cost of the administrations to the directors. This estimate is more than
the estimate provided to the directors prior to our appointment due to the additional work required in respect of ROT claims in
relation to stock, WIP and debtors subject to a circulating charge.
Explanation of Hourly Rates
The rates for our remuneration calculation is 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.
Title Description Hourly Rate (excl GST)
Partner Registered Liquidator / Trustee. Partner bringing specialist
skills to Administrations and Insolvency matters. Controlling all
matters relating to the assignment.
$645
Director Qualified accountant (CA/CPA) and may be a registered
Liquidator/Trustee. Minimum 7/8+ years’ experience. Highly
advanced technical and commercial skills. Planning and control
of all Administration and Insolvency tasks. Controlling
substantial matters relating to the assignment and reporting to
the appointee.
$630
Senior Manager Qualified accountant (CA/CPA) and may be a registered
Liquidator/Trustee. Minimum 7/8+ years’ experience. Likely to
be appointed as a director in due course. Highly advanced
technical and commercial skills. Planning and control of all
Administration and Insolvency tasks. Controlling substantial
matters relating to the assignment and reporting to the
appointee.
$550
Manager Qualified accountant (CA/CPA). 7/8+ years’ experience. Well
developed technical and commercial skills. Planning and
control of all Administration and Insolvency tasks. Controlling
substantial matters relating to the assignment and reporting to
the appointee.
$500
Senior Associate Typically CA/CPA Qualified. 5-8 years’ experience. Well
developed technical and commercial skills. Planning and
control of Administration and Insolvency tasks with the
assistance of the appointee.
$475
Associate Typically CA/CPA Qualified. 3-5 years’ experience. Required
to control the fieldwork on Administrations and Insolvency
tasks.
$390 - $490
Graduate Typically undertaking CA/CPA Qualifications. Up to 3 years’
experience. Required to conduct the fieldwork on smaller
Administrations and Insolvency tasks and assist with fieldwork
on medium to large Administrations and Insolvency tasks.
$260 - $320
Secretary Carries out all secretarial functions relating to an Administration. $215
Administrator Conducts all aspects relating to administering the accounts
function.
$215
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 disbursements
Such as photocopying, printing and postage. These disbursements, if charged to the Administration, would generally be charged at cost; though some expenses such as telephone calls, photocopying and printing may be charged at a rate which recoups both variable and fixed costs. The recovery of these costs must be on a reasonable commercial basis.
I am not required to seek creditor approval for disbursements paid to third parties, but must account to creditors. However, I must be satisfied that these disbursements are appropriate, justified and reasonable.
I am required to obtain creditor’s consent for the payment of internal disbursements where there may be a profit or advantage. Creditors will be asked to approve my internal disbursements where there is a profit or advantage prior to these disbursements being paid from the administration.
Details of the basis of recovering disbursements in this administration are provided below.
Basis of disbursement claim
Disbursements Rate
(Excl. GST)
Externally provided professional services At Cost
Externally provided non-professional services At Cost
Date of issue: 11 June 2019
Appendix F
Remuneration Approval Report
WHIRLWIND PRINT PTY LTD (IN LIQUIDATION) ACN 075 484 856 (“the Company”)
Whirlwind Print Pty Ltd (In Liquidation) – Remuneration Approval Report 2
This remuneration approval report provides you with the information you need to be able to make an
informed decision regarding the approval of our remuneration for undertaking the Creditors’ Voluntary
Liquidation of Whirlwind Print Pty Ltd.
This report has the following information included:
Part 1: Declaration 4
Part 2: Executive Summary 4
Part 3. Remuneration 5
3.1 Remuneration claim resolutions 5
3.2 Details of remuneration 5
3.3 Total remuneration reconciliation 6
3.4 Likely impact on dividends 7
Part 4: Disbursements 7
Part 5: Summary of Receipts and Payments 8
Part 6: Queries 8
Schedule 1 – Resolution 1 Table of major tasks for remuneration 9
Schedule 2 – Resolution 2 Table of major tasks for remuneration 12
Contents
Whirlwind Print Pty Ltd (In Liquidation) – Remuneration Approval Report 3
You should read this report and the other documentation that we have sent you.
To minimise the costs in this Creditors’ Voluntary Liquidation, we have elected to seek the approval of
creditors for our remuneration and internal disbursements without a meeting. Information about the
proposals without a meeting process is included at part 8 of this report.
You can cast your vote by using the included voting forms. These forms then need to be returned to our
office by post, scanned and emailed or faxed. We need to receive your forms by 3 July 2019 for your
vote to count. If you chose 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 we have sent to
you, please contact Stephanie Elder on +61 3 8663 6051 or via email on [email protected].
What do you need to do
next?
Whirlwind Print Pty Ltd (In Liquidation) – Remuneration Approval Report 4
Part 1: Declaration Ahmed Bise and I, Andrew Stewart Reed Hewitt of Grant Thornton Australia Limited have undertaken a
proper assessment of this remuneration claim for our appointment as Joint and Several Liquidators of
Whirlwind Print Pty Ltd (In Liquidation) in accordance with the law and applicable professional standards.
We are satisfied that the remuneration claimed is in respect of necessary work, properly performed, or
to be properly performed, in the conduct of the Creditors’ Voluntary Liquidation.
Part 2: Executive Summary The total remuneration for this appointment is estimated to be $81,925 (excluding GST).
Our estimated remuneration has exceeded the initial estimate provided to the Directors of the Company.
The major contributing factors to the increase consist of, but are not limited to the following:
The time spent at the initial site visit to the Company’s premises to liaise with key staff for the
purpose of understanding the internal processes and agreed terms in respect of the Company’s sale
of assets to CMYK Hub;
Liaising with suppliers in respect of the stock and potential ROT claims;
Liaising with secured creditor, Scottish Pacific, and the Company’s Directors in relation to
reconciliation of debtors and collection of same;
Correspondence with relevant parties regarding their security interests and review of security
agreements provided;
Volume of employee enquiries received, the time taken to quantify and finalise employee
entitlements and distribute same; and
Dealing with creditors in general.
Remuneration currently claimed is summarised below:
Period Report Reference
Amount (ex GST)
Current Remuneration claim:
Creditors Voluntary Liquidation
Resolution 1: 28 May 2019 to 7 June 2019 Schedule 1 $36,925
Resolution 2: 8 May 2019 to finalisation Schedule 2 $45,000
TOTAL remuneration claimed $81,925
* 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.
Whirlwind Print Pty Ltd (In Liquidation) – Remuneration Approval Report 5
Part 3. Remuneration
3.1 Remuneration claim resolutions
We will be seeking approval of the following resolutions to approve our remuneration. Details to support
these resolutions are included in section 3.2 and in the attached Schedules.
Resolution 1 from 28 May 2019 to 7 June 2019: “That the remuneration of the Liquidators, their
partners and staff, for the period from 28 May 2019 to 7 June 2019, calculated at the hours spent at the
rates detailed in the Initial Remuneration Notice dated 11 June 2019 provided to creditors, is approved
for payment in the amount of $36,925, exclusive of GST, to be drawn from available funds immediately
or as funds become available.”
Resolution 2 from 8 June 2019 to finalisation: “That the future remuneration of the Liquidators for the
period from 8 June 2019 to finalisation, is determined at a sum equal to the cost of time spent by the
Liquidators and their partners and staff, calculated at the hourly rates as detailed in the Initial
Remuneration Notice dated 11 June 2019 provided to creditors, that may be increased at a rate of 7.5%
at 1 July each year (rounded to the nearest $10), up to a capped amount of $45,000, exclusive of GST,
and that the Liquidators can draw the remuneration from available funds as time is incurred on a
monthly basis or as funds become available”.
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.
Resolution 1 from 28 May 2019 to 7 June 2019: “That the remuneration of the Liquidators, their
partners and staff, for the period from 28 May 2019 to 7 June 2019, calculated at the hours spent at the
rates detailed in the Initial Remuneration Notice dated 11 June 2019 provided to creditors, is approved
for payment in the amount of $36,925, exclusive of GST, to be drawn from available funds immediately
or as funds become available.”
The below table sets out time charged to each major task area by staff members working on the
Creditors’ Voluntary Liquidation for the period 28 May 2019 to 7 June 2019 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 Hrs $ Hrs $ Hrs $ Hrs $ Hrs $
Andrew Hewitt Partner - 2 645 6.8 $4,386.00 6.0 $3,870.00 0.3 $193.50 0.5 $322.50
Ahmed Bise Principal - 1 630 28.1 $17,703.00 17.3 $10,899.00 5.6 $3,528.00 1.8 $1,134.00 2.7 $1,701.00 0.7 $441.00
Stephanie Elder Associate - 2 290 33.3 $9,657.00 9.5 $2,755.00 1.4 $406.00 6.2 $1,798.00 16.2 $4,698.00
Hamish Molnar Associate - 1 260 18.5 $4,810.00 4.7 $1,222.00 0.3 $78.00 7.3 $1,898.00 5.0 $1,300.00 1.2 $312.00
Leanne Donaldson Other/Employee
Specific
205 1.8 $369.00 1.8 $369.00
88.5 $36,925.00 39.3 $19,115.00 7.6 $4,205.50 15.3 $4,830.00 24.4 $8,021.50 1.9 $753.00
Creditors Employees Investigations
Total Cost
excl. GST ($)
$/Hr (excl.
GST)
Total
Hours
ARITA TASKS
Administration Assets
Whirlwind Print Pty Ltd (In Liquidation) – Remuneration Approval Report 6
Resolution 2 from 8 June 2019 to finalisation: “That the future remuneration of the Liquidators for the
period from 8 June 2019 to finalisation, is determined at a sum equal to the cost of time spent by the
Liquidators and their partners and staff, calculated at the hourly rates as detailed in the Initial
Remuneration Notice dated 11 June 2019 provided to creditors, that may be increased at a rate of 7.5%
at 1 July each year (rounded to the nearest $10), up to a capped amount of $45,000, exclusive of GST,
and that the Liquidators can draw the remuneration from available funds as time is incurred on a
monthly basis or as funds become available”.
The below table sets out the expected costs for the major tasks likely to be performed by the Joint and
Several Liquidators and our staff for the period 8 June 2019 to finalisation 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.
3.3 Total remuneration reconciliation
At this point in time we estimate that the total remuneration for this Creditors Voluntary Liquidation will
be $81,925 (excluding GST) which is the current approval being sought.
We have provided an explanation of tasks remaining to be completed, including our estimated costs to
complete those tasks, to support our current remuneration approval request, at section 3.2 of the report
and in Schedules 1 and 2.
In preparing this remuneration approval report, we have made our best estimate at what we believe the
Creditors’ Voluntary Liquidation will cost to complete and we do not anticipate that we will have to ask
creditors to approve any further remuneration. However, should the Creditors’ Voluntary Liquidation not
proceed as expected, we will advise creditors and we may seek approval of further remuneration and
provide details on why the remuneration has changed. Matters that may affect the progress and the cost
of the Creditors’ Voluntary Liquidation, include:
Realisation of assets (including assessing and determining any potential secured assets);
The extent of required investigations into the affairs of the Company prior to the appointment of the
Liquidators;
Any actions of the Liquidators to recover voidable transactions that may be identified during the
Liquidation;
Dealing with secured creditors in relation to their secured claims;
Liaising with creditors;
Dividends (if applicable); and
Any other unforeseen matters.
Total ($)
Task Area
Ass
ets
$
Cre
dito
rs $
Em
plo
yee
s $
Tra
de
on
$
Inv
es
tiga
tion
$
Div
ide
nd
$
Ad
min
istra
tion
$
Total (est) $45,000 6,000 10,000 9,000 - 10,000 - 10,000
GST $4,500 600 1,000 900 - 1,000 - 1,000
Total (incl
GST)
$49,500 6,600 11,000 9,900 - 11,000 - 11,000
Whirlwind Print Pty Ltd (In Liquidation) – Remuneration Approval Report 7
3.4 Likely impact on dividends
The Corporations Act sets the order for payment of claims against the company and it provides for
remuneration of the Joint and Several Liquidators to be paid in priority to other claims. This ensures that
when there are sufficient funds, the Joint and Several Liquidators receives payment for the work done to
recover assets, investigate the company’s affairs, report to creditors and ASIC and distribute any
available funds. Even if creditors approve our remuneration, this does not guarantee that we will be
paid, as we are only paid if sufficient assets are recovered.
Any dividend to creditors will also be impacted by the amount of assets that we are able to recover and
the amount of creditor claims that are admitted to participate in any dividend, including any claims by
priority creditors such as employees.
We are unable to provide a dividend estimate of any certainty at this stage of the Creditors’ Voluntary
Liquidation. If we do declare a dividend, any creditor whose claim has not yet been admitted will be
contacted and asked to submit a proof of debt.
Part 4: 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 - these are recovered at cost. Examples of externally
provided non-professional costs are travel, accommodation and search fees.
Internal disbursements such as photocopying, printing and postage. These disbursements, if
charged to the Administration, would generally be charged at cost; though some expenses such as
telephone calls, photocopying and printing may be charged at a rate which recoups both variable
and fixed costs. The recovery of these costs must be on a reasonable commercial basis. Details of
the basis of recovery of each of these costs is discussed below.
I anticipate seeking to recover externally provided professional services and externally provided non-
professional costs (both at cost) in these liquidations.
Prior to payment of any such disbursements, I will undertake a proper assessment of disbursements
claimed in accordance with the law and applicable professional standards in order to ensure I am
satisfied that the disbursements claimed are necessary and proper.
We will be seeking creditor approval to pay our internal disbursements.
4.1 Future basis of internal disbursements
Future disbursements provided by my firm will be charged to the administration on the following basis:
Internal disbursements Rates
Postage At cost
Staff vehicle use At ATO statutory rates
Rates applicable for financial year ending 30 June 2019
Approval of the payment of these disbursements at the above rates to a capped amount of $2,000.00 is
being sought from creditors via proposal without a meeting.
Whirlwind Print Pty Ltd (In Liquidation) – Remuneration Approval Report 8
Part 5: Summary of Receipts and Payments I note that there have not been any receipts or payments in this liquidation to date.
Part 6: Queries If you have any queries in relation to the information in this report, please contact our staff:
Contact Name: Stephanie Elder
Contact Number: +61 3 8663 6051
Email: [email protected]
You can also access information which may assist you on the following websites:
ARITA at www.arita.com.au/creditors
ASIC at www.asic.giv.au (search for “insolvency information sheets”).
Whirlwind Print Pty Ltd (In Liquidation) – Remuneration Approval Report 9
Schedule 1 – Resolution 1 Table of major tasks for remuneration The below table provides a description of the work undertaken in each major task area for the period 28
May 2019 to 7 June 2019:
Task Area General Description Includes
Assets
7.6 hours
$4,205.50
Sale of Business Assets Liaising with purchaser, CMYK Hub
Reviewing sale agreement
Plant and Equipment Reviewing asset listing to determine which assets not included in sale
Conducting relevant searches
Assets subject to specific charges
All tasks associated with realising a charged asset
Debtors Correspondence with debtors
Reviewing and assessing debtors’ ledgers
Correspondence with debtor factoring financier
Stock Conducting stock takes
Reviewing stock values
Liaising with suppliers
Other Assets Tasks associated with realising other assets
Leasing Reviewing leasing documents
Liaising with owners/lessors
Creditors
15.3 hours
$4,830.00
Creditor Enquiries, Requests & Directions
Receive and respond to creditor enquiries
Maintaining creditor request log
Review and prepare initial correspondence to creditors and their representatives
Documenting
Retention of Title Claims Search to the PPSR register
Notify PMSI creditors identified from PPSR register
Receive initial notification of creditor’s intention to claim
Provision of retention of title claim form to creditor
Receive completed retention of title claim form
Maintain retention of title file
Meeting claimant on site to identify goods
Adjudicate retention of title claim
Forward correspondence to claimant notifying outcome of adjudication
Secured creditor reporting Notifying PPSR registered creditors of appointment
Responding to secured creditor’s queries
Creditor reports Preparing Statutory Report by Liquidator
Dealing with proofs of debt Receipting and filing POD when not related to a dividend
Whirlwind Print Pty Ltd (In Liquidation) – Remuneration Approval Report 10
Task Area General Description Includes
Corresponding with OSR and ATO regarding POD when not related to a dividend
Proposals to Creditors Preparing proposal notices and voting forms
Forward notice of proposal to all known creditors
Employees
24.4 hours
$8,021.50
Employees enquiries
Receive and follow up employee enquiries via telephone
Maintain employee enquiry register
Review and prepare correspondence to creditors and their representatives via facsimile, email and post
Preparation of letters to employees advising of their entitlements and options available
Receive and prepare correspondence in response to employee’s objections to leave entitlements
FEG Correspondence with FEG in relation to employee entitlements
Calculation of entitlements Calculating employee entitlements
Reviewing employee files and company’s books and records
Reviewing awards
Liaising with solicitors regarding entitlements
Other employee issues Correspondence with Child Support
Correspondence with Centrelink
Investigation
1.9 hours
$753.00
Conducting investigation Collection of company books and records
Reviewing company’s books and records
Review and preparation of company nature and history
Conducting and summarising statutory searches
Administration
39.3 hours
$19,115.00
Correspondence
Document maintenance/file review/checklist
Filing of documents
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 opening accounts
Requesting bank statements
Bank account reconciliations
Correspondence with bank regarding specific transfers
ASIC Form 524 and other forms Preparing and lodging ASIC forms including 205, 505, 5011 and 531 etc
ATO and other statutory reporting
Notification of appointment
Completing group certificates
Whirlwind Print Pty Ltd (In Liquidation) – Remuneration Approval Report 11
Task Area General Description Includes
Planning / Review Discussions regarding status of administration
Books and records / storage Dealing with records in storage
Sending job files to storage
Whirlwind Print Pty Ltd (In Liquidation) – Remuneration Approval Report 12
Schedule 2 – Resolution 2 Table of major tasks for remuneration The below table provides a description of the work undertaken in each major task area for the period
8 June 2019 to finalisation:
Task Area General Description Includes
Assets
$6,000
Sale of Business Liaising with purchaser
Plant and Equipment Liaising with valuers, auctioneers and interested parties
Reviewing asset listings
Sale of Real Property Liaising with valuers, agents, and strata agent
Attendance at auction
Assets subject to specific charges
All tasks associated with realising a charged asset
Debtors Correspondence with debtors
Reviewing and assessing debtors’ ledgers
Liaising with debtor factoring financier, debt collectors and solicitors (if required)
Stock Conducting stock takes
Reviewing stock values
Liaising with suppliers
Other Assets Tasks associated with realising other assets
Leasing Liaising with owners/lessors
Tasks associated with disclaiming leases
Creditors
$10,000
Creditor Enquiries, Requests & Directions
Receive and respond to creditor enquiries
Maintaining creditor request log
Review and prepare initial correspondence to creditors and their representatives
Documenting
Considering reasonableness of creditor requests
Obtaining legal advice on requests
Documenting reasons for complying or not complying with requests or directions
Compiling information requested by creditors
Retention of Title Claims Liaising with PMSI creditors identified from PPSR register
Provision of retention of title claim form to creditor
Receive completed retention of title claim form
Maintain retention of title file
Meeting claimant on site to identify goods
Adjudicate retention of title claim
Forward correspondence to claimant notifying outcome of adjudication
Preparation of correspondence to claimant to accompany payment of claim (if valid)
Whirlwind Print Pty Ltd (In Liquidation) – Remuneration Approval Report 13
Task Area General Description Includes
Secured creditor reporting Liaising with and responding to secured creditor’s queries
Creditor reports Preparing Statutory Report by Liquidator, investigation, meeting and general reports to creditors
Dealing with proofs of debt Receipting and filing POD when not related to a dividend
Corresponding with OSR and ATO regarding POD when not related to a dividend
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
$9,000
Employees enquiries
Receive and follow up employee enquiries via telephone
Maintain employee enquiry register
Review and prepare correspondence to creditors and their representatives via facsimile, email and post
Preparation of letters to employees advising of their entitlements and options available
Receive and prepare correspondence in response to employee’s objections to leave entitlements
FEG Correspondence with FEG
Preparing notification spreadsheet
Preparing FEG quotations
Completing FEG questionnaires
Calculation of entitlements Calculating employee entitlements
Reviewing employee files and company’s books and records
Reconciling superannuation accounts
Reviewing awards
Liaising with solicitors regarding entitlements
Employee dividend Correspondence with employees regarding dividend
Correspondence with ATO regarding SGC proof of debt
Whirlwind Print Pty Ltd (In Liquidation) – Remuneration Approval Report 14
Task Area General Description Includes
Calculating dividend rate
Preparing dividend file
Advertising dividend notice
Preparing distribution
Receipting POD
Adjudicating POD
Ensuring PAYG is remitted to ATO
Workers compensation claims Review insurance policies
Receipt of claim
Liaising with claimant
Liaising with insurers and solicitors regarding claims
Identification of potential issues requiring attention of insurance specialists
Correspondence with insurer regarding initial and ongoing workers compensation insurance requirements
Correspondence with previous brokers
Investigation
$10,000
Conducting investigation Collection of company books and records
Correspondence with ASIC to receive assistance in obtaining reconstruction of financial statements, company’s books and records and Report as to Affairs
Reviewing company’s books and records
Review and preparation of company nature and history
Conducting and summarising statutory searches
Preparation of comparative financial statements
Preparation of deficiency statement
Review of specific transactions and liaising with directors regarding certain transactions
Liaising with directors regarding certain transactions
Preparation of investigation file
Lodgement of investigation with the ASIC
Preparation and lodgement of supplementary report if required
ASIC reporting Preparing statutory investigation reports
Preparing affidavits seeking non-lodgement assistance
Liaising with ASIC
Administration
$10,000
Correspondence
Document maintenance/file review/checklist
First month, then six monthly administration reviews
Filing of documents
File reviews
Updating checklists
Insurance Identification of potential issues requiring attention of insurance specialists
Whirlwind Print Pty Ltd (In Liquidation) – Remuneration Approval Report 15
Task Area General Description Includes
Correspondence with insurer regarding 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 Form 524 and other forms Preparing and lodging ASIC forms including 505, 5602, 5603 and 5604 etc
Correspondence with ASIC regarding statutory forms
ATO and other statutory reporting
Preparing BAS
Amending and updating group certificates
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
Total $45,000
(approx. 112 hours)
Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389
‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Limited is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 and its Australian subsidiaries and related entities.
Liability limited by a scheme approved under Professional Standards Legislation.
grantthornton.com.au
Appendix G
11 June 2019
NOTICE OF PROPOSAL TO CREDITORS
Whirlwind Print Pty Ltd (In Liquidation) ACN 075 484 856 (“the Company”) 1
Proposal for creditor approval
“That the remuneration of the Liquidators, their partners and staff, for the period from 28 May 2019 to 7 June 2019, calculated
at the hours spent at the rates detailed in the Initial Remuneration Notice dated 11 June 2019 provided to creditors, is
approved for payment in the amount of $36,925, exclusive of GST, to be drawn from available funds immediately or as funds
become available.”
Reasons for the proposal and the likely impact it will have on creditors if it is passed
The Liquidators seeks approval of their remuneration in accordance with Section 60-10 of the Insolvency Practice Schedule
(Corporations) 2016.
The Corporations Act sets the order for payment of claims against a company and it provides for remuneration of the
liquidation to be paid in priority to other claims. This ensures that when there are sufficient funds, the liquidator receives
payment for the work done to recover assets, investigate a company’s affairs, report to creditors and ASIC and distribute any
available funds. Even if creditors approve our remuneration, this does not guarantee that we will be paid, as we are only paid if
sufficient assets are recovered.
Any dividend to creditors will also be impacted by the amount of assets that we are able to recover and the amount of creditor
claims that are admitted to participate in any dividend, including any claims by priority creditors such as employees.
There are not expected to be sufficient funds to pay a dividend to unsecured creditors. If we do declare a dividend, any
creditor whose claim has not yet been admitted will be contacted and asked to submit a proof of debt.
Vote on proposal
Creditors have the option of approving, not approving or objecting to the proposal being resolved without a meeting of
creditors. Please select the appropriate Yes, No or Object box referred to below:
Yes 󠆤 I approve the proposal
No 󠆤 I do not approve the proposal
Object 󠆤 I object to the proposal being resolved without a meeting of creditors
2 Your claim against the Company must be admitted for the purposes of voting by the Creditors Voluntary Liquidation
for your vote to count. Please select the option that applies:
󠆤 I have previously submitted a proof of debt form and supporting documents
󠆤 I have enclosed a proof of debt form and supporting documents with this proposal form
Creditor details
Name of creditor: ACN / ABN (if applicable):
󠆤 I am not a related creditor of the Company.
󠆤 I am a related creditor of the Company, relationship: .
Address: __________________________________________________________________________________
Name of creditor / authorised person: __________________________________________________
Signature: _____________________________ Date:__________________________
Please complete this document and return with any supporting documents by no later than 3 July 2019 for your vote to be
counted, by email to Stephanie Elder at [email protected]. If you have any questions please call +61 3 8663 6051.
Completed forms may also be sent by post attention to Stephanie Elder at GPO Box 4736, Melbourne VIC 3001, Australia, although you
should ensure this is sent with sufficient time to arrive by the date the vote closes, which we cannot guarantee.
11 June 2019
NOTICE OF PROPOSAL TO CREDITORS
Whirlwind Print Pty Ltd (In Liquidation) ACN 075 484 856 (“the Company”)
Proposal for creditor approval
“That the future remuneration of the Liquidators for the period from 8 June 2019 to finalisation, is determined at a sum equa l to
the cost of time spent by the Liquidators and their partners and staff, calculated at the hourly rates as detailed in the Initial
Remuneration Notice dated 11 June 2019 provided to creditors, that may be increased at a rate of 7.5% at 1 July each year
(rounded to the nearest $10), up to a capped amount of $45,000, exclusive of GST, and that the Liquidators can draw the
remuneration from available funds as time is incurred on a monthly basis or as funds become available”.
Reasons for the proposal and the likely impact it will have on creditors if it is passed
The Liquidator seeks approval of their remuneration in accordance with Section 60-10 of the Insolvency Practice Schedule
(Corporations) 2016.
The Corporations Act sets the order for payment of claims against the companies and it provides for remuneration of the
liquidation to be paid in priority to other claims. This ensures that when there are sufficient funds, the liquidator receives
payment for the work done to recover assets, investigate the company’s affairs, report to creditors and ASIC and distribute any
available funds. Even if creditors approve our remuneration, this does not guarantee that we will be paid, as we are only paid if
sufficient assets are recovered.
Any dividend to creditors will also be impacted by the amount of assets that we are able to recover and the amount of creditor
claims that are admitted to participate in any dividend, including any claims by priority creditors such as employees.
There are not expected to be sufficient funds to pay a dividend to unsecured creditors. If we do declare a dividend, any
creditor whose claim has not yet been admitted will be contacted and asked to submit a proof of debt.
Vote on proposal
Creditors have the option of approving, not approving or objecting to the proposal being resolved without a meeting of
creditors. Please select the appropriate Yes, No or Object box referred to below:
Yes 󠆤 I approve the proposal
No 󠆤 I do not approve the proposal
Object 󠆤 I object to the proposal being resolved without a meeting of creditors
Your claim against the Company must be admitted for the purposes of voting by the Creditors Voluntary Liquidation for your
vote to count. Please select the option that applies:
󠆤 I have previously submitted a proof of debt form and supporting documents
󠆤 I have enclosed a proof of debt form and supporting documents with this proposal form
Creditor details
Name of creditor: ACN / ABN (if applicable):
󠆤 I am not a related creditor of the Company.
󠆤 I am a related creditor of the Company, relationship: .
Address: __________________________________________________________________________________
Name of creditor / authorised person: __________________________________________________
Signature: _____________________________ Date:__________________________
Please complete this document and return with any supporting documents by no later than 3 July 2019 for your vote to be
counted, by email to Stephanie Elder at [email protected]. If you have any questions please call +61 3 8663 6051.
Completed forms may also be sent by post attention to Stephanie Elder at GPO Box 4736, Melbourne VIC 3001, Australia, although you
should ensure this is sent with sufficient time to arrive by the date the vote closes, which we cannot guarantee.
11 June 2019
NOTICE OF PROPOSAL TO CREDITORS
Whirlwind Print Pty Ltd (In Liquidation) ACN 075 484 856 (“the Company”)
Proposal for creditor approval
“That the internal disbursements claimed by our firm for the period 28 May 2019 to the finalisation of the liquidation of the
Company calculated at the rates detailed in the Remuneration Approval Report, are approved up to a capped amount of
$2,000.00 exclusive of GST, and that the Liquidators can draw the disbursements from available funds as incurred or as funds
become available”.
Reasons for the proposal and the likely impact it will have on creditors if it is passed
The proposal is being put to creditors to approve internal disbursements – which are costs incurred in the Creditors Voluntary
Liquidation. Disbursements have a priority to other claims under the Corporations Act. Certain internal disbursements, being
the reimbursement of costs related to the Creditors Voluntary Liquidation incurred by our firm and staff, must be approved by
creditors under the law.
These disbursements are charged on a reasonable commercial basis, the details of which are outlined in detail in our
Remuneration Approval Report. The proposal if passed will allow the reimbursement of reasonably commercial expenses,
properly incurred for the liquidation to our firm and its staff.
Vote on proposal
Creditors have the option of approving, not approving or objecting to the proposal being resolved without a meeting of
creditors. Please select the appropriate Yes, No or Object box referred to below:
Yes 󠆤 I approve the proposal
No 󠆤 I do not approve the proposal
Object 󠆤 I object to the proposal being resolved without a meeting of creditors
Your claim against the Company must be admitted for the purposes of voting by the Creditors Voluntary Liquidation for your
vote to count. Please select the option that applies:
󠆤 I have previously submitted a proof of debt form and supporting documents
󠆤 I have enclosed a proof of debt form and supporting documents with this proposal form
Creditor details
Name of creditor: ACN / ABN (if applicable):
󠆤 I am not a related creditor of the Company.
󠆤 I am a related creditor of the Company, relationship: .
Address: __________________________________________________________________________________
Name of creditor / authorised person: __________________________________________________
Signature: _____________________________ Date:__________________________
Please complete this document and return with any supporting documents by no later than 3 July 2019 for your vote to be
counted, by email to Stephanie Elder at [email protected]. If you have any questions please call +61 3 8663 6051.
Completed forms may also be sent by post attention to Stephanie Elder at GPO Box 4736, Melbourne VIC 3001, Australia, although you
should ensure this is sent with sufficient time to arrive by the date the vote closes, which we cannot guarantee.
11 June 2019
NOTICE OF PROPOSAL TO CREDITORS
Whirlwind Print Pty Ltd (In Liquidation) ACN 075 484 856 (“the Company”)
Proposal for creditor approval
“That the Liquidators be authorised to destroy the books and records of the Company six months after the date of their
deregistration subject to the consent of the Regional Commissioner of the Australia Securities & Investments Commission in
accordance with Section 70-35 of the Insolvency Practice Schedule (Corporations) 2016.”
Reasons for the proposal and the likely impact it will have on creditors if it is passed
The Liquidators seek approval that they be authorised to destroy the books and records of the Company six months after the
date of their deregistration, subject to the consent of ASIC.
This allows the Liquidators to minimise the costs of storage of the books and records of the Company following the finalisation
of the liquidation. There is not expected to be any impact on creditors from this proposal.
Vote on proposal
Creditors have the option of approving, not approving or objecting to the proposal being resolved without a meeting of
creditors. Please select the appropriate Yes, No or Object box referred to below:
Yes 󠆤 I approve the proposal
No 󠆤 I do not approve the proposal
Object 󠆤 I object to the proposal being resolved without a meeting of creditors
Your claim against the Company must be admitted for the purposes of voting by the Creditors Voluntary Liquidation for your
vote to count. Please select the option that applies:
󠆤 I have previously submitted a proof of debt form and supporting documents
󠆤 I have enclosed a proof of debt form and supporting documents with this proposal form
Creditor details
Name of creditor: ACN / ABN (if applicable):
󠆤 I am not a related creditor of the Company.
󠆤 I am a related creditor of the Company, relationship: .
Address: __________________________________________________________________________________
Name of creditor / authorised person: __________________________________________________
Signature: _____________________________ Date:__________________________
Please complete this document and return with any supporting documents by no later than 3 July 2019 for your vote to be
counted, by email to Stephanie Elder at [email protected]. If you have any questions please call +61 3 8663 6051.
Completed forms may also be sent by post attention to Stephanie Elder at GPO Box 4736, Melbourne VIC 3001, Australia, although you
should ensure this is sent with sufficient time to arrive by the date the vote closes, which we cannot guarantee.
Appendix H
FORM 535
subregulation 5.6.49(2)
Corporations Act 2001
FORMAL PROOF OF DEBT OR CLAIM (GENERAL FORM)
To the Liquidator of Whirlwind Print Pty Ltd (In Liquidation) ACN 075 484 856 (the “Company”)
1 This is to state that the company was on 28 May 2019, and still is, justly and truly indebted to:
full name, ABN and address of the creditor
and, if applicable, the creditor's partners. If prepared by an employee or agent of the creditor, also insert a
description of the occupation of the creditor) for dollars and cents
Particulars of the debt are:
Date Consideration Amount Remarks
(state how the debt arose) (include details of voucher substantiating payment)
$
2 To my knowledge or belief the creditor has not, nor has any person by the creditor's order, had or received any
satisfaction or security for the sum or any part of it except for the following:
(insert particulars of all securities held. If the securities are on the property of the company, assess the value of those securities. If any bills or
other negotiable securities are held, show them in a schedule in the following form).
Date Drawer Acceptor Amount Due Date
$
3 Signed by (select option):
󠆤 I am the creditor personally.
󠆤 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.
󠆤 I am the creditor's agent authorised in writing to make this statement in writing. I know the debt was incurred for the consideration stated and that the debt, to the best of my knowledge and belief, remains unpaid and unsatisfied.
Signature: Dated:
Name: Occupation:
Address:
RECEIVE REPORTS BY EMAIL Yes No
Do you wish to receive all future reports and correspondence from our office via email?
Email:……………………………………………………………………………
Appendix I
ARITA ACN 002 472 362
Level 5, 191 Clarence Street, Sydney NSW 2000 Australia | GPO Box 4340, Sydney NSW 2001 t +61 2 8004 4344 | e [email protected] | arita.com.au
AUSTRALIAN RESTRUCTURING INSOLVENCY & TURNAROUND ASSOCIATION
Information sheet: Proposals without meetings
You may be a creditor in a liquidation, voluntary administration or deed of company arrangement
(collectively referred to as an external administration).
You have been asked by the liquidator, voluntary administrator or deed administrator (collectively
referred to as an external administrator) to consider passing a proposal without a meeting.
This information sheet is to assist you with understanding what a proposal without a meeting is and
what your rights as a creditor are.
Meetings of creditors were previously the only way that external administrators could obtain the views
of the body of creditors. However, meetings can be very expensive to hold.
A proposal without a meeting is a cost effective way for the external administrator to obtain the consent
of creditors to a particular course of action.
The external administrator is able to put a range of proposals to creditors by giving notice in writing to
the creditors. There is a restriction under the law that each notice can only contain a single proposal.
However, the external administrator can send more than one notice at any single time.
The notice must:
• include a statement of the reasons for the proposal and the likely impact it will have on creditors
if it is passed
• invite the creditor to either:
o vote yes or no to the proposal, or
o object to the proposal being resolved without a meeting, and
• specify a period of at least 15 business days for replies to be received by the external
administrator.
If you wish to vote or object, you will also need to lodge a Proof of Debt (POD) to substantiate your
claim in the external administration. The external administrator will provide you with a POD to complete.
You should ensure that you also provide documentation to support your claim.
If you have already lodged a POD in this external administration, you do not need to lodge another one.
The external administrator must also provide you with enough information for you to be able to make an
informed decision on how to cast your vote on the proposal. With some types of proposals, the law or
ARITA’s Code of Professional Practice sets requirements for the information that you must be provided.
What types of proposals can be put to creditors?
What information must the notice contain?
What is a proposal without a meeting?
AUSTRALIAN RESTRUCTURING INSOLVENCY & TURNAROUND ASSOCIATION PAGE 2
22302 - INFO - Proposals information sheet v1_0.docx Version: July 2017
For example, if the external administrator is asking you to approve remuneration, you will be provided
with a Remuneration Approval Report, which will provide you with detailed information about how the
external administrator’s remuneration for undertaking the external administration has been calculated.
You can choose to vote yes, no or object to the proposal being resolved without a meeting.
A resolution will be passed if more than 50% in number and 50% in value (of those creditors who did
vote) voted in favour of the proposal, but only so long as not more than 25% in value objected to the
proposal being resolved without a meeting.
If the proposal doesn’t pass and an objection is not received, the external administrator can choose to
amend the proposal and ask creditors to consider it again or the external administrator can choose to
hold a meeting of creditors to consider the proposal.
The external administrator may also be able to go to Court to seek approval.
If more than 25% in value of creditors responding to the proposal object to the proposal being resolved
without a meeting, the proposal will not pass even if the required majority vote yes. The external
administrator will also be unable to put the proposal to creditors again without a meeting.
You should be aware that if you choose to object, there will be additional costs associated with
convening a meeting of creditors or the external administrator seeking the approval of the Court. This
cost will normally be paid from the available assets in the external administration.
This is an important power and you should ensure that it is used appropriately.
The Australian Restructuring Insolvency and Turnaround Association (ARITA) provides information to
assist creditors with understanding external administrations and insolvency.
This information is available from ARITA’s website at artia.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 asic.gov.au (search for “insolvency information sheets”).
What are your options if you are asked to vote on a proposal without a meeting?
What happens if the proposal doesn’t pass?
What happens if I object to the proposal being resolved without a meeting?
Where can I get more information?
How is a resolution passed?
Appendix J
Important note: The information sheets contain a summary of basic information on the topic. It is not
Insolvency information for directors, employees, creditors and shareholders ASIC has 11 insolvency information sheets to assist you if you’re affected by a company’s insolvency and have little or no knowledge of what’s involved.
These plain language information sheets give directors, employees, creditors and shareholders a basic understanding of the three most common company insolvency procedures—liquidation, voluntary administration and receivership. There is an information sheet on the independence of external administrators and one that explains the process for approving the fees of external administrators. A glossary of commonly used insolvency terms is also provided.
The Insolvency Practitioners Association (IPA), the leading professional organisation in Australia for insolvency practitioners, endorses these publications and encourages its members to make their availability known to affected people.
List of information sheets • INFO 41 Insolvency: a glossary of terms • INFO 74 Voluntary administration: a guide for creditors • INFO 75 Voluntary administration: a guide for employees • INFO 45 Liquidation: a guide for creditors • INFO 46 Liquidation: a guide for employees • INFO 54 Receivership: a guide for creditors • INFO 55 Receivership: a guide for employees • INFO 43 Insolvency: a guide for shareholders • INFO 42 Insolvency: a guide for directors • INFO 84 Independence of external administrators: a guide for creditors • INFO 85 Approving fees: a guide for creditors
Getting copies of the information sheets To get copies of the information sheets, visit ASIC’s website at www.asic.gov.au/insolvencyinfosheets. The information sheets are also available from the IPA website at www.ipaa.com.au. The IPA website also contains the IPA’s Code of Professional Practice for Insolvency Professionals, which applies to IPA members.
a substitute for legal advice. Some provisions of the law referred to may have important exceptions or qualifications. These documents may not contain all of the information about the law or the exceptions and qualifications that are relevant to your circumstances. You will need a qualified professional adviser to take into account your particular circumstances and to tell you how the law applies to you.
© Australian Securities & Investments Commission, December 2008 Page 1 of 1