letter to creditors - no funds no option for provisional liquidation · 2019-05-30 · available...

30 May 2019

To Creditors

Dear Sir/Madam

Paltar Petroleum Limited (In Liquidation) (the Company)

ACN 149 987 459

Peter Gothard and I were appointed Liquidators of the Company on 3 May 2019 pursuant to an Order of the Federal

Court of Australia. This appointment preceded our appointment as Voluntary Administrators by the Company on 17

April 2019.

The purpose of this letter is to provide you with information about the liquidation of the Company and your rights

as a creditor.

1 Declaration of independence, relevant relationships and indemnities

A copy of our most recent Declaration of Independence, Relevant Relationships and Indemnities (DIRRI) dated 30

April 2019 prepared for the purposes of the voluntary administration can be accessed at

www.ferrierhodgson.com.au. Other than the change of our role to Court Liquidators, the information contained in that

DIRRI remains current.

2 Trading

The Company has ceased to trade.

Please note that we do not accept liability for the supply of any goods or services from the date of our appointment. If

there are any outstanding or unfulfilled orders placed by the Company prior to our appointment, including those

under which there are goods in transit, please contact Henry McCullough of this office at

[email protected] to obtain written confirmation that the order should proceed.

3 Investigations

The Directors have prepared a Report on Company Activities and Property which sets out details of the Company’s

business, property, affairs and financial circumstances as at the date of our appointment. A copy of the Report on

Company Activities and Property has been lodged with the Australian Securities & Investments Commission (ASIC).

An investigation of the Company's affairs will be conducted. Creditors who have any information which would assist

our investigation are requested to write to us setting out full particulars. Specifically, please provide details on the

following issues:

– Any demands, writs, judgments or other legal action taken by you against the Company.

– Copies of correspondence sent to and received from the Company regarding unpaid accounts.

– Advice when trading first commenced with the Company.

http://www.ferrierhodgson.com.au/

Creditors

30 May 2019

4 Estimated outcome for creditors

You may be aware that creditors are entitled to claim for a dividend in the liquidation for debts owed by the Company

at the date of liquidation.

At this stage, it is uncertain what dividend, if any, might be paid to creditors. Accordingly, we do not intend formally

fixing a day on or before which creditors must submit particulars of their debts or claims. However, I enclose a Proof

of Debt form at Annexure A which creditors may complete and return to us together with documentation to support

their claim.

5 Creditor rights

Enclosed at Annexure B is an information sheet setting out your rights as a creditor in the liquidation of the

Company, including:

– Making reasonable requests for a meeting or information

– Giving directions to the Liquidator

– Appointing a reviewing Liquidator or replacing the Liquidator

6 Liquidators’ remuneration and fee estimate

For the purposes of the Company’s liquidation, the Liquidators’ remuneration will be fixed on the basis of time spent

by the Liquidators and the Liquidators’ staff of an appropriate level having regard to the nature and complexity of the

work, and calculated by reference to hourly rates.

Enclosed at Annexure C for your information is the Liquidators’ Initial Remuneration Notice which sets out the four

basic methods of calculating remuneration together with an explanation as to why the time based (hourly rates)

method is appropriate in this liquidation.

An information sheet concerning approval of remuneration in external administrations can be obtained from ASIC at

www.asic.gov.au.

7 Liquidators’ remuneration and internal disbursements

Pursuant to Section 75-40 of Schedule 2 to the Act, we propose to have our remuneration for the voluntary

administration period and initial period of the liquidation approved by a proposal without holding a meeting. The

main purpose of the section is to reduce the costs of the liquidation associated with convening a meeting of

creditors when it is not necessary to do so.

A summary of my proposed remuneration and internal disbursements is set out below:

Proposal

1

"That the remuneration of the Voluntary Administrators, as set out in the Remuneration Approval

Request dated 30 May 2019, for the period from 17 April 2019 to 3 May 2019 be fixed in the

amount of $80,050.50, plus any applicable GST, and may be paid."

2

"That the remuneration of the Liquidators, as set out in the Remuneration Approval Request dated

30 May 2019, for the period from 3 May 2019 to 24 May 2019 be fixed in the amount of $65,170.50,

plus any applicable GST, and may be paid."

http://www.asic.gov.au/

Creditors

30 May 2019

Proposal

3

"That the remuneration of the Liquidators, as set out in the Remuneration Approval Request dated

30 May 2019, for the period from 25 May 2019 to 27 August 2019 be fixed up to a maximum

amount of $250,000, plus any applicable GST, but subject to upward revision by resolution of

creditors, and that the Liquidators be authorised to make periodic payments on account of such

accruing remuneration as incurred."

4

"That the internal disbursements of the Voluntary Administrators, as set out in the Remuneration

Approval Request dated 30 May 2019, for the period from 17 April 2019 to 3 May 2019 be fixed

in the amount of $154.70, plus any applicable GST, and may be paid."

5

"That the internal disbursements of the Liquidators, as set out in the Remuneration Approval

Request dated 30 May 2019, the period from 3 May 2019 to completion be fixed up to a

maximum amount of $10,000, plus any applicable GST, but subject to upward revision by

resolution of creditors and that the Liquidator be authorised to make periodic payments on

account of such accruing disbursements as incurred."

Further details of my remuneration and internal disbursements are contained in the attached Remuneration

Approval Request (Annexure D). Also attached are Notices of Proposal to Creditors (Annexures E1 to E5) and

a Form 535 – Proof of Debt (Annexure A) for the purposes of making particulars of your claim known to the

Liquidator.

Creditors have the option of approving, not approving and/or objecting to the proposals being resolved without a meeting of creditors. You are invited to either: – vote YES or NO on the enclosed Notices of Proposal to Creditors; or

– object to the proposal being resolved upon without a meeting of creditors.

If your vote or objection to the proposal being resolved upon without a meeting is to be considered, your completed Notices of Proposal to Creditors must be received at this office by close of business, 21 June 2019. 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. In this case, the proposal cannot be put to

creditors again without a meeting. In this instance, there will be additional costs associated with convening a

meeting of creditors or the Liquidator seeking the approval of the Court. These costs will normally be paid from the

available assets in the liquidation.

I do not propose to hold a meeting of creditors at this stage unless a creditor specifically requests me to do so

pursuant to Section 75-15 of Schedule 2 to the Act.

8 Electronic notification

You may elect to receive future notices or other documents, including circulars and reports regarding the liquidation,

via email. Should you wish to do so, please email [email protected] with the following information:

– The person to who matters regarding the liquidation should be directed.

– The full name of the creditor entity.

– The email address at which the creditor is to receive future correspondence.

Creditors

30 May 2019

9 Next steps

We will continue to conduct the liquidation, including:

– Realising assets of the Company;

– Completing our investigation into the affairs of the Company; and

– Reporting to ASIC.

We will write to you within 3 months from the date of our appointment (i.e. by 3 August 2019) to advise the

outcome of our investigations and to confirm whether a dividend to unsecured creditors is likely.

10 Further information

For further information concerning the liquidation process and Ferrier Hodgson, you may wish to visit our website at

www.ferrierhodgson.com. In addition, you can access general information about external administrations and

insolvency from ARITA’s website at www.arita.com.au.

Questions regarding the liquidation should be directed to Amanda Coneyworth of this office on 02 9286 9939 or

[email protected].

Yours faithfully

Paltar Petroleum Limited

Ryan Eagle

Liquidator

Encl.

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

Annexure A

Form 535 Formal Proof of Debt or Claim Form

Corporations Act 2001, Regulation 5.6.49(2)

Return to:

Ferrier Hodgson GPO Box 4114, SYDNEY NSW 2001

Tel: 02 9286 9999

Fax: 02 9286 9888

Email: [email protected]

Indebted Company: Paltar Petroleum Limited (In Liquidation) ACN 149 987 459

Date of Appointment: 3/05/2019

A. Name and Contact Details of Creditor 1 (the Creditor)

(if in a personal capacity, given name and surname; if a corporate entity, full name of company, etc) 2 of

(insert address) 3 Tel: 4 Email:

Tick this box to elect to receive electronic notification of notices or documents, in accordance with Section

600G of the Corporations Act 2001, at the email address specified above.

B. Details of Debt or Claim

1 Amount owing:

(insert dollars and cents, inclusive of GST if applicable)

2 Nature of Debt or Claim:

(insert description of debt and/or reference any supporting documentation)

3 Select one of the following options:

The Creditor is an unsecured creditor of the indebted Company

The Creditor is a secured creditor of the indebted Company

The Creditor is an employee / former employee of the indebted Company

The Creditor is a related party (please indicate: secured / unsecured)

For all claims:

4 I have attached supporting documentation to substantiate the Creditor’s claim (secured creditors must attach

evidence of security)

5 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 details and value of security where relevant)

C. Signature

1 Dated:

2 Signature:

3 Name / Capacity:

Creditor Assistance Sheet: Completing a Proof of Debt Form

Section A – Name and Contact Details of Creditor

1. Insert the full name of the employee, individual, sole trader, partnership or company that the debt is owed to. 2. Insert the address of the employee, individual, sole trader, partnership or company that the debt is owed to. 3. Insert the telephone number of the employee, individual, sole trader, partnership or company that the debt is

owed to. 4. Insert the email address of the employee, individual, sole trader, partnership or company that the debt is owed to.

Section B – Details of Debt or Claim

1. The amount owing should only include debts or claims which arose prior to the date of appointment. 2. Insert the currency if not Australian dollars. 3. Type of creditor: tick one of the options only. 4. For all claims, ensure supporting documentation is attached, such as invoices, statements, agreements. 5. For secured creditors, 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, indicate “refer attached” above and show them in a schedule in the following form:

Date Drawer Acceptor Amount ($) Due Date

Section C – Signature Instructions

1. Insert the date that the proof of debt form is being signed. 2. The form should be signed by one of the following persons:

• If the debt is owed to an employee/individual, then the individual that the debt is owed to; or

• If the debt is owed to a sole trader, then the sole trader that the debt is owed to; or

• If the debt is owed to a partnership, then one of the partners of the partnership; or

• If the debt is owed to a company, then a duly authorised office of the company (normally a director or secretary of the company).

3. Insert the name of the person signing the form, and note their capacity (that is, their role):

• If the debt is owed to a sole trader, note their capacity as proprietor, eg: “[Full name], proprietor”; or

• If the debt is owed to a partnership, note their capacity as partner, eg: “[Full name], partner of the firm named in Section A above”; or

• If the debt is owed to a company, note their capacity as director or secretary, eg: “[Full name], director/secretary of the company named in Section A above”]

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.

Annexure B

Creditor Rights in Liquidations 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.

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.

Annexure C


ACN 149 987 459

Initial Remuneration Notice

The purpose of the Initial Remuneration Notice is to provide you with information about how the Liquidators’

remuneration for undertaking the liquidation will be set.

1 Remuneration methods

There are four basic methods that can be used to calculate the remuneration charged by an Insolvency Practitioner

as follows:

1.1 Time based (hourly rates)

This is the most common method. The total fee charged is calculated by reference to the hourly or time unit rate

charged for each person who carries out the work multiplied by the number of hours spent by each person on

necessary work properly performed.

1.2 Fixed fee

The total fee charged is normally quoted at the commencement of the liquidation and is the total cost for the

liquidation. Sometimes, a practitioner will finalise a liquidation for a fixed fee.

1.3 Percentage

The total fee charged is based on a percentage of a particular variable such as the gross proceeds of asset

realisations.

1.4 Contingency

The insolvency practitioner’s fee is contingent on achieving a particular outcome.

2 Remuneration method chosen

Given the nature of this administration, we propose that the remuneration of the Liquidators be calculated using the

time based method. Time based remuneration is appropriate in this liquidation given:

– It ensures actual time is billed at an hourly rate applicable to staff experience;

– It ensures that remuneration claimed is only for necessary work properly performed in the liquidation; and

– It covers tasks required to be undertaken in the liquidation which not only relate to asset realisations but also

to reporting requirements and other tasks of an administrative or statutory nature.

3 Explanation of hourly rates

The hourly rates for our remuneration calculation are set out in the following table together with a general guide

showing the qualifications and experience of staff engaged in the liquidation and the role they take. The hourly

rates encompass the total cost of providing professional services and should not be compared to an hourly wage.

Title Rate

$/hour Experience

Partner /

Appointee $695

The Partner / Appointee is a registered liquidator and member of CAANZ

and, generally, ARITA, bringing specialist skills to the liquidation or

insolvency task. For specific experience and other details of the

appointee(s), please visit our website at www.ferrierhodgson.com.

Executive Director $650

The Executive Director is a registered liquidator and member of CAANZ

and, generally, ARITA, bringing specialist skills to the liquidation or

insolvency task.

Director $625

Generally, minimum of 12 years’ experience at least 2 years of which is to

be at Manager level. University degree; member of CAANZ and,

generally, ARITA, with deep knowledge and lengthy experience in relevant

insolvency legislation and issues.

Senior Manager $575

Generally, more than 7 years’ experience with at least 2 years as a

Manager. University degree; member of CAANZ and, generally, ARITA;

very strong knowledge of relevant insolvency legislation and issues.

Manager $525

Generally, 5 to 7 years’ chartered accounting or insolvency management

experience. University degree; member of CAANZ and, generally, ARITA;

sound knowledge of relevant insolvency legislation and issues.

Assistant Manager $475


experience. University degree; member of CAANZ; completing ARITA

Insolvency Education Program. Good knowledge of relevant insolvency

legislation and issues.

Senior Analyst $425


experience. University degree; completing CAANZ’s CA program. Good

knowledge of basic insolvency legislation and issues.

Analyst $375 Generally, 2 to 3 years’ chartered accounting or insolvency management

experience. University degree, CAANZ’s CA program commenced.

Accountant $325

0 to 2 years’ experience. Has completed or substantially completed, on a

part-time basis, a degree in finance/accounting. Under supervision, takes

direction from senior staff in completing administrative tasks.

Junior Accountant $225

0 to 1 years’ experience. Undertaking a degree part-time in

finance/accounting. Under supervision, takes directions from senior staff

in completing administrative tasks.

Personal / Team

Assistant $250 Appropriate skills including machine usage.

Accounts

Supervisor /

Assistant

$225 Generally non-qualified administrative assistant. Classification depends

on experience, salary and complexity of work to be completed.

Administration

Supervisor /

Assistant

$175 Completed schooling and plans to undertake further studies. Required to

assist in administration and day to day field work under the supervision of

more senior staff.

http://www.ferrierhodgson.com/

Notes: – The hourly rates are exclusive of GST.

– The guide to staff experience is intended only as a general guide to the qualifications and experience of staff

engaged in the liquidation. Staff may be engaged under a classification considered appropriate for their

experience.

– Time is recorded and charged in six-minute increments.

– Creditor approval will be sought prior to the application of any new rates to this liquidation.

4 Estimated remuneration

We estimate fees for the liquidation of the Company’s affairs at $500,000.00, plus applicable GST.

It should be noted that if, during the course of the liquidation, any unanticipated issues arise, it may be necessary

to revisit the fee estimate. In the event that we become aware that our costs will exceed this amount we will

advise you accordingly.

5 Disbursements

Disbursements are divided into three types:

– Externally provided professional services. These are recovered at cost. An example is legal fees.

– Externally provided non-professional costs such as travel, accommodation and search fees. These

disbursements are recovered at cost.

– Internal disbursements such as photocopying, printing and postage. These disbursements, if charged to the

liquidation, would generally be charged at cost; although if a data room is utilised, the fee will comprise an

initial setup fee and then a fee based on the duration and size of the data room or the number of users per

month. Certain services provided by Ferrier Hodgson may require the processing of electronically stored

information into specialist review platforms. Where these specialist resources are utilised, the fee will be

based on units (e.g. number of computers), size (e.g. per gigabyte) and/or period of time (e.g. period of

hosting).

We are not required to seek creditor approval for disbursements paid to third parties, but must account to

creditors. However, we must ensure that these disbursements are appropriate, justified and reasonable.

We are 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 our internal disbursements prior to these disbursements

being paid from the liquidation.

Details of the basis of recovering disbursements in this administration are provided below:

Disbursement type Charges (excl GST)

Advertising At cost

ASIC industry funding model levy – metric events At prescribed ASIC rates

Couriers At cost

Data room set-up $450.00

Data room hosting – Option A Variable – see separate table below

Data room hosting – Option B (incl 100GB of data) $84.95 per user per month


eDiscovery services Variable

Photocopying / printing (colour) $0.50 per page

Photocopying / printing (mono) $0.20 per page

Photocopying / printing (outsourced) At cost

Postage At cost

Searches At cost

Staff travel reimbursement Up to $100/day

Staff vehicle use At prescribed ATO rates

Storage and storage transit At cost

Telephone calls At cost Note: Above rates are applicable for the financial year ending 30 June 2019. Disbursements charged at cost do not require creditor approval.

Data room hosting fees by size (MB) Charges per month (excl GST)

0-300 $950

300-1000 $950 + $2.50/MB

1000-5000 $2,500 + $1.25/MB

5000+ $7,500 + $0.60/MB

Dated this 30th day of May 2019

Ryan Eagle

Liquidator

Paltar Petroleum Limited (In Liquidation) – Remuneration Approval Request – 30 May 2019 1

Schedule 2 to the Corporations Act 2001, Section 60-10 Insolvency Practice Rules (Corporations) 2016, Section 70-45


ACN 149 987 459

Remuneration Approval Request

This report contains the following information:

– Part 1: Declaration

– Part 2: Executive summary

– Part 3: Remuneration

– Part 4: Disbursements

– Part 5: Report on progress of the administration

– Part 6: Summary of receipts and payments

– Part 7: Questions

– Part 8: Approval of remuneration and internal disbursements

– Schedule A: Resolution 1 details

– Schedule B: Resolution 2 details

– Schedule B: Resolution 3 details

Next steps for creditors:

– Please review the contents of this report, which sets out the proposals to be approved by creditors without a

meeting.

– Refer to section 7 of the report to creditors dated 30 May 2019 for details as to how you can submit your vote on

the proposals contained in this report.

1 Declaration We, Ryan Eagle and Peter Gothard of Ferrier Hodgson, have undertaken a proper assessment of this remuneration

claim for our appointment as Liquidators of the Company in accordance with the Corporations Act 2001 (Cth) (the

Act), the Australian Restructuring Insolvency & Turnaround Association (ARITA) Code of Professional Practice (the

Code) and applicable professional standards.

We are satisfied that the remuneration claimed is in respect of necessary work, properly performed, or to be properly

performed, in the conduct of the liquidation.

2 Executive summary

Summary of remuneration approval sought for the Company

To date, no remuneration has been approved and paid in the administration and subsequent liquidation of the

Company.

This report details approval sought for the following remuneration:

D – Remuneration approval request


Period Amount (ex GST)

$

Current remuneration approval sought:

Resolution 1: Voluntary Administration – 17 April 2019 to 3 May 2019 80,050.50

Resolution 2: Liquidation – 3 May 2019 to 24 May 2019 65,170.50

Resolution 3: Liquidation – 25 May 2019 to 27 August 2019* 250,000.00

Total current remuneration approval sought 395,221.00

Total past remuneration approved: 0.00

* Approval for the future remuneration sought is based on an estimate of the work necessary to the completion of

the liquidation. Should additional work be necessary beyond what is contemplated, further approval may be sought

from creditors.

Please refer to Part 0 for full details of the calculation and composition of the remuneration approval being sought.

Summary of internal disbursements approval sought for the Company

To date, no internal disbursements have been approved and paid in the administration or subsequent liquidation of

the Company. This report details approval sought for the following internal disbursements:

Period Amount (ex GST)

$

Current internal disbursements approval sought:

Resolution 4: 17 April 2019 to 3 May 2019 154.70

Resolution 5: 3 May 2019 to completion* 10,000.00 Total current internal disbursements approval sought 10,154.70

Total past internal disbursements approved 0.00 * Approval for the future internal disbursements sought is based on an estimate of the internal disbursements

necessary to the completion of the liquidation. Should additional internal disbursements be necessary beyond what

is contemplated, further approval may be sought from creditors.

Please refer to Part 4 for full details of the calculation and composition of the internal disbursements approval being

sought.

Comparison to estimate of costs provided to creditors in the Initial Remuneration Notice

The remuneration approval sought differs to the estimate of costs provided to creditors in the Initial Remuneration

Notice included in our Administrators’ first circular to creditors dated 17 April 2019 for the following reasons:

– Our original estimate of $150,000 to $250,000, plus applicable GST and disbursements, was based on the

voluntary administration of the Company continuing in the ordinary course (i.e. the period of voluntary

administration was likely to end at the proposal meeting of creditors which was due to be held in early June

2019); and

– The Company was wound up by the Federal Court of Australia on 3 May 2019 and Ryan Eagle and Peter

Gothard were appointed as Liquidators. The Liquidators are now seeking approval of costs for:

− The voluntary administration period from 17 April 2019 to 3 May 2019; and

− The initial period of the liquidation from 3 May 2019 to 27 August 2019.


3 Remuneration

Remuneration claim resolutions

We will be seeking approval of the following resolutions with respect to remuneration. Details to support these

resolutions are included in Part 3.2.

Resolution 1:

"That the remuneration of the Voluntary Administrators, as set out in the Remuneration Approval Request dated 30 May

2019, for the period from 17 April 2019 to 3 May 2019 be fixed in the amount of $80,050.50, plus any applicable GST,

and may be paid."

Resolution 2:

"That the remuneration of the Liquidators, as set out in the Remuneration Approval Request dated 30 May 2019, for the

period from 3 May 2019 to 24 May 2019 be fixed in the amount of $65,170.50, plus any applicable GST, and may be

paid."

Resolution 3:

"That the remuneration of the Liquidators, as set out in the Remuneration Approval Request dated 30 May 2019, for the

period from 25 May 2019 to 27 August 2019 be fixed up to a maximum amount of $250,000, plus any applicable GST,

but subject to upward revision by resolution of creditors, and that the Liquidators be authorised to make periodic

payments on account of such accruing remuneration as incurred."

Details of remuneration

The basis of calculating the remuneration claims are set out below, including the details of the major tasks performed

and the costs associated with each of those major tasks.


Resolution 1: 17 April 2019 to 3 May 2019

The below table sets out time charged to each major task area performed by the Administrators and their staff for the period 17 April 2019 to 3 May 2019, which is the basis of the

Resolution 1 claim. Please refer to Schedule A for further details with respect to the tasks performed.

Employee Position Rate Total

(ex

GST)

Assets Creditors Investigation Administration

$/Hour Hrs $ Hrs $ Hrs $ Hrs $ Hrs $

Peter Gothard Partner

695.00

1.00

695.00 - - - - - -

1.00

695.00

Ryan Eagle Partner

695.00

57.40

39,893.00

1.50

1,042.50

24.00

16,680.00

28.90

20,085.50

3.00

2,085.00

Amanda Coneyworth Director

625.00

16.70

10,437.50 - -

2.50

1,562.50

6.20

3,875.00

8.00

5,000.00

Luke Meany Senior Analyst

425.00

30.00

12,750.00 - -

8.50

3,612.50 - -

21.50

9,137.50

Monty Swift Analyst

375.00

43.40

16,275.00

5.50

2,062.50

14.60

5,475.00

6.30

2,362.50

17.00

6,375.00

Total (excluding GST)

148.50

80,050.50

7.00

3,105.00

49.60

27,330.00

41.40

26,323.00

50.50

23,292.50

GST

8,005.05

310.50

2,733.00

2,632.30

2,329.25

Total (including GST)

88,055.55

3,415.50

30,063.00

28,955.30

25,621.75

Average Hourly Rate

539.06

443.57

551.01

635.82

461.24


Resolution 2: 3 May 2019 to 24 May 2019

The below table sets out time charged to each major task area performed by the Liquidators and their staff for the period 3 May 2019 to 24 May 2019, which is the basis of the

Resolution 2 claim. Please refer to Schedule B for further details with respect to the tasks performed.

Employee Position Rate Total

(ex GST)

Assets Creditors Investigation Administration

$/Hour Hrs $ Hrs $ Hrs $ Hrs $ Hrs $

Ryan Eagle Partner

695.00

38.70

28,425.50

37.90

26,340.50

-

-

0.80

2,085.00

-

-

Robert Malt Executive

Director

650.00

10.90

7,085.00

10.80

7,020.00

-

-

-

-

0.10

65.00

Amanda Coneyworth Director

625.00

16.40

10,250.00

1.50

937.50

5.10

3,187.50

3.50

2,187.50

6.30

3,937.50

Emilie Eid Analyst

375.00

22.20

8,325.00

12.00

4,500.00

-

-

10.20

3,825.00

-

-

Monty Swift Analyst

375.00

20.50

9,037.50

6.50

2,962.50

2.20

825.00

10.80

4,875.00

1.00

375.00

Henry McCullough Accountant

325.00

6.30

2,047.50

-

-

-

-

1.10

357.50

5.20

1,690.00

Total (excluding GST)

115.00

65,170.50

68.70

41,760.50

7.30

4,012.50

26.40

13,330.00

12.60

6,067.50

GST

6,517.05

4,176.05

401.25

1,333.00

606.75

Total (including GST) 71,687.55

45,936.55

4,413.75

14,663.00

6,674.25

Average Hourly Rate

566.70

607.87

549.66

504.92

481.55


Resolution 3: 25 May 2019 to 27 August 2019

The below table sets out the expected costs for the major tasks likely to be performed by the Liquidators and their staff

for the period 25 May 2019 to 27 August 2019, which is the basis of the Resolution 3 claim. Please refer to Schedule C

for further details with respect to the tasks likely to be performed.

Task Hours Amount

($ excluding GST)

Assets 263 160,000.00

Creditors 47 26,000.00

Investigation 101 51,000.00

Administration 27 13,000.00

Total 438 250,000.00

Total remuneration reconciliation

Comparison between current total and previous estimates

The total remuneration for the voluntary administration period being sought for approval is $80,050.50 (excluding GST).

At this point in time we estimate that the total remuneration for the liquidation period will be $500,000 (excluding GST).

This includes the current approval amount being sought of $315,170.50 (excluding GST).

The above estimate differs to the estimate of costs provided to creditors in the Initial Remuneration Notice included in

our Administrators’ first circular to creditors dated 17 April 2019 for the following reasons:

– Our original estimate of $150,000 to $250,000, plus applicable GST and disbursements, was based on the

voluntary administration of the Company continuing in the ordinary course (i.e. the period of voluntary

administration was likely to end at the proposal meeting of creditors which was due to be held in early June 2019);

and

– The Company was wound up by the Federal Court of Australia on 3 May 2019 and Ryan Eagle and Peter Gothard

were appointed as Liquidators. The Liquidators anticipate that the liquidation of the Company will continue until at

least 31 December 2019 for the following reasons:

• Realisation of the Company’s assets;

• Resolution of various proceedings involving the Company to the extent that they are beneficial to creditors;

• Investigation into the affairs of the Company, including public examinations of the Company’s officers if

necessary.

Comparison between current and previous prospective approvals

We have not previously sought approval of prospective remuneration.

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 Part 3.2.3 of the report and in Schedule C.

Future remuneration requests

Due to the complex nature of this liquidation, we will only be seeking remuneration approval from creditors in advance

for the period up to 27 August 2019.

In preparing this report, we have made our best estimate at what we believe the liquidation will cost to 27 August 2019.

However, should the 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 liquidation include:


– The ability to realise the Company’s assets in a timely manner;

– Resolution of proceedings and claims involving the Company to the extent that it is necessary to the timely

realisation of assets;

– Recovery of books and records of the Company; and

– Cooperation of the Company’s directors and officers.

Likely impact on dividends

As outlined in section 4 of the report to creditors, there are presently insufficient funds to allow the payment of a

dividend to unsecured creditors. The Liquidator’s remuneration and disbursements are paid as priority ahead of the

payment of creditors. The work undertaken by the Liquidator is necessary for the ongoing conduct of the liquidation.

4 Disbursements

Types of disbursements

Disbursements are divided into three types:

– Externally provided professional services. These are recovered at cost. An example is legal fees.

– Externally provided non-professional costs such as travel, accommodation and search fees. These

disbursements are recovered at cost.

– Internal disbursements such as photocopying, printing and postage. These disbursements, if charged to the

liquidation, would generally be charged at cost; although if a data room is utilised, the fee will comprise an initial

setup fee and then a fee based on the duration and size of the data room or the number of users per month.

Certain services provided by Ferrier Hodgson may require the processing of electronically stored information into

specialist review platforms. Where these specialist resources are utilised, the fee will be based on units (e.g.

number of computers), size (e.g. per gigabyte) and/or period of time (e.g. period of hosting). The relevant rates

for internal disbursements are set out below:


Advertising At cost

ASIC industry funding model levy – metric events At prescribed ASIC rates

Couriers At cost

Data room set-up $450.00

Data room hosting – Option A Variable – see separate table below

Data room hosting – Option B (incl 100GB of data) $84.95 per user per month

eDiscovery services Variable

Photocopying / printing (colour) $0.50 per page

Photocopying / printing (mono) $0.20 per page

Photocopying / printing (outsourced) At cost

Postage At cost

Searches At cost

Staff travel reimbursement Up to $100/day

Staff vehicle use At prescribed ATO rates

Storage and storage transit At cost

Telephone calls At cost

Note: Above rates are applicable for the financial year ending 30 June 2019. Disbursements charged at cost do not require creditor approval

Data room hosting fees by size (MB) Charges per month (excl GST)

0-300 $950

300-1000 $950 + $2.50/MB

1000-5000 $2,500 + $1.25/MB

5000+ $7,500 + $0.60/MB


Disbursements paid from the administration and liquidation to Ferrier Hodgson to date

There have been no disbursements paid from the administration or liquidation to Ferrier Hodgson to date. Future

disbursements provided by Ferrier Hodgson will be charged to the liquidation on the same basis as the table in Part

4.1.

Disbursement claim resolutions

We will be seeking approval of the following resolutions with respect to disbursements. Details to support these

resolutions are included in Part 4.4.

Resolution 4:

"That the internal disbursements of the Voluntary Administrators, as set out in the Remuneration Approval Request

dated 30 May 2019, for the period from 17 April 2019 to 3 May 2019 be fixed in the amount of $154.70, plus any

applicable GST, and may be paid."

Resolution 5:

"That the internal disbursements of the Liquidators, as set out in the Remuneration Approval Request dated 30 May

2019, the period from 3 May 2019 to completion be fixed up to a maximum amount of $10,000, plus any applicable

GST, but subject to upward revision by resolution of creditors and that the Liquidator be authorised to make periodic

payments on account of such accruing disbursements as incurred."

Details of disbursements

Retrospective internal disbursement claim

The following internal disbursements have been claimed by our firm, Ferrier Hodgson, for the period 17 April 2019 to 3

May 2019 which is the basis of the Resolution 4 claim.

Disbursements claimed Basis Total (excl GST)

$

Photocopying / printing 774 pages at $0.20 per page 154.70

Total 154.70

Prospective internal disbursement claim

Future disbursements provided by our firm, Ferrier Hodgson, will be charged to the liquidation on the same basis as set

out in Part 4.1. Approval of the payment of these disbursements at those rates to a capped amount of $10,000 is being

sought.

5 Report on progress of the liquidation The Remuneration Approval Request must be read in conjunction with the report to creditors dated 30 May 2019 which

outlines the progress of the liquidation.


6 Summary of receipts and payments A summary of receipts and payments for the period 17 April 2019 to 30 May 2019 is set out in the table below:

Receipts and payments Total (incl GST)

$

Receipts

Indemnity from director – Marc Bruner 100,000.00

Total receipts 100,000.00

Payments

Legal fees and disbursements (76,323.22)

Counsel fees (16,500.00)

Pre-appointment D&O insurance policy premium - final instalment (7,152.78)

Bank charges (26.00)

Total payments (100,000.00)

Closing cash at bank 0.00

7 Approval of remuneration and internal disbursements For information about how approval of the resolutions for remuneration and internal disbursements will be sought, refer

to section 7 of the report to creditors dated 30 May 2019.

8 Questions If you require further information in respect of the above, or have other questions, please contact Amanda Coneyworth

of this office on 02 9286 9939.

The partners of Ferrier Hodgson are members of ARITA. Ferrier Hodgson follows the Code. A copy of the Code may be

found on the ARITA website at www.arita.com.au.

An information sheet concerning approval of remuneration in external administrations can also be obtained from the

Australian Securities & Investments Commission website at www.asic.gov.au.

Dated this 30th day of May 2019

Ryan Eagle

Liquidator

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


Schedule A – Resolution 1: Voluntary Administration period 17 April 2019 to 3 May 2019

The below table contains more detailed descriptions of the tasks performed within each task area performed by the

Administrators and their staff for the period 17 April 2019 to 3 May 2019, which is the basis of the Resolution 1 claim in

section 3.2.1.

Task area General description Includes

Assets

7.0 hours

$3,105.00

(excl GST)

Debtors

– Correspondence with ATO regarding pre-

appointment BAS refunds

Other assets

– Investigations regarding Company’s interests

and rights in various exploration permits, the

Joint Venture Operating Agreement and

earnings agreements, including

correspondence with relevant interested parties

and stakeholders

– Liaising with AMETS and attended to payment

of outstanding amounts to ensure the

lodgement of Consent Documents in respect of

the exploration permits

– Correspondence with Company’s pre-

appointment advisors regarding recovery of

potential claims under the Company’s pre-

appointment D&O policies


appointment broker regarding the Company’s

shareholdings in Fortem Resources Inc

– Correspondence with Company’s directors in

relation to the provision of a DOCA proposal,

including details of assets and funding to be put

forward

Creditors

49.6 hours

$27,330.00 (excl

GST)

Creditor enquiries, requests and

directions

– Receiving and responding to creditor enquiries

– Reviewing and preparing initial correspondence

to creditors and their representatives

– Documenting communications with creditors

– Compiling information requested by creditors

Secured creditor reporting

– Notifying Sweetpea Petroleum (PPSR

registered creditor) of appointment

– Responding to secured creditor

correspondence

Creditor reports – Preparing report to creditors on appointment to

convene first meeting

Dealing with proofs of debt

– Receipting and filing proofs of debt when not

related to a dividend

– Corresponding with OSR and ATO regarding

proofs of debt 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

– Respond to stakeholder queries and questions

immediately following meeting

Shareholder enquiries – Initial day one letters

– Responding to queries

Investigation

41.4 hours

$26,323.00

(excl GST)

Conducting investigation

– Collection of Company books and records

– Initial review of Company’s books and records

– Conducting and summarising statutory

searches

Litigation / recoveries

– Communications with directors of the Company

regarding the provision of a deed of company

arrangement (DOCA) proposal, including

subsequent requests for further particulars

– Considering the merits of the DOCA proposal

put forward by the directors

– Contacting the Company’s pre-appointment

advisors, including Causbrook & Associates,

McLaughlin Thorpe Lawyers, Armstrong Nisbet

Consulting and Bartier Perry to obtain

information in relation to the various

proceedings involving the Company.

– Engaging and obtaining advice from Norton

Rose Fulbright on the various proceedings

including the following:

• Winding up proceedings against the

Company by T-S Capital

• Proceedings by Nation Australia

• Proceedings against Sweetpea

– Engaging Norton Rose Fulbright to appear in

winding up proceedings on behalf of the

Administrators

– Preparation of affidavit and evidence for the

winding up proceedings

– Attendance at winding up proceedings

– Communicating with the legal representatives

of the various parties involved in the

proceedings, including Johnson Winter Slattery

(winding up proceedings and Nation Australia

proceedings), Quinn Emanuel Urquhart &



Sullivan and Allen Vellone Wolf Helfrich &

Factor P.C. (in relation to the Sweetpea

proceedings and the bankruptcy of PetroHunter

in the US)

Administration

50.5 hours

$23,292.50

(excl GST)

Correspondence

– Initial notifications of appointment to statutory

bodies, creditors and other relevant

stakeholders

– General correspondence with stakeholders in

relation to the voluntary administration

Document maintenance / file review /

checklist

– Administration reviews

– Filing of documents

– File reviews

– Updating checklists

Insurance

– Identification of potential issues requiring

attention of insurance specialists

– Correspondence with insurer regarding initial

and ongoing insurance requirements

– Reviewing insurance policies

– Correspondence with previous brokers

Bank account administration – Preparing correspondence closing accounts

ASIC forms

– Preparing and lodging ASIC forms

– Correspondence with ASIC regarding statutory

forms

ATO and other statutory reporting – Notification of appointment

– Preparing BASs

Planning / review – Discussions regarding status / strategy of

administration

Books and records / storage – Dealing with Company records


Schedule B – Resolution 2: Liquidation period 3 May 2019 to 24 May 2019

The below table contains more detailed descriptions of the tasks performed within each task area by the Liquidators

and their staff for the period 3 May 2019 to 24 May 2019, which is the basis of the Resolution 2 claim in section 3.2.3:


Assets

68.7 hours

$41,760.50

(excl GST)

Debtors

– Communications with Causbrook & Associates

regarding pre-appointment BAS lodgements

and refunds.

– Ongoing correspondence with ATO regarding

pre-appointment BAS refunds, including

providing supporting transaction listings

Other assets

– Investigations regarding Company’s interests

and rights in various exploration permits, the

Joint Venture Operating Agreement and

earnings agreements, including

correspondence with relevant interested parties

and stakeholders, including the Northern

Territory Government

– Preparing data room for sale process, including

review of relevant available books and records

– Preparing draft sale campaign materials,

including information memorandum and

advertisements


appointment advisors regarding recovery of

potential claims under the Company’s pre-

appointment D&O policies

– Ongoing correspondence with Company’s pre-

appointment broker regarding the Company’s

shareholdings in Fortem Resources Inc

Creditors

7.3 hours

$4,012.50

(excl GST)


directions


– Reviewing and preparing initial correspondence

to creditors and their representatives



Creditor reports

– Preparing initial notice to creditors of liquidation

appointment, including updated DIRRI, initial

advice on remuneration, creditor rights,

remuneration request report and written

proposals






Proposals to creditors – Preparing remuneration request report and

written proposals in relation to the voluntary



administration period and initial liquidation

period for approval by creditors

Shareholder enquiries – Responding to queries

Investigation

26.40 hours

$13,330.00

(excl GST)


– Communicating with directors in relation to

provision of ROCAPs and books and records of

the Company

– Review of books and records, including

electronic and hard copy files

– Further requests to directors for provision of

books and records


– Engaging Baker McKenzie to progress

investigation of litigation matters and to provide

advice

– Ongoing communications with the Company’s

pre-appointment advisors, including Causbrook

& Associates, McLaughlin Thorpe Lawyers,

Armstrong Nisbet Consulting and Bartier Perry

to obtain information in relation to the various

proceedings involving the Company

– Communicating with the legal representatives

of the various parties involved in the

proceedings, including Johnson Winter Slattery

(Nation Australia proceedings) and Quinn

Emanuel Urquhart & Sullivan (Sweetpea

proceedings)

Administration

12.6 hours

$6,067.50

(excl GST)

Correspondence – General correspondence


checklist



– File reviews


Insurance

– Correspondence with insurer regarding ongoing

insurance requirements

– Reviewing insurance policies

Bank account administration

– Preparing correspondence regarding existing

accounts

– Preparing entries to update Insol for

transactions during the administration and

liquidation period

ASIC forms



forms

ATO and other statutory reporting – Notification of appointment as liquidators

– Preparing BASs


administration

Books and records / storage – Dealing with Company records


Schedule C – Resolution 3: Liquidation period 25 May 2019 to 27 August 2019

The below table contains more detailed descriptions of the tasks within each task area likely to be performed by the

Liquidators and their staff for the period 25 May 2019 to 27 August 2019, which is the basis of the Resolution 3 claim in

section 3.2.3:


Assets

263 hours

$160,000.00

(excl GST)

Debtors – Finalising recovery of pre-appointment GST

refunds from the ATO.

Other assets

– Progressing sale of interests in exploration

permits and related agreements.

– Progressing sale of Company’s shares in

Fortem Resources Inc

– Progressing investigations into to potential

recoveries under pre-appointment D&O policies

Creditors

47 hours

$26,000.00

(excl GST)


directions



– Reviewing requests for information where

applicable


where applicable

Creditor reports – Ongoing reporting to creditors, including

statutory report on investigations






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

– Respond to stakeholder queries and questions

immediately following meeting

Proposals to creditors – Preparing proposal notices and voting forms

Shareholder enquiries – Responding to queries

Investigation

101 hours

$51,000.00

(excl GST)


– 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

– Preparation of investigation file

– Lodgement of investigation with ASIC

– Preparation and lodgement of supplementary

report if required

Examinations

– Preparing brief to solicitor

– Liaising with solicitor(s) regarding examinations

– Attendance at examination

– Reviewing examination transcripts

– Liaising with solicitor(s) regarding outcome of

examinations and further actions available


– Liaising with solicitors regarding recovery

actions

– Attending to negotiations

– Attending to settlement matters

ASIC reporting – Preparing statutory investigation reports

– Liaising with ASIC

Administration

27 hours

$13,000.00

(excl GST)

Correspondence – General correspondence


checklist



– File reviews


Insurance – Correspondence with insurer regarding ongoing

insurance requirements

Bank account administration

– Requesting bank statements

– Bank account reconciliations

– Correspondence with bank regarding specific

transfers

ASIC forms



forms

ATO and other statutory reporting

– Notification of appointment

– Preparing BASs

– Completing checklists


administration

Books and records / storage – Dealing with records in storage

– Sending job files to storage

Annexure E1

Notice of Proposal to Creditors

Date: 30 May 2019

Corporations Act 2001

Insolvency Practice Schedule 75-40

Return to no later than 21 June 2019 to: Ferrier Hodgson GPO Box 4114, SYDNEY NSW 2001 Tel: 02 9286 9999 Fax: 02 9286 9888 Email: [email protected]


Date of Appointment: 3 May 2019







I am not a related creditor of the Company

I am a related party creditor of the Company, relationship:

_____________________________________________

B. Details of Debt or Claim 1 Select one of the following options:

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

C. Proposal for creditor approval

“That the remuneration of the Voluntary Administrators, as set out in the Remuneration Approval Request dated 30

May 2019, for the period from 17 April 2019 to 3 May 2019 be fixed in the amount of $80,050.50, plus any applicable

GST, and may be paid."

D. Reasons for the proposal and the likely impact it will have on creditors if it is passed

Approval via a proposal reduces the costs of the administration. There are insufficient funds to allow the payment

of a dividend to creditors at this stage. The Liquidators’ remuneration and disbursements are paid as priority

ahead of the payment of creditors.

E. Vote on proposal

Creditor are given the option of approving, not approving or objecting to the proposed resolution being resolved

without a meeting of creditors. Please place an “X” in one (only) of the following options to indicate your vote1:

Yes – I approve the proposal No – I do not approve the proposal I object to the proposal being

resolved without a meeting

F. Signature 1 Dated:

2 Signature:

3 Name / Capacity:

Annexure E2


Date: 30 May 2019














_____________________________________________





"That the remuneration of the Liquidators, as set out in the Remuneration Approval Request dated 30 May 2019, for

the period from 3 May 2019 to 24 May 2019 be fixed in the amount of $65,170.50, plus any applicable GST, and

may be paid."





E. Vote on proposal






2 Signature:

3 Name / Capacity:

Annexure E3


Date: 30 May 2019














_____________________________________________





"That the remuneration of the Liquidators, as set out in the Remuneration Approval Request dated 30 May 2019, for

the period from 25 May 2019 to 27 August 2019 be fixed up to a maximum amount of $250,000, plus any applicable

GST, but subject to upward revision by resolution of creditors, and that the Liquidators be authorised to make

periodic payments on account of such accruing remuneration as incurred."





E. Vote on proposal






2 Signature:

3 Name / Capacity:

Annexure E4


Date: 30 May 2019














_____________________________________________





"That the internal disbursements of the Voluntary Administrators, as set out in the Remuneration Approval

Request dated 30 May 2019, for the period from 17 April 2019 to 3 May 2019 be fixed in the amount of $154.70,

plus any applicable GST, and may be paid."





E. Vote on proposal






2 Signature:

3 Name / Capacity:

Annexure E5


Date: 30 May 2019














_____________________________________________





"That the internal disbursements of the Liquidators, as set out in the Remuneration Approval Request dated 30

May 2019, the period from 3 May 2019 to completion be fixed up to a maximum amount of $10,000, plus any

applicable GST, but subject to upward revision by resolution of creditors and that the Liquidator be authorised to

make periodic payments on account of such accruing disbursements as incurred."





E. Vote on proposal






2 Signature:

3 Name / Capacity:

Creditor Assistance Sheet: Completing a Proposal Form

Section A – Name and Contact Details of Person or Entity

5. Insert the full name of the employee, individual, sole trader, partnership or company that the debt is owed to. 6. Insert the address of the employee, individual, sole trader, partnership or company that the debt is owed to. 7. Insert the telephone number of the employee, individual, sole trader, partnership or company that the debt is

owed to. 8. Insert the email address of the employee, individual, sole trader, partnership or company that the debt is owed to. 9. Indicate whether or not you are a related party creditor of the Company (including its directors and officers).

Provide details of your relationship to the Company (if applicable)

Section B – Details of Debt or Claim

6. Ensure that you have previously completed a Form 535 – Proof of Debt or Claim. If you have not previously done so, please complete the Form 535 which is attached to this letter and submit it to the Liquidator with this proposal form.

Section E – Voting Instructions

1. Insert an ‘X’ in one (only) of the boxes to indicate your vote – i.e. ‘Yes – I approve the proposal’, ‘No – I do not approve the proposal’ or ‘I object to the proposal being resolved without a meeting’.

Section D – Signature Instructions

1. Insert the date that the proposal form is being signed. 2. The form should be signed by one of the following persons:

• If the debt is owed to an employee/individual, then the individual that the debt is owed to; or

• If the debt is owed to a sole trader, then the sole trader that the debt is owed to; or

• If the debt is owed to a partnership, then one of the partners of the partnership; or

• If the debt is owed to a company, then a duly authorised office of the company (normally a director or secretary of the company).

3. Insert the name of the person signing the form, and note their capacity (that is, their role):

• If the debt is owed to a sole trader, note their capacity as proprietor, eg: “[Full name], proprietor”; or

• If the debt is owed to a partnership, note their capacity as partner, eg: “[Full name], partner of the firm named in Section A above”; or

• If the debt is owed to a company, note their capacity as director or secretary, eg: “[Full name], director/secretary of the company named in Section A above”]