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Australian Waste Recyclers 1 Pty Limited

Australian Waste Recyclers 1 Pty Limited

Appointment Type: Liquidation

Appointment Date: 21/07/2006

ACN: 085 922 907


Appointee(s):
Morgan Kelly, Steve Sherman

Office: Sydney

Case Contact: Paul Ritchie

Phone: +612 9286 9946

Fax: +612 9286 9888


Email: paul.ritchie@fh.com.au

Background Information:

The Company operated a waste disposal facility at St Marys. The business was sold in January 2006. Morgan Kelly and Steven Sherman were appointed Liquidators on 21 July 2006.

Current Status and Actions Required by Creditors:

Investigations into the affairs of the Company are complete. The supplementary report requested by the Australian Securities and Investments Commission relating to the actions of the Company prior to the appointment of the Liquidators was lodged in January 2008.

The Liquidator’s are currently seeking legal advice with respect to the recoverability of certain insolvent transactions.

A first dividend to unsecured creditors was declared on 25 January 2008.

Next Milestone and Estimated Timetable:

Commencement of recovery proceedings with respect to the insolvent transactions previously identified.

Receipt of a response from the Australian Securities and Investments Commission with respect to the supplementary report.