Creditors resolved that the company should execute a DOCA and that Martin Jones, Andrew Saker and Darren Weaver be appointed Joint and Several Deed Administrators. The DOCA was executed on 2 March 2010.

At meetings of creditors held on 17 September 2010 and 31 March 2010, creditors resolved in favour of variations to the Paterson’s Corporate Securities DOCA proposal. The proposal provided for a reconstruction of the company and involved satisfying a number of conditions precedent (including the Receivers and Managers concluding the sale of the property and their subsequent retirement thereafter) prior to completion.

Settlement of sale of the Baldivis property occurred on 23 March 2011 reporting a shortfall to the secured creditor, the National Australia Bank Ltd (NAB) of $11.6M. Accordingly there were no surplus assets available to the company's stakeholders.

The Paterson's DOCA effectuated on 28 September 2011 through the implementation of a Creditors Trust which provides a structure whereby creditors' claims are released by the company and are dealt with by the Trustee instead.

Given the successful completion of the Paterson's DOCA, control of the company's affairs has passed to the new company board for the purpose of recapitalising the company. In this regard we anticipate the new board will be in contact with shareholders regarding the future of the company before the end of the 2011 calendar year.

Creditors resolved that the company be wound up. Accordingly, Martin Jones, Andrew Saker and Darren Weaver were appointed Joint and Several Liquidators of the company on 16 December 2009.

The property was sold by the R&M for $9.9M which was not enough to discharge the debt owing to the secured creditor, the NAB, resulting in a shortfall of $457,082. Consequently there are no surplus assets available to the company and, accordingly, the Liquidators have issued a tax declaration in accordance with section 104-145 ITAA 1997 for shareholders' income tax records.

Investigations into the company's affairs are still continuing. Dividend distributions will be dependent upon the outcome of the investigations and potential recoveries which may lead there from.

Creditors resolved that the company be wound up. Accordingly, Martin Jones, Andrew Saker and Darren Weaver were appointed Joint and Several Liquidators of the company on 16 December 2009.

The property was sold by the R&M for $4M which was not enough to discharge the debt owing to the secured creditor, the NAB, resulting in a shortfall of $9.5M. Consequently there are no surplus assets available to the company and, accordingly, the Liquidators have issued a tax declaration in accordance with section 104-145 ITAA 1997 for shareholders' income tax records.

Creditors resolved that the company should execute a DOCA and that Martin Jones, Andrew Saker and Darren Weaver be appointed Joint and Several Deed Administrators.  The DOCA was executed on 11 January 2010.

Absent receipt of a DOCA proposal to reconstruct the company, the company's holding DOCA was terminated on 9 December 2010 and the company wound up.

Creditors resolved that the company should execute a DOCA and that Martin Jones, Andrew Saker and Darren Weaver be appointed Joint and Several Deed Administrators. The DOCA was executed on 9 March 2010.

Absent receipt of a DOCA proposal to reconstruct the company, the company’s holding DOCA was terminated on 23 August 2010 and the company placed into liquidation.

The property was sold during December 2010 for $4.05M resulting in a shortfall to the NAB.

Given there are no surplus assets available to the company, the Liquidators have issued a tax declaration in accordance with section 104-145 ITAA 1997 for shareholders' income tax records.

Creditors resolved that the company should execute a DOCA and that Martin Jones, Andrew Saker and Darren Weaver be appointed Joint and Several Deed Administrators. The DOCA was executed on 11 January 2010.

The proceeds received from the sale of the North Fremantle property were not enough to discharge the debt owing to the secured creditor, the NAB, resulting in a shortfall of $7.5M.

Absent receipt of a DOCA proposal to reconstruct the company, the company's holding DOCA was terminated and the company put into liquidation on 9 December 2010.

Given there are no surplus assets available to the company, the Liquidators have issued a tax declaration in accordance with section 104-145 ITAA 1997 for shareholders' income tax records.