Background Information:
FUELBANC AUSTRALIA LIMITED (IN LIQUIDATION) ACN 117 937 327
PAYCARDS GLOBAL PTY LTD (IN LIQUIDATION) ACN 116 759 472
PAYCARDS INVESTMENTS PTY LTD (IN LIQUIDATION) ACN 118 252 369
PC PROPERTY GROUP PTY LTD (IN LIQUIDATION) ACN 118 252 387
THE FUELbanc SCHEME (IN LIQUIDATION)
On 20 July 2006, Mr George Georges and I were appointed Court Appointed Receivers of the Scheme and Provisional Liquidators of the above companies, pursuant to an Order of the Federal Court of Australia. The Order followed an application to the Federal Court of Australia by the Australian Securities and Investments Commission (“ASIC”) which seeks to restrain various parties from operating the FUELbanc Scheme as the ASIC alleges it contravenes the Corporations Act 2001 in that it is an unregistered managed investment scheme.
Subsequently, on 29 June 2007, Mr George Georges and Mr Adrian Brown were appointed Official Liquidators of the above companies and the Scheme.
Current Status and Actions Required by Creditors:
Comprehensive investigations were carried out by the Court Appointed Receivers and Provisional Liquidators. There appears to be no further matters for the Liquidators to investigate.
A circular to creditors and members was email to all creditors and members on 4 July 2007. A copy of the circular is available in Public Documents for Download.