Wedmora Church Street Parramatta Pty Ltd
Appointment Type: Creditors Voluntary Liquidation Appointment Date: 16/08/2006 ACN: 002 497 716
Appointee(s):
Steve Sherman | Office: Sydney Case Contact: Amy Zemancheff Phone: + 61 2 9286 9965 Fax: + 61 2 9286 9965
Email: amy.zemancheff@fh.com.au |
Background Information:
Steven John Sherman was appointed Joint Administrator of Wedmora Church Street Parramatta Pty Limited (“the Company”) on 27 July 2006, and subsequently was appointed Joint Liquidator of the Company pursuant to a resolution passed by the Company’s creditors at the second meeting of creditors held on 16 August 2008.
Prior the appointment of external administrators, the Company provided project management and construction services for low to medium density construction projects (i.e. three storeys walk up unit blocks). The Company principally failed due to:
·
Poor operational and financial controls evidenced by a lack of records to support the Company’s business activities, as well as payment of monies to related parties;
·
Inadequate cash flow; and
·
Poor strategic management of the business.
Current Status and Actions Required by Creditors:
Subsequent to the lodgement of a supplementary report pursuant to Section 533 of the Corporations Act (2001), ASIC have indicated that they have commenced an independent investigation into the affairs of the Company’s Director. Accordingly, ASIC have requested that the Liquidation of the Company not be finalised until such investigations are complete in the event that ASIC should require any assistance from the Liquidator.
Likely Outcome for Creditors and Timetable:
Matters pertaining to the finalisation of the Liquidation will be contingent on the outcome of ASIC’s investigations into the affairs of the Company’s Director, which at this stage such timing remains uncertain.
Similarly, the determination of whether a dividend is likely to be paid to unsecured creditors of the Company will be contingent on the known results of ASIC’s investigations.