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Meeting Of Members Of Committee Of Inspection

Ostwald Bros Pty Ltd

ACN: 099115009

ABN: 91099115009

Published: 1/3/2018

Agenda items are:

  • to consider a summary of the receipts and payments of the external administrator(s)
  • any other business
  • As no Committee of Inspection meeting has been held since the Company went into a liquidation on 30 November 2017, and the liquidator is refusing to call a meeting, as a member of the COI I am calling a meeting to consider the following:

    1. COI to consider application to Court by liquidator regarding rule 80-55 transactions and provide the liquidator with guidance as to whether the COI supports this application, supports only certain transactions or opposes the application;

    2. As trading is to have finished, Liquidator to provide update on trading position, including:

    a. Details of completed contracts;

    b. Details of ongoing contracts, including anticipated completion date; and

    c. Trading position as at 28 February 2018 (net profit or loss);

    3. Liquidator to provide update on Seymour Whyte dispute;

    4. Frequency of Committee Meetings and format of meetings/rules to be discussed;

    5. Liquidator to clarify his comments to Sydney Insolvency News that he intends to step down in April. This has not been discussed with the whole COI and guidance is sought on what triggered this and what is involved so everyone has all relevant information;

    6. COI to consider steps necessary to replace Mr Vickers upon his resignation or otherwise and pass any appropriate resolutions; and

    6. Any other business a Committee member wishes to raise.

    As the Court hearing for the liquidator ' s application will be before the date this meeting can be held (as 10 Business Days notice is required when a COI member calls a meeting), the liquidator should feel free to bring this meeting forward (as he has the power to do) so that he can provide the Court with the COI ' s view on the application. COI members are prepared to meet with as little as one business day ' s notice (as occurred during th administration).

Level 18, 1 Eagle Street Brisbane 4000

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Sydney Liquidator

JLA Insolvency & Advisory are a boutique insolvency practice based in the Sydney CBD. We work with a variety of corporate clients including private equity firms, listed and unlisted companies, first and second tier financiers and wealthy individuals.If you are experiencing financial distress or if you need any assistance with an insolvency related matter contact us for an obligation free discussion on how we can help.