O:\Client\MILI020\Meetings & Reports\Statutory Report\1. Statutory Report To Creditors.

Docx 16 January 2023

TO THE CREDITOR AS ADDRESSED

Dear Sir/Madam

MILITARY ROAD 23 PTY LTD

(IN LIQUIDATION)
A.C.N.: 627 973 782

I refer to my report to creditors dated 15 November 2022 which was issued to all known
creditors at that date. Should any creditor require a copy of this report, please contact Mr
Brad Graham of my office on (03) 8636 3372.

I confirm that I was appointed Liquidator of the above company by an Order of the Supreme
Court of New South Wales on 18 October 2022. The petitioning creditor was the Workers
Compensation Nominal Insurer.

Pursuant to Section 70-40 of the Insolvency Practice Rules (Corporations) 2016 (“IPR”), a
Liquidator is required to provide a report to creditors within three months after the date of the
Liquidator’s appointment. The purpose of the report, which is attached, is to provide creditors
with an update on the progress of the liquidation and advise creditors of the likelihood of a
dividend being paid in the liquidation.

Pursuant to the Code of Professional Practice issued by the Australian Restructuring

Insolvency and Turnaround Association, I am required to advise creditors as to my
independence and disclose relevant relationships and indemnities. I advised creditors of
these matters in the Declaration of Independence, Relevant Relationships and Indemnities
(“DIRRI”) enclosed with my previous report. There have been no changes to the DIRRI since
that report, however a further copy is enclosed.

Should you have any queries in relation to the above, please do not hesitate to contact Mr
Graham.

Yours faithfully

S J MICHELL
LIQUIDATOR

Encl.

Level 9, 179 Queen Street PO Box 246 Collins St West 03 8636 3333 admin@pcipartners.com.au
Melbourne VIC 3000 Melbourne VIC 8007 03 8636 3330 www.pcipartners.com.au

PC I Pa rtn ers P ty L td A BN 94 15 4 4 97 6 59 L ia b ility lim ited b y a s ch em e a p p ro ved u n der P r ofes s io na l S ta nd a rds L eg is la tion
 STATUTORY REPORT TO CREDITORS

MILITARY ROAD 23 PTY LTD

(IN LIQUIDATION)
A.C.N.: 627 973 782

NOTIFICATION OF APPOINTMENT

On 18 October 2022, I was appointed Liquidator of the above company by an Order of the
Supreme Court of New South Wales. The petitioning creditor was the Workers Compensation
Nominal Insurer.

COURT LIQUIDATION

A Court Liquidation is where an Order to place a company into liquidation is made by the
Court. Usually, this is on an application of a creditor, where the company has failed to pay an
outstanding debt.

CREDITOR DEBTS

All creditors of the company are now creditors in the liquidation. As a creditor, you have certain
rights, although your debt will now be dealt with in the liquidation.

If you have leased the company property, have a retention of title claim or hold an interest
recorded on the Personal Property Securities Register (“PPSR”) in relation to the company,
please contact Mr Brad Graham of my office as soon as possible and provide me with details
of your claim.

RECEIPTS AND PAYMENTS

To date there have been no receipts or payments in the liquidation.

BACKGROUND INFORMATION

The company formerly operated a restaurant named ‘Café Giorgio’ from leased premises
situated at 18 Darlinghurst Road, Sydney, New South Wales (“Business Premises”).

A search of the database maintained by the Australian Securities and Investments Commission
(“ASIC”) revealed that the company was incorporated on 6 August 2018. The search also
revealed the following directors, secretary and shareholders of the company:-

Name Position Appointment date Cessation date

William Paul Renton Wavish Director 6 August 2018 31 December 2020
William Paul Renton Wavish Secretary 6 August 2018 31 December 2020
Justin Ashley Davis-Rice Director 28 March 2019 6 August 2020
Katharine Davis-Rice Director 28 March 2019 6 August 2020
Rodney Tony Harys Director 28 March 2019 14 July 2020
Yvonne Denise Wavish Director 6 August 2018 6 August 2018

Page 1 of 10
 Shareholder Shares held Type Status
Jodie Louise Seeto 5 of 100 Ordinary Current
KJHR Investments Pty Ltd 35 of 100 Ordinary Current
John Skellern 20 of 100 Ordinary Current
Alison Gaye Butijer 5 of 100 Ordinary Current
William & Yvone Wavish 15 of 100 Ordinary Current
Yvonne Denise Wavish 15 of 100 Ordinary Current
Jordan Colleen Wavish 5 of 100 Ordinary Current

What happened to the business of the company

I have made various enquiries into the company’s affairs, including telephone discussions
with the company’s last known director, Mr Wavish and former employees of the company.
My enquiries are summarised below:-

• I am informed that Mr Wavish resigned as director in or around December 2020 and

did not have any involvement with the company thereafter;

• I am informed that Mr Barry McDonald, the venue manager of the café, managed the
day to day operations of the business, however, I have been unable to contact him to
date despite various attempts to do so;

• To date, my attempts to contact the landlord of the Business Premises have been
unsuccessful. I have prepared and issued a Notice pursuant to Section 530B of the
Corporations Act 2001 (“the Act”), to the landlord requiring the delivery of company
books and records. I have also requested details of the circumstances of the
company’s exit from the Business Premises;

• The company’s management accounts were maintained on a MYOB file, of which I

have received a copy. The management accounts disclose assets comprising cash at
bank, stock and plant and equipment, however, my investigations to date have not
identified any assets owned by the company;

• The Deputy Commissioner of Taxation (“DCT”) has submitted a Proof of Debt in the
liquidation, claiming an amount of $1,785,633.12, of which a sum of $1,009,649.43
relates to Superannuation Guarantee Charge (“SGC”) owing to former employees. I
am currently conducting enquiries to ascertain whether employees are owed any other
entitlements; and

• I am informed the company’s business ceased to trade in early 2022 and that the
failure of the business is attributable to the COVID-19 pandemic and the resulting
lockdown laws applied to Sydney’s Central Business District. I am also informed that
given the infancy of the company, amongst other reasons, it was ineligible to receive
financial assistance from the Government.

Page 2 of 10
PROGRESS OF THE LIQUIDATION

Report on Company Activities and Property

Pursuant to Section 475 of the Corporations Act 2001 (“the Act”), the director is required to
submit Part A of the Report on Company Activities and Property (“ROCAP”) to me within ten
(10) business days after the making of the winding up order.

The ROCAP is required by me to investigate the affairs of the company, to assist in identifying
possible recoverable assets for the benefit of creditors and to enable me to do all such things
as are necessary for winding up the affairs of the company and distributing its property.

On 7 November 2022, I issued to the director, by registered mail, a written notice requiring him
to complete a ROCAP and deliver any company books and records in his possession.

I issued a further letter to the director on 14 December 2022. I received a response on the same
day, confirming that he did not possess any company books and records and asserting that he
was not required to complete a ROCAP given he resigned as director.

I responded to the director advising him that both current and former officers of the company
are required to complete a ROCAP pursuant to the provisions of Section 475 of the Act. I note
that the director subsequently engaged a solicitor who requested an extension of time for his
client to complete a ROCAP. I am currently liaising with the solicitor, who has informed me that
the ROCAP will be submitted by 20 January 2023.

I have also issued correspondence to Mr McDonald, requesting him to complete a ROCAP in

his capacity as a former employee and deliver any company books and records in his
possession. Mr McDonald has also been requested to attend an interview with my office. To
date, I have not received any contact from Mr McDonald.

Should no ROCAP or the remaining company books and records be received, I will report the
failure of the former director and Mr McDonald to provide me with a ROCAP and/or deliver
up any company books and records to the ASIC for investigation and possible prosecution.

FINANCIAL POSITION

To date, my investigations have not identified any assets owned by the company. My
investigations have identified the following liabilities of the company:-

Liabilities ($)
Priority creditors 1,009,649.43
Secured creditors Nil
Unsecured creditors 915,388.56
Estimated Deficiency $1,925,037.99

LIABILITIES

Priority Creditors

Pursuant to Section 556 and 561 of the Act, the claims of the employees must be paid in priority
to the claims of ordinary unsecured creditors and the secured creditors’ circulating security
interests. The priority claims in the liquidation are detailed below.

Page 3 of 10
Superannuation

As previously advised, I have received a Proof of Debt from the DCT in relation to outstanding
SGC owing to former employees of the company in the amount of $1,009,649.43. I have not
verified the DCT’s claim for outstanding SGC, however I will do so in the event the required
books and records are received and sufficient funds are recovered to pay a dividend to priority
creditors of the liquidation.

Unpaid employee entitlements

I note that the company’s management accounts have identified outstanding entitlements
owing to employees. I am currently contacting former employees of the company to ascertain
whether any entitlements are outstanding.

Should entitlements be outstanding, I will provide employees with details of the Federal
Government’s Fair Entitlement Guarantee (“FEG”) scheme which seeks to pay outstanding
employee entitlements (aside from outstanding superannuation) owing to eligible employees
whose employment has been terminated as a result of the insolvency of their employer.

In accordance with Section 560 of the Act, the Commonwealth of Australia has, in the winding
up of a company, the same priority of payment in respect of any money advanced to satisfy
former employee entitlements under the scheme. Accordingly, the Department of
Employment and Workplace Relations, which administers FEG, stands in the place of the
employees to the extent of the funds that it will advance.

Secured Creditors

Upon my appointment, I conducted a search of the PPSR to determine whether any creditors
held a registered security interest over the collateral of the company. The search identified the
following security interests registered on the PPSR:

Registration
No Secured party Security
number
1. Gateway Liquor Wholesalers Pty Ltd 201810030040431 Other goods
2. Poulos Bros Seafoods Pty Ltd 201810100030303 Other goods
3. Trembath & Taylor Pty Ltd 202006030041168 Other goods
4. Single Vineyard Sellers Pty Ltd 202006190057835 Other goods
5. CUB Pty Ltd 202009300001556 Other goods

Following my appointment, I issued correspondence to the above parties requesting details of

the debt owed and security held. The results of my investigations are summarised below.

1. Gateway Liquor Wholesalers Pty Ltd (“Gateway Liquor”)

I have received a response from Gateway Liquor, advising that an amount of $4,191.54 is owed
by the company in respect of stock previously supplied to the company. Gateway Liquor has
submitted a Proof of Debt in the liquidation claiming this amount. Given I have not identified
any stock owned by the company, I consider the debt owing to Gateway Liquor ranks as an
unsecured claim in the liquidation.

Page 4 of 10
2. Poulos Bros Seafoods Pty Ltd (“Poulos Bros”)

I received a response from Poulos Bros, advising that there is no debt owing and the last
transaction with the company occurred in January 2020. Poulos Bros provided evidence of its
discharged registration on the PPSR.

3. Trembath & Taylor Pty Ltd (“Trembath”)

I have not received a response from Trembath regarding its registrations on the PPSR. The
company’s management accounts disclose a debt owing to Trembath, however, I am unable
to attest to the accuracy of same. I have issued a further correspondence to Trembath seeking
a response to my request for information.

4. Single Vineyard Sellers Pty Ltd (“Single Vineyard”)

I have received a response from Single Vineyard, advising that an amount of $12,328.48 is
owed by the company in respect of stock previously supplied to the company. Given I have not
identified any stock owned by the company, I consider the debt owing to Single Vineyard ranks
as an unsecured claim in the liquidation.

5. CUB Pty Ltd

I have received a response from CUB Pty Ltd, advising that an amount of $2,821.83 is owed
by the company in respect of stock previously supplied to the company. Given I have not
identified any stock owned by the company, I consider the debt owing to CUB Pty Ltd ranks as
an unsecured claim in the liquidation.

Unsecured Creditors

My investigations have revealed the following unsecured creditors:-

Creditor ($)
AGL Sales Pty Ltd 9,764.91
CUB Pty Ltd 2,821.83
Deputy Commissioner of Taxation 775,983.69
Gateway Liquor Wholesalers Pty Ltd 4,191.54
iCare (Insurance & Care NSW) 59,081.03
Origin Energy 51,217.08
Single Vineyard Sellers Pty Ltd 12,328.48
Total $915,388.56

I am not aware of any additional unsecured creditors of the company. Please note that the
actual amount owing to unsecured creditors is unable to be ascertained until proofs of debt
have been called for and admitted. Should you wish to make a formal claim in the liquidation,
a blank Proof of Debt form is enclosed for this purpose.

INVESTIGATIONS AND FURTHER ENQUIRIES MADE

Cash at Bank

Upon my appointment, I issued correspondence to various banks and financial institutions to

determine if any accounts were held in the company’s name.

Page 5 of 10
I received a response from the Commonwealth Bank of Australia (“CBA”), advising that the
company held two accounts, one of which was a business transactional account whilst the
other was a term deposit, both of which were closed prior to my appointment.

The term deposit was opened on 30 October 2020 with an initial balance in the amount of
$103,075.42. I note that there were two (2) withdrawals from the term deposit, as follows:-

• an amount of $58,552.64 was withdrawn on 3 August 2021; and

• the balance of $44,577.54 was withdrawn on closure, occurring on 12 May 2022.

I requested the CBA to conduct a trace of the above transactions for this purpose. I have
recently received information from the CBA which I am currently reviewing.

My review of the company’s bank statements identified that the latest revenue generated by
the company occurred on 9 May 2022.

My investigations have not identified any other bank accounts held by the company.

Motor Vehicles

A search of the motor vehicle registry of New South Wales did not disclose any motor vehicles
registered in the company’s name.

Real Estate

A search of the Land Titles Office database in New South Wales (“Land Titles Office”) did not
reveal any property registered in the company’s name.

Sheriff’s Office

I have written to the Sheriff’s Office of New South Wales to obtain details of any civil actions,
pending or finalised, against the company in the six months prior to the commencement of
the winding up. The Sheriff’s Office has advised that it has no record of any proceedings
against the company.

POSSIBLE RECOVERY ACTIONS

During the course of my investigations, I have endeavoured to ascertain whether there are
any transactions that appear to be voidable in respect of which money, property or other
benefits might be recoverable in a winding up, under Part 5.7B of the Act.

Trading Whilst Insolvent

Pursuant to Section 588G of the Act, where a company incurs a debt, and the company is
insolvent at that time, or becomes insolvent by reason of incurring that debt, and a director
fails to prevent the company incurring the debt, the director may be personally liable for the
debt pursuant to Part 5.7B of the Act.

The current and former directors (“directors”) may have a defence if they can establish that
when the debt was incurred, they had reasonable grounds to suspect that the company was
solvent.

Page 6 of 10
In considering an action for personal liability against a director for trading whilst insolvent, it
needs to be established at what particular time the company was insolvent and whether there
were reasonable grounds for suspecting that the company was insolvent, or would become
insolvent as a consequence of incurring the debts in question.

My review of the company’s books and records revealed that the company is likely to have
traded whilst insolvent for some time, given I have not been able to identify any assets of the
company and a substantial amount of debt is owing. Accordingly, the directors may be held
liable for debts incurred whilst the company was insolvent. My investigations are continuing
in this regard.

It should be noted that any proceedings to be issued against the directors are only
commercially justifiable, where the directors have assets with which to satisfy any judgment
made against them.

A search of the Land Titles Office identified numerous properties formerly held in the name of
William Paul Renton Wavish. The search did not reveal any property currently registered in
his name. My enquiries into the financial position of Mr Wavish are ongoing.

Searches of the Land Titles Office identified properties formerly registered in Justin Ashley
Davis-Rice and Katharine Ruth Davis-Rice, however, the searches did not reveal any
property currently registered in their names.

A search identified a property currently registered in Yvone Denise Wavish’s name.

Should I determine that the company traded whilst insolvent at a time when the above parties
were directors, I will conduct further enquiries into their respective financial positions.

Should any creditor be interested in funding an insolvent trading claim, please contact my
office for further details by 14 February 2023.

Should the claim be successful, those creditors who make a contribution towards the costs
of the legal action would be repaid their contributions in priority to other claims. Section 564
of the Act states that where a recovery is made under an indemnity for costs of litigation given
by a creditor, the Court, upon application, may make an order with a view to giving that
creditor an advantage over other creditors in consideration of the risk assumed by them.

Unfair Preferences

Payments made to creditors of a company during the six months prior to the relation back
day may be recoverable by a Liquidator, pursuant to Part 5.7B of the Act.

The relation back day for the purpose of Section 588FE of the Act is 15 September 2022,
being the date the application to wind up the company was filed with the Court. Section 588FE
of the Act provides that a transaction is voidable if it is an insolvent transaction of the
company, and it was entered into, or an act was done for the purpose of giving effect to it,
during the six months ending on the relation back day, or after that day but on or before the
day when the winding up began.

To date, my investigations have not identified any unfair preference payments, however my
investigations are continuing.

Page 7 of 10
Uncommercial Transactions

A transaction of a company is an uncommercial transaction if it may be expected that a

reasonable person in the company’s circumstances would not have entered into the
transaction, having regard to:

• The benefits, if any, to the company of entering into the transaction;

• The detriment to the company of entering into the transaction;
• The respective benefits to other parties to the transaction of entering into it; and,
• Any other relevant matter.

Any transaction entered into two years prior to the relation back day or, in the case of a
transaction involving a related party, a period of four years, which is found to be
uncommercial, may be avoided.

To date, my investigations have not identified any uncommercial transactions, however my

investigations are continuing.

Unreasonable Director Related Transactions

Section 588FDA of the Act, provides that a transaction is an unreasonable director related
transaction, if the transaction is a transfer by the company of property to a director, a close
associate of the director, or a person on behalf of the director or close associate, and it may
be expected that a reasonable person in the company’s circumstances would not have
entered into the transaction, having regard to:-

• The benefits, if any, to the company of entering into the transaction;

• The detriment to the company of entering into the transaction;
• The respective benefits to other parties to the transaction of entering into it; and,
• Any other relevant matter.

Any transaction entered into four years prior to the relation back day, or after that day but on
or before the day when the winding up began which is found to be an unreasonable director
related transaction, may be avoided.

To date, I have not identified any unreasonable director related transactions, however, my
investigations are continuing.

Creditor Defeating Disposition

Section 588FDB of the Act provides that a disposition of property of a company is a creditor
defeating disposition if:-

• the consideration paid or payable to the company for the disposition was less than the
market value of the property, or the best price that was reasonably obtainable for the
property having regard to the circumstances that existed at that time, whichever is
lower; and,

• The disposition had the effect of preventing, hindering or significantly delaying the
property from becoming available for the benefit of the company’s creditors in the
winding up of the company.

Page 8 of 10
Pursuant to Subsection 588FE(6B) of the Act, a transaction is voidable if it is a creditor
defeating disposition of property and at least one of the following applies:-

• The transaction was entered into during the 12 months ending on the relation-back
day or after that day, but on or before the day when the winding up began, at a time
when the company was insolvent, or became insolvent because of the transaction;
or,

• The company was placed under external administration as a direct or indirect result
of the transaction less than 12 months after the date of the transaction.

To date, I have not identified any transactions that are creditor defeating dispositions of
property, however, my investigations are continuing.

REPORT TO THE ASIC

Section 533 of the Act requires a Liquidator of a company to lodge a report with the ASIC
within six (6) months of becoming aware that creditors will not receive a dividend of more than
50 cents in the dollar or if, in the Liquidator’s opinion, an officer of the company may be guilty
of an offence in relation to the company.

A report pursuant to Section 533 of the Act will be prepared and lodged with the ASIC in due
course. This is a confidential report of the Liquidator and not available to creditors.

PETITIONING CREDITOR’S COSTS

Pursuant to Section 466(2) of the Act, the Liquidator is obliged to pay the taxed costs incurred
by the petitioning creditor in obtaining the Winding up Order in priority to all other claims.

These costs have been fixed by the Court in the amount of $7,788.28. I will make payment of
these costs should sufficient recoveries be made.

LIKELIHOOD OF DIVIDEND

At this stage of my investigations, I consider it unlikely that sufficient recoveries will be made to
enable a dividend to be paid to creditors. However, should this situation change creditors will
be advised accordingly.

LIQUIDATOR’S REMUNERATION, INTERNAL DISBURSEMENTS AND

ADMINISTRATION EXPENSE

I estimate that the remuneration to be incurred in administering the liquidation will be $30,000
plus GST, however the remuneration to be received in this administration is expected to be
less than the amount which I am entitled to draw without creditor approval, being $5,725, plus
GST.

I have not sought approval for the drawing of any remuneration. Should sufficient recoveries
be made to enable remuneration to be paid in excess of the minimum I am entitled to draw
without creditors’ approval, and to enable payment of my disbursements and the
administration expense, I will forward a Remuneration Request Approval Report to creditors.

Page 9 of 10
Creditors have previously approved the drawing of internal disbursements and the
administration expense in the amount of $2,000 and $450, respectively.

MATTERS OUTSTANDING / FURTHER INVESTIGATIONS

During the course of the liquidation, I will attend to matters, including, but not limited to the
following:-

 Collection of the company’s books and records;

 Investigations into the company’s examinable affairs;
 Identify recoveries available under Part 5.7B of the Act, if any;
 Reporting to the ASIC; and
 Attend to the company’s deregistration.

LIQUIDATOR’S ACCOUNTS

Creditors are advised pursuant to Section 70-10(2) of the IPS, that the Liquidator’s Accounts
of Receipts and Payments may be inspected at the office of PCI Partners Pty Ltd, Level 9,
179 Queen Street, Melbourne during normal business hours.

ELECTRONIC NOTICES AND DOCUMENTS

Pursuant to Section 600G of the Act, creditors will be provided with communications
electronically where it is reasonable to expect that the document would be readily
accessible. Accordingly, please ensure you provide your preferred electronic address for
delivery of any future documentation.

FURTHER INFORMATION FOR CREDITORS

The ASIC provides information sheets on a range of insolvency topics which may assist
creditors in understanding the liquidation process. Please find enclosed a list of Insolvency
Information Sheets prepared by the ASIC in Appendix A.

Should you have any queries in relation to the above, please do not hesitate to contact
Mr Brad Graham of this office on 03 8636 3372.

Dated 16 January 2023

S J MICHELL
LIQUIDATOR

Page 10 of 10
 Declaration of Independence, Relevant Relationships and
Indemnities

MILITARY ROAD 23 PTY LTD

(IN LIQUIDATION)
A.C.N.: 627 973 782

The purpose of this document is to assist creditors with understanding any relationships
that I have with parties who are closely connected to the above company and any
indemnities or upfront payments that have been provided to me. None of the relationships
disclosed in this document are such that my independence is affected.

This information is provided to creditors so that they have trust and confidence in my
independence and, if not, can ask for further explanation or information and can act to
remove and replace me if they wish.

This declaration is made in respect of myself, my firm and the directors of PCI Partners
Pty Ltd (“PCI Partners”).

A. Independence

I have assessed my independence and I am not aware of any reasons that would prevent
me from accepting this appointment.

There are no other known relevant relationships, including personal, business and
professional relationships that should be disclosed beyond those I have disclosed in this
declaration.

B. Circumstances of appointment

(i) How I was referred this appointment

I was appointed as Liquidator of the company by the Supreme Court of New South
Wales on the application of the Workers Compensation Nominal Insurer.

I consented to act as Liquidator at the request of the Workers Compensation

Nominal Insurer’s solicitors, Woods & Day, on 14 December 2021. In addition to
this appointment, Woods & Day has in the past two (2) years referred other
insolvency type appointments to me, which had no relationship with this company.

While PCI Partners has previously received referrals of insolvency type matters
from this firm, or engaged this firm to provide professional services, I consider that
the relationship does not result in there being a conflict of interest or duty. This is
because:

• Referrals to and from solicitors, business advisers and accountants are

commonplace and do not impact on my independence in carrying out my
duties as Liquidator.
1
 • PCI Partners has a wide and varied database of accountants, creditors,
solicitors and other business advisers who refer and are referred client
matters from time to time.

• No commissions, inducements or benefits have been provided to obtain

the appointment.

• There is no expectation, agreement or understanding between me and the

referrer regarding the conduct of the liquidation and I am able to act
independently and in accordance with the law and applicable professional
standards.

• PCI Partners is not materially reliant, either in the number of insolvency

appointments or revenue earned, from this source.

(ii) Did I meet with the company, the director(s) or their advisers before I was
appointed?

There were no meetings conducted with the company, its directors or advisers
prior to my appointment.

C. Declaration of relationships

I, my firm or the directors of PCI Partners have, or have had within the preceding
two (2) years, a relationship with:-
Company ☐Yes ☒ No

The director(s) ☐Yes ☒ No

Any associates of the company ☐Yes ☒ No

A former insolvency practitioner ☐Yes ☒ No

appointed to the company

Secured creditor entitled to ☐Yes ☒ No

enforce a security interest over
the whole or substantially the
whole of the company’s property

2
 Unsecured creditor – Australian
Taxation Office (“ATO”) Workers
Compensation Nominal Insurer
(“WCNI”)
☒Yes ☐ No
PCI Partners has previously consented to act
as Liquidator and/or Trustee in bankruptcy for
the ATO and WCNI, which are unsecured
creditors of the company.

I consider that these relationships do not

result in a conflict of interest or duty because:-

• The matters previously undertaken for the

ATO/ WCNI did not involve the company;
and

• The matters undertaken for the ATO/

WCNI will not influence my ability to be
able to fully comply with the statutory and
fiduciary obligations associated with the
liquidation of the company in an objective
and impartial manner.

Do I have any other relationships that I consider are relevant to creditors assessing
my independence?
☐Yes ☒ No

D. Indemnities and Upfront Payments

Neither myself, my firm nor the directors of PCI Partners have been provided with any
indemnities or upfront payments in relation to the liquidation of the company, other than
any indemnities which I may be entitled to under statute.

Dated 15 November 2022

S J MICHELL
LIQUIDATOR

NOTES:

1. The assessment of independence has been made based on an evaluation of the

significance of any threats to independence and in accordance with the
requirements of the relevant legislation and professional standards.

2. If circumstances change, or new information is identified, I am required pursuant

to the Corporations Act and ARITA Code of Professional Practice to update this
declaration and provide a copy to creditors with my next communication as well as
table a copy of the replacement declaration at any meeting of the company’s
creditors.
3
 FORM 535
Corporations Act 2001
ACN: 627 973 782 Regulation 5.6.49(2)
FORMAL PROOF OF DEBT OR CLAIM (GENERAL FORM)
To the Liquidator of Military Road 23 Pty Ltd (In Liquidation):-
1. This is to state that the company was on 18 October 2022 and still is, justly and truly indebted to
of for
Dollars and Cents.
Particulars of the debt are:
Date Consideration1 Amount GST2 Remarks3
$¢

2. To my knowledge or belief the creditor has not, nor has any person by the creditor's order, had or received
any satisfaction or security for the sum or any part of it except for the following4:
Date Drawer Acceptor Amount Due Date
$¢

*3. I am employed by the creditor and authorised in writing by the creditor to make this statement. I know that
the debt was incurred for the consideration stated and that the debt, to the best of my knowledge and belief,
remains unpaid and unsatisfied.
*3. I am the creditor's agent duly authorised in writing to make this statement in writing. I know that the debt was
incurred for the consideration stated and that the debt, to the best of my knowledge and belief, remains
unpaid and unsatisfied.
*Do not complete if this proof is made by creditor personally.
Dated this day of 2022

Signature
Name of Signatory (IN BLOCK LETTERS)
Occupation
Address

Office Use Only

Date Received: Admitted $:

Proof Amount $: Date Admitted:
ROCAP $:
Rejected $:
Further Particulars Requested: Signature:

1 State how the debt arose (eg, goods sold and delivered, services rendered).
2
This section MUST be completed.
3 Include details of vouchers substantiating debt or attach schedule.
4 Insert particulars of all securities. If the securities are on the property of the company, assess the value of those securities. If

any bills or other negotiable securities are held, show them in a schedule in the form shown above.
 Appendix A

Information Sheets
Insolvency information for directors,
employees, creditors and shareholders
ASIC has 11 insolvency information sheets to assist you if you’re affected by a company’s insolvency
and have little or no knowledge of what’s involved.
These plain language information sheets give directors, employees, creditors and shareholders a basic
understanding of the three most common company insolvency procedures—liquidation, voluntary
administration and receivership. There is an information sheet on the independence of external
administrators and one that explains the process for approving the fees of external administrators. A
glossary of commonly used insolvency terms is also provided.
The Insolvency Practitioners Association (IPA), the leading professional organisation in Australia for
insolvency practitioners, endorses these publications and encourages its members to make their
availability known to affected people.

List of information sheets

• INFO 41 Insolvency: a glossary of terms
• INFO 74 Voluntary administration: a guide for creditors
• INFO 75 Voluntary administration: a guide for employees
• INFO 45 Liquidation: a guide for creditors
• INFO 46 Liquidation: a guide for employees
• INFO 54 Receivership: a guide for creditors
• INFO 55 Receivership: a guide for employees
• INFO 43 Insolvency: a guide for shareholders
• INFO 42 Insolvency: a guide for directors
• INFO 84 Independence of external administrators: a guide for creditors
• INFO 85 Approving fees: a guide for creditors

Getting copies of the information sheets

To get copies of the information sheets, visit ASIC’s website at
www.asic.gov.au/insolvencyinfosheets. The information sheets are also available from the IPA
website at www.ipaa.com.au. The IPA website also contains the IPA’s Code of Professional Practice
for Insolvency Professionals, which applies to IPA members.
Important note: The information sheets contain a summary of basic information on the topic. It is not
a substitute for legal advice. Some provisions of the law referred to may have important exceptions or
qualifications. These documents may not contain all of the information about the law or the exceptions
and qualifications that are relevant to your circumstances. You will need a qualified professional
adviser to take into account your particular circumstances and to tell you how the law applies to you.

© Australian Securities & Investments Commission, December 2008

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