PILOT PARTNERS

Chartered Accountants
level 10, Waterfront Place
1 Eagle Si, Brisbane 4000
PO 80x 7095 Brisbane 4001
QCleenS\8nd Ai.Jstroli2
P +61 730231300
F +51 732291227
pilotpartners.com.au
Orford Refrigeration Pty Ltd (In Liquidation)
ACN 009 790 265
Formerly trading as "Orford Refrigeration" and "Orford Sign Shop"
(,'Orford Refrigeration")
Report to Creditors
We refer to our Report to Creditors dated 13 October 2011 and now provide creditors with an
update on the winding up.
1. ANNUAL MEETING OF CREDITORS
1.1 We advise that the meeting of creditors for the abovenamed company will be held Pilot
Partners, Level 10, 1 Eagle Street, Brisbane on Monday, 6 August 2012 at 11:00am.
1.2 The following documents are enclosed for your attention:
Notice of Meeting;
Form 532 - Appointment of Proxy; and
Form 535 - Formal Proof of Debt or Claim.
1.3 You do not have to attend this meeting and your non-attendance will not affect the validity
of your claim against the company. We will continue to keep you updated as to the
progress of the administration.
1.4 Should you wish to appoint some person or the chairman to vote at the meeting on your
behalf please complete the attached Proxy Form (Form 532).
1.5 If you have not already done so, please complete the attached Proof of Debt Form (Form
535) and return same to our office prior to the meeting, together with copies of the
necessary supporting documentation (eg. invoices, statements, contract details, etc.) to
support your claim. The Proof of Debt Form will be used for the purposes of voting at the
aforementioned meeting. Please note that you are only required to submit a Form 535 if
you have not already done so.
1.6 It is important that the completed Proxy Form and the Formal Proof of Debt Form
(if applicable) are forwarded to our office (on or before 3 August 2012). This can
be done by facsimile, post or delivery and will minimise any delay with the
commencement of the meeting.
2. ASSET REALISATIONS
2.1 Debtors
Subsequent to our last report, the factored and unfactored debtor ledgers were
reconstructed from the date of our appointment due to allocation errors found in the debtor
l'a'le rr ,,')< Qf :'I\')t i>;y !.liJ AC", 1'.6 2&7 GGl AS', :,8141. 0&4 '>.16 U"j;;ty bv u ,<:nGl'C'" .Jporo,<,o U ,j",
M"mbcr of N(l'UE Intewotioolll, C wor!dwHlo oatwp,k of inoijpcndoot "ccQunting IlOd <.:O!\Wlting flrms.
ledgers previously prepared by the company. The opening debtor balance was reduced
significantly as the intercompany debt of approximately $697,000 for Orford Sign Shop was
recorded as a debtor.
We previously noted that the Sign Shop business was not accounted for separately in the
company's books and records. Our investigations show that there was an intention to
account separately for the Sign Shop's activities, but this was never implemented.
Below is a summary of the debtor collections as at 17 July 2012 with the revised debtor
balance as at the date of liquidation:
Total debtors per company's records 3,821,237 179,870 4,001,107
Less:
Total debtors collected by Liquidators 3,127,287 95,325 3,222,612
Offsets/Adjustments 641,097 84,545 725,642
Balance due 52,853 Nil 52,853
We note $392,168 of the Offsets/Adjustments amount relates to counterclaims made by
one of the company's major debtors, Coca Cola Amatil ("CCA
H
), against the company. We
have reviewed the supporting documentation provided and adjudicated on CCA's claim and
allowed the offset. CCA's claim is comprised of the following components:
1) $159,284 for penalty coolers owing to CCA as a result of penalty points accrued. A
penalty points system was set up by CCA to avoid the company being late on its
deliveries.
2) The balance of CCA's claim was in respect of spare parts in lieu of warranty. An
agreement was entered into between the company and CCA whereby CCA forgoes
general warranty for spares part in lieu.
The remaining Offsets/Adjustments relate to the following:
Debtors who were also listed as creditors of the company had an entitlement to
offset.
A substantial quantity of fridge units had not been delivered as at the date of our
appointment and was held with various transport companies. Debtors have been
credited where delivery did not occur. The status of the goods held at transport
companies is discussed at section 2.4 of this report.
Where appropriate, an adjustment was made for warranty claims made but not
recorded by the company and also minor adjustments were made in some cases for
the company's inability to provide warranty on the units.
There are 6 debtors remaining to be collected, all of which have been referred to our
solicitors for further recovery action. Difficulties have been encountered as some debtors
are non-responsive or have failed to provide supporting documentation for their proposed
warranty offset claim. We will continue to pursue the outstanding debtors with a view of
settling the outstanding debts as soon as possible.
368598-1 2
2.2 Related Party Loans
2.2.1 We are currently pursuing the following related party loans owing to the company as at
March 2011:
(a) Ian Orford (Deceased) - $184,282
A demand letter for the above amount, as shown on the company's management
accounts as at March 2011, has been issued to the trustees of the deceased estate of
Ian Orford. The trustees have disputed the loan owing on the following basis:
the loan account was used to pay Ian Orford's salary for superannuation
related benefits;
at the end of each financial year, the loan account was reduced back to nil;
the amount has remained on the company's management accounts as it was
not finalised in preparation for audit of the company's accounts; and
the loan account should have a nil balance from September 2008.
We will investigate further whether there is a basis for the above dispute. We have
been unable to determine if the deceased estate of Ian Orford has been finalised.
Our investigations will continue in this regard.
(b) Maureen Orford - $20,361
368598-1
The company's management accounts record the above amount as owing to the
company as at March 2011.
We have not issued a demand to Mrs Orford in respect of this loan as she had lodged
a claim against the company for $809,000 for funds allegedly loaned to the
company.
We have reviewed the supporting documents provided and determined that Mrs
Orford does not have a claim against the company. The payments totalling $800,000
she has claimed were transferred from Orose Pty Ltd ATF Ian & Maureen Orford
Superannuation Fund to another related entity, Chilimint Pty Ltd C'ChillimintU) on 13
August 2009 and 28 August 2009, which therefore do not constitute a loan to the
company.
Funds totalling $800,000 were then transferred from Chilimint to the company. Our
investigations have shown that the $800,000 loan from Chilimint has already been
reflected in the loan with Chilimint.
We will continue to pursue Mrs Orford in respect of the above loan.
Please refer section 3.4 of this report for voidable payments to be pursued from Mrs
Orford.
3
(c) Orford Refrigeration (NZ) Pty Ltd - $114,651
We have been advised by one of the directors of this company, Dean McKinlay, that
this company was wound up in March 2011 as the company ceased to trade in or
around June 2010. Mr McKinlay has advised that Orford Refrigeration (NZ) pty Ltd
did not have any assets.
Our investigations have revealed that this company is still registered. We have
requested copies of financial statements for this company from the company's
external accountants and they have advised that financial statements have not been
prepared for a number of years due to the cessation of trading.
As there appears unlikely to be any recovery from Orford Refrigeration (NZ) Pty Ltd,
we do not intend to pursue this loan any further.
(d) Orford Bros Pty Ltd ATF Orford Logistic Trust - $117,145
368598-1
In our last report to creditors, we advised that payments of approximately $3.5
million appear to have been paid by the company to Orford Bros. Our investigations
have revealed that these payments were made directly to employees in respect of
wages and other entitlements in the ordinary course of business. Employees wages
were paid by the company in batches and were labdled as "Orford Bros". we have
confirmed no funds were actually paid to Orford Bros pty Ltd.
The company's balance sheet as at March 2011 shows that a loan of $117,145 is
owing to the company.
It is noted that the only director remaining for this company is ran Orford
(deceased). On 4 August 2011, Liam Orford, Maureen Orford and Corby Orford
resigned as directors of this company. The other directors, Dean o rfo rd , Gary
Fitzgerald and Brendan Graham resigned as directors on 6 October 2011 and we
were advised by Dean Orford that all three directors were unaware that they were
listed as directors ofthis company.
A demand letter has been issued and the trustees for the deceased estate of Ian
Orford, who have disputed the loan on the following basis:
the figures in the management accounts are incorrect and have been since
2003; and
there are no actual cash transactions for this loan.
Our investigations have shown that the 2008 financial accounts for the Orford
Logistics Trust, signed off by the directors, show a loan owing to the company in the
amount of $171,047.10 however the trust does not appear to own any assets. Our
investigations have revealed that the trust has a bank account with a balance of
approximately $40,000 as at 18 July 2012.
4
We will conduct further investigations to identify any movements of the loan from 30
June 2008 to determine if a loan remains owing to the company as at the date of
liquidation and options available to the company, as the sole shareholder of the
trustee company, to recover the debt. In the event that other debts exist in this
company, it may need to be liquidated. Our investigations will continue in this
regard.
(e) IM Realty pty Ltd (nIM Realty") - $3,489,956
368598-1
The company's records indicate that a loan of $3,489,956 is owing to the company
as at March 2011.
IM Realty has previously lodged a claim against the company in the amounts of
$1,156,976 for a loan owing by the company to IM Realty of $99,458 and an
estimate of the company's Westpac debt guaranteed by IM Realty in the amount of
$1,057,518. Supporting documentation in respect of their claim against the
company has been requested from IM Realty and payment of the undisputed amount
of $2,332,980. No documents or payments have been forthcoming to date. Our
investigations will continue in this regard.
We note IM Realty is the registered owner of the following properties:
Lot 2, RP 117406, County of Aubigny, Parish
of Dray ton, Title Reference 14368104
(Street address unknown)
79 Vacy Street, Toowoomba
Anzac Avenue, Toowoomba
86 Anzac Avenue, Toowoomba
81 Vacy Street, Toowoomba
71 Vacy Street, Toowoomba
(also known as 256 Herries Street)
Statutory charge by the
Commissioner of State Revenue
Statutory charge by the
Commissioner of State Revenue
Westpac
Westpac
Westpac
Westpac
Receivers and Managers were appointed by Westpac in November 2011 over
properties which are encumbered to the Bank.
A formal marketing campaign for the company's former site will commence in early
August 2012, with submissions closing in early September 2012. The Receivers have
advised that delays were encountered as contamination and other property reports
were sought to assist in the sale of the property.
Our investigations have revealed that IM Realty has recently received demands from
its creditors, in particular the Australian Taxation Office, and the directors are
considering placing the company into Voluntary Administration. We will continue our
investigations as to whether an external administrator is appointed to IM Realty and
take the necessary actions in due course, should one be appointed.
5
(f) Dean Orford - $22,471
As previously advised, Dean Orford has lodged a claim against the company for
approximately $300,000 in respect of his employment termination which he claims
was agreed with his late father, Ian Orford. The termination agreement comprised of
a $300,000 cash payment, various goods and reimbursement of work expenses
incurred.
We have reviewed the documentation provided by Dean Orford and determined that
the $300,000 cash payment is an agreement made between Dean and Ian Orford,
therefore it is not a claim against the company. Dean Orford has also advised that he
has not received various items of goods promised to him. The value of these items, if
any, is yet to be determined however, these will be claims against the company,
along with the work expenses once they have been particularised.
Subject to the quantum of his claims, it appears Dean Orford is likely to have a right
of offset against the above loan. The balance, if any, will be pursued.
(g) Liam Orford - $24,894
The company's records indicate a loan of $24,894 is owed to the company as at
March 2011.
We advise Liam Orford has lodged a claim against the company for a loan allegedly
made to the company in the amount of $180,000. Mr Orford has disputed the loan
owing by him to the company on the following basis:
the loan account was used for various company expenses processed by
employees on his company credit card; and
the company's accounts are incorrect as a result of the "inaccurate and
unfinished accounting practices at Orfords".
The supporting documentation provided to evidence Mr Oford's claim against the
company for funds loaned are insufficient. We will request Mr Orford to provide
further and better evidence to support his claim.
A title search conducted revealed that Liam Orford jointly owns a property with his
spouse, which is subject to a mortgage held by St George Bank Limited and a caveat
held by Onesteel Trading Pty Ltd. We note he has substantial claims from creditors
holding personal guarantees.
We will undertake further investigations to determine the recoverability of this loan.
2.3 Plant & Equipment & Motor Vehicles
2.3.1 Realisation of the company's plant and equipment and motor vehicles has now been
finalised. The gross sale proceeds received totals $1,794,808.
2.3.2 The net proceeds from the sale of these assets are subject to the fixed and floating charge
held by Westpac. These funds have been remitted to Westpac.
368S98-1 6
2.3.3 A number of items of IT equipment are yet to be realised as these items are required for
our ongoing investigations. The expected sale proceeds from these items are minimal. The
net proceeds from the IT equipment will be remitted to Westpac pursuant to their security.
2.4 Stock/Finished Goods on Hand
2.4.1 All stock and finished goods located at the company's premises have now been realised.
Gross proceeds from stock and finished goods are $421,330 and $528,518 respectively. No
further realisation from these items are anticipated.
2.4.2 We previously advised that transport companies engaged by the compa:oy have claimed
liens over goods stored at their depots at the date of liquidation for debts owing. The debt
owing to these transport companies at the date of liquidation was in the vicinity of
$255,000.
2.4.3 At the date of liquidation, approximately 182 fridge units with a cost price of approximately
$402,000 and various spare parts of approximately $41,000 (to the extent we were able to
identify these) were stored at the depots.
2.4.4 We have requested an accounting of the sale proceeds for finished goods sold to by the
transport companies subject to their liens to date with surplus funds to be remitted to our
office.
2.4.5 One of the transport companies has recently provided us with a MYOB extract of the
company's transactions with them which shows net sale proceeds of approximately
$187,900, which equates to a realisation of approximately 47% of cost. We note that
$35,743 of the net sale proceeds were for sale of goods to "The Orford Group" and "Orford
Sales" in the period between November 2011 and February 2012.
We will undertake a further review of the information provided however it would appear
there does not appear to be any surplus funds to be remitted to this administration from
this transport company.
2.4.6 We are yet to receive an accounting from the other transport company.
2.5 Intellectual Property (nIP")
2.5.1 As creditors may be aware, the company's intellectual property was sold by the directors to
a related entity, Roderick Abif Pty Ltd ("Roderick Abif"), a day prior to the company being
placed into liquidation. The directors of the company are also directors of Roderick Abif.
2.5.2 The purchase price for the IP was to be determined by a valuation undertaken by an
independent valuer, with the purchase price to be paid over a 2 year period. As advised in
our previous report, the valuation for the company's IP was completed in August 2011. The
purchase price pursuant to the agreement entered into prior to our appointment is unlikely
to be paid.
2.5.3 The IP falls under Westpac's security and the Liquidators have been engaged by the Bank
as its agent to deal with the recovery of the asset. Our solicitors have been liaising with
solicitors acting for Roderick Abif with a view of voiding the IP sale agreement.
368598-1 7
2.5.4 We have demanded the return of all of the company's IP from Roderick Abif. Some IP
records were returned however a number of trade marks and patents are yet to be
transferred back into the company's name despite our numerous requests. We have also
sought a written undertaking from Roderick Abif that the company's IP will not be infringed
however this has not been forthcoming.
2.5.5 An offer of $5,000 made by Roderick Abif to retain the IP was rejected by the Liquidators
and Roderick Abif have since requested that a counter offer be made in order for them to
retain the IP. Our solicitors have recommended that a counter offer for an amount equal to
the highest offer received for the IP to date be made. We do not have instructions from the
secured creditor to make a counter offer. We have demanded the return of the company's
IP prior to considering making any counter offers.
2.5.6 A formal marketing campaign for the sale of the IP has not been undertaken as some
components of the IP are still to be recovered from Roderick Abif. We have reason to
believe that certain items of the IP continues to be used by Roderick Abif and they are yet
to transfer various trademark and patents back into the company's name despite our
numerous requests.
2.5.7 As a result of the directors actions and the period of time that has lapsed, the value of the
IP would be diminished significantly, if any.
3. CONDUCT OF THE WINDING UP
3.1. Unfair Preferences (Section 588FA of Corporations Act 2001 ("the Act"
3.1.1. Subsequent to our last report, 7 demands for unfair preference claims totalling
$2,321,793 has been issued to various creditors.
3.1.2. Numerous creditors are defending their position using the running balance defense and
that payments were received in good faith as they were not aware that the company was
in financial difficulties. It should be noted that legal action may be required in pursuing
recovery of these transactions.
3.1.3. Demands for further potential unfair preference claims of $530,000 against 16 creditors
will be issued in due course.
3.2. The Company's Activities in China
3.2.1. Our last report stated that the company had a long standing interest seeking production
from China.
3.2.2. We noted in our last report that payments totalling $80,000 were made to Chinese
manufacturer, Qindao Haili Commercial Appliances Co. ("Qingdao") as follows:
368598-1 8
Date Paid
1 April 2011
8 April 2011
15 April 2011
21 April 2011
Total
Amount
$20,000
$20,000
$20,000
$20,000
$80,000
3.2.3. These payments were coded to research and development costs in the company's
accounting system.
3.2.4. The payments to Qingdao may constitute voidable transactions recoverable by a Liquidator.
3.2.5. We previously noted there is little documentation available regarding the nature of the
transactions or any evidence to suggest that these payments are linked to the directors' new
business venture.
3.2.6. We are of the opinion that the prospects of recovering these payments are minimal for the
following reasons:
Cross border issues;
Significant legal costs are required to pursue these payments;
Qingdao is unlikely to have knowledge of the company's solvency; and
There is insufficient evidence for us to pursue these payments.
3.2.7. Based on the above, it appears uncommercial for us to pursue these payments further,
however, the above transactions may assist in our investigations and any recovery actions
against the directors in respect of the phoenix activity.
3.3. Chilimint
3.3.1. The records of the company show the company is indebted to Chilimint for $1,013,273 as
at March 2011.
3.3.2. We advised in our last report that $800,000 was loaned by Chilimint to the company in
August 2009. Our investigations revealed that these funds were initially transferred from
Ian and Maureen Orford Superannuation Fund (refer section 2.2 - Maureen Orford above).
3.3.3. Our investigations have identified transactions totalling $380,887 (cash payments of
$217,000 and sale of refrigeration units at cost price for $163,88 entered into with
Chilimint in the week preceding liquidation.
3.3.4. The reduction in Chilimint's loan by $380,887 in the week preceding liquidation is likely to
constitute an unreasonable director-related transaction, uncommercial transaction and an
unfair preference pursuant to sections 588FA, 588FB and 588FDA of the Act.
3.3.5. We further note that by entering into the transactions with Chilimint, the directors may
have breached their duties as outlined in sections 180 to 184 of the Act, as they have not
acted in the best interests of the company.
368598-1 9
3.3.6. A title search conducted does not reveal any properties owned by the company.
3.3.7. A demand to Chilimint will be issued in respect of the above voidable transactions.
3.4. Maureen Orford
3.4.1. We advised in our last report that demands had been issued to Mrs Orford in respect of
payments totalling $223,000 made to her between November 2010 and May 2011.
3.4.2. Mrs Orford had disputed our demand as she claimed the debt owing by the company to
her exceeded the amount demanded. We have reviewed the documentation provided by
Mrs Orford in respect of her claim against the company and have determined that she
does not have a valid claim against the company. Refer section 2.2.1(b) ofthis report for
further details.
3.4.3. We have instructed our solicitors to continue pursuing Maureen Orford for the payments
made to her.
3.5. Insolvent Trading
3.5.1. We stated in our last report to creditors that the company appeared to have been trading
whilst insolvent since mid-2008 and note that our position has not changed.
3.5.2. Based on known creditor claims to date, excluding claims by related parties, the potential
claim in respect of insolvent trading against the directors is likely to be in the vicinity of
$5 million to $9 million.
3.5.3. The director's have a duty to prevent insolvent trading by the company. If it is proven
that a director is guilty of an offence it may be possible to recover from the director an
amount equal to the loss or damage suffered by the company.
3.5.4. As previously noted, our enquiries have revealed as follows:
Corby Orford has no registered land holdings in her name.
Liam Orford and his spouse jOintly own a property which is mortgaged. In addition, we
note Onesteel Trading Pty Ltd a major creditor of the company has lodged a caveat
over Liam Orford's interest in the property in respect of their debt.
Both directors have provided personal guarantees to major creditors including a
significant debt owing to the secured creditor, Westpac.
They appointed reconstruction experts in March 2008 to assist with the restructure of
the company.
368598-1 10
3.5.5. In order to recover funds from the company's directors or associated entities, bankruptcy
or liquidation proceedings may need to be undertaken.
3.5.6. We do not propose to commence an insolvent trading action against the directors until we
have finalised our investigations and determined that there are assets available to satisfy
any claim.
3.6. Possible Public Examination
3.6.1. There are numerous matters outlined in this report which require further explanation and
investigation. One option available to the liquidators is to make an application to the
Court to publically examine the directors, officers and key staff in respect of the
company's affairs pursuant to section 596B of the Act. Such examinations have been
found to be useful in order to obtain further records or explanations regarding
transactions entered into by the company.
3.6.2. At this stage, there is no requirement for us to conduct a public examination. We would
not propose to conduct such an examination until such time as we have determined that
further information or documentation, if any, is required to assist with our recovery
actions.
3.7. Reports to ASIC
3.7.1. A report has been lodged with ASIC in accordance with section 533 of the Act which
outlines any offences that may have been committed by the company's officers. ASIC
have advised that no further action will be taken by them however the Liquidators are
able to lodge a supplementary report in respect of the various offences identified. We
intend to lodge a supplementary report pursuant to section 533 of the Act and are
currently in the process of finalising the report.
4. RECEIPTS AND PAYMENTS
4.1 Attached is a summary of the Liquidators' receipts and payments for the period 6 May
2011 to 18 July 2012.
4.2 Pursuant to section 539(5) of the Act, we advise that our account of receipts and payments
has been lodged with ASIC for each 6 month period since our appointment.
368598-1 11
5. LIKELY RETURN TO CREDITORS
5.1 Below is a summary of the estimated return to the various classes of creditors:
Estimated Statement of Position
Fixed asset subject to secured creditor'S charge:
Estimated Realisations:
Plant & Equipment
Motor Vehicles
Factored Debtors
Intellectual Property
Total Estimated Realisations
Less:
Debt owing to Secured Creditor (as at 9 May 2011)
Costs of realising and maintaining fixed assets
368598-1
Estimated Surplus/(Shortfall) to Secured Creditor
Floating assets:
Estimated Realisations:
Unfactored Debtors
Stock/Spare Parts
Finished Goods
Insolvent Trading Claim
Unfair Preferences
Related Party Loans
Voidable Transactions
Total Estimated Realisations
Less:
Liquidators' Disbursements & Remuneration (Paid)
Estimated Liquidators' Disbursements (incl legal costs)
Estimated Liquidators' Remuneration
Amount Available for Priority Creditors
Debt owing to Priority Creditors:
Wages & Super
Annual Leave (including leave loading)
Long Service Leave
Payment in Lieu of Notice
Redundancy
Total Priority Creditors
Estimated Return to Priority Creditors
Amount available for Unsecured Creditors
Unsecured Creditor Claims
Estimated Return to Unsecured Creditors
12
Best Case
$
1,715,983
78,825
3,238,303
Unknown
5,033,111
8,056,277
870,070
8,926,347
(3,893,236)
95,325
421,330
528,518
Unknown
2,000,000
600,000
Unknown
3,645,173
706,601
35,000
200,000
941,601
2,703,572
324,025
457,365
521,779
402,004
983,822
2,688,996
1.00
14,576
13,377 ,833
0.001
Worst Case
$
1,715,983
78,825
3,150,645
Nil
4,945,453
8,056,277
890,000
8,946,277
(4,000,824 )
95,325
421,330
528,518
Unknown
Nil
Nil
Nil
1,045,174
706,601
140,000
250,000
1,096,601
Nil
324,025
457,365
521,779
402,004
983,822
2,688,996
Nil
Nil
13,377,833
Nil
5.2 We are aware of unsecured creditor claims of approximately $13,377,833 to date, including
related entities. The exact amount due to unsecured creditors will not be determined until
such time as all creditors have lodged their Proof of Debt in the administration, and we
have completed the process of adjudication.
5.3 The above estimate indicates that in the best case scenario, priority creditor claims will be
fully paid whilst a return of approximately 0.1 cents in the dollar is anticipated for
unsecured creditors. We note that the above estimate is subject to recovery of unfair
preferences and potential voidable transactions. If no such funds are realised, there will not
be a return to unsecured creditors.
5.4 It should be noted that our recovery action will need to be finalised and/or settled before
being in a position to estimate the likely return from unfair preferences and voidable
transactions. Significant legal costs may be required in pursuing recovery of these
transactions if these claims are defended.
6. LIQUIDATORS' REMUNERATION
6.1 Please find attached our Remuneration Report.
6.2 At the meeting of creditors to be held on 6 August 2012, creditors will be asked to approve
the remuneration of the Liquidators, their partners and staff as follows:
10 October 2011 to 18 July 2012 in the amount of $223,060.75(including GST); and
Prospective remuneration from 19 July 2012 to May 2013 a maximum of $275,000
(including GST).
6.3 We anticipate our remuneration over the course of the next ten (1) months of the
liquidation to be in the order of $275,000.00 (including GST) for the following matters:
Pursue demands issued for unfair preference claims and assess creditors' defense;
Issue a further 16 demands for unfair preference claims;
Preparation of solvency report and commence insolvent trading action, if required;
Preparation and lodgement of a supplementary 533 report with ASIC;
Pursue voidable transactions (Maureen Orford, Chillimint, etc);
Further investigate the recoverability of related party loans;
Conduct a public examination of the directors, if required; and
Calculation and payment of a potential priority dividend, subject to sufficient funds
being available.
6.4 Work undertaken to date is detailed in the attached Remuneration Report and throughout
th is report.
368598-1 13
7. FINALISATION OF THE LIQUIDATION
7.1 We will expedite the finalisation of this administration pendi"g:
a) Finalise collection of the company's outstanding debtors and commence legal action if
required;
b) Review the accounting of sale proceeds of finished goods subject to liens by transport
companies;
c) Reconstruct loans and recovery of the related party loans;
d) Recovery of payments made to Maureen Orford considered to be void and recoverable
pursuant to section 588FE of the Act;
e) Investigate payments made and fridges sold to Chilimint and commence recovery
action;
f) Brief solicitors and assist them with legal actions on foot;
g) Settling legal matters with solicitors;
h) If sufficient funds exist from realisations, calculate and pay a dividend to priority
creditors;
i) Conducting a public examination of the company's officers and other parties involved in
the identified voidable transactions, if required;
j) Conducing an insolvent trading action against the directors, if required;
k) Completion and lodgement with the ATO of Business Activity Statements as required;
I) Completion and lodgement with the ASIC of six monthly form 524's "Summary of
Receipts and Payments" until the administration is finalised;
m) Attend to all statutory matters;
n) Convene final meeting of creditors, if required; and
0) Application to the ASIC to have the company deregistered.
Should you have any queries in relation to this matter or information that may assist in our
investigations, please do not hesitate to contact Liz Yang (eyang@pilotpartners.com.au) or
Cameron Woodcroft (cwoodcroft@pilotpartners.com.au) of this office.
Dated this 20
th
day of July 2012.
NIGH MARKEY
For and on behalf f the
joint and several Liquidators
368598-1 14
CORPORATIONS ACT 2001
NOTICE OF MEETING OF CREDITORS
PURSUANT TO SECTION 508(1)
Orford Refrigeration Pty ltd (In liquidation)
ACN 009 790 265
Formerly trading as "Orford Refrigeration" and "Orford Sign Shop"
NOTICE is hereby given pursuant to Section 508 of the Corporations Act 2001, that a
Meeting of Creditors of the abovenamed company will be held at the offices of Pilot Partners,
Level 10, 1 Eagle Street, Brisbane, on 6 August 2012 at 11.00am.
Agenda:
(i) To determine whether a quorum exists;
(ii) To consider the Liquidators' Report to Creditors and to receive and discuss any
recommendations of the Liquidators;
(iii) To consider the remuneration of the Liquidators for the period 10 October 2011 to 18
July 2012 in the amount of $223,060.75 (GST inclusive);
(iv) To consider the future remuneration of the Liquidators;
(v) Questions to the Liquidator;
(vi) Any other business.
Creditors are advised that the Liquidators' account of receipts and payments are attached.
DATED this 20
th
day of July 2012.
NIGEL MARKE
For and on beh If of the
joint & several liquidators
379795-1
FORM 532 Regulation 5.6.29
Corporations Act 2001
Australian Company Number: 009 790 265
APPOINTMENT OF PROXY
*IJ*We ........................................................... (if a firm, strike out "I" and set out the full
name of the firm) of ................................................... (address), a creditor of Orford
Refrigeration pty Ltd (In Liquidation) appoint ....................................... (name,
address and description of person appointed) or in his or her absence
....................................................... as *myJ*our *general/*special proxy to vote at the
meeting of creditors to be held on 6 August 2012 or at any adjournment of that
meeting (if a special proxy add the words "to vote for" or the words "to vote
against" and specify the particular resolution).
Dated the day of
Signature of individual
(Individual creditors only)
OR
20 .
if a company
signature of 2 directors, OR
1 director and 1 secretary OR
a representative properly
authorised pursuant to Section
250D of the Corporations Act 2001
CERTIFICATE OF WITNESS
(This certificate is to be completed only if the person giving the proxy is blind or
incapable of writing. The signature of the creditor, contributory, debenture holder
or member must not be witnessed by the person nominated as proxy)
I .................................................... (name), of .......................................... (address), certify
that the above instrument appointing a proxy was completed by me in the
presence of and at the request of the person appointing the proxy and read to him
or her before he or she signed or marked the instrument.
Dated the
Signature of Witness
Description
Place of residence
*Omit if not applicable
379797-1
day of 20 .
Australian Company Number: 009 790 265
FORM 535 Subregulation 5.6.49(2)
Corporations Act 2001
FORMAL PROOF OF DEBT OR CLAIM
(GENERAL FORM)
To the Liquidators of Orford Refrigeration Pty Ltd (In Liquidation)
1. This is to state that the company was on 6 May 2011, and still is, justly and truly
indebted to ..................................................................... for $ ................................ and
......................... cents.
Date Consideration Amount Remarks
(state how the (include details of
debt rose) $ c voucher
substantiating
payment)
2. To our 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 following:
Date Drawer Acceptor Amount Due Date
$ c
*3. We are employed by the creditor and authorised in writing by the creditor to make
this statement. We know that the debt was incurred for the consideration stated
and that the debt, to the best of our knowledge and belief, remains unpaid and
unsatisfied.
*4. We are the creditor's agent authorised in writing to make this statement in writing.
We know that the debt was incurred for the consideration stated and that the debt,
to the best of our knowledge and belief, remains unpaid and unsatisfied.
Dated
Signature
Occupation
Name
Address
Phone
day of 20
*Do not complete if this proof is made by the creditor personally.
ORFORD REFRIGERATION PTY LTD (IN LIQUIDATION)
ACN 009790 265
FORMERLY TRADING AS "ORFORD REFRIGERATION" AND "ORFORD SIGN SHOP"
Receipts
SUMMARY OF RECEIPTS AND PAYMENTS
FOR THE PERIOD 6 MAY 2011 TO 18 JULY 2012
Cash at Bank (Unfactored Debtor Receipts & Prepaymenls)
Cash on Hand
Employee Cash Float
GEERS Advance
GST Refund
interest Income
Pre-Appointment Debtors (Factored)
Pre-Appointment Debtors (Unfactored)
Refund
Sale of Finished Goods
Sale of Motor Vehicles
Sale of Plant & Equipment
Sale of Spare Parts
Sundry Receipts
Total Receipts
Payments
Agent's Commission
Asset Realisation Costs
Bank Fees
Cleaning
Debt Collection Expense
Electricity & Gas
GST
GEERS Distribution to Employees
Insurance
Interest
ITlWebsite Costs
Leasing
Legal Fees
Liquidators' Disbursements
Liquidators' Remuneration
Locksmith
Mail Redirection
PAYG Withholding Tax
Payment to Secured Creditor - Factored Debtor Receipts
Payment to Secured Creditor - Fixed Asset Realisations
Post-ApPointment Wages and Superannuation
Refunds
Reversal of Deposit
Security
Storage
Sundry Expenses
Telephone
Transport
Valuation
WorkCover
Total Payments
Net Position
Represented by
Cash at Bank
Cash at Bank - At Call
Debtor Finance Facility
Total
$
$
$
$
$
Total
$
27,635.18
652.50
1,000.00
2,437,383.75
19,860.00
10,066.40
3,127,287.43
95,325.34
17,065.50
528,518.24
78,824.90
1,715,983.00
421,330.11
9,568.08
8,490,500.43
196,916.82
170,208.89
351.70
25,569.35
8,077.17
36,762.51
155,716.00
1,985,771.75
33,234.86
410.27
15,220.75
614.67
52,484.39
31,445.52
675,156.36
1,749.83
49.00
454,225.00
3,088,409.70
995,463.66
25,340.87
8,950.03
693.00
19,611.45
11,785.23
312.31
15,620.03
2,168.21
11,385.00
1,607.59
8,025,311.92
465,188.51
22,850.86
440,023.21
2,314.44
465,188.51
REMUNERATION REPORT
Orford Refrigeration pty Ltd (In Liquidation)
ACN 009 790 265
PILOT PARTNERS
Chartered Accountants
Level 10, Waterfront Place
1 Eagle St, Brisbane 4000
PO 80x 7095 Bnsb,me 4001
Queensl,md Austraha
P +61 730231300
F +51 '7 3229 1227
pitotpartnefs.com,au
Formerly trading as "Orford Refrigeration" and "Orford Sign Shop"
("the Company")
In accordance with the Insolvency Practitioners Association of Australia Code of Professional
Practice and the requirements of the Corporations Act 2001 ("the Act"), we set out below our
remuneration report.
This report is set out as follows:-
1. Liquidators' Remuneration
2. Description of Work
3. Disbursements
4. Queries and Information Sheets
1. Liquidators' Remuneration
1.1 The Liquidators' remuneration can be calculated by a number of methods such as time
based, quoted, fixed fee, percentage of assets or on a contingency basis as follows:
Time based I hourly rates
This is the most common method. The total fee charged is based on the hourly rate
charged for each person who carried out the work multiplied by the number of hours spent
by each person on each of the tasks performed.
Fixed Fee
The total fee charged is normally quoted at the commencement of the liquidation and is
the total cost for the liquidation. Sometimes a Practitioner will finalise a liquidation for a
fixed fee.
Percentage
The total fee charged is based on a percentage of a particular variable, such as the gross
proceeds of assets realisations.
Contingency
The practitioner's fee is structured to be contingent on a particular outcome being
achieved.
1.2 We propose to charge on a time basis as:
o It ensures that creditors are only charged for work that is performed. Our time is
recorded and charged in six minute increments.
IMM!..
We are required to perform a number of tasks which do not relate to the realisation of
assets, for example responding to creditor enquiries, reporting to ASIC, distributing
funds in accordance with the provisions of the Act.
o We are unable to estimate with certainty the total amount of fees necessary to
complete all tasks required in this administration.
!'Wit " t'i"j'l ",,,,'k!/ P,i'>t t,t'f. il Pty LV.! -'le,,; le;:. ).37 vGl 9-'6 L,,:b i,ty l'v 0 Dp;>rc,t'(J.r hr Stardard$
Morn!;or of NOKIi! nntwark of inooplmdent <lccoudmr, <'lOO (;onsultinf, firms.
Orford Refrigeration pty Ltd (In Liquidation)
Remuneration Report
1.3 The time based method of calculating the remuneration of the Liquidators is a fee for
services rendered according to the time spent on the particular administration by the
Liquidators, their partners and their staff. The amount of such fee is in accordance with
the role of the particular person, his or her qualifications and experience.
1.4 The scale of rates charge by our firm is attached and is in accordance with the rates
charged from time to time by Pilot Partners.
1.5 At the forthcoming meeting of creditors to be held on 6 August 2012, creditors will be
asked to approve the remuneration of the Liquidators and to pass the following resolutions:
Liquidators Past Remuneration
"That the remuneration of the joint and several Liquidators, their partners and staff be
hereby approved for the period 10 October 2011 to 18 July 2012 in the sum of
$223,060.75 (including GST) and that the joint and several Liquidators be authorised to
draw their remuneration from funds available. "
It is noted that at the meeting of creditors held on 31 October 2011, creditors approved
the future remuneration of the Liquidators to a maximum of $285,000.00 (inclusive of
GST). The Liquidators have drawn an amount of $223,832.95 in respect of the past
remuneration for this period.
We anticipate our prospective remuneration for the liquidation until May 2013 to be in the
order of $275,000.00 (including GST).
Liquidators Prospective Remuneration
"That the future remuneration of the jOint and several Liquidators, their partners and staff
from 19 July 2012 be approved to a maximum of $275,000 (including GST) and that they
be calculated by reference to the hourly rates set down from time to time by Pilot Partners;
and such remuneration be subject to review by the Court on the application of any creditor
and that the joint and several Liquidators be authorised to draw their remuneration from
funds available."
2. Description of Work
2.1 The tasks undertaken by the Liquidators can be broadly divided into eight (8) categories as
follows:
Assets Employees Investigation Administration
Creditors Trade On Dividend Statutory
2.2 Attached as Annexures "A1 and A2" is a calculation of the Liquidators' remuneration
together with a summary of the type and purpose of work undertaken for the period from
10 October 2011 to 18 July 2012.
2.3 Attached as Annexure "B" is a summary of the type and purpose of future work to be
undertaken by the Liquidators over the next ten months of the liquidation.
3. Disbursements
3.1 Disbursements are divided into three types: A, Bl, B2.
380101-1
Orford Refrigeration pty Ltd (In Liquidation)
Remuneration Report
A disbursements are all externally provided professional services and are
recovered at cost. An example of an A disbursement is legal fees.
81 disbursements are externally provided non-professional costs such as travel,
accommodation and search fees. 81 disbursements are recovered at cost.
e 82 disbursements are internally provided non-professional costs such as
photocopying and document storage. 82 disb'lrsements are charged at cost
except for photocopying, printing and telephone calls which are charged at a
rate which is intended to recoup both variable and fixed costs.
3.2 Full details of disbursements on this appointment are as follows:
Disbursements
Advertising
Courier
Faxes
Postage
Photocopying
Storage and Destruction (subject to no. of boxes)
Storage Retrieval and Refile
Rate (GST Exclusive)
At Cost
At Cost
$9.46 first page
and $2.82 subsequent pages
At Cost
$0.75 per page
At Cost
$30.00 per box
3.3 Creditor approval for the payment of disbursements is not required, however we must
account to creditors. Creditors have the right to question the incurring of the
disbursements and can challenge disbursements in court.
4. Queries and Information Sheets
4.1 The above information is provided to assist creditors consider the appropriateness of the
remuneration claim that is being made.
4.2 Creditors should feel free to contact the Liquidators' office to seek further information
concerning the remuneration claim if they so need.
4.3 The IPA have produced a document entitled "Creditor Information Sheet: Approving
remuneration in external administrations" that can be down loaded from the IPA web site
www.ipaa.com.au or alternatively a copy can be obtained if you contact this office.
Dated this 20
th
day of July 2012.
For and on behal of the
joint & several Liquidators
380101-1
Pilot Partners Hourly Firm Rates
We have summarised below the rates we, our partners and staff charge:
Description Description of Level of Experience Firm Charge Out Rate $/Hour Rate
of Staff (Excl GST)
Member
Effective
1 Julll 1 Jan 12 1 Jul 12
Appointee / Official Liquidator/ Registered Liquidator and/or 470 470 485
Director Trustee, Partner bringing his or her specialist skills to
the administration or insolvency task.
Associate More than 10 years of experience, at least 5 years at 410 410 410
Director manager level, capable of controlling all aspects of an
administration. May be appropriately qualified to
take appointments in his/her own right.
Manager More than 5 years experience in insolvency or 250 - 390 250 - 390 260 - 400
associated fields. Answerable to the appointee but
otherwise responsible for all aspects of
administration. Experienced at all levels and
considered very competent. Control staff and their
training.
Supervisor Between 4 to 6 years insolvency experience. Qualified 200 - 250 200- 250 200- 250
CA or CPA program, undertaken IPA course. Will
have had conduct of minor administrations and
experience in control of 1-3 staff. Assists planning
and control of medium to larger jobs.
Senior Between 2 to 4 years insolvency experience or 150 - 200 170 - 200 170 - 200
equivalent. CA or CPA program completed in this
period. Assists planning and control of small to
medium sized jobs as well as performing some of the
more difficult work on larger jobs.
Intermediate 0-2 years. Graduate with little or no professional or 105 - 145 120 - 170 120 - 170
insolvency experience. Required to assist in day-to-
day fieldwork under supervision of more senior staff.
Junior Plans to undertake at least part-time degree or 95 95 85 - 100
diploma. Required to assist in administration and
day-to-day fieldwork under supervision of more
senior staff.
Administrator Appropriate skills including secretarial support, 130 130 130
machine usage, books and records management,
recording banking and accounts processing on
administrations.
Computer Appropriate skills including machine usage. 95 95 95
Operator
The hourly rates used by us and the partners and staff of Pilot Partners reflect our own particular cost
structure, the risks associated with the work undertaken and the type of administration being carried on by us.
Our scale of hourly rates recognise the nature of the work, the extent and urgency of the work, the degree of
skill required and the degree of responsibility undertaken.
Our firm rates change from time to time (usually annually) to reflect increased costs of operating.
The last such increase became effective on 1 July 2012.
Annexure Al


Pilot Staff PosItion $/hour Total Total Task Area
adual ($l Assets CredItors Employees Trade on Investigation Dividends AdmInistration Statutory
GST) hours
,

,

,


hrn
,
h"
,
h"

h"
,
Ann Fordyce Appointee 470 10.8 5,076.00 0.2 94.00 7.7 3,619.00 0.5 235.00 2.4 1,128.00

Ann Fordyce Appointee 485 0.6 291.00 0.5 242.50 0.1 48.50

Nlgel Markey Appointee 470 119.3 56,071.00 7.2 3,384.00 15.7 7,379.00 0.1 47.00 3.0 1,410.00 83.2 39,104.00 0.6 282.00 7.0 3,290.00 2.5 1,175.00
Nlgel Markey Appointee 485 2.B 1,358.00 2.6 1,261.00 0.2 97.00
lane Leeuwendal Manager 390 1.0 390.00
.
1.0 390.00
Elizabeth Yang Manager 250 140.7 35,175.00 35.9 9,225.00 43.7 10,925.00 0.' 225.00 36.7 9,175,00 1.1 275.00 18.0 4,500.00 3.4 850.00
Elizabeth Yang Manager 270 48.0 12,960.00 8.5 2,295.00 18.5 5,022.00 0.1 27.00 15.2 4,104.00 1.1 297.00 2.1 567.00 2.4 648.00
Elizabeth Yang Manager 260 11.0 3,080.00 1.8 504.00 6.7 1,875.00 2.3 644.00 0.2 56.00
Cameron Woodcroft Intermediate 150 246.2 36,930.00 27.2 4,080.00 62.4 9,360.00 2.5 375.00 62.4 9,360.00 0.6 90.00 91.1 13,665.00
Cameron Woodcroft Senior 170 23.3 3,961.00 0.5 85.00 0.3 51.00 19.6 3,332.00 2.9 493.00

Cameron Woodcroft Senior 185 13.9 2,571.50 6.B 1,258.00 7.1 1,313.50

.
Neil Mitchell Intermediate 140 45.4 6,356.00 0.2 28.00 0.3 42.00 44.9 6,286.00
Nell Mitchell Intermediate 150 0.3 45.00 0.3 45.00

Shaun Lu Intermediate 130 0.4 52.00 0.4 52.00
Angus Boyd Intermediate m 119.2 14,900.00 30.3 3,787.50 26.5 3,312.50 6.4 800.00 18.1 2,262.50 31.1 3,887.50 6.8 850.00
Angus Boyd IntermedIate 130 113.8 14,794.00 28.4 3,692.00 18.2 2,366.00 2.' 377.00 12.1 1,573.00 37.6 4,888.00 14.6 1,898.00
Angus Boyd Intermediate 140 4.0 560.00 1.5 2lD.00 0.' 126.00 0.8 112.00 0.6 84.00 0.2 28.00
Patrick Sweeney IntermedIate m 1.0 125.00 0.3 37.50 0.6 75.00

0.1 12.50
Wlrlya Plukavec Intermediate 120 15.3 1,836.00 3.6 432.00 4.1 492.00 7.6 912.00
Usa Lochlin Junior 100 2.4 240.00

2.0 200.00 0.4 40.00
Kyle Greenough Junior 85 1.3 110.50 1.3 110.50
Cralg Seaton Junior 85 1.4 119.00 1.4 119.00
Elizabeth Dyett Secretary/WPO 130 19.7 2,561.00 0.1 13.00 7.4 962.00 0.1 13.00 7.1 923.00 5.0 650.00
Lucy Dulgnan Secretary/WPO 95 33.9 3,220.50 0.8 76.00 0.4 38.00

32.7 3,106.50
975.7 $202,782.50 143.6 $27,677,50 220.0 $46,888.00 14.60 $2,324.00 3.00 $1,410.00 261.0 $72,531.00 3.40 $944.00 285.9 $43,846.50 44.2 $7,161.50
GST $20,278.25 $2,767.75 $4,688.80 $232.40 $141.00 $7,253.10 $94.40 $4,384.65 $716.15
TOTAL (Including GST) I 975.7 $223,060.75 143.6 $30,445.25 220.0 $51,576.80 14.6 $2,556.40 3.0 $1,551.00 261.0 $79,784.10 3.4 $1,038.40 285.9 $48,231.15 44.2 :p,877.65
.Average hourly rate $228.62 /$
212.01 ,
/$ 234.44 I H 175.10 , h 517.00 ,
/$ 305.69' 1$ 305.41 , ,. 168.70 , 1$ 178.23
\
Orford Refrigeration pty Ltd (In liiquidation)
Remuneration Report
Annexure A2
Orford Refrigeration Pty Ltd (In Liquidation)
ACN 009 790 265
Formerly trading as "Orford Refrigeration" and "Orford Sign Shop"
("the Company")
Summary of the type and purpose of work undertaken
for the period from 10 October 2011 to 18 July 2012
Task Area Descrintion Includes
Plant and Equipment Liaising with valuers, auctioneers and interested parties
Reviewing asset listings
Assets subject to specific All tasks associated with realising a charged asset, including
charnes intellectual property
Debtors Correspondence with debtors
Reviewing and assessing debtors ledgers
Liaisina with debt collectors and solicitors
Stock Conducting stock takes
Reviewing stock values
Assets
Liaising with purchasers
$30,445.25
L i a i s i n ~ with transnort companies reoardino ooods subiect to liens
Other Assets Tasks associated with realisino other assets
Leasing Reviewing leasing documents
Liaising with owners/lessors
Tasks associated with disclaimina leases
Insurance Identification of potential issues requiring attention of insurance
specialists
Correspondence with insurers regarding ongoing insurance
requirements
Reviewing insurance policies
Corresoondence with orevious brokers
Creditor Enquiries Receive and follow up creditor enqukies via ....telephone
Maintaining creditor enquiry register
Review and prepare correspondence to creditors and their
representatives via facsimile, email and post
CorresDondence with committee of creditors members
Retention of Title Claims Receive notification of creditor's intention to claim
Provision of retention of title claim form to creditor
Receive completed retention of title claim form
Maintain retention of title file
Meeting claimant on site to identify goods
Adjudicate retention of title claim
Forward correspondence to claimant notifying outcome of
adiudication
Creditors
Secured creditor reporting Preparing reports to secured creditor
Responding to secured creditor's queries
$51,576.80
Dealinn with fixed or floatino charoes or both
Creditor reports Preparing reports, circulars, notices to creditors
notice of meetings, agendas/ remuneration for fee approval
meetina and aeneral reDorts to creditors
Dealing with proofs of debt Receipting and filing POD's when not related to a dividend
Corresponding with OSR and ATO regarding POD's when not
related to a dividend
Meeting of Creditors Preparation meeting notices, proxies and advertisements
Forward notice of meeting to all known creditors
Preparation of meeting file, including agenda, certificate of
postage, attendance register, list of creditors/ reports to creditors,
advertisement of meeting and draft minutes of meeting.
Preparation and certificate of resolution of minutes of meetings
Resnond to stakeholder nueries and nuestions immediatelv
380101-1
Task Area Description
Employees enquiry
GEERS
Employees
$2,556.40
Calculation of entitlements
Workers compensation
claims
Other employee issues
Trade On Trade On Management
$1,551.00
Conducting investigation,
Searches etc.
Investigation
$79,784.10
Legal Matters
Dividend
Adjudicating proofs of
$1,038.40
debt
Correspondence with
others
Document
maintenance/file
Administration
review/checklist
$48,231.15
Bank account
administration
380101-1
Orford Refrigeration Pty Ltd (In Liquidation)
Remuneration Report
Includes
following meeting
Receive and follow up employee enquiries via telephone
Maintain employee enquiry register
Review and prepare correspondence to creditors and their
representatives via facsimile, email and post
Preparation of letters to employees advising of their entitlements
and options available
Receive and prepare correspondence in response to employees
obiections to leave entitlements
Correspondence with GEERS
Preparing notification spreadsheet
Preparing GEERS quotations
Preparing GEERS distributions
Calculating employee entitlements
Reviewing employee files and company's books and records
Reconciling superannuation accounts
Reviewing awards
Liaisinq with solicitors reqardinq entitlements
Liaising with claimant and their representative in respect of claim
Correspondence with Child Support
Corresoondence with Centrelink
Liaising with suppliers
Attendance on site
Review onaoina costs associated with comoanv oremises
Searches (ASIC, titles, Motor vehicle, credit file etc.)
Meeting with directors
Correspondence to directors
Demand and collection of c::'mpany books and records
Reviewing books and records
Conducting and summarising statutory searches
Preparation of deficiency statement
Review of specific transactions and liaising with directors regarding
certain transactions
Liaising with directors regarding certain transactions
Preparation of investigation file or notes
Investigate phoenix company activity by the directors
Investigate related party transactions
Recovery of unfair preference claims
Preparation of supplementary 533 report to ASIC
Internal meetings to discuss status of litigation
Preparing brief to solicitors
Liaising/correspondence with solicitors regarding recovery actions
Attending to negotiations
Attendina to settlement matters
Adjudicating PODs
Request further information from claimants regarding POD
Preparation of correspondence to claimant advising outcome of
adjudication
Other correspondences not specific to other milestones
General administration including 6 monthly administration review
Preparation of file notes and internal memos
Fiting of documents
File reviews
Updatinq checklists
Preparing correspondence opening and closing accounts
Requesting bank statements
Bank account or Cash Book reconciliations
Correspondence with bank regarding specific transfers
Banking, Drawing Cheques / depositing funds
Summary of Receipts and Payments
Task Area Description
Books and records /
storage
Strategic Planning /
Review Acpointment
Statutory
ASIC Form 524 and other
$7,877.65
forms
ASIC, ATO & other
statutory reporting (533,
BAS etci
380101-1
Orford Refrigeration Pty Ltd (In Liquidation)
Remuneration Report
Includes
Dealing with records in storage
Sending job files to storage
Archiving and Storage of records
Discussions regarding status of administration
Manaqement Review Strateqic Planninq
Statutory Lodgements
Preparing and lodging ASIC forms including SOS, 524, 508, 911
Lodging Minutes of meeting of creditors
Correspondence with ASIC reqardinq statutory forms
Taxation ego Preparing BAS
Annexure B
Orford Refrigeration Pty Ltd (In Liquidation)
Remuneration Report
Orford Refrigeration Pty Ltd (In liquidation)
ACN 009 790 265
Formerly trading as "Orford Refrigeration" and "Orford Sign Shop"
("the Company")
Summary of the type and purpose of work undertaken
for the period from 19 July 2012 to May 2013
Task Area Description Includes
Plant and Equipment Liaising with valuers/ auctioneers and interested parties
Reviewing asset I1stings
Assets subject to specific All tasks associated with realising a charged asset including
Assets
charqes intellectual property
[$10,000]
Debtors Reviewing and assessing debtor ledgers
Liaising with debt collectors and solicitors
Stock Reviewing stock values
Liaisina with transDort comoanies reqardinq aoods 5ubiect to liens
other Assets Tasks associated with realising other assets
Creditor Enquiries Receive and follow up creditor enquiries via telephone
Maintaining creditor enquiry register
Review and prepare correspondence to creditors and their
representatives via faCSimile, email and post
Correspondence with committee of creditors members
Secured creditor reporting Preparing reports to secured creditor
Responding to secured creditor's queries
Dealing with fixed or floating charges or both
Creditor reports Preparing reports, circulars, notices to creditors
notice of meetings, agendas, remuneration for fee approval
Creditors meetinq and qeneral reports to creditors
[$20,000] Dealing with proofs of Receipting and filing POD's when not related to a dividend
debt Corresponding with OSR and ATO regarding POD's when not related
to a dividend
Meeting of Creditors Preparation meeting notices, proxies and advertisements
Forward notice of meeting to all known creditors
Preparation of meeting file, including agenda, certificate of postage,
attendance register, list of creditors, reports to creditors,
advertisement of meeting and draft minutes of meeting.
Preparation and certificate of resolution of minutes of meetings
Respond to stakeholder queries and questions immediately following
meetina
Employees enquiry Receive and follow up employee enquiries via telephone
Maintain employee enquiry register
Review and prepare correspondence to creditors and their
representatives via faCSimile, email and post
Employees Preparation of letters to employees advising of their entitlements
[$5,000] and options available
Receive and prepare correspondence in response to employees
objections to leave entitlements
GEERS Correspondence with GEERS
Other employee issues Correspondence with Child Support
Correspondence with Centrelink
380101-1
Task Area Description
Conducting investigation,
Searches etc.
Investigation
[$189,000]
Examinations
Legal Matters
Adjudicating proofs of
debt
Dividend
[$33,000 subject
Dividend procedures
to sufficient funds
being realised]
(advertising etc.)
Correspondence with
others
Document
maintenance/file
review/checklist
Bank account
Administration
administration
[$10,000]
Finalisation
Strategic Planning I
Review ADD ointment
380101-1
Orford Refrigeration Pty Ltd (In Liquidation)
Remuneration Report
Includes
Correspondence to directors
Reviewing books and records
Review of specific transactions and liaising with directors regarding
certain transactions
Liaising with directors regarding certain transactions
Preparation of investigation .. e or notes
Recovery of voidable transactions(unfair preference claims,
uncommercial transactions, unreasonable director related
transactions)
Investigate phoenix company activity by the directors
Recovery of related party transactions
Preparation of supplementary 533 report to ASIC
Preparing brief to solicitor
Liaising with solicitors regarding examinations
Attendance at examination
Reviewing examination transcripts
Liaising with solicitors regarding outcome of examinations and
further actions available
Internal meetings to discuss status of litigation
Preparing brief to solicitors
Liaising/correspondence with solicitors regarding recovery actions
Attending to negotiations
Attendinq to settlement matters
Preparation of correspondence to potential creditors inviting
lodgement of POD
Receipt of PODs
Maintain POD register
Adjudicating PODs
Request further information from claimants regarding POD
Preparation of correspondence to claimant advising outcome of
adjudication
Preparation of correspondence to creditors advising of intention to
declare dividend
Advertisement of intention to declare dividend
Obtain clearance from ATO to allow distribution of company's assets
Preparation of dividend calculation
Preparation of correspondence to creditors announcing declaration
of dividend
Advertise announcement of dividend
Preparation of distribution, dividend file and payment vouchers
Preparation of correspondence to creditors enclosing payment of
dividend
Other correspondences not specific to other milestones
General administration including 6 monthly administration review
Preparation of file notes and internal memos
Filing of documents
File reviews
Updating checklists
Preparing correspondence opening and closing accounts
Requesting bank statements
Bank account or Cash Book reconciliations
Correspondence with bank regarding specific transfers
Banking, Drawing Cheques / depositing funds
Summary of Receipts and Payments
Notifying ATO of finalisation
Cancelling ABN I GST I PAYG registration
Completing checklists
Finalisinq WIP
Discussions regarding status of administration
Manaaement Review Strateaic Plannina
Task Area Description
Books and records /
storage
Statutory
ASIC Form 524 and other
[$8,000]
forms
ASIC, ATO & other
statut0J' reporting (533,
BAS ete
380101-1
Orford Refrigeration pty Ltd (In Liquidation)
Remuneration Report
Includes
Dealing with records in storage
Sending job files to storage
Archiving and Storage of records
Statutory Lodgements
Preparing and lodging ASIC forms
Lodging Minutes of meeting of creditors
CorresDondenee with ASIC regarding statutory forms
Taxation ego Preparing SAS