G'day,
A considered response.
When the post was made late last week I sought to correct it and give accurate advice to creditors. The Administrators sought to do the same and lodged a post seeking contact with creditors.
I am not the president or chairman of a creditors committee. I am just one of five creditors present at the first creditors committee on 12 February and we voted to form a creditors committee of three.
My aim was to support creditors in making their claims and help them understand the process taking place. As a consequence I now have a list of twelve creditors and I believe KordaMentha has identified more.
The second meeting of creditors has not been called. Therefore the status quo remains. The administrators are in control of the Companies and the Directors have no control. The Companies are not trading.
At the second meeting of creditors the administrators will (according to law) make three proposals and probably recommend one. The three proposals will be (a) to return the business to the Directors; (b) to liquidate the Companies; (c) to make a deed of arrangement.
You may speculate all you like but I'm an accountant, understand this process and I don't know any more than I have said. I'm in for $32k+ so I'm really watching this closely.
Appeal 1: Anyone who had paid a holding deposit or progress payment and hasn't been contacted by KordaMentha or lodged a Form 535 Statement of claim, please contact me for assistance.
Appeal 2: I posted personal details to assist creditors, not to receive personal abuse. Please leave me and my family alone.
Stephen Minslow
stephen.minslow@bigpond.com
aka "White Pointer"
07 3203 5967
0419 721 371