Remuneration Report - WA Insolvency · Remuneration Report ... externally provided non-professional...

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15 July 2013 Remuneration Report Central Mining & Contracting Pty Ltd (Administrator Appointed) ACN: 113 050 678 (“the Company”) In compliance with the Insolvency Practitioners Association of Australia Code of Professional Practice and the requirements of the Corporations Act 2001, we set out below our remuneration report for the period 20 June 2013 to 10 July 2013, and prospective future remuneration. Description of Work The tasks which external administrators undertake can be broadly divided into seven categories. These are: Assets Creditors Employees Trade on Investigation Dividend Administration Information on the seven categories (if work done is applicable) is summarised in Annexure A to enable creditors to understand the type and purpose of work being undertaken. Disbursements Disbursements are divided into three types: A disbursements are all externally provided professional services and are recovered at cost. An example of an A disbursement is legal fees. B1 disbursements are externally provided non-professional costs such as travel, accommodation and search fees. They are recovered at cost. B2 disbursements are internally provided non-professional costs such as photocopying and document storage. B2 disbursements are charges 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. Full details of disbursements on this appointment are provided in the attached Remuneration Summary (page 2, 4, 6, 8 and 10 of Annexure A). I have undertaken a proper assessment of disbursements claimed for the Company, in accordance with the law and applicable professional standards, I am satisfied that the disbursements claimed are necessary and proper. 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 the disbursements in court.
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Transcript of Remuneration Report - WA Insolvency · Remuneration Report ... externally provided non-professional...

  • 15 July 2013

    Remuneration ReportCentral Mining & Contracting Pty Ltd (Administrator Appointed) ACN: 113 050 678(the Company)

    In compliance with the Insolvency Practitioners Association of Australia Code of Professional Practice and therequirements of the Corporations Act 2001, we set out below our remuneration report for the period 20 June2013 to 10 July 2013, and prospective future remuneration.

    Description of Work

    The tasks which external administrators undertake can be broadly divided into seven categories. These are:

    Assets Creditors Employees Trade on Investigation Dividend Administration

    Information on the seven categories (if work done is applicable) is summarised in Annexure A to enablecreditors to understand the type and purpose of work being undertaken.

    Disbursements

    Disbursements are divided into three types:

    A disbursements are all externally provided professional services and are recovered at cost. Anexample of an A disbursement is legal fees.

    B1 disbursements are externally provided non-professional costs such as travel, accommodationand search fees. They are recovered at cost.

    B2 disbursements are internally provided non-professional costs such as photocopying anddocument storage. B2 disbursements are charges at cost except for photocopying, printing andtelephone calls which are charged at a rate which is intended to recoup both variable and fixedcosts.

    Full details of disbursements on this appointment are provided in the attached Remuneration Summary (page 2,4, 6, 8 and 10 of Annexure A).

    I have undertaken a proper assessment of disbursements claimed for the Company, in accordance with the lawand applicable professional standards, I am satisfied that the disbursements claimed are necessary and proper.

    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 the disbursements incourt.

  • Future Fees

    When creditors meet on 23 July 2013, I will ask for approval to be paid remuneration for services rendered inthe Administration of the Company and Deed of Company Arrangement or Liquidation of the Company.

    A summary of the major tasks and costs relating to the professional services for the period 20 June 2013 to 10July 2013 is set out in page 1-2 of Annexure A, and the expected tasks and costs relating to the professionalservices for the period beginning 11 July 2013, is set out in page 3-10 of Annexure A.

    I will report to creditors should matters change which prevent me from being able to complete theAdministration/ Deed of Company Arrangement of the Company for this capped amount of remuneration.

    Summary of Receipts and Payments

    A summary of the Administrators receipts and payments made up to 14 July 2013 is attached as Annexure B.

    Previous Remuneration Claims

    I, Kim Wallman, have undertaken a proper assessment of this remuneration claim for my appointment asAdministrator of the Company in accordance with the law and applicable professional standards, I am satisfiedthat the remuneration claimed is in respect of necessary work properly performed, in the conduct of theAdministration.

    To date no remuneration has been approved and paid in this Administration. The remuneration report detailsapproval sought for the following fees:

    Statement of Remuneration Claim

    At the forthcoming meeting of creditors, if creditors agree that the Company should enter a Deed ofCompany Arrangement; creditors will be asked to pass the following resolutions:

    Administrators Past Fees 20 June 2013 to 10 July 2013. (Annexure A pgs 1-2)

    That the remuneration of the Administrator for the period 20 June 2013 to 10 July 2013, calculated athourly rates detailed in the report to creditors of 15 July 2013, is determined in the sum of $54,950.00,which excludes GST and expenses.

    Prospective Fees from 11 July 2013 to Date of DOCA Execution if Accepted by Creditors (Approx 3weeks, but no later than13 August 2013). (Annexure A pgs 3-4)

    That the remuneration of the Administrator from 11 July 2013 to Date of DOCA Execution if Acceptedby Creditors (No later than 13 August 2013) is determined at a sum equal to the cost of time spent bythe Deed Administrator and his partners and staff, calculated at the hourly rates as details in the reportto creditors of 15 July 2013, to a capped amount of $59,700.00, exclusive of GST and expenses, andthat the Deed Administrator can draw the remuneration on a monthly basis or as required.

    Prospective Fees from the date of DOCA Execution to the date when DOCA is fully effectuated.(Annexure A pgs 5-6)

    That the remuneration of the Deed Administrator from the date of DOCA Execution to the date whenDOCA is fully effectuated is determined at a sum equal to the cost of time spent by the DeedAdministrator and his partners and staff, calculated at the hourly rates as details in the report tocreditors of 15 July 2013, to a capped amount of $104,090.00, exclusive of GST and expenses, andthat the Deed Administrator can draw the remuneration on a monthly basis or as required.

  • At the forthcoming meeting of creditors, if creditors agree that the Company should be placed intoLiquidation; creditors will be asked to pass the following resolutions:

    Administrators Past Fees 20 June 2013 to 10 July 2013. (Annexure A pgs 1-2)

    That the remuneration of the Administrator for the period 20 June 2013 to 10 July 2013, calculated athourly rates detailed in the report to creditors of 15 July 2013, is determined in the sum of $54,950.00,which excludes GST and expenses.

    Prospective Fees from 11 July 2013 to 23 July 2013. (Annexure A pgs 7-8)

    That the remuneration of the Administrator from 11 July 2013 to 23 July 2013 is determined at a sumequal to the cost of time spent by the Administrator and his partners and staff, calculated at the hourlyrates as details in the report to creditors of 15 July 2013, to a capped amount of $37,875.00, exclusiveof GST and expenses, and that the Administrator can draw the remuneration on a monthly basis or asrequired.

    Prospective Fees from 24 July 2013 to the Conclusion of the Liquidation. (Annexure A pgs 9-10)

    That the remuneration of the Liquidator 24 July 2013 to the conclusion of the Liquidation is determinedat a sum equal to the cost of time spent by the Liquidator and his partners and staff, calculated at thehourly rates as details in the report to creditors of 15 July 2013, to a capped amount of $123,085.00,exclusive of GST and expenses, and that the Liquidator can draw the remuneration on a monthly basisor as required.

    Queries/Information Sheets

    The above information is provided to assist creditors consider the appropriateness of the remuneration claimthat is being made.

    Creditors should feel free to contact the Liquidators office to seek further information concerning theremuneration claim if they so need.

    The IPA have produced a document entitled Creditor Information Sheet: Approving remuneration in externaladministrations that can be downloaded from the IPA website www.ipaa.com.au or alternatively a copy can beobtained if you contact this office.

    Yours faithfully,

    Kimberley Wallman AdministratorCentral Mining & Contracting Pty Ltd (Administrator Appointed) ACN: 113 050 678

  • Central Mining & Contracting Pty Ltd (Administrator Appointed) ACN: 113 050 678 Appendix AVoluntary Administration Page 1 of 10

    Kimberley Wallman (Administrator)HLB Mann Judd (Insolvency WA)

    TASKS COMPLETED IN THE PERIOD:FROM - 20 June 2013TO - 10 July 2013FOR REMUNERATION APPROVAL

    Task Area General Description Includes[Est. cost]Assets Debtors/retentions In depth review of projects and amounts outstanding with respect to

    retentions, contract variations and trade debtors.$8,381.00 Meetings with key staff and personnel regarding amounts outstanding and

    recovery options.Meeting with client to discuss amounts outstanding and Companyobligations under contract.Discussions with creditors and Committee of Creditors members regardingamounts outstanding and options to recovery.Completion of Manufacturers Data Reports for submission to clients in orderto recovery retention amounts.

    Plant & Equipment Review of fixed asset holdings of Company, location and current use ofequipment.Discussions with auctioneer regarding sale of assets and values of assetson hand.Communication with external asset valuer regarding availability to perform avaluation.Review of encumbered assets and likely recoverable values.Communications with finance companies regarding ongoing use ofmachinery.

    Cash at BankContact with Company's banker to secure funds on hand. Arrange periodicsweeps of post appointment credit funds to Administrator's bank account.

    Meeting with bank regarding set off rights and impact on Company trading.Insurance Review of Company insurance status and contact with relevant premium

    funding providers. Arranged payment of insurance.Creditors First letter and meeting,

    proxies and statements ofclaim

    Organise venue and meeting time for first creditors meeting with thebusiness manager.

    $9,252.00 Prepare and send first creditors letter to all known creditors via post and e-mail.Organise meeting and post out dates for creditor reports and meetings.Send calendar reminders to required staff.Searching for creditors addresses not supplied.Work on Declaration of Independence, Relevant Relationships andIndemnities (DIRRI) details.Create and update creditors dividend database and claims and proofsregister.Prepare and submit ASIC online advertisements regarding the first meetingdetails.Attend to all creditor enquires regarding appointment, required forms tocomplete and first creditors meeting.Organise and review all statement of claims and proxy forms received fromcreditors.Review proxies and contact creditors regarding to amendments that neededto be made.Attend to retention of title claim enquires.Prepare for and hold the first creditors meeting. Prepare proxies and proof ofdebt documents.Discuss individually the creditors enquires and specific questions after thecreditors meeting.Send creditors letter to new creditors that have surfaced after appointment.

    Prepare and submit fist creditors meeting minutes to ASIC online.Discuss and review records obtaining to creditors claims.

    Committee of Creditors Communicate with Committee Members as required and send notice ofsecond meeting.Prepare fore and attend second meeting of the Committee of Inspection,keep minutes and arrange lodgement at ASIC.

    Report to Creditors Prepare section 439A report to creditors, including background of theCompany, details of proposed DOCA and likely returns to creditors,Administrator's recommendation.

    Second Meeting ofCreditors

    Prepare for and attend second meeting of creditors, including collation ofproxies and claims, telephone services, attendance register, draft minutesand documents to be tabled.Update minutes of meeting and arrange lodgement at ASIC.

    Employees Wages Communications with employees regarding payment of ongoing wages andother entitlements.

    $3,699.00 Superannuation Review of superannuation liability calculations for payment in due course.

  • Entitlements Review of leave and termination entitlement calculations in relation toDOCA versus liquidation scenario.

    Group Certificates Review and post group certificates to current and former employees.Trade-on Cape Preston Project Meeting with client regarding ongoing trading, contractual requirements,

    payments and contract expiry date.$11,078.50 Contact with site staff regarding resources, requirements, internet access

    and ongoing work.Review of plant hire and financed plant requirements.

    Perth Operations Contact with staff regarding ongoing work required at Perth office.Meeting and correspondence with landlord regarding access to premises atAbernethy Road. Payment of rent invoice.Meeting with IT company regarding ongoing access to server and other ITbased services, upgrades and maintenance issues.Payment of wages and other costs of the Administration.

    Investigations PreferencesReview of cashbook to identify potential preferential payments to creditors.

    $13,190.00 Discussions with bookkeeper regarding payment plans and creditors placingpressure on the Company for payment of outstanding amounts.Review of legal documents and files for statutory demands and writs.Review of Company credit file regarding writs and judgement debts.Investigations of running account balances and payments made to creditorswithin the last six months.

    Insolvent trading Review of trading history and credit incurred.Investigation of Director's personal asset position in relation to recoveryactions.

    DOCA Meetings with relevant parties in relation to the proposal of a DOCA.Review of DOCA proposal and consideration regarding liquidation versusDOCA scenario.

    AdministrationMail, correspondence andWork in Progress

    Filing, file e-mailing system, photocopying, scanning documents, manageincoming mail.

    $9,349.50 Manage disbursements and data entry of payments and receipts.Update the website with creditors reports and minutes.

    Checklists Maintain checklist for the progress of the appointmentReview of notes and meeting records.

    Meetings Meeting regarding status of appointment and matters to attend to.Taxation Communications with Australian Taxation Office regarding appointment.Statutory Requirements Lodged appointment documents with ASIC online.Administrative Support Clerical duties, telephone calls and correspondence with stakeholders.

    Filing of records and documents.Conflict check obligations within HLB Mann Judd Australia network.

    Banking Maintain banking requirements, deposit cheques.Open and maintain Administrator's bank account.Freeze and request funds from current company bank accounts.

    Searches Conduct, print and review Veda search.Conduct, print and review ABR personal name search.Conduct, print and review Company and PPSR search.

    TOTAL$54,950.00

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  • Central Mining & Contracting Pty Ltd (Administrator Appointed) ACN: 113 050 678 Appendix AVoluntary Administration Page 3 of 10

    Kimberley Wallman (Administrator)HLB Mann Judd (Insolvency WA)

    TASKS COMPLETED IN THE PERIOD:FROM - 11 July 2013

    TO -Date of DOCA Execution if Accepted by Creditors (no later than 12August 2013)

    FOR REMUNERATION APPROVAL

    Task Area General Description Includes[Est. cost]Assets Debtors/Retentions Continued investigation and recovery actions in relation to outstanding

    retention amounts due to the Company.$9,900.00 Meetings and communications with relevant staff and parties relating to

    the recovery of retentions.Attendance at negotiation/adjudication meetings/hearings.

    Plant & Equipment Investigation of assets and realisation options.Send disclaimers of onerous contracts.Review of valuation of assets.Communications with auctioneer regarding status of sales of assets.

    Insurance Review and pay insurance premiums.

    Creditors

    Report to Creditors Finalise and post section 439A report to creditors, including backgroundof the Company, details of proposed DOCA and likely returns to creditors,Administrator's recommendation.

    $11,360.00

    Second Meeting ofCreditors

    Prepare for and attend second meeting of creditors, including collation ofproxies and claims, telephone services, attendance register, draft minutesand documents to be tabled.Update minutes of meeting and arrange lodgement at ASIC.

    Post Second Meeting ofCreditors

    Prepare and circulate notice of outcome of second meeting notice tocreditors and advise parties via email and telephone.General communications with creditors regarding status of appointment.

    Outcome of Meeting Send notice to creditors of the outcome of the meeting.Send notice to creditors in relation to the execution of the DOCA andimplications for continued trading.

    Secured Creditor Provide updates to secured creditor regarding status of administrationand likely future of the Company.Account to secured creditor for asset realisations if necessary.

    Creditor Enquiries Receive and follow up creditor via telephone. Maintaining creditor enquiryregister. Review and prepare correspondence to creditors and theirrepresentatives via facsimile, email and post.Update Creditors Dividend Database and Proof and Claim register.

    EmployeesClaims and entitlements Preliminary review of superannuation in relation to possible DOCA

    requirements.$6,975.00 Review of records and employee conditions of employment.

    Arrange payment of superannuation to relevant funds.Respond to any employee enquires.Review and pay employees wages weekly and any requiredreimbursement.

    Trade-on Cash flow and trade onmatters

    Various discussions regarding potential Deed of Company Arrangementagreement.

    $14,935.00 Deal with various issues relating to operations, payments and the generaltrade on of the business, liaising with the director and business manager.Discussions with the business manager regarding general day to daymanagement.Request and review cash flow details.Pay trade on liabilities and review ongoing ability to service currentcontracts.

    Investigations Preliminaryinvestigations, checklist

    Continue with investigations into past affairs and dealings of the company,review of accounting package and bank statements, review of potentialpreferential payments, liaise with directors regarding recent trading.

    $9,345.00 Review Books and records and searches that have been conducted.Prepare and maintain investigations checklist. Review with Administratoras required.

    DOCA Review of draft DOCA proposal and meetings with party proposing theDOCA to discuss Company status and other legal matters.

    Preferential Payments In depth review of cashbooks and payments to creditors.Examination of legal demands and writs regarding creditors claims.Meetings with staff regarding potential preference payments that could bepursued by a Liquidator.

    Administration Correspondence,banking control, MYOBdatabase, ATO and otherstatutory reporting,planning and review

    Filing, file e-mailing system, photocopying, scanning documents, maintainincoming and outgoing mail.

    $7,185.00 Update and review appointment checklist.Deposit cheques into bank administration bank account.Requesting bank statements. Bank account reconciliations.Correspondence with bank regarding transfer of funds.Create a MYOB and Data entry of payments and receipts.Preparing BAS'. Completing group certificates.Discussions and meetings regarding status of administration.

    TOTAL$59,700.00

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  • Central Mining & Contracting Pty Ltd (Administrator Appointed) ACN: 113 050 678 Appendix AVoluntary Administration Page 5 of 10

    Kimberley Wallman (Administrator)HLB Mann Judd (Insolvency WA)

    TASKS COMPLETED IN THE PERIOD:FROM - DATE OF DOCA EXECUTION (NO LATER THAN 13 AUGUST 2013)TO - DATE WHEN DOCA IS FULLY EFFECTUATEDFOR REMUNERATION APPROVAL

    Task Area General Description Includes[Est. cost]

    Assets Debtors/RetentionsContinued investigation and recovery actions in relation to outstandingretention amounts due to the Company.

    $20,205.00Meetings and communications with relevant staff and parties relating to therecovery of retentions.Attendance at negotiation/adjudication meetings/hearings.Finalisation of retention collection efforts.Reconciliation of recoveries against anticipated amounts to be recovered.

    Plant & Equipment Continued realisations in relation to plant and equipment, held in Perth andsites around Western Australia.Arrange demobilisation to Perth for sale.Arrange in situ sales at sites around Western Australia.Communications with auctioneers regarding sale progress and realisationamounts.Account to secured creditor for fixed asset sales as required.Communications with former members of staff regarding sale of assets.Finalise plant sales and reconcile against estimated realisable values.

    Insurance Review insurance coverages and payment thereof.Cancel insurance coverage when applicable.

    Creditors Reporting and meetings Prepare and circulate supplementary report to creditors regarding executionof DOCA and implications for trading.

    $33,525.00 Send letter to creditors regarding the outcome of the second meeting ofcreditors and advertise this outcome at ASIC online.

    Creditors Follow up creditor queries via telephone, email and surface mail.Execute DOCA if proposal and lodge relevant documents at ASIC.Continued communications with parties involved with the DOCA (if executed)to ensure all obligations are met. Fully effectuate DOCA as required.Collection of funds as per DOCA terms.Receipt, scan and file claims and proofs, update creditors claimsdatabase.Prepare minutes for meeting of creditors. Review and collate proxy forms andstatement of claims.Attend to queries from creditors regarding DOCA and dividend. Providerequested information.

    Communications withcreditors

    Attend to queries from creditors regarding the administration processgenerally and the second meeting of creditors.

    Finalisation Prepare and circulate final report to creditors including notice effectuation ofDOCA.

    Employees General Attend to queries from employees / superannuation entitlements.$11,015.00 Employee Entitlements Review and adjudicate on employee claims / superannuation.

    Communicate with bookkeeper regarding entitlement balances, terminationentitlements and employee records.Communicate with former employees in relation to amounts claimed as owedby the Company.Prepare final figures in preparation for dividend distribution.

    Group Certificates Arrange to send out group certificates for the 2013/14 financial year.

    Trade-onConclusion of ContractWork Continued byAdministrator

    Complete contract obligations at site at Cape Preston. Meetings andcommunications with site manager and client in relation to conclusion ofcontract.

    $11,475.00 Arrange demobilisation of plant and equipment.Pay outstanding trade-on creditors and employee entitlements.Reconcile cash flows and cash surplus.

    Dividend Calculation & Distribution Advertise and call for proofs from creditors via circular. Post notice at ASIConline.

    $18,230.00 Record and collate claims and supporting documents provided by creditors.

    Adjudicate on proofs of debt supplied by creditors.Enter into legal adjudication on creditor claims if required.Calculate rate of return to creditors. Prepare and distribute dividends.Record payments to creditors and monitor cheque presentations.Finalise all dividend records and paperwork.

    Administration General Filing, maintain timesheets, photocopying, scanning documents, manageincoming and outgoing mail.

    $9,640.00 Manage disbursements and work in progress entries.Advertise DOCA as required.General meetings to discuss and plan tasks required to finalise the DOCA.

    Deposit funds received at bank. Reconcile receipts and payments.Maintain checklist for the progress of the DOCA.Prepare and lodge BAS's as required.Advise ATO of finalisation of DOCA.

    Remuneration Manage the remuneration of the Administrator/Deed Administrator asapproved by creditors.

    Statutory Reporting Lodge finalisation documents at ASIC.Arrange storage of relevant records of the Company.Arrange for the storage of the Deed Administrator's records.

    TOTAL$104,090.00

    Taxation

    Books and Records

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    Appendix A

  • Central Mining & Contracting Pty Ltd (Administrator Appointed) ACN: 113 050 678 Appendix AVoluntary Administration Page 7 of 10

    Kimberley Wallman (Administrator)HLB Mann Judd (Insolvency WA)

    TASKS COMPLETED IN THE PERIOD:FROM - 11 July 2013TO - 23 July 2013FOR REMUNERATION APPROVAL

    Task Area General Description Includes[Est. cost]Assets Debtors/Retentions Continued investigation and recovery actions in relation to

    outstanding retention amounts due to the Company.$6,980.00 Meetings and communications with relevant staff and parties

    relating to the recovery of retentions.Attendance at negotiation/adjudication meetings/hearings.

    Plant & Equipment Investigation of assets and realisation options.Send disclaimers of onerous contracts.Review of valuation of assets.

    Communications with auctioneer regarding status of sales of assets.Insurance Review and pay insurance premiums.

    Creditors

    Report to Creditors Finalise and post section 439A report to creditors, includingbackground of the Company, details of proposed DOCA and likelyreturns to creditors, Administrator's recommendation.

    $8,760.00

    Second Meeting of Creditors Prepare for and attend second meeting of creditors, includingcollation of proxies and claims, telephone services, attendanceregister, draft minutes and documents to be tabled.Update minutes of meeting and arrange lodgement at ASIC.

    Post Second Meeting of CreditorsPrepare and circulate notice of outcome of second meeting noticeto creditors and advise parties via email and telephone.General communications with creditors regarding status ofappointment.

    Outcome of Meeting Send notice to creditors of the outcome of the meeting.Send notice to creditors in relation to the execution of the DOCAand implications for continued trading.

    Secured Creditor Provide updates to secured creditor regarding status ofadministration and likely future of the Company.Account to secured creditor for asset realisations if necessary.

    Creditor Enquiries Receive and follow up creditor via telephone. Maintaining creditorenquiry register. Review and prepare correspondence to creditorsand their representatives via facsimile, email and post.Update Creditors Dividend Database and Proof and Claim register.

    EmployeesClaims and entitlements Preliminary review of superannuation in relation to possible DOCA

    requirements.$6,975.00 Review of records and employee conditions of employment.

    Arrange payment of superannuation to relevant funds.Respond to any employee enquires.Review and pay employees wages weekly and any requiredreimbursement.

    Trade-on Cash flow and trade on matters Various discussions regarding potential Deed of CompanyArrangement agreement.

    $4,230.00 Deal with various issues relating to operations, payments and thegeneral trade on of the business, liaising with the director andbusiness manager.Discussions with the business manager regarding general day today management.Request and review cash flow details.Pay trade on liabilities and review ongoing ability to service currentcontracts.

    Investigations Preliminary investigations, checklist Continue with investigations into past affairs and dealings of thecompany, review of accounting package and bank statements,review of potential preferential payments, liaise with directorsregarding recent trading.

    $7,525.00 Review Books and records and searches that have beenconducted.Prepare and maintain investigations checklist. Review withAdministrator as required.

    DOCA Review of draft DOCA proposal and meetings with party proposingthe DOCA to discuss Company status and other legal matters.

    Preferential Payments In depth review of cashbooks and payments to creditors.

    Examination of legal demands and writs regarding creditors claims.Meetings with staff regarding potential preference payments thatcould be pursued by a Liquidator.

    Administration Correspondence, banking control, MYOBdatabase, ATO and other statutoryreporting, planning and review

    Filing, file e-mailing system, photocopying, scanning documents,maintain incoming and outgoing mail.

    $3,405.00 Update and review appointment checklist.Deposit cheques into bank administration bank account.Requesting bank statements. Bank account reconciliations.Correspondence with bank regarding transfer of funds.Create a MYOB and Data entry of payments and receipts.Preparing BAS'. Completing group certificates.Discussions and meetings regarding status of administration.

    TOTAL$37,875.00

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  • Central Mining & Contracting Pty Ltd (Administrator Appointed) ACN: 113 050 678 Appendix AVoluntary Administration Page 9 of 10

    Kimberley Wallman (Administrator)HLB Mann Judd (Insolvency WA)

    TASKS COMPLETED IN THE PERIOD:FROM - 24 July 2013TO - CONCLUSION OF LIQUIDATIONFOR REMUNERATION APPROVAL

    Task Area General Description Includes[Est. cost]

    Assets Debtors/RetentionsContinued investigation and recovery actions in relation to outstandingretention amounts due to the Company.

    $20,205.00Meetings and communications with relevant staff and parties relating to therecovery of retentions.Attendance at negotiation/adjudication meetings/hearings.Finalisation of retention collection efforts.Reconciliation of recoveries against anticipated amounts to be recovered.

    Plant & Equipment Continued realisations in relation to plant and equipment, held in Perth andsites around Western Australia.Arrange demobilisation to Perth for sale.Arrange in situ sales at sites around Western Australia.Communications with auctioneers regarding sale progress and realisationamounts.Account to secured creditor for fixed asset sales as required.Communications with former members of staff regarding sale of assets.Finalise plant sales and reconcile against estimated realisable values.

    Insurance Review insurance coverages and payment thereof.Cancel insurance coverage when applicable.

    Creditors Reporting and meetings

    $33,525.00 Send letter to creditors regarding the outcome of the second meeting ofcreditors and advertise this outcome at ASIC online.

    Creditors Follow up creditor queries via telephone, email and surface mail.Lodge relevant documents at ASIC.Receipt, scan and file claims and proofs, update creditors claimsdatabase.Prepare minutes for meeting of creditors. Review and collate proxy forms andstatement of claims.Attend to queries from creditors regarding Liquidation and dividend. Providerequested information.

    Communications withcreditors

    Attend to queries from creditors regarding the administration processgenerally and the second meeting of creditors.

    Finalisation Prepare and circulate final report to creditorsEmployees General Attend to queries from employees / superannuation entitlements.$11,015.00 Employee Entitlements Review and adjudicate on employee claims / superannuation.

    Communicate with bookkeeper regarding entitlement balances, terminationentitlements and employee records.Communicate with former employees in relation to amounts claimed as owedby the Company.Prepare final figures in preparation for dividend distribution.

    Group Certificates Arrange to send out group certificates for the 2013/14 financial year.

    Trade-onConclusion of ContractWork Continued byAdministrator

    Complete contract obligations at site at Cape Preston. Meetings andcommunications with site manager and client in relation to conclusion ofcontract.

    $11,475.00 Arrange demobilisation of plant and equipment.Pay outstanding trade-on creditors and employee entitlements.Reconcile cash flows and cash surplus.

    Investigations Preferences Finalisation of examination of preference payments.

    $18,995.00 Commence recovery actions and legal processes to recover funds frompreference recipients.Liaise with legal representation regarding recovery of preferences.Finalise review of records and account transactions.Finalise collections and reconcile off against estimated recoveries.

    Insolvent Trading Consider pursuing Director for insolvent trading offences.Issue legal demand and follow up claims against Director.

    Statutory Reporting Prepare and submit a report with ASIC pursuant to section 533.Follow up acknowledgement of receipt of report.Consider preparing supplementary report to ASIC if deemed necessary.

    Dividend Calculation & Distribution Advertise and call for proofs from creditors via circular. Post notice at ASIConline.

    $18,230.00 Record and collate claims and supporting documents provided by creditors.

    Adjudicate on proofs of debt supplied by creditors.Enter into legal adjudication on creditor claims if required.Calculate rate of return to creditors. Prepare and distribute dividends.Record payments to creditors and monitor cheque presentations.Finalise all dividend records and paperwork.

    Administration General Filing, maintain timesheets, photocopying, scanning documents, manageincoming and outgoing mail.

    $9,640.00 Manage disbursements and work in progress entries.General meetings to discuss and plan tasks required to finalise theLiquidation.Deposit funds received at bank. Reconcile receipts and payments.Maintain checklist for the progress of the Liquidation.Prepare and lodge BAS's as required.Advise ATO of finalisation of Liquidation.

    Remuneration Manage the remuneration of the Administrator/Deed Administrator asapproved by creditors.

    Statutory Reporting Lodge finalisation documents at ASIC.Arrange storage of relevant records of the Company.Arrange for the storage of the Deed Administrator's records.

    TOTAL$123,085.00

    Taxation

    Books and Records

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  • Central Mining & Contracting Pty Ltd (Administrator Appointed)ACN: 113 050 678

    Receipts and Payments

    20 June 2013 to 14 July 2013

    Receipts $

    Company Funds Recovered 500,000Insurance Claim Recovery 163,000Pre-appointment Debtor Recovery 30,371

    Total 693,371

    Payments

    Trade-on Wages 135,661Trade-on Expenses 42,392Insurance 5,551Legal Costs 908Administrators Expenses 440Bank Charges 13

    Total 184,965

    Cash Balance 508,406

    Note: As disclosed in my first letter to creditors dated 21 June 2013, in addition to theabove, a sum of $50,000 is currently held in my firms Trust Account.

    Annexure BPages 1 of 1