Despite having been appointed almost 2 months ago, DW Advisory has not realised 90% by value of the sale of the Bonny Glen partnership properties (according to title searches of 14 November 2019) auctioned in Orange on 24 July 2019.
“NO CERTIFICATE OF TITLE HAS ISSUED FOR THE CURRENT EDITION OF THIS FOLIO. CONTROL OF THE RIGHT TO DEAL IS HELD BY WESTPAC BANKING CORPORATION.”
We further understand there is an allegation that the liquidator has failed to collect 1 or more years rent from Bernard’s lessee company? Whilst there may be sound business reason for not collecting this rent from Bernard’s company (?), DCP sincerely hope the interests of all creditors (not just interests associated with Bernard Hall) are being protected by DW Advisory in their trusted role as liquidator? We understand complaints have been made about aspects of the liquidator’s conduct to date to bodies including ASIC and other regulators?
The identity of the purchaser, seemingly being a superfund, suggests the purchases were not intended to be debt financed – super funds find it difficult to borrow funds even mortgages.
The failure of Bernard Hall’s trustee company to purchase those properties, after some 115 days being available to them to raise finances, which it was contracted to purchase suggests things are not good in the Hall camp ….
4 related companies in liquidation,
a litigation war between Bernard and his family,
the failure to complete 4 out of 5 contracts* (with a $740,000 deposit seemingly at risk),
with a litigant seeking a judgment in the sum of around $620,000 and
other unknown issues under the surface,
suppliers and customers of Bernard’s company Caernarvon Cherry Pty Ltd, perhaps justifiably, may well have concerns about whether Caernarvon really is a going concern and long-term partner?
More detailed analysis will follow re what the above means (or may mean) to proposed class action participants.
More detailed information on the Hall’s is available on our webpages:
We’ve been researching the circumstances of a once highly successful liquor manufacturing business, with a huge client base – domestically as well as around the world.
This business had grown and prospered for more than 50 years until this year. This hard work was all undone overnight when it was wound-up by an aggressive ATO.
Our research indicates some or all of the situation could have been avoided with more thoughtful structuring and asset protection arrangements.
The business was wound up, more or less overnight, by the ATO.
50 years of hard work bought undone overnight.
Business Asset Protection, applying the research this case has uncovered, is offering free business structuring health checks for companies – particularly in high tax sectors such as liquor, with slow paying wholesale customers or those experiencing growing inventory levels.
To arrange a free structuring health check call now on 1300-327123 or complete the below form.
Insolvency in general terms, as it relates to a corporation, is the inability to pay debts as and when they become payable.
A company is also insolvent if it is experiencing an ‘endemic shortage of working capital’ as opposed to a temporary lack of liquidity.
Determining the difference at a point in time during the corporation’s life is a question for a court to determine .
Indicators of insolvency include:
no access to alternative finance,
the inability to raise further equity,
special arrangements with selected creditors,
solicitors’ letters or judgments issued against the company,
failure to keep books and records, etc.
The list is indicative and not exhaustive.
Companies experiencing any or all the above indicators should book a free consultation by clicking here then where we’ll provide you with company specific advice re insolvency in your instance. Alternatively call us on 1300-327123 (till late) or complete the form below.