It seems a key assumption by Bernard Hall may be in error. Bernard is quoted by the Central Western Daily as indicating a belief that he only needed to find the ‘other half’ of the equity he didn’t presently own in the Bonny Glen properties.
Bernard Hall – when $8m means $4m
More than 106 days after the auction (as at 8 November 2019), Bernard and his company’s have failed to complete the purchase of 4 of the 5 Bonny Glen properties he bid to purchase at a cost of $8.15m.
In early November 2019, a notice to complete under those 4 incomplete contracts has been issued upon Bernard Hall making completion, at a final price of about $7.4m, time being of the essence, essential by the close of business on 14 November 2019. As at the close of business on that day (yesterday), Bernard’s purchasing companies had failed to complete.
Despite this, it is believed that Bernard cannot simply transfer those interests to the purchasing vehicles, he had to complete the purchase contracts (it is believed) hence the notices to complete.
It would appear from Bernard’s quotes (see article above) he believed he could merely just pay a top up sum to buy out his brother and parents from the properties? Did his Nuffield Scholar wife also hold this belief?
Bernard (with Fiona) is a joint shareholder and director of Caernarvon Cherry Pty Ltd and other related companies.
The family tree of the Bonny Glen and Hall family/s is below:
Hall family tree of businesses
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Caernarvon, much to the distress of Bernard’s former partner in Bonny Glen, Tim Hall, holds a supply agreement for apples to Woolworths, yet Tim had no financial interest in Caernarvon.
Caernarvon, was able, at least theoretically, to take a clip of Bonny Glen‘s (Tim & Bernard’s) apple sales to Woolworths without having to compensate Tim. Perhaps this was a source of angst between the brothers and led to the dissolution of their business partnership?
Caernarvon is labour hire company, marketer and packer of cherries. To the best knowledge of DCP, its assets include a Cherry Grader purchased in 2013, additional lanes added in 2014 and virtually nothing else (according to the PPSR register). As the packer and marketer of cherries, it is expected that it will be argued that Caernarvon is in effect a merchant within the terms of the Horticultural Code of Conduct (“the code”). As such, the code requires Caernarvon to have Horticultural Produce Agreements (“HPA”), in writing, with every fruit grower it deals with. DCP has spoken to multiple fruit growers and is yet to meet a single fruit grower that has received from Caernarvon a HPA which the code says is mandatory. This could be a problem for Caernarvon in the class-action if it proceeds.
It is unknown whether this company was the purchaser of the former Bonny Glen apple grader believed to have been sold by the liquidators (of Bonny Glen). A recent search of the PPSR register of Caernarvon does not reveal any PPSR charge on the apple grader.
Caernarvon’s bankers appear to be Westpac Bank who at least at present hold mortgages over a number of the Bonny Glen properties and have a security interest in Caernarvon‘s cherry grader.
Present known cases against Caernarvon Cherry
DCPLH is currently undertaking a statement of claim (as at 6 November 2019) in pursuit of an alleged debt owed by Caernarvon Cherry Pty Ltd to it, as assignee. DCPLH has filed this statement of claim in late September 2019 with a defence due by the defendants who have sought extra time to file on or before the end of November 2019.
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* it is understood that the liquidators of Bonny Glen have issued a notice to complete on the purchase/s of land from the auctions of 24 July 2019 by close of business on 14 November 2019, time being of the essence. Unless Bernard completes the purchase of the Caernarvon’s Shed, it would appear that Caernarvon may not have a going concern business or may require to relocate to other non purpose built facilities?
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