TC Yasa hits Dreketi Timber Mill

Regrettably, Tropical Cyclone Yasa hit the Dreketi Timber Mill hard. Parts are clearly in ruins. Its ability to trade on is unknown.

Dreketi Timber Mill is owned by Taiwan Timber Fiji in liquidation.

Ralph Paligaru, through Mills Management (Fiji) Pte Ltd over the land and ruins.

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Thanks, Mark Smith, Director

Dreketi Timber Mill, Fiji

Dreketi Timber Mill is a mill at Dreketi, Labasa, Fiji owned by the defunct Taiwan Timber Co, Fiji (in liquidation) and leased to or operated by Mills Management Fiji Pte Ltd.

The director of Mills Management Fiji Pte Ltd is Ralph Paligaru.

Dreketi Timber Mill is located at: Nabouwalu Rd, Dreketi, Labasa, Fiji

Dreketi Timber Mill
Dreketi Timber Mill
Dreketi Timber Mill
Dreketi Timber Mill

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Dural Alliances Pty Ltd (in liquidation) – profile

Ralph & Amreeta Paligaru

revised in part on 15 and 16 December 2020 by Mark Smith

Below are the personal opinions (unless stated otherwise) of Mark Smith.

Public interest

Dural’s director is Ralph Ignatius Paligaru. Ralph purports to have connections to people in extremely high public offices in Fiji – Cabinet Ministers some having, he claims, attended a Marist College as a Schoolboy in Fiji where he has said that he formed relationships with persons later coming to occupy, as I mentioned, high public offices in Fiji. It is believed that some of these connections include to persons within the Reserve Bank of Fiji, Fiji Hardwood Corporation and a number of Government Departments and elsewhere. It is believed some of the below may be of public interest to those trading with persons and dealing with government officials, in some instances, in Fiji as well as interest to foreign persons providing aid or other support to Fiji or otherwise. It may also be of interest to Australians & Chinese – Australia contributes a substantial sum of aid to Fiji (China is also reported to provide aid to Fiji), so naturally have an interest in the good governance of the Country of Fiji – one of Australia’s regional neighbours together with an interest in efficient and proper utilisation of the Aid provided by our nation to Fiji. Regrettably, Fiji, it is reported, has corruption problems as do other countries within the region. The below may also be in the public interest of persons from or interested in India. The public interest of Australia may also be involved – Ralph and his employer (discussed throughout this blog, a man named Mohan Kumar) lobbied and received Visa’s and had other legitimate dealings with officials and public office holders in Australia. The solvency of corporations in Australia, their proper or improper registration of companies or otherwise, to provision of finance guaranteed by “mums and dads”, the rates of interest charged (in this case compounding at 6% PER MONTH IN DEFAULT, e.g. >72% per annum) and other factors are also believed to be of public interest.

About the company and its director

Ralph is the public officer of a company named Mills Management Fiji Pte Ltd – company search available here. The search records the registered address of Mills Management as Dreketi, Labasa, Fiji. The asset – Mill – that Mills Management Fiji Pte Ltd runs – is the Dreketi Mill, Dreketi, Labasa, Fiji.

As mentioned, Ralph is also a former director of Dural Alliances Pty Ltd (in liquidation).

Dural Alliances Pty Ltd was incorporated on 28 July 2017 with Ralph’s as its director and secretary. Craig Adams was, according to Ralph, involved in the registration of this company later obtaining the consent of Ralph. Later Ralph gave sworn evidence to the NSW Supreme Court, in part stating the followings:

This statement raises issues of public policy – people becoming shadow directors amongst other things.

Dural Alliances was placed into liquidation by order of the Federal Court of Australia – click here to view court order. The Plaintiff in the windup was DCP Litigation Holdings Pty Ltd.

Particulars of the debt and proof owed by Dural to DCP Litigation can be found here (the debt was not disputed, the windup was not opposed).

Dural, Ralph and Amreeta caused funds to be borrowed of $540,000 using their family home at 88 Perfection Ave, Stanhope Gardens as security for the loan advanced by Franklin Yeezy Holdings Pty Ltd.

A mortgage (variations sought by John Mahony of Mahony Law) and a deed (the deed preparation appears to have been witnessed by the Paligaru’s solicitor John Mahony of Mahony Law) and the Deed purports to have been entered in August 2017, a couple of days before the Franklin Yeezy advance. The mortgage of Franklin Yeezy was prepared, to the best of my knowledge by David Lalic of Strategic Legal. Ralph gave sworn evidence that Mahony Law was paid for their services as follows:

Pursuant to the deed, Dural, Ralph and Amreeta apparently received a charge over land belonging to Craig Adam’s company Golden Arrow International Pty Ltd as security, being land in Warriewood in return for the sum of $540,000. The deed was entered on or about 4 August 2017 – apparently in front of his solicitor John Mahony of Mahony Law, however a caveat was not registered until about 6 December 2017 – some 4 months laterclick here to view the caveat.

Related facts? Missing facts? Missing motive?

Precisely what would motivate Ralph and Amreeta to mortgage their house (where the default interest rate was compounding at 6% PER MONTH, i.e. >72% pa?)

Prior to entry into the Franklin Yeezy mortgage, Ralph entered Heads of Agreement (discussed in the Profile of Ralph Paligaru – click here to view) – which appears to have been signed around 24 April 2016. Ralph was Power of Attorney for Mohan Kumar and in the following weeks (May 2016) Ralph used his Power of Attorney for Mohan Kumar to execute a contract of sale to sell Kumar’s Dural Land to Craig’s companyBargoASIC search available here. The writer does not suggest the election to sell was not the legitimate wish of Kumar.

It is clear from the ASIC search that neither Ralph nor Mohan Kumar were ever the registered owner of any shares in Bargo although the vendor terms / mortgage between Mohan Kumar and Bargo entitled the vendor to accept shares in Bargo under certain circumstances (e.g. if Bargo was in default) – see mortgage.

Moreover, Craig Adams provided to Ralph (POA for Kumar) all the shares in Bargo as security for a vendor loan (if Bargo was in default under the $4m vendor loan?).

To the best information of the writer, neither Mohan Kumar nor Ralph elected to transfer or accept shares (or transfer the Bargo shares despite holding a signed transfer available to transfer the shares to whoever they’d like under the vendor mortgage / terms.

It is unknown what happened to the Heads of Agreement – it is unknown or unclear from the Heads of Agreement if Craig (or Ralph) held any shares ‘on trust’ for another person or persons – e.g. Mohan Kumar?

Ralph made written and then oral admissions to me in mid 2017 that the Heads of Agreement was “my deal” – click here to view the email containing this admission.

But this still does not explain why Ralph and Amreeta mortgaged their house and provided $540,000 to Craig or for the benefit of Craig? The precise benefit (if any) that Ralph and Amreeta thought they would receive is unknown? The writer supposes that the email from Ralph to myself dated 8 June 2017 may provide clues where it states the following:

Dural Alliance’s demise

Ralph Paligaru, the sole director of the company, had notice of the winding up of Dural Alliances but did not attend court nor contest or defend the alleged debt owed to my company in any way. Accordingly, the court, by issuing the windup order was, I believe, satisfied that Dural Alliances owed the sum alleged to the Plaintiff – DCP Litigation Holdings Pty Ltd (or at the very least owed in excess of the statutory minimum sum required to order the windup of a corporation AND that there was no dispute at all that the sum, or at least the minimum required sum, was owed to the applicant company, DCP Litigation Holdings Pty Ltd).

What is known is Bargo is now in liquidation, Craig is bankrupt. Dural Alliances was placed in liquidation in February 2020 in the Federal Court of Australia by my company, DCP Litigation Holdings Pty Ltdsee the attached court order – click here. DCP Litigation Holdings proved a debt owed to it by Dural Alliances in the amount of $179,999.82the same source of debt alleged in order to windup that company – court order obtained here.

A copy of the report to creditors of Dural Alliances can be viewed by clicking here.

A copy of the originating process for the windup include:

Creditors statutory demand

Affidavit of service

Originating process to Federal Court

Court listing particulars

Affidavit of debt

Windup order

Other matters / co-incidences?

In around April 2020, Ralph sold 88 Perfection Ave, Stanhope Gardens to satisfy some of the mortgages or charges however a 3rd charge to my company was not discharged and the caveat protecting that charge was withdrawn.

Coincidentally, the first mortgagee that was paid (as is usual) from the sale of 88 Perfection Ave, Stanhope Gardens was also linked to the mortgagor of the Dural land through lender Pacific8 – whose director is a man named Adam Tilley – a person infamously (so it is reported) being victim of a firebombing involving convicted murderer Ron Medich and his victim, Michael McGuirk. The writer is not suggesting Mr. Tilley is other than Mr. Paligaru (and Craig Adam’s) lender.

In or about February 2020, Pacific8 (the holder of an AFSL) loaned money under a 1st mortgage to Ralph and Amreeta. Pacific8 (is the holder of an AFSL). Pacific8 also loaned money to Craig’s company Bargo through a series of controlled companies, e.g. N&M and Kesinda. These loans to both Craig and Ralph are most likely just a coincidence, the writer does not suggest any wrongdoing by Adam Tilley’s Pacific8 (the holder of an AFSL)?

A further coincidence is that Adam Tilley’s Pacific8 (the holder of an AFSL) and Franklin Yeezy share the same lawyer – Summer Lawyers a firm who does specialise and act for a large number of Sydney based private lenders (such as Pacific 8).

The writer is only opining that “its a small world” and does not suggest or imply any wrongdoing.

The writer also notes that Mr. Tilley is not associated with Franklin Yeezy Holdings Pty Ltd.

A copy of the report to creditors of Dural Alliances can be viewed by clicking here.

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Case study – the covid ate the estate agent’s homework?

Dog ate my homework

DC Partners (Solutions) Pty Ltd working with a financier client recently had collections dealing with an estate agent where the agent alleged it could not pay ‘factored monies’ because of Covid-19.

In December 2019, the agent factored its rent-roll management cheque for March 2020, expecting to receive around $52,000.

Factoring is the business of purchasing accounts receivables.

In this instance, the estate agent ‘sold’ its March 2020 receivable in exchange for an upfront sum paid in December 2019.

At the end of March 2020, the agent then said it was unable to repay the factor the money (or any of it, despite banking it for themselves at the end of March) “because of Covid-19“.

Factoring ‘discounts’ the purchase price of the receivable. The price paid upfront in December 2019, was based upon the time value of money with the expectations that the funds would be banked in March 2020. Obviously, the funds do not have the same value if the funds are not banked until June or later.

The agent is a well known agent from WA.

If a crime was committed, it was a crime of fraudulent appropriation. Alternatively, as was pointed out to the agent in collections discussions, the agent runs the very real risk that the estate agent continues to trade whilst insolvent, exposing the directors to personal liability. In those instances the agent’s personal assets are exposed to creditors.

If your business is in a similar position, being unable to meet obligations to creditors, there are some important steps that you and your company need to take to protect your personal AND business assets. These can be discussed on 1300-327123 if you find yourself if this position (call anytime till late 5 days).

Hakan Kutup – pleads guilty

Hakan Kutup, source: Illawarra Star - Madeline Crittenden.

As we’ve blogging for some time, now disgraced Wollongong based former Century 21 real estate agent Hakan Kutup has pleaded guilty to fraud, forgery and misappropriation offences at the Wollongong Local Court recently.

Sydney’s Daily Telegraph reported: Click here that Hakan began inventing sales in late 2017 however the slippery slope caught up with him when arrested in late 2019 after he could no longer shuffle the deck chairs and lenders and others began to investigate.

Unfortunately the maximum penalty of imprisonment is just 2 years and Hakan’s guilty plea will no doubt result in a discount, however we think it is a safe bet that Hakan’s (who is also bankrupt) will not be administering a trust account any time soon.

Sentencing of Hakan Kutup is expected sometime around June 2020.

For more information – chat with us live using our instant chat tools (bottom corners), book an appointment or call now on 1300-327123 (till late).

To contact us with any tip-offs, files or information – please use the instant chat tools or form below:

What is a liquidator?

What is a liquidator

A liquidator is a person appointed, in the winding up of a corporation, to assume control of the company’s affairs and to discharge its liabilities in preparation for its dissolution.  The appointment of a liquidator may be done voluntarily (by the proprietors) or via the courts (usually upon the application of a creditor – very often the ATO using a creditors statutory demand).

The process of the liquidator conducting the affairs of the company and realising its assets is called liquidation.

The liquidator’s role is to ascertain the liabilities (and assets) of the company, convert its assets into money, terminate its contracts, dispose of its business, distribute the net assets to creditors and any surplus (which is rare) to the shareholders and/or proprietors.

The liquidator will extinguish the company, lawfully, as a corporation on the records of ASIC by formal dissolution.

In determining the assets of a company, it is the liquidator’s duty to determine whether particular assets under the company’s control are owned by the company or others – i.e. stock may be purchased subject to a retention of title, vehicles may be on a corporate hire purchase and secured via a PPSR.

BAP can assist company directors to structure their assets and affairs, if not insolvent, in such a fashion to provide lawful asset protection.  To discuss how we can help to structure your company’s affairs and assets to provide maximum asset protection, please click here to book an appointment, call 1300-327123 (1300-DCP123), or complete the below form.

What is insolvency?

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:

  • continuing losses,
  • no access to alternative finance,
  • the inability to raise further equity,
  • special arrangements with selected creditors,
  • solicitors’ letters or judgments issued against the company,
  • overdue taxes,
  • 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.

POE v HKJS Holdings Pty Ltd (in liquidation) – receivership

Hakan Kutup

Since our last blog post, this matter has moved along somewhat.

HKJS Holdings Pty Ltd (in liquidation) (“HKJS”).

HKJS formerly traded as Century 21 Ultimate (Wollongong).

Its director at the time was:  Hakan Kutup (see separate page).

In or about mid 2018, Century 21 removed HKJS of their C21 franchise.  HKJS’s creditor’s report suggests it owed Century 21 $85,362 in total – perhaps unpaid franchise fees?

The same report suggests HKJS owed the ATO a further $187,590.

In or about 2 April 2019 Hakan was declared bankrupt and a sequestration order issued over his estate.  A copy of the sequestration order may be viewed clicking this link.  It is unknown whether Hakan presently holds a current real estate practising certificate (as at time of writing – 2 June 2019)?  According to his real estate profile – Hakan is a real estate agent engaged in residential sales.

Anyone who’d like to discuss Hakan or HKJS can call us anytime on 1300-327123.

To view related blogs, case notes or otherwise, follow the following category links and tags below.