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Monday 18 April 2016

16-117MR ASIC winds up nine abandoned companies owing more than $890,000 in employee entitlements

ASIC has exercised its wind up powers appointing liquidators to nine abandoned companies to assist employees gain access to the Fair Entitlements Guarantee scheme (FEG). The companies were wound up between October 2015 and March 2016

The appointment of liquidators also facilitates a full and proper investigation into the reasons why the companies failed and allows recovery of any voidable or unreasonable director-related transactions.

The nine abandoned companies owe at least 28 employees a total in excess of $890,000 in employee entitlements. The companies are:

Company

Liquidator and Firm

State

Kookaroo Kindy Pty Ltd

David Pratt and Ian England of PwC

NSW

Perth Steel Pty Ltd

Mark Englebert of FTI Consulting

WA

Range Harvester Australia Pty Ltd

Derrick Vickers and Darryl Kirk of PwC

QLD

Sabre Industrial Pty Ltd

Jason Tracy of Deloitte

WA

Fraser Investment Group Pty Ltd

Richard Hughes of Deloitte

QLD

Australian Bespoke Pty Ltd

Jason Tracy of Deloitte

WA

Workshop Management Pty Ltd

Anne Meagher of SV Partners

QLD

Global Training Systems Pty Ltd

Nick Carter of PA Lucas

QLD

Appleyard Corporate Pty Ltd

Tracy Knight of Bentleys

QLD

Background

The FEG is a legislative safety net scheme funded by the Australian Government. It is designed to assist employees owed unpaid employee entitlements because of their employer company’s liquidation or the company directors’ bankruptcy. In addition, the Department of Employment operates the 'Fair Entitlements Guarantee Recovery Programme', a programme designed to strengthen recovery activity of amounts advanced under the FEG Scheme.

Some employees owed entitlements cannot access FEG because the companies’ directors are either unable to discharge their duties or abandoned their insolvent companies without putting them into liquidation. ASIC’s appointment of liquidators facilitates access to FEG for these employees. ASIC first used its powers in 2013 (refer: 13-233MR) and to date has wound up 71 companies that owed a total of 231 employees more than $3.9 million in entitlements.

Between June and September 2014, ASIC also wound up the following two companies (which did not appear in the previously issued media release):

Company

Liquidator and Firm

State

ACN 009 471 416 Pty Ltd

Gary Doran of Deloitte

WA

All Plumbing & Gas Pty Ltd

Anne Meagher of SV Partners

QLD

Last updated: 30/03/2021 09:34