Update – 22 January 2018
On 20 January 2018, the directors of Quintis Limited (formerly TFS Corporation Ltd) (Quintis) appointed Richard Tucker, Scott Langdon and John Bumbak of KordaMentha as Voluntary Administrators (Administrators).
The directors also appointed the Administrators to the following subsidiaries of Quintis:
- Arwon Finance Pty Ltd (Administrators Appointed) ACN 072 486 643
- Australian Sandalwood Oil Co. Pty Ltd (Administrators Appointed) ACN 088 257 498
- NT Romance Australia Pty Ltd (Administrators Appointed) ACN 060 122 698
- MT Romance Holdings Pty Ltd (Administrators Appointed) ACN 115 659 606
- Quintis Leasing Pty Ltd (Administrators Appointed) ACN 080 978 721
- Sandalwood Properties Ltd (Administrators Appointed) ACN 093 330 977 (Sandalwood); and
- Quintis Forestry Limited (Administrators Appointed) ACN 080 139 966.
Quintis is a Perth based company listed on the ASX and is currently suspended from trading. It is involved in the promotion of sandalwood plantations to institutional investors, processing and sale of harvested logs, manufacture and distribution of sandalwood oil and related products, management of plantations and provision of finance to investors.
Sandalwood (an Australian Financial Services Licensee) is the responsible entity of the following registered managed investment schemes:
- TFS Sandalwood Project 2000
- TFS Sandalwood Project 2002
- TFS Sandalwood Project 2003
- TFS Sandalwood Project 2004
- TFS Premium Sandalwood Project 2004
- TFS Sandalwood Project 2005
- TFS Sandalwood Project 2006
- TFS Sandalwood Project 2007
- TFS Sandalwood Project 2008
- TFS Sandalwood Project 2009
- TFS Sandalwood Project 2010
- TFS Sandalwood Project 2011
- TFS Sandalwood Project 2012
- TFS Sandalwood Project 2013
- TFS Sandalwood Project 2014
- TFS Sandalwood Project 2015
- TFS Indian Sandalwood Project 2016; and
- Quintis Sandalwood Album Project 2017.
On 22 January 2018 Quintis announced that it understands that Noteholders intend to appoint McGrathNicol as Receivers and Managers of the secured assets and that they are expected to maintain the operations of the company.
What is voluntary administration?
Voluntary administration is where the directors of a financially troubled company or a secured creditor with a security interest over most of the company’s assets appoint an external administrator called a ‘voluntary administrator’.
The role of the voluntary administrator is to investigate the company’s business, property, affairs and financial circumstances, to report to creditors and to recommend to creditors whether the company should enter into a deed of company arrangement, go into liquidation or for the administration to end and control of the company to be returned to the directors.
What ASIC is doing
ASIC is closely monitoring developments in relation to Quintis and its related companies. We have been in contact with the Administrators (KordaMentha) and will ensure that we remain informed as to the progress of the administration.
ASIC has an ongoing investigation into Quintis, however in line with ASIC's Information Sheet 152 Public comment (INFO 152), available from our website, we only comment publicly on our activities in limited circumstances, as doing so may prejudice our investigations.
ASIC will provide updates on our website on matters affecting investors as public information becomes available on a dedicated webpage at asic.gov.au/quintis.
ASIC’s role following the appointment of Voluntary Administrators
The Administrators will investigate the affairs of Quintis and its subsidiaries and report to ASIC possible offences (if any) by those involved with the company. If any report is lodged, we will assess this to consider our own investigations and action, if any. This approach avoids ASIC's investigations diverting resources of the company at the early crucial stages of an administration.
Investor communication with ASIC
As a result of the appointment of the Administrators, all enquiries regarding the external administration of Quintis and its subsidiaries, including the impact of the appointment of Administrators for investors and your investment funds, should be directed to the Administrators as follows:
40 St Georges Terrace
Perth WA 6000
PO Box 3185
East Perth WA 6892
Tel: +61 8 9220 9333