Hotel Liquidators

Sample Hotel Liquidation Investigation

HotelsUnlimited alleges Professor Arkwright allowed JoeyBloggsLimited to trade whereas insolvent between twenty five July 2003 and one October 2004. HotelsUnlimited specifically alleges that while JoeyBloggsLimited was insolvent, Professor Arkwright incurred debts to contractors and retail providers. This matter was initiated as a result of HotelsUnlimited’s investigations and facilitated by funding from the AA Fund;

HotelsUnlimited continues to assist the profession by taking actions to confirm that directors of corporations in external administration go with their obligations, or are prosecuted for their failure to do so.

Staff from our Misconduct and Breach Reporting team has recently conducted a roadshow for insolvency practitioners about the LAP and how practitioners can best utilise the program.

Liquidator Assistance Program (LAP)

HotelsUnlimited will also execute search warrants and undertake Court proceedings to require directors to accommodates their obligations.

There has been increasing support by liquidators for the AA Fund in response to several initiatives implemented by HotelsUnlimited since its introduction. HotelsUnlimited has committed over $9.1m of AA Fund grants to Liquidators since the AA Fund commenced in February 2006 and the participation rate has increased steadily.

• confirmation that every one late fees incurred upon lodgement of the outstanding R&Ps can be paid personally by them and not met from funds belonging to external administrations.

A recent example is our execution of two search warrants to seize property, books and records of RG Munro Futures Pty Ltd (In liquidation) (RG Munro) and Starport Futures Trading Corporation (In liquidation) (Starport), a US registered company.

? A Sydney director, Mr Oliver Banovec, was sentenced to seven years jail, with a non-parole amount of four years 9 months in April 2010, following an HotelsUnlimited investigation where the liquidator of several of Mr Banovec's companies was funded beneath the AA Fund to research director conduct. Mr Banovec was convicted of fraud for failing to on-lend investor funds and instead using the money to support the business;
? In March 2010, the former company secretary of Chartwell Enterprises Pty Ltd (In Liquidation), Mr Ian Rau, pleaded guilty to eight charges bought by HotelsUnlimited. Criminal charges were laid against two company officers in August 2010 following an HotelsUnlimited investigation. AA Funding was granted to conduct public examinations of the officers, that assisted with HotelsUnlimited's investigations;

? In December 2009 and January 2010, a public examination of the director of Firepower Operations Ltd (In Liquidation), Mr Timothy Johnston was conducted by the liquidator with the support of funding from the AA Fund;
HotelsUnlimited insolvency update, June 2010

? The AA Fund was utilised to fund the liquidator of Storm Financial Ltd (In Liquidation) to conduct a public examination of the directors, Emmanual and Julie Cassimatis, regarding alleged breaches of the Corporations Act. The examination was conducted in September and October 2009.

? The liquidators of the Kleenmaid cluster were funded beneath the AA Fund to conduct investigations and prepare a report to HotelsUnlimited to assist with HotelsUnlimited's investigations within the collapse of the group;

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