Universal Construction Services Pty Limited (in liquidation) Minutes of a Meeting of Creditors held on 26 February 1992 at 9.30 am at 75 Hindmarsh Square Adelaide
Tabled Paper 1399
Tabled Papers for 6th Assembly 1990 - 1994; Tabled Papers; ParliamentNT
Tabled by Neil Bell
Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.
Ml' Mich.n-l Ross then advised that he would be able i.o investigate the payments by Yalata under the lien he has over Yalata with regard to the discovery of documents. The chairman then advised that the costs to identify any payments made to the National Australia Bank would cost approximately $2,500. The Chairman advised that should the creditors request the liquidator to undertake any further investigations, it would require an indemnification of his remuneration and expenses by the creditors. Should funds be recovered, the Chairman advised that amounts put forw.ird by the creditors would rank in priorit y : o the other unsecured creditors. The eli.ii nnan advised that the costs incurred would be lower if Mr Ross undertook to ret.ri.ovt! the documents from Yalata or Yalata.s bank. The chairman then advised that. Mr Ross would need to ask the bank for all cheques paid since the beginning of the contract to Universal Construction Services Pty Limited from Yalata and then a copy of each cheque would he required. The back of the cheques would Chen need to he reviewed to determine whether or not the cheque was endorsed to another company or whether it wes paid into the companys bank account. If the proceeds had been deposited Into the company;; hank account then paid out of the account subsequent tracing of these fun is will he more difficult. The chairman then advised that he believed that at tempting to retrieve preferences from the National Australia Bank, while difficult, appears to be the best form of attack for the unsecured creditors as any funds realised are the property of the liquidator and able to be distributed to the unsecured creditors once the priority creditors fees hove been accounted for. The chairman then asked the meeting vhethei any further investigations by the liquldetcn not mentioned previously were required by th. body of creditors. The meeting advised th< chairman that no further investigations wor< wort hwh i1c .