Current Position

AIF

Finalisation of the Liquidation of AIF depends upon recoveries from Directors and dividends from other distributions in the AIF group.  Dividends to creditors, if any, are likely to be small.

Biotech Securities Pty Ltd

The Liquidator has realised all of the company’s assets and will be advertising and calling for proofs of debt from any creditors of that company.  If no creditors are forthcoming, directions will be sought from Court as to where any surplus should be allocated to.

Casabanca Pty Ltd

A first and final dividend was made to the creditors of Casabanca.  A final meeting will be convened to consider the Liquidator’s final report and authorise the Liquidator’s fees.  Thereafter the winding-up will conclude and the company will be deregistered.

Nominee Securities Pty Ltd

Nominee Securities has limited funds following a dividend from Casabanca and the Liquidator realising some shares.  It may also be entitled to a dividend from another related company that ASIC is considering seeking orders to wind-up.  Once the issue of the related entity’s wind-up is resolved, the Liquidator of Nominee Securities will call for proofs of debt and issue and first and final dividend to creditors before calling a final meeting of creditors.

Medionics Pty Ltd

The Liquidator has realised all of the company’s assets and will be advertising and calling for proofs of debt from creditors of that company.  If no creditors are forthcoming, directions will be sought from Court as to where any surplus should be allocated to.

Next Stage

Following the appointment of a Liquidator to a related entity, and any subsequent distribution to creditors of that entity, there will be a number of distributions within the group of AIF companies which may lead ultimately to funds flowing into AIF that would be available for distribution to creditors.  This is largely dependant however on Directors paying compensation pursuant to the Court Orders and the Liquidator is not optimistic that will occur.

Calling for proofs of debt, adjudicating on those proofs and allowing for people to appeal adjudications or provide more information to support their proofs is a timely business.  The AIF liquidations will take several months yet to be concluded.