Key Appointments

SUPERFERT DONGBU PTY LIMITED

Mr Dino Travaglini of Cor Cordis was appointed Voluntary Administrator of Superfert Dongbu Pty Limited (“Superfert Dongbu”) effective close of business Wednesday, 13 May 2015. Superfert Dongbu conducted its business in the fertiliser industry and supplied various types of fertiliser to farmers around Western Australia and turned over revenue of up to $82 million at one point. At the date of the appointment, Superfert Dongbu had creditor claims totalling circa $30 million.

Upon our appointment, we assessed the Company’s financial performance and continued to trade the business in order to preserve its value. We subsequently successfully sought Orders from the Supreme Court of Western Australia to have the ‘convening period’ of the Voluntary Administration extended.

A meeting of the Company’s creditors was held on 14 August 2015 and at this meeting, it was resolved that the Company execute a Deed of Company Arrangement (“DOCA”).

On 3 November 2015, Mr Travaglini was also appointed Official Liquidator to a related entity, ACN 154 760 862 Pty Ltd (formerly known as Superfert (EA) Pty Ltd).


CRESTAL PETROLEUM LIMITEDCrestal

Messrs Mark Hutchins, Jason Tang and Ozem Kassem of Cor Cordis were appointed Voluntary Administrators of Crestal Petroleum Limited (“Crestal Petroleum”) effective as of Wednesday, 1 April 2015. A copy of the ASX Market Announcement is attached here.

Crestal Petroleum is an Australian-based oil, gas and mineral exploration company with interests in Utah, Madagascar, South Australia, Queensland and New South Wales.

Further information regarding the appointment is detailed in the attached Media Release Statement.

On 7 September 2015, Crestal Petroleum executed a Deed of Company Arrangement (“DOCA”) in accordance with the resolution passed at a meeting of the company’s creditors held on 17 August 2015.

Subsequently, on 2 December 2015, the DOCA was wholly effectuated and as a result, the external administration of Crestal Petroleum ceased. The Crestal Petroleum Creditors’ Trust has now been established in order to deal with the company’s obligations to its creditors.


BETTA FOODS (OPERATIONS) PTY LIMITED

Messrs Bruno Secatore, Daniel Juratowitch and Glenn Spooner of Cor Cordis were appointed Voluntary Administrators of Betta Foods (Operations) Pty Ltd (“Betta Foods”) effective as of Tuesday, 20 January 2015.

The business continued to trade whilst the Administrators conducted a sale of business campaign.

The Administrators successfully sought orders from the Supreme Court of Victoria to have the ‘convening period’ of this voluntary administration extended until 19 March 2015, a copy of which is attached here.

Following a public and widely publicised sale campaign, the Administrators received expressions of interest from thirty four (34) interested parties and three (3) binding offers. A sale of the company’s business assets was subsequently completed on 16 March 2015.

Many of the employees terminated as a result of the sale of the company’s assets were offered employment with the purchaser.

Betta Foods was subsequently placed into liquidation by a resolution of creditors at a meeting held on 26 March 2015 and Messrs Bruno Secatore, Daniel Juratowitch and Glenn Spooner were appointed Liquidators. Our statutory investigations in respect to the company are ongoing.

Further details regarding the appointment and Betta Foods’ operations are detailed in the attached Media Release Statement.


ERNEST HILLIER (OPERATIONS) PTY LIMITED                                

Messrs Bruno Secatore and Daniel Juratowitch of Cor Cordis were appointed Voluntary Administrators of Ernest Hillier (Operations) Pty Ltd (“Hillier’s”) effective as of Sunday, 11 January 2015.

The business continued to trade whilst the Administrators conducted a sale of business campaign. The Administrators were in control of the trading operations of Hillier’s for a 6 month period.

The Administrators successfully sought orders from the Supreme Court of Victoria to have the ‘convening period’ of this voluntary administration extended until 11 May 2015, a copy of which is attached here.

Following a public and widely publicised sale campaign, the Administrators received expressions of interest from sixty (60) interested parties and received five (5) binding offers. A sale of the Company’s business and assets was subsequently completed on 3 July 2015.

Many of the employees terminated as a result of the sale of the Company’s business and assets were offered employment with the purchaser.

Hillier’s was subsequently placed into liquidation by a resolution of creditors at a meeting held on 21 July 2015 and Messrs Bruno Secatore and Daniel Juratowitch were appointed Liquidators. Our statutory investigations in respect to the Company are ongoing.

Further details regarding the appointment and Hillier’s operations are detailed in the attached Media Release Statement.


ARDENBERG PTY LIMITED

Cor Cordis were appointed Voluntary Administrators on 29 October 2014.

The Company’s primary operations involved trading on an IGA supermarket franchise in Kargoolie, Western Australia, as well as commercial real property holdings.

Upon our appointment, we assessed the Company’s financial performance and continued to trade the business in order to preserve its value. Shortly thereafter we identified anomalies with charges applied by a major supplier and confirmed a claim for overcharges in excess of $1m. We proceeded to negotiate a substantial settlement for the benefit of creditors which has largely enabled a return to creditors under a Deed of Company Arrangement of one hundred cents in the dollar for both employees and unsecured creditors.