statutory report to creditors...2017/05/31 · recovery actions and possible offences by the...

- CFMEU — on behalf of employees APESMA — on behalf of employees Guangdong Rising Assets Management Co. Ltd Bank of China and China Development Bank Ltd

Chris Newman Adam Guy Andrew Vella Andrew Fei or Samantha Kinsey

CC

Statutory report to creditors

Caledon Coal Pty Ltd (In Liquidation) ACN 120 967 839 (Caledon)

CC Pty Ltd (In Liquidation) ACN 121 024 271 (CC)

Guangdong Rising (Australia) Pty Ltd (In Liquidation) ACN 147 138 592 (GRA)

Blackwater Coal Pty Ltd (In Liquidation) ACN 119 407 760 (BC)

Bowen Basin Pastoral Company Pty Ltd (In Liquidation) ACN 135 482 147 (BBPC)

(collectively referred to as Caledon Coal Group)

This report is provided pursuant to Division 70-40 of the Insolvency Practice Rules (Corporations) 2016 and should be read in conjunction with the Administrators' previous reports to creditors, particularly:

• 439A Report, dated 5 July 2017

• Supplementary 439A report, dated 20 July 2017.

These reports can be accessed on PPB Advisory's website (www.pploadvisorv.com ).

1. Winding up of Caledon Coal Group

Each company in the Caledon Coal Group was placed into liquidation on 31 July 2017 by virtue of a resolution of the companies' creditors.

At the meetings, the following Committees of Inspection (C01) were appointed:

Company Creditor Nominee

Caledon

PanAust Services Pty Ltd Wiggins Island Coal Export Terminal APESMA — on behalf of employees Guangdong Rising Assets Management Co. Ltd Bank of China and China Development Bank Ltd Aurizon Operations Limited

- Aurizon Network Pty Ltd

Paul Scarr Warren Bamford Adam Guy Andrew Vella Andrew Fei or Samantha Kinsey

- Peter Long - Richard Boardman

GRA

BC

BBPC

No COI appointed

No COI appointed

No COI appointed

2. Your rights as a creditor

Information regarding your rights as a creditor is provided in the Information Sheet included as Appendix A. This includes your right to:

• make reasonable requests for information

• make reasonable requests for a meeting

• give directions to us

• appoint a reviewing liquidator

• to replace us as joint and several liquidators.

3. Estimated assets and liabilities

Detailed summaries of Caledon Coal Group's assets and liabilities are enclosed in Appendix B.

Set out below is an update on the realisation of the major asset classes of Caledon Coal Group.

Asset Update

Cook Colliery, plant and equipment and Minyango mining lease

On 25 August 2017, the Liquidators entered into an Asset Sale Agreement with Bounty (Bounty ASA) for the following assets:

• Cook Colliery sublease and other Glencore related agreements/leases

• Plant and equipment used to operate the Cook Colliery

• Minyango mining lease.

The Liquidators entered into the Bounty ASA:

• after conducting a comprehensive sale campaign

• after Glencore:

indicated a willingness to consent to the Bounty sale

agreed to fund the Cook Colliery site costs after Bank of China and China Development Bank Corporation (Secured Creditors) agreed to release their security

- indicating that it would not consent to any sale other than to Bounty

• after concluding that there was no transaction, other than the Bounty transaction capable of being accepted by the Liquidators.

The Bounty ASA is subject to a number of conditions precedent, including the Secured Creditors agreeing to release their security over the assets.

After granting the Secured Creditors a number of extensions to consider their position (at their request), they advised that they would not agree to release their security without the consent of the ultimate

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shareholder, Guangdong Rising Asset Management Co Ltd (GRAM). GRAM refused to provide its consent.

As the Liquidators considered that the Bounty ASA was in the best interests of creditors, including employees, the Liquidators made an application to the Supreme Court of Queensland under Section 99(2) of the Property Law Act 1974 (Qld) and Sections 436B, 442C and 447A of the Corporations Act 2001 for certain outcomes. A copy of the application can be obtained from our website (www.opbadvisory.com ).

On 27 October 2017, the Supreme Court of Queensland ordered that the Liquidators have the ability to complete the Bounty ASA free of any security interests held by the Secured Creditors.

Minyango real property

Insurance claim — water inundation event

We expect the Bounty ASA to settle by 25 November 2017.

The Minyango real property is subject to a mining lease that forms part of the Bounty ASA. Given the uncertainty around the Bounty ASA being able to proceed (until the Court Orders were obtained on 27 October 2017), we elected to prepare the properties for sale, but not commence a marketing campaign. This ensured certainty for parties interested in purchasing the land.

Now we have obtained the Orders to complete the Bounty ASA, we will commence the sale campaign for the real property. As the value is commercially sensitive, we have elected to withhold the amounts from this report.

On 14 June 2017, we filed an insurance claim with the insurer for the damage and losses incurred from the water inundation event in March 2017. As the insurance claim is commercially sensitive, we have elected to withhold any specific details, including the amount of the claim from this report.

Litigation - Aurizon Litigation was commenced against Caledon prior to the appointment of the Administrators in May 2017.

Wiggins Island Preference The Liquidators commenced a sale campaign with final offers due by Shares (WIPS) 20 October 2017. The Liquidators are currently liaising with interested

parties. As the value of the WIPS is commercially sensitive, we have elected to withhold its valuation from this report.

4. Investigations and other matters undertaken to date

Since winding up of the Caledon Coal Group, we have completed, among other things, the following substantive matters:

• transitioned Cook Colliery into care and maintenance, whilst continuing to liaise with the Department of Environment and Heritage Protection and the Department of Natural Resources and Mines, as well as complying with environmental and statutory requirements

• monitored operation and trading of Cook Colliery, including cash flow requirements to meet weekly site costs of an average of $325k

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• liaised with Glencore in respect of funding of site costs during the liquidation

• engaged extensively with various stakeholders in relation to the sale of Cook Colliery, including the purchaser, COI members, Secured Creditors and GRAM

• applied to the Supreme Court of Queensland for orders to approve the sale of Cook Colliery without the need of the consent of Secured Creditors

• resolved disputes with employee union representatives in relation to entitlements owing to stood down employees and calculation of employee entitlements

• declared and paid a dividend in full to the employees of CC in respect of unpaid superannuation, wages and leave entitlements on 15 September 2017

• declared and paid a dividend in full to the employees of Caledon in respect of all entitlements on 22 September 2017

• engaged extensively with representatives of Fair Entitlements Guarantee in relation to employees of CC submitting claims for retrenchment payments

• progressed litigation proceedings on foot, including the Wiggins Island Railway Project deed and insurance claim in relation to the water inundation, which was filed on 14 June 2017

• realised other assets, including debtors and statutory refunds

• commenced preparation of sale of the real properties owned by BC and BBPC

• undertook further investigations into the affairs of Caledon Coal Group to identify any possible recovery actions and possible offences by the company officers

• complied with statutory duties.

5. Further enquiries to be undertaken

We will attend to the following tasks:

• continue to monitor operation and trading of Cook Colliery in care and maintenance, including safety, statutory compliance and cash flow requirement

• engage with various stakeholders in order to complete the sale of Cook Colliery

• commence a sale campaign for the real properties owned by BC and BBPC

• realise residual assets, including head office equipment, debtors, and shares

• continue to progress litigation proceedings on foot and insurance claim

• declare and pay a final dividend to the employees of CC and the Department of Employment

• vacate from the Caledon's head office, including listing of books and records

• further investigate into the affairs of Caledon Coal Group

• comply with ongoing statutory duties.

6. What caused the failure to the business of the Caledon Coal Group

As noted in our report to creditors dated 5 July 2017, we believe the following factors contributed to the failure of Caledon Coal Group:

• the ultimate shareholder, GRAM, ceased funding support to Caledon on 9 May 2017

PPB ADVISORY 4

• the contingent liabilities arising from Take or Pay agreements with Wiggins Island Coal Export Terminal

• difficulty in arranging further capital with the existing capital structure and cost base.

7. Likelihood of a dividend

Based on the current status, we provide a summary of the estimated return to creditors:

7.1 Priority creditors (employees)

Company Liquidation Estimated Return (Cents in $)

Caledon 100 cents in $

CC 100 cents in $ (if the Bounty ASA completes)

On 15 and 22 September 2017, we paid a dividend to the employees of CC and Caledon, respectively. Details of the dividend and payments made by Fair Entitlement Guarantee (FEG) are set out below:

Paid by Paid by

CC Caledon

Paid by Liquidators FEG Outstanding Liquidators Outstanding

Claim type on 15.9.17 to date Total paid entitlement on 22.9.17 entitlement Wages and superannuation

1,170,139 1,170,139

Leave entitlements 5,814,997 5,814,997 61,268

Retrenchment payments

- 8,557,723 8,557,723 2,183,963 144,695

Total amounts 6,985,136 8,557,723 15,542,859 2,183,963 205,963

We note that FEG will continue to process employees' claims and pay the employees as appropriate. If the Bounty ASA completes, we consider that there will be sufficient funds to pay the outstanding entitlements in full to the employees and FEG.

7.2 Unsecured creditors

Company Liquidation Estimated Return (Cents in $)

Caledon

CC

GRA

BC

BBPC

Nil return expected, as assets subject to Bank of China and China Development Bank Security

Nil return expected, as assets subject to Bank of China and China Development Bank Security

Nil return expected

Unsecured creditors include Caledon and CC — estimated return not calculated. Valuation of the assets is withheld from this report as it is commercially sensitive

Unsecured creditors are Caledon and BC — estimated return not calculated. Valuation of the assets is withheld from this report as it is commercially sensitive

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8. Receipts and payments

Enclosed in Appendix C is a summary of receipts and payments for Caledon, CC and BC.

There have been no receipts and payments in the external administrations (voluntary administration and liquidation periods) of GRA or BBPC.

9. Cost of the liquidation

Given the complexity of the winding up of the Caledon Coal Group, we have not estimated the Liquidators' future fees. All fees are required to be approved by a meeting of creditors, or Committee of Inspection. At the date of this report, the following fees have been approved by creditors:

Company Administration Approved $'s Drawn $'s

Caledon

CC

GRA

BC

BBPC

Voluntary Administration

Liquidation


Liquidation


Liquidation


Liquidation


Liquidation

179,556.00

Resolution not put to creditors

2,036,738.50

Resolution not put to creditors

21,919.50

20,000.00

27,459.00

80,000.00

Resolution lapsed as no non- related creditors

Resolution lapsed as no non- related creditors

148,042.00

Not applicable

1,904,924.50

Not applicable

Nil

Nil

Nil

Nil

Not applicable

Not applicable

10. What to do next

You can access information which may assist you on the following websites:

• ARITA at www.arita.com.au/creditors

AS IC at http://asic.qov.au/requlatorv-resources/insolvency/insolvency-information-sheets/. •

PPBADvIcoRY 6

Date 3 October 2017

Granl '. .rks, Sljephen Longley and Martin Ford Liquidator

Enc.

Appendices

A. Information Sheet — Creditor Rights in Liquidations

B. Summary of assets and liabilities

C. Summary of receipts and payments

Date of appointment: 31 July 2017 Contact name: Richard Bardsley Telephone number: +61 7 3222 6820 Email: [email protected]

PPB ADVISORY 7

A. Information sheet - Creditor Rights in

Liquidations

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PPB ADVISORY

A Creditor Rights in Liquidations

ARITA As a creditor, you have rights to request meetings and information or take certain actions:

Right to request a meeting

Right to request

information

Right to give directions to

liquidator

Right to appoint a reviewing liquidator

Right to replace

liquidator

Right to request a meeting

In liquidations, no meetings of creditors are held automatically. However, creditors with claims of a certain value can request in writing that the liquidator hold a meeting of creditors.

A meeting may be requested in the first 20 business days in a creditors' voluntary liquidation by 5% of the value of the debts held by known creditors who are not a related entity of the company.

Otherwise, meetings can be requested at any other time or in a court liquidation by: • > 10% but < 25% of the known value of creditors on the condition

that those creditors provide security for the cost of holding the meeting

• 25% of the known value of creditors • creditors by resolution, or • a Committee of Inspection (this is a smaller group of creditors

elected by, and to represent, all the creditors).

If a request complies with these requirements and is 'reasonable', the liquidator must hold a meeting of creditors as soon as reasonably practicable.

Right to request information

Liquidators will communicate important information with creditors as required in a liquidation. In addition to the initial notice, you should receive, at a minimum, a report within the first three months on the likelihood of a dividend being paid.

Additionally, creditors have the right to request information at any time. A liquidator must provide a creditor with the requested information if their request is 'reasonable', the information is relevant to the liquidation, and the provision of the information would not cause the liquidator to breach their duties.

A liquidator must provide this information to a creditor within 5 business days of receiving the request, unless a longer period is agreed. If, due to the nature of the information requested, the liquidator requires more time to comply with the request, they can extend the period by notifying the creditor in writing.

Requests must be reasonable.

They are not reasonable if:

Both meetings and information:

(a) complying with the request would prejudice the interests of one or more creditors or a third party

(b) there is not sufficient available property to comply with the request

(c) the request is vexatious

Meeting requests only:

(d) a meeting of creditors dealing with the same matters has been held, or will be held within 15 business days

Information requests only:

(e) the information requested would be privileged from production in legal proceedings

(f) disclosure would found an action for breach of confidence

(9) the information has already been provided

(h) the information is required to be provided under laW within 20 business days of the request

If a request is not reasonable due to (b), (d), (g) or (h) above, the liquidator must comply with the request if the creditor meets the cost of complying with the request.

Otherwise, a liquidator must inform a creditor if their meeting or information request is not reasonable and the reason why.

ARITA Level 5, 191 Clarence Street, Sydney NSW 2000 Australia GPO Box 4340, Sydney NSW 2001 N 002 472 362 t +61 2 8004 4344 e [email protected] I arita.com.au

AUSTRALIAN RESTRUCTURING INSOLVENCY & TURNAROUND ASSOCIATION

Meeting request Information and notice Resolution at meeting

A ARITA

Right to give directions to liquidator

Creditors, by resolution, may give a liquidator directions in relation to a liquidation. A liquidator must have regard to these directions, but is not required to comply with the directions.

If a liquidator chooses not to comply with a direction given by a resolution of the creditors, they must document their reasons.

An individual creditor cannot provide a direction to a liquidator.

Right to appoint a reviewing liquidator

Creditors, by resolution, may appoint a reviewing liquidator to review a liquidator's remuneration or a cost or expense incurred in a liquidation. The review is limited to:

• remuneration approved within the six months prior to the appointment of the reviewing liquidator, and • expenses incurred in the 12 months prior to the appointment of the reviewing liquidator.

The cost of the reviewing liquidator is paid from the assets of the liquidation, in priority to creditor claims.

An individual creditor can appoint a reviewing liquidator with the liquidator's consent, however the cost of this reviewing liquidator must be met personally by the creditor making the appointment.

Right to replace liquidator

Creditors, by resolution, have the right to remove a liquidator and appoint another registered liquidator.

For this to happen, there are certain requirements that must be complied with:

A meeting must be reasonably requested by the required number Of creditors.

Creditors must inform the existing liquidator of the purpose of the request for the meeting.

Creditors must determine who they wish to act as the new liquidator (this person must be a registered liquidator) and obtain:

• Consent to Act, and • Declaration of

Independence, Relevant Relationships and Indemnities (DIRRI).

The existing liquidator will send a notice of the meeting to all creditors with this information.

If creditors pass a resolution to remove a liquidator, that person ceases to be liquidator once creditors pass a resolution to appoint another registered liquidator.

For more information, go to www.arita.com.au/creditors

Version: July 2017

12112 (LIQ) - INFO - CREDITOR RIGHTS INFORMATION SHEET V1_0

AUSTRALIAN RESTRUCTURING INSOLVENCY & TURNAROUND ASSOCIATION

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B. Summary of Assets and Liabilities

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Caledon Coal Pty Ltd (In Liquidation)

Summary of Assets and Liabilities

The Directors of a company are required to submit a RATA to the Administrators pursuant to Section 438B of the Act. A summary of the RATA provided as at 12 May 2017 is below:

Item Notes RATA

Book Value $'000

Estimated Realisable Value

(ERV) $'000

Assets

Cash at Bank 1 1,033 1,033

Plant and Equipment 2 Withheld

Debtors 3 1,027,758 1,745

Other assets 4 26,927 Unknown

Investment in subsidiaries 5 Not listed

Total Assets 1,055,718 Unknown

Liabilities

Employee Entitlements 6 (213) (437)

Secured creditors 7 (267,814) (291,305)

Partly secured creditors 8 Unknown

Unsecured creditors — third parties 9 (26,310) (248,836)

Unsecured creditors — intercompany loans 10 (740,220) (1,120,337)

Contingent liabilities 11 (176,406) (176,406)

Total Liabilities (1,210,963) Unknown

Net Assets / (Liabilities) (155,245) Unknown

Notes:

1. The RATA listed cash at bank of approximately $1m, which was transferred to the Administrators' bank account.

2. Caledon owns office equipment, including computer hardware, software, furniture and fixtures located at the head office in Brisbane. This office equipment has nil book value in the RATA. We will realise these assets, if commercial to do so, after completion of the Bounty ASA.

3. The RATA lists debtors totalling $1b, which consists of trade debtors and intercompany loan receivables as follows:

Debtor Amount ($) Comments

Third party debtors 1,845,546 Debtors continue to be pursued - approximately $1.7m has been collected

Intercompany — COHL 39,661 No recovery expected

PPB ADVISORY

Intercompany — BBPC 938,025 Depending on the net realisations in BBPC, this loan may be partly recoverable

Intercompany — BC 42,940,212 Depending on the net realisations in BC, this loan may be partly recoverable

Intercompany — GRAH 1,071,961 Debtor continues to be pursued

Intercompany — CC 981,022,730 No recovery expected

Total 1,027,858,135

4. The RATA lists other assets totalling $26m, as summarised below:

Description Amount ($) Comments

Prepaid insurance

69,124 Partial refund expected due to cancellation of business interruption policy

Prepaid guarantee fees

68,082 No recovery expected

GST receivable

2,097,357 GST refund for pre-appointment period. $2.2m has been collected from the ATO

Wiggins Island Preference Securities (WIPS) 24,692,699 Recovery amount unknown

Total 26,927,263

5. The RATA does not list the investment in CC. This investment is likely to have no realisable value.

6. The RATA lists outstanding employee entitlements totalling $213k for head office employees. As noted in section 7.1 of this report, the employees have received full payment of their entitlements.

7. The RATA lists $268m of secured debts with Bank of China and China Development Bank which hold a first ranking GSA over all present and after acquired property. All realisations (net of costs and priority claims) are payable to the Bank of China and China Development Bank under their security.

8. We continue to deal with the issues in relation to the PPS registrations against Caledon.

9. Unsecured creditors are summarised below:

Per RATA Adjusted for claims received to date

Number Amount Number Amount

17 26,310,192 31 248,835,876

The difference is primarily as a result of claims made under the take or pay agreements.

We have not adjudicated on creditors' claims.

PPBADV1SORY

10. The RATA includes intercompany loan payables as follows:

Description Amount ($) Claims

received ($)

Guangdong Rising (Australia) Holding Pty Ltd 167,760,198 160,077,368

Guangdong Rising HK Energy Investment Holding Limited 476,674,250 454,832,112

Guangdong Rising Assets Management Co. Ltd 95,785,855 505,428,168

Total 740,220,303 1,120,337,648


11. Caledon's contingent liabilities relate to take or pay obligations, environmental undertakings, fees under the WIRP deed, and infrastructure upgrades. We have not adjudicated on the quantum of the contingent liabilities.

PPB ADVISORY

CC Pty Ltd (In Liquidation)



Item Notes RATA

Book Value $'000


(ERV) $'000

Assets

Cash at Bank 1 22,161 22,158

Plant and Equipment 2 - Withheld

Debtors 3 10

Inventory 4 7,566 Unknown

Other assets 5 2,612 684

Contingent assets 6 Unknown

Total Assets 32,349 Unknown

Liabilities

Employee Entitlements 7 (8,143) (17,971)

Secured creditors 8 (267,815) (291,305)

Partly Secured creditors 9 Unknown

Unsecured creditors — third parties 10 (6,370) (94,846)

Unsecured creditors — intercompany loans 11 (981,023) (960,735)

Contingent liabilities 12 Unknown

Total Liabilities (1,263,351) Unknown

Net Assets / (Liabilities) (1,231,002) Unknown

Notes:

1. The RATA lists cash at bank of approximately $22m, which was transferred to the Administrators' bank account.

2. CC owns plant and equipment, including the heavy machinery located at the mine site. CC's assets are included in the Bounty ASA, and therefore, estimated realisable amounts are commercially sensitive and withheld from the report.

3. The RATA lists third party debtors totalling $10k. No recovery is expected due to larger debt owed by CC to the debtors.

4. The RATA lists inventory totalling $7.6m as summarised below:

PPB ADVISORY


Stores stocks

Coal stocks

5,331,092 A portion of the stock is subject to retention of title claims, with the balance subject to the Bounty ASA. Any remaining store stocks will be sold by us after completion of the Bounty ASA (if commercial to do so)

1,734,956 Stock sold to third party

Work in progress 500,590 Subject to the Bounty ASA

Total 7,566,638

5. The RATA lists other assets totalling $2.6m as summarised below:


Long Service Leave

Prepaid insurance

Other prepayments

GST receivable

380,282 Reimbursement from LSL Corporation due to payment of Long Service Leave to employees prior to the Administrators' appointment. CC was only entitled to $269k of the reimbursement , which has been received from LSL Corporation

1,694,036 Partial refund expected due to cancellation of the business interruption policy

232,896 No recovery expected

304,415 GST refund for the pre-appointment period, which has been collected from the ATO

Total 2,611,629

6. This relates to an insurance claim from the water inundation event on 7 March 2017. We have withheld the quantum of claim, as such disclosure would prejudice the integrity of the claim.

7. The RATA lists outstanding employee entitlements totalling $8.1m. As noted in section 7.1 of this report, if the Bounty ASA completes, we consider that there will be sufficient funds to pay the outstanding entitlements in full. To date, approximately $15m of employee entitlements have been paid to the employees by us and the Department of Employment, which leaves a balance of approximately $2.1m in unpaid entitlements.

8. The RATA lists $268m of secured debts with Bank of China and China Development Bank which hold a first ranking GSA over all present and after acquired property. All realisations (net of costs and priority claims) are payable to the Bank of China and China Development Bank under their security.

9. We continue to deal with the issues in relation to the PPS registrations against Caledon.



Number Amount Number Amount

206 $6,370,377 205 $94,846,471

The difference is primarily as a result of claims made under the take or pay agreements.


PPBADVISORY



received ($)

Caledon Coal Pty Ltd 981,022,730 950,761,156

Guangdong Rising (Australia) Holding Pty Ltd 225,136

Guangdong Rising Assets Management Co. Ltd 9,749,000

Total 981,022,730 960,735,292


PPB ADVISORY

Guangdong Rising (Australia) Pty Ltd (In Liquidation)



Item Notes

RATA Book Value

$'000


(ERV) $'000

Assets

Cash at Bank 1

Debtors 2 17,523

Investment in subsidiaries 3

Total Assets 17,523

Liabilities

Unsecured creditors — third parties 4 Not listed (77,815)


Total Liabilities (729,809) (774,659)

Net Assets / (Liabilities) (712,286) (774,659)

Notes:

1. GRA had zero cash at bank.

2. The RATA lists a debtor totalling $17.5m, which is a debt owed by GRAM Caledon Resources Limited and is unlikely to be recoverable.

3. The RATA does not list the investment in GRAM Caledon Resources Ltd as the value was fully impaired in December 2016. We do not expect this investment to have a realisable value.

4. The RATA does not list unsecured creditors (excluding intercompany loans). We have, however, received two claims totalling $78m from third party creditors as follows:

Claims Creditor received ($) Comments

Aurizon Network Pty Ltd 53,759,311 Amount claimed under the guarantee pursuant to the WIRP Project Deed

Wiggins Island Coal Export Terminal 24,055,191 Debt guarantee pursuant to the take or pay agreement

Total 77,814,502


PPBADV ISORY

5. The RATA include intercompany loan payables as follows:


received ($)

Guangdong Rising (Australia) Holdings Pty Ltd 727,734,460 694,864,733

Guangdong Rising HK Energy Investment (Holding) Ltd 2,074,302 1,979,306

Total 729,808,762 696,844,039


PPB ADVISORY

Blackwater Coal Pty Ltd (In Liquidation)



Item Notes RATA

Book Value $'000


(ERV) $'000

Assets

Cash at Bank 1 -

Plant and Equipment 2 61 Withheld

Land 3 3,469 Withheld

Debtors 4 180 13

Other assets 5 8 8

Investment in subsidiaries 6 Not listed Unknown

Total Assets 3,718 Withheld

Liabilities

Secured creditors 7 Unknown

Partly secured creditors 8

Unsecured creditors — third parties 9 (37) (24,080)


Total Liabilities (44,529) Unknown

Net Assets / (Liabilities) (40,811) Unknown

Notes:

1. BC had zero cash at bank.

2. BC owns two motor vehicles and a shipping container, which are subject to the Bounty ASA.

3. BC owns a freehold property known as "Tantalion", which is located at Ardurad Road, Stewarton, Queensland, with a total area of approximately 2,034 hectares (Lots 1 and 4 RP620665). Refer to section 3 of this report for further information on the sale of the land.

PPBALmsoRy

4. The RATA lists debtors totalling $180k:

Debtor Amount ($) Comments

BBPC 167,145 Depending on the net realisations in BBPC, this loan may be partly recoverable

Third party debtor 13,321 Debtor continues to be pursued

Total 180,466

5. This relates to a security deposit of $7,469.50 paid for the Minyango tenements.

6. The RATA does not list the investment in BBPC. We do not expect this investment to have a realisable value.

7. QCoal Pty Ltd with nil debts owing under a royalty agreement pursuant to registered security of all present and after acquired property of BC.

8. BC had 2 PPSR registrations at 12 May 2017, which have subsequently been discharged.

9. Unsecured creditors (excluding intercompany loans) are summarised below:


Number

Amount

Number Amount

4

37,119

6 24,080,362




received ($)

CC Pty Ltd 3,181 3,181

Caledon Coal Pty Ltd 42,940,212 42,934,269

Hazelhurst Holdings Limited 1,548,926 1,477,992

Total 44,492,319 44,415,442


PPB ADVISORY

Bowen Basin Pastoral Company Pty Ltd (In Liquidation)



Item Notes

RATA Book Value

$'000


(ERV) $'000

Assets

Cash at Bank 1

Land 2 1,105 Withheld

Other assets 3 938 Withheld

Total Assets 2,043 Withheld

Liabilities

Unsecured creditors — intercompany loans

Total Liabilities

4 (1,105) (1,105)

(1,105) (1,105)

Net Assets / (Liabilities) 938 Withheld

Notes:

1. BBPC had zero cash at bank.

2. BBPC owns freehold properties known as "Minyango/Mountain View" located at Ardurad Road, Stewarton, Queensland, with a total area of approximately 5,158 hectares (Lots 72- 73 SP259121). Refer to section 3 of this report for further information on the sale of the land.

3. The RATA lists other assets totalling $938k, which relate to the exploration and evaluation of the Minyango Project.

The Minyango mining lease is included in the Bounty ASA, and therefore, estimated realisable amounts are commercially sensitive and withheld from the report.


Claims Description Amount ($) received ($)

Caledon Coal Pty Ltd 938,025 938,025

Blackwater Coal Pty Ltd 167,145 167,145

Total 1,105,170 1,105,170

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C. Summary of receipts and payments

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PPB ADVISORY

CC Pty Ltd (In Liquidation) Summary of Receipts and Payments for period 12 May 2017 to 30 September 2017

Receipts Voluntary Administration Liquidation AUD Account:

Pre-Appointment Cash at Bank 22,158,577.93 0.00 Transfer from Administrator 0.00 16,522,217.54 GST Contol: GST Paid (Received) 226.00 263,780.00 Interest Income 34,603.65 52,920.54 Long Service Leave refund 269,667.80 0.00 Other Income 2,200.00 107,510.64 Sales 214,509.61 0.00 SG Fleet Refund 109,446.54 43,232.20 Deposit Held 0.00 50,000.00 Workcover Refunds 510,060.25 0

Total Receipts (AUD) 23,299,291.78 17,039,660.92

USD Account:

Transfer from Administrator 0.00 1,621,177.60 Sales: USD Sales 1,621,177.60 0

Total Receipts (USD) 1,621,177.60 1,621,177.60

Payments

AUD Account: Advertising (11,281.90) 3,916.90 Appointee's Fees (1,577,895.55) (517,521.40) Appointee Outlays (56,899.80) (29,829.57) Bank Charges (330.02) (157.87) Wages & Salaries (2,796,397.40) (744,006.75) First Dividend for Preferred Creditors 0.00 (4,610,539.52) Consulting Fees (56,265.15) (28,243.99) Employee Housing (282,471.61) (61,084.33) Employee Reimbursements (11,575.10) (1,006.99) Long Service Leave Levy 0.00 (65,161.30) Exchange Rate Difference 93.14 0.00 GST Control: GST Paid (Received) (4,047.00) 0.00 Hire & Leasing (41,837.13) (71,854.70) Insurance (75,586.83) (76,197.42) Interest Expense 0.00 (72.28) IT Expenses (50,679.93) (2,200.00) Legal Fees (170,637.09) (365,497.57) Loan to Blackwater Coal Pty Ltd (3,634.00) (4,610.64) Loan to Bowen Basin Pastoral Company (2,750.00) 0.00 Payroll Tax (90,672.51) (53,298.18) Printing (1,166.78) 0.00 Repairs & Maintenance (186,349.09) (84,604.92) Royalties Tax 0.00 (177,130.00) Security (189,336.27) (222,867.08) Subcontractors (505,749.64) (651,329.74) Sundry Expenses (170.00) Utilities (640,699.58) (422,509.74) Valuation Fees (20,735.00) 0.00 Transfer to Liquidator (16,522,217.54) 0.00

Total Payments (AUD) (23,299,291.78) (8,185,807.09)

USD Account: Transfer to Liquidator (1,621,177.60) 0.00

Total Payments (USD) (1,621,177.60) 0.00

Cash at Bank AUD Account $0.00 $8,853,853.83 USD Account $0.00 $1,621,177.60

Caledon Coal Pty Ltd (In Liquidation) Summary of Receipts and Payments for period 12 May 2017 to 30 September 2017

Receipts AUD Account:

Voluntary Administration Liquidation

Transfer from Administrator 0.00 1,543,513.97 Pre-Appointment Cash at Bank 1,818,789.70 9,406.56 Pre-Appointment Debtors 172,520.70 2,099,717.00 GST Control: GST Received 0.00 28,713.00 Interest Income 3,150.36 11,698.90

Total Receipts (AUD) 1,994,460.76 3,693,049.43

USD Account: Pre-Appointment Cash at Bank 1,179,316.28 0.00 Transfer from Administrator 0.00 1,179,316.28

Total Receipts (USD) 1,179,316.28 1,179,316.28

Payments AUD Account:

Appointee's Fees (116,248.00) (46,598.20) Appointee Outlays (11,189.56) (6,169.96) Bank Charges (908.44) (18.06) Wages & Salaries (162,020.77) (85,414.37) First Dividend for Preferred Creditors 0.00 (184,830.38) GST Control: GST Paid (Received) 21,690.00 0.00 Corporate Expenses (135,089.45) (136,637.25) Hire and Leasing 0.00 (177.24) Insurance (550.88) (810.63) IT Expenses (5,104.00) (23,847.73) Legal Fees (30,520.22) (169,284.34) Payroll Tax (5,044.03) (4,574.58) Stamp Duty (27.55) 0.00 Telephone & Fax (5,933.89) (11,921.43) Transfer to Liquidator (1,543,513.97) 0.00

Total Payments (AUD) (1,994,460.76) (670,284.17)

USD Account: Transfer to Liquidator (1,179,316.28) 0.00

Total Payments (USD) (1,179,316.28) 1,179,316.28

Cash at Bank AUD Account $0.00 $3,022,765.26 USD Account $0.00 $1,179,316.28

Blackwater Coal Pty Ltd (In Liquidation) Summary of Receipts and Payments for period 12 May 2017 to 30 September 2017

Receipts Voluntary Administration Liquidation GST Control: GST Received 0.00 254.00

Total Receipts 0.00 254.00

Cash at Bank $0.00 $254.00

statutory report to creditors...2017/05/31 · recovery actions and possible offences by the...

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