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Timberland Group furniture (Receivers & Managers update)


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16 December 2010: The secured creditor of furniture retailer, Timberland Group appointed Deloitte Partners, Neil Cussen and Vaughan Strawbridge as Receivers & Managers on 6 September 2010.

Upon appointment it became apparent that the purported transfer of the business, stock and goodwill of the “old” Timberland Group (Old Co.) into a “new” Timberland Group (New Co.) was made without the consent or authority of the secured creditor and without payment being made to the secured creditor.

The new trading entities were established within the six months prior to the appointment of Receivers & Managers, with the wife of one of the directors of Old Co. Mr Luis Santos, being appointed as the director of the New Co.

Court hearing

Acting on behalf of the secured creditor, the Receivers & Managers commenced proceedings in the Supreme Court of New South Wales to make the stock of the Timberland Group available for the benefit of the secured creditor. The matter is next before the Court on 3 February 2011.

Deloitte partner and Joint Receiver & Manager, Neil Cussen said: “It is our understanding that the new companies are trading with assets transferred from the receivership companies for no consideration

“Currently our appointment only relates to the Old Co. so we have been unable to take control of the Penrith and Campbelltown stores which continue to be traded by the directors of the New Co. entities.”

“At this stage we have been able to take control of the Warners Bay and Castle Hill stores. Here we acted quickly to remove the remaining stock to an offsite storage facility and secured the premises.”

“The two stores in Fyshwick and Caringbah which are owned by two separate franchisees remain unaffected by the receivership and continue to operate as normal.”

Appointment of liquidators

In addition to Receivers & Managers being appointed to the eight companies in the Timberland Group, Official Liquidators have been appointed to two of the companies in the group.

Whilst the Receivers & Managers are responsible for realising the available assets of the TimberlandGroup for benefit of the secured creditor, the Official Liquidators are responsible for processing the claims of other creditors and conducting investigations into the affairs of the respective companies.

On 21 October 2010, John Lord of PKF Chartered Accountants was appointed Official Liquidator of ACN 084 828 231 Pty Limited pursuant to an order made by the Supreme Court of New South Wales.

The Receivers’ investigations to date have indicated that the stores located at Castle Hill, Auburn, Bankstown, Warrawong and Crows Nest were all previously operated by ACN 084 828 231 Pty Limited (Formerly Timberland Furniture Pty Ltd), to which Mr Lord of PKF was appointed as Official Liquidator.

Unsecured creditors of ACN 084 828 231 Pty Limited and customers from the Castle Hill, Auburn, Bankstown, Warrawong and Crows Nest stores should contact PKF Chartered Accountants on +61 (0) 2 9251 4100 to lodge their claim with the Liquidator.

Prior to the appointment of Receivers, on 15 July 2010, Clyde White and Stephen Mitchell of HLB Mann Judd were appointed Official Liquidators of ACN 100 216 957 Pty Limited (Formerly Timberland Furniture Franchise Systems Pty Ltd) pursuant to an order made by the Supreme Court of Victoria. Unsecured creditors of ACN 100 216 957 Pty Limited should contact HLB Mann Judd on +61 (0) 3 9606 3888 to lodge their claim with the liquidator.

Receivership

The Warners Bay store appears to have been operated by Fynbeam Pty Limited and the Campbelltown store appears to have been operated by Grey Gum Furniture Pty Limited, both of which fall under the appointment of Messrs Cussen and Strawbridge of Deloitte. The Receivers are still determining which legal entity previously operated the Penrith store.

Creditors of the remaining six companies in the group, along with customers of the Warners Bay, Penrith or Campbelltown stores should email the details of their claims to timberlandfurniture@deloitte.com.au.

Liquidators appointed to the following companies:

  • ACN 084 828 231 Pty Limited (In Liquidation) (Formerly Timberland Furniture Pty Ltd) – PKF Chartered Accountants
  • ACN 100 216 957 Pty Limited (In Liquidation) (Formerly Timberland Furniture Franchise Systems Pty Ltd) – HLB Mann Judd

Receiver & Manager appointed to the following companies:

  • Timberland Furniture Holdings Pty Limited
  • Fynbeam Pty Limited
  • Grey Gum Furniture Company Pty Limited
  • Casimir Pty Limited
  • Lymfoot Pty Limited
  • Windsand Pty Limited.

Contacts

Name:
Johnny Sollitt-Davis
Company:
Deloitte Australia
Job Title:
Corporate Affairs & Communications
Phone:
Tel: +61 2 9322 7256, Mobile: 0431 134 850
Email
jsollittdavis@deloitte.com.au

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