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Corporations Act 2001
Subsection 439A(1)
Insolvency Practice Rules (Corporations) 2016 s75-40(1)

NOTICE OF SECOND MEETING OF CREDITORS OF COMPANY UNDER ADMINISTRATION

Company details

Company: ACQUIRE LEARNING PTY LTD
ACN: 168 523 279
Company: ACQUIRE RETAIL PTY LTD
ACN: 167 927 693
Status: Administrators Appointed
Appointed: 12 May 2017

Meeting details

Notice is given that a second meeting of the creditors of the Company, or a second meeting for each of the Companies, (for multiple companies), will be held:

Location: Institute of Chartered Accountants
Level 18, 600 Bourke Street,
MELBBOURNE VIC 3000
Meeting date: 26 September 2017
Meeting time: 11:00AM

(If multiple companies, see special instructions for meeting times)

Agenda

The purpose of the meeting(s) is:

  1. to receive the report by the Administrator(s) about the business, property, affairs and financial circumstances of the Company(ies); and
  2. to receive a statement of Administrator(s) opinion and reasons for the opinion:
    1. whether it would be in the creditors' interests for the Company(ies) to execute a deed of company arrangement;
    2. whether it would be in the creditors' interests for the administration to end;
    3. whether it would be in the creditors' interests for the company to be wound up;
  3. to receive a statement of such other information known to the administrator as will enable the creditors to make an informed decision about the matters at paragraphs 2(a) – (c) above;
  4. to receive details of any transactions that appear to the Administrator(s) to be a voidable transaction in respect of which money, property, or other benefits may be recoverable by a liquidator under part 5.7B of the Act
  5. to receive details of any proposed deed of company arrangement; and
  6. for the creditors of the Company(ies) to resolve that:
    1. the Company(ies) execute a deed of company arrangement; or
    2. the administration(s) should end; or
    3. the Company(ies) be wound up.

Other agenda items are:

    7. To determine the past and future remuneration of the Administrators of Acquire Learning Pty Ltd (Administrators' Appointed). The following resolutions are proposed:

    a) 'That the remuneration of the Administrators of Acquire Learning Pty Ltd (Administrators Appointed) for the period from 12 May 2017 to 12 September 2017 be determined at a sum equal to the cost of time spent by the Administrators and their partners and staff of Cor Cordis, calculated at the hourly rates set out in the schedule of Cor Cordis Standard Rates effective 1 July 2016 and 1 July 2017 and is approved for payment in the amount of $401,170 plus GST, and that the Administrators can draw the remuneration immediately or as required.'

    b) 'That the future remuneration of the Administrators of Acquire Learning Pty Ltd (Administrators Appointed) for the period from 13 September 2017 to 26 September 2017 be determined and approved for payment at a sum equal to the cost of time spent by the Administrators and their partners and staff of Cor Cordis, calculated at the hourly rates set out in the schedule of Cor Cordis Standard Rates effective 1 July 2016 and 1 July 2017, up to a capped amount of $50,000 plus GST, and that the Administrators can draw the remuneration on a monthly basis or as required'.

    c) 'That the internal disbursements of the Administrators of Acquire Learning Pty Ltd (Administrators Appointed) and their firm for the period of the administration be calculated as per the method and rates set out in the remuneration report dated 18 September 2017 and approved for payment up to a capped amount of $2,500 plus GST and that payment of internal disbursements incurred can be made on a monthly basis or as required.'

    8. To determine the past and future remuneration of the Administrators of Acquire Retail Pty Ltd (Administrators' Appointed). The following resolutions are proposed:

    a) 'That the remuneration of the Administrators of Acquire Retail Pty Ltd (Administrators Appointed) for the period from 12 May 2017 to 12 September 2017 be determined at a sum equal to the cost of time spent by the Administrators and their partners and staff of Cor Cordis, calculated at the hourly rates set out in the schedule of Cor Cordis Standard Rates effective 1 July 2016 and 1 July 2017 and is approved for payment in the amount of $80,403 plus GST, and that the Administrators can draw the remuneration immediately or as required.'

    b) 'That the future remuneration of the Administrators of Acquire Retail Pty Ltd (Administrators Appointed) for the period from 13 September 2017 to 26 September 2017 be determined and approved for payment at a sum equal to the cost of time spent by the Administrators and their partners and staff of Cor Cordis, calculated at the hourly rates set out in the schedule of Cor Cordis Standard Rates effective 1 June 2017, up to a capped amount of $15,000 plus GST, and that the Administrators can draw the remuneration on a monthly basis or as required'.

    c) 'That the internal disbursements of the Administrators of Acquire Retail Pty Ltd (Administrators Appointed) and their firm for the period of the administration be calculated as per the method and rates set out in the remuneration report dated 18 September 2017 and approved for payment up to a capped amount of $500 plus GST and that payment of internal disbursements incurred can be made on a monthly basis or as required.'

    9. To appoint someone else as liquidator(s) (as applicable).

    10. If Acquire Learning Pty Ltd (Administrators' Appointed) and Acquire Retail Pty Ltd (Administrators' Appointed) are wound up, to consider the following resolutions:

    a) To consider appointing committees of inspection and, if so, who are to be the committee's members.

    b) 'That the future remuneration of the Liquidators of Acquire Learning Pty Ltd (Administrators Appointed) for the period from commencement on 26 September 2017 to the end of the liquidation be determined and approved for payment at a sum equal to the cost of time spent by the Liquidators and their partners and staff of Cor Cordis, calculated at the hourly rates set out in the schedule of Cor Cordis Standard Rates effective 1 July 2017, up to a capped amount of $250,000 plus GST, and that the Liquidators can draw the remuneration on a monthly basis or as required'.

    c) 'That the internal disbursements of the liquidators of Acquire Learning Pty Ltd (Administrators Appointed) and their firm for the period of the liquidation be calculated as per the method and rates set out in the remuneration report dated 18 September 2017 and approved for payment up to a capped amount of $4,000 plus GST and that payment of internal disbursements incurred can be made on a monthly basis or as required.'

    d) 'That the future remuneration of the Liquidators of Acquire Retail Pty Ltd (Administrators Appointed) for the period from commencement on 26 September 2017 to the end of the liquidation be determined and approved for payment at a sum equal to the cost of time spent by the Liquidators and their partners and staff of Cor Cordis, calculated at the hourly rates set out in the schedule of Cor Cordis Standard Rates effective 1 July 2017, up to a capped amount of $50,000 plus GST, and that the Liquidators can draw the remuneration on a monthly basis or as required'.

    e) 'That the internal disbursements of the liquidators of Acquire Retail Pty Ltd (Administrators Appointed) and their firm for the period of the liquidation be calculated as per the method and rates set out in the remuneration report dated 18 September 2017 and approved for payment up to a capped amount of $1,000 plus GST and that payment of internal disbursements incurred can be made on a monthly basis or as required.'

    f) That the Liquidators be authorised to destroy the books and records of Acquire Learning Pty Ltd (Administrators' Appointed) and Acquire Retail Pty Ltd (Administrators' Appointed) six months after deregistration of Acquire Learning Pty Ltd (Administrators' Appointed) and Acquire Retail Pty Ltd (Administrators' Appointed), subject to obtaining prior approval of the Australian Securities and Investments Commission.

    11. Any other business that may lawfully arise.

    Proof of debt and proxies

    Creditors wishing to attend are advised proofs and proxies are to be submitted to the Administrator by:

    Time: 4:00PM
    Date: 25 September 2017

    Electronic facilities

    Creditors wishing to attend by electronic means are advised they can utilise the following facility:

    Facility Number: Please contact the Administrators' office.
    Password:

    Creditors wishing to participate in the meeting by using electronic facilities must return to the external administrator not later than the second-last business day before the day of the meeting, a written statement setting out

    i. the name of the person and of the proxy or attorney, (if any); and
    ii. an address to which notices to the person, proxy or attorney may be sent; and
    iii. a method by which the person, proxy or attorney may be contacted for the purposes of the meeting.


    Date of Notice: 18 September 2017

    Barry Wight
    Administrator

    Bruno Anthony Secatore & Sam Kaso
    Joint Appointees

    Address Cor Cordis Chartered Accountants
    Level 29
    360 Collins Street
    MELBOURNE VIC 3000
    Contact person David Green
    Contact number (03) 8320 5633
    Facsimile (03) 8320 5656
    Email dgreen@corcordis.com.au
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