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RSMRSM Australia Partners8 St Georges Terrace Perth WA 6000GPO Box R1253 Perth WA 6844T 61 8 9261 9100F 61 8 9261 9340www.rsm.com.auEmail: ryan.vidler@rsm.com.au27 February 2017CIRCULAR TO CREDITORSFibonacci Services Pty Ltd (In Liquidation)ACN 602 286 279 ('the Company')As trustee for the Fibonacci Services Unit TrustABN 64 366 362 173I advise that by an Order made by the Federal Court of Australia on 17 January 2017 I was appointed OfficialLiquidator of the above Company. Attached is a copy of the Order.My preliminary enquiries and the books and records of the Company indicate you may be a creditor of theCompany as at the date of my appointment.I am required by the Corporations Act 2001 to undertake an investigation into the Company's affairs and theconduct of the Director/s and submit a report to the Australian Securities and Investments Commission (ASIC)within six months of the date of my appointment. Upon concluding these investigations, I may issue a moredetailed report to creditors, subject to the provision of the Company's books and records.Attached as Annexure A, is my Declaration of Independence, Relevant Relationships and Indemnities dated 17January 2017.Attached as Annexure B, is my initial advice to creditors regarding my remuneration, including a guide to hourlyrates for RSM. There are a number of information sheets published by ASIC and the Australian RestructuringInsolvency and Turnaround Association outlining the rights and responsibilities of creditors along with informationregarding the liquidation process generally which may be downloaded from www.arita.com.au orwww.asic.aov.au. A summary of these information sheets is enclosed.I request that creditors complete the attached Proof of Debt Form and return it to this office. Please also provideinvoices or other supporting documentation supporting your claim.If you have any information regarding the Company's affairs or queries regarding the liquidation generally, pleasecontact Ryan Vidler of my office on (08) 9261 9361 or by email at Ryan.Vidler@rsm.com.au.Yours faithfully GREG DUDLEYOfficial LiquidatorTHE POWER OF BEING UNDERSTOODAUDIT TAX CONSULTINGRSM Australia Partnersis a member of the RSM network and trades as RSM, RSM is the trading name usedby the members of the RSM network Each member of the RSMnetworkIs anindependent accounting and consulting Firm which practicesin its own right The RSM network Is not itself a separate legal entity in any jurisdictionRSM Australia Partners ABN 36 965185 036Liability limited by a scheme approved under Professional Standards Legislation
(Mn*Federal Court of AustraliaDistrict Registry: Western AustraliaNo: WAD508/2016Division: GeneralDEPUTY COMMISSIONER OF TAXATIONPlaintiffFIBONACCI SERVICES PTY LTD ACN 602 286 279DefendantORDERREGISTRAR:DEPUTY DISTRICT REGISTRAR TROTTDATE OF ORDER:17 January 2017WHERE MADE:PerthTHE COURT ORDERS THAT:Fibonacci Services Pty Ltd be wound up in insolvency under the provisions of theCorporations Act 2001 (Cth).2.Gregory Bruce Dudley, of RSM Australia Partners, 8 St Georges Terrace, Perth, in theState of Western Australia, be appointed as liquidator of the affairs of the said company.3.The Plaintiffs costs of this application be fixed in the sum of 3,128.00 and bereimbursed in accordance with subsection 466(2) of the Corporations Act 2001 (Cth).Date that entry is stamped: 18 January 2017.RegistrarSubsection 35 A (5) of the Federal Court of Australia Act 1976 (the Act) provides that a party to proceedings inwhich a Registrar has exercised any of the powers of the Court under subsection 35 A (1) of the Act may, withinthe time prescribed by the Rules of Court, or within any further time allowed in accordance with the Rules ofCourt, apply to the Court to review that exercise of power.Rule 3.11 provides that a party may apply to the Court under subsection 35A (5) of the Act for review of theexercise of a power of the Court by a Registrar and that any application must be made within 21 days after theday on which the power was exercised. A party seeking a review can apply to the Court to dispense with anyrequirement of the Rules (Rule1.34).Prepared in the Western Australia District Registry, Federal Court of AustraliaPeter Durack Commonwealth Law Courts Building, Level 6, I Victoria Avenue, Telephone 08 9268 7100
ANNEXURE A DECLARATION OF INDEPENDENCE, RELEVANTRELATIONSHIPS AND INDEMNITIESDeclaration of Independence, Relevant Relationships & IndemnitiesFIBONACCI SERVICES PTY LTD (IN LIQUIDATION)ACN 602 286 279 ("THE COMPANY")This document requires (he Practitioner appointed to an Insolvent entity to make declarations as to:their independence generally;relationships, includingi. the circumstances of the appointment;ii. any relationship with the Company and others within the previous 24 months;iil. any relationship with the Referring Entity;iv. any prior professional services for the Company within the previous 24 months;v. that there are no other relationships to declare, andC any Indemnities given, or up-front payments made, to the Practitioner.ABThis declaration is made in respect of myself, my Partners, RSM Australia Partners, and my/our related entities.A. IndependenceI, Gregory Bruce Dudley, of RSM Australia Partners ("the rum') have undertaken a proper assessment of the risks to myindependence prior to accepting the appointment as Official Liquidator of the Company in accordance with the law andapplicable professional standards. This assessment identified no real or potential risks to my independence. I am not awareof any reasons that would prevent me from accepting this appointment.B. Declaration of RelationshipsI.Circumstances of AppointmentI was approached on 1 November 2016 to act as Official Liquidator by the Australian Government Solicitor acting for theDeputy Commissioner of Taxation and after undertaking a proper assessment of the proposed appointment, I signed aconsent to act as Official Liquidator.II.Referring Entity RelationshipI, or a member of the firm, have or have had within the preceding 24 months, a relationship with Australian GovernmentSolicitor, acting for the petitioning creditor, as follows:Reasons why not an Impediment or ConflictNameNature of relstlonshlpAustralianGovernment Solicitor("AGS')External Solicitor to the I believe that this relationship does not result in aconflict of interest or duty because:petitioning creditor I consider that the firm's dealings with AGS tobe indicative of the process by which thepetitioning creditor seeks a consent. TheARITA Code of Professional Practicerecognises that networks of referrals betweenprofessionals are normal and are acceptableprovided that, as In this case, the referral Isbased on the quality of professional serviceand experience offered by myself and the firm. My relationship with AGS will not influence myability to fully comply with the statutory andfiduciary obligations associated with theexternal administration of the Company.
ill,Relavant Relationships with the CompanyI, or a member of the firm, have, or have had within the preceding 24 months, a relationship with the petitioning creditor, asfollows:Reasons why not an Impediment or ConflictNameNature of relationshipDeputyCommissioner ofTaxation ("DCT)t and other Partners and I believe that this relationship does not result In aPrincipals in the firm, have conflict of interest or duty because:over the past 24 months This is a purely professional relationshipconsented to act in abased on the quality of service and expertisenumber of admlnistrationBprovided.of insolvent entities at therequest of the DCT. The DCT (who is unsecured) shares acommon interest with other unsecuredcreditors to the extent they might benefit fromany recoveries made in the externaladministration. In these circumstances, I consider that suchdealings will not influence my ability to fullycomply with the statutory and fiduciaryobligations associated with the externaladministration of the Company in an objectiveand impartial manner.Neither I, nor a member of the firm, have had within the preceding 24 months, a relationship with Instant Cash Flow FinanceSolutions Pty Ltd being an entity which may be entitled to enforce a security interest in the whole or substantially the whole,of the Company's property (including any PPSA retention of title property).Iv.Prior Professional Services to the CompanyNeither I nor the firm have provided any professional services to the Company in the preceding 24 months,v.No Other Reisvant Relationships to DiscloseThere are no other known relevant relationships, including personal, business and professional relationships, from theprevious 24 months with the Company, any associate of the Company, any former insolvency practitioner appointed to theCompany or any person or entity which Is entitled to enforce a security interest in the whole, or substantially the whole, ofthe Company's property (Including any PPSA retention of title property) that should be disclosed.C. Indemnities and Up-Front PaymentsI have not been indemnified in relation to this administration, other than any indemnities that I may be entitled to understatute and I have not received any up-front payments in respect of my remuneration or disbursements.Dated: 17 January 2017 #0-/QftEG-BtlDLEY.t'bfficiat Liquidator/Votes;If circumstances change, or new Information Is Idontifkid, I am required under the Corporations Act 2001 and the ARITA Codeof Professional Practice to update this Declaration and provide a cop/ to creditors with my/bur next communication as well astable a copy of any foplacement declaration at the next meeting of the Company's creditors.2Any relationships, Indemnities or up-front payments disclosed in the DIRRI must not be such that the Pracfitioner is no longerindependent. The purpose of components B and Oof the DIRRI is to disclose relationships that, while they do not result in thePractitioner having a conflict of interest or duty, ensure thai creditors are aware of those relationships and undwsland why thePractitioner nevertheless remains 78 1 doe*
ANNEXURE B INITIAL ADVICE TO CREDITORS - REMUNERATIONRemuneration methodsThere are four basic methods that can be used to calculate the remuneration charged by an Insolvency Practitioner. Theyare:Time based I houriy ratesThis is the most common method. The total fee charged is based on the hourly rate charged for each person whocarried out the work multiplied by the number of hours spent by each person on each of the tasks performed.Fixed feeThe total fee charged is normally quoted at the commencement of the administration and is the total cost for theadministration. Sometimes a Practitioner will finalise an administration for a fixed fee.PercentageThe total fee charged is based on a percentage of a particular variable, such as the gross proceeds of assetsrealisations.ContingencyThe practitioner's fee is structured to be contingent on a particular outcome being achieved.Method chosenGiven the nature of this administration I propose that my remuneration be calculated on time based / hourly rates. Thisis because;This method reflects my practice of assigning staff at the appropriate level to conduct the necessary work.Individuals are required to record the nature of the work performed at intervals of six minutes. This method ensurescreditors are only charged for work that is performed and provides complete transparency.Fixed fee and percentage method are inappropriate as I am unable to estimate with certainty the total amount offees necessary to complete all tasks required in this administration. In addition I am required to perform a numberof tasks which do not relate to the realisation of assets, e.g., statutory obligations, responding to creditor queries,and reporting to ASIC.It is proposed that the remuneration of the Liquidator be calculated on an hourly basis at the hourly fees charged by RSMAustralia Partners.Liquidator's best estimate of totai remunerationI expect to claim a total amount of remuneration of approximately 45,000 (plus GST and disbursements) for theliquidation of the Company. This amount is subject to change depending on the complexities of the administration andthe time taken to perform the necessary tasks of the administration and is subject to the approval of the creditors.Expianation of hourly ratesThe current rates for my remuneration calculation are set out in the following table together with a general guide showingthe qualifications and experience of staff engaged in the administration and the role they take in the administration. Thehourly rates charged encompass the total cost of providing professional services and should not be compared to anhourly wage.
Rate per hour ClassificationGuide to level of insolvency experiencePartnerRegistered Liquidator / Trustee. Partner bringing his / her specialist skills to the administration orinsolvency task.650Associate Director IPrincipalQualified. 12 years' experience. Capable of controlling all aspects of an administration and/orinsolvency task. May be appropriately qualified to take appointments in his/her own right.540-610Senior ManagerTypically qualified, 7 years' experience. Member of the ICAA (or equivalent) and member of theARITA. Well-developed technical and commercial skills. Assist appointee in the planning and controlof all administrations and/or insolvency tasks. Responsible for supervision of junior staff.490 - 560ManagerTypically qualified, 6-7 years' experience. University degree and completed either the CA Program(or equivalent) and the ARITA Insolvency Education Program. Well-developed technical andcommercial skills. Assist appointee in the planning and control of all administrations and/orinsolvency tasks. Responsible for supervision of junior staff.350 - 490Assistant Manager4-6 years' experience, University degree and completed the CA Program (or equivalent) andcompleted or completing the ARITA Insolvency Education Program. Conduct of small appointments,assists in planning and control of medium to larger appointments. Also supervises junior staff.310-400Senior Analyst 12-4 years' experience, University degree, completing or completed the CA Program (or equivalent).Assist planning and control of small to medium jobs and performs some more difficult tasks on largerjobs. Assists in supervision of junior staff.290 - 360Senior Analyst 21-3 years' experience, University degree and completing the CA Program (or equivalent). Assist inday to day fieidwork of administrations and/or insolvency tasks under supervision of more seniorstaff.260 - 290Analyst1-2 years' experience, University degree and commenced the CA Program (or equivalent). Assist inday to day fieidwork of administrations and/or insolvency tasks under supervision of more seniorstaff.230 - 260Graduate0-1 years' experience for a graduate or an under-graduate completing course part time. Assist in dayto day fieidwork of administrations and/or insolvency tasks under supervision of more senior staff.210-230Secretary I PAAssists all levels of staff undertaking general administrative and secretarial duties.190-230TreasuryResponsible for integrity of all aspect of cash receipts and payments, bank account reconciliations,preparation of statutory lodgements with ATO and ASIC190-210Filing ClerkData input, computer skills and filing. Maintains data entry into specialised insolvency computersystem, including receipts and payments and financial information, also prepares bankreconciliations, Form 524's and BAS returns.100-130JuniorData input, computer skills and filing. Maintains data entry into specialised insolvency computersystem, including receipts and payments and financial information, also prepares bankreconciliations, Form 524's and BAS returns.60-80Notes:1.234.5.6.The scale of fees is intended to be a guide as to the qualifications and experience of the staff engaged. In some instances, staff may be engaged under an appropriateclassification principally due to experience.The term "Qualified" means that the staff member has completed either the Chartered Accountants Australia and New Zealand or Certified Practising Accountants inAustralia's education program and/or the Australian Restructuring Insolvency & Turnaround Association's education programTime spent on matters is recorded and charged in 6 minute intervals,The above rates are effective as at 1 July 2016For the purpose of this administration the above current hourly rates are expected to be increased at a rate of 5% at 1 July each year (rounded up to the nearest 10).The above rates exclude Goods and Services Tax,DisbursementsDisbursements are divided into three types:Externally provided professional services - these are recovered at cost. An example of an externally providedprofessional service disbursement is legal fees.Externally provided non-professional costs such as travel, accommodation and search fees - these are recoveredat cost.Internal disbursements such as photocopying, printing and postage. These disbursements, if charged to theAdministration, would generally be charged at cost; though some expenses such as telephone calls, photocopyingand printing may be charged at a rate which recoups both variable and fixed costs. The recovery of these costsmust be on a reasonable commercial basis.
I am not required to seek creditor approval for disbursements, but must account to creditors. Details of the basis ofrecovering internal disbursements in this administration are provided below. Full details of any actual costs incurred willbe provided with future reporting.Basis of disbursement claimInternal disbursementsRate (ex GST)Advertisingat costCouriersat costFaxes (per page)Postage (including express and registered envelopes)Printing I photocopying (per page)Stationeryat cost0.50no chargeStorage of records (per box/month)Telephone callTravel;0.50motor vehiclecar hire, parking, tollsat costno chargeATO cents per km rateat cost
FORM 535CORPORATIONS ACT 2001Subregulation 5.6.49(2)FORMAL PROOF OF DEBT OR CLAIM (GENERAL FORM)ACN 602 286 279To the Liquidator of Fibonacci Services Pty Ltd (In Liquidation)This is to state that the Company was, on 17 January 2017 C ) and still is, justly and truly indebted to'2)fordollars and. cents.Particulars of the debt are:Consideration*3)DateAmountGST includedRemarks'4' To my knowledge or belief the creditor has not, nor has any person by the creditor's order, had or received anymanner of satisfaction or security for the sum or any part of it except for the following:'5'S.'6'*I am employed by the creditor and authorised in writing by the creditor to make this statement. I know that thedebt was incurred for the consideration stated and that the debt, to the best of my knowledge and belief, stillremains unpaid and unsatisfied.3.'6)*I am the creditor's agent authorised in writing to make this statement in writing. I know that the debt was incurredand for the consideration stated and that the debt, to the best of my knowledge and belief, still remains unpaidand unsatisfied.2017day ofDATED thisSignature of SignatoryNAME IN BLOCK LETTERSOccupationAddressPhoneEmailSee Directions overleaf for the completion of this formOFFICE USE ONLYPOD No:Date Received:EnteredIPS/Computer://intoAmount per RATA ADMIT - Preferential Reject H/Over for Consideration TOTAL PROOFPREPBY/AUTHORISEDDATE AUTHORISEDADMIT - Ordinary //
Directions Strike out whichever is inapplicable.(1)Insert date of Court Order in winding up by the Court, or date of resolution to wind up, if a voluntary winding up.(2)Insert full name and address (including ABN) of the creditor and, if applicable, the creditor's partners. If preparedby an employee or agent of the creditor, also insert a description of the occupation of the creditor.(3)Under "Consideration" state how the debt arose, for example "goods sold and delivered to the company between"moneys advanced in respect of the Bill of Exchange".the dates of(4)Under "Remarks" include details of vouchers substantiating payment.(5)Insert particulars of all securities held. Where the securities are on the property of the company, assess the valueof those securities. If any bills or other negotiable securities are held, specify them in a schedule in the followingform:(6)DateDrawer 0AcceptorAmountDate DueIf proof is made by the creditor personally, strike the two (2) paragraphs numbered 3.AnnexuresA.If space provided for a particular purpose in a form is insufficient to contain all the required information in relation to aparticular item, the information must be set out in an annexure.An annexure to a form must:(a)have an identifying mark;(b)and be endorsed with the words:"This is the annexure of (insert number of pages) pages marked (insert an identifying mark)referred to in the (insert description of form) signed by me/us and dated (insert date ofsigning)] and(c)be signed by each person signing the form to which the document is annexed.The pages in an annexure must be numbered consecutively.D.If a form has a document annexed the following particulars of the annexure must be written on the form:(a)the identifying mark; and(b)the number of pages.A reference to an annexure includes a document that is with a form.
*. . I.f JWUMJI v,S rc-4'Sv7 ASICAustralian Securities & Investments CommissionInsolvency Information for Directors, Employees, Creditors and ShareholdersASIC has 11 insolvency information sheets to assist you if you're affected by a company's insolvency andhave little or no knowledge of what's involved.These plain language information sheets give directors, employees, creditors and shareholders a basicunderstanding of the three most common company insolvency procedures—liquidation, voluntaryadministration and receivership. There is an information sheet on the independence of externaladministrators and one that explains the process for approving the fees of external administrators. Aglossary of commonly used insolvency terms is also provided.The Australian Restructuring Insolvency and Turnaround Association (ARITA), the leading professionalorganisation in Australia for insolvency practitioners, endorses these publications and encourages itsmembers to make their availability known to affected people.List of information sheetsInsolvency: a glossary of termsVoluntary administration: a guide for creditorsVoluntary administration: a guide for employeesLiquidation: a guide for creditorsLiquidation: a guide for employeesReceivership: a guide for creditorsReceivership: a guide for employeesInsolvency: a guide for shareholdersInsolvency: a guide for directorsIndependence of external administrators: a guide for creditorsApproving fees: a guide for creditorsImportant note: The information sheets contain a summary of basic information on the topic. It is not asubstitute for legal advice. Some provisions of the law referred to may have important exceptions orqualifications. These documents may not contain all of the information about the law or the exceptionsand qualifications that are relevant to your circumstances. You will need a qualified professional adviserto take into account your particular circumstances and to tell you how the law applies to you.Getting copies of the information sheetsTo get copies of the information sheets, visit ASIC's website at www.asic.gov.au/insolvencyinfosheets.The information sheets are also available from the ARITA website at www.arita.com.au. The ARITAwebsite also contains the Code of Professional Practice for Insolvency Professionals, which applies toARITA members. Australian Securities & Investments Commission, January 2008
RSM RSM Australia Partners 8 St Georges Terrace Perth WA 6000 GPO Box R1253 Perth WA 6844 T 61 8 9261 9100 F 61 8 9261 9340 www.rsm.com.au Email: ryan.vidler@rsm.com.au
