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Worrells: A Year in Review - 04

Bags to riches, Liquidation scene investigation, The reluctant judge, Keeping Property Investment Real, Guarantee to end all guarantees, Three Billy Goats Gruff

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Transcript of Worrells: A Year in Review - 04

Jason Bettles
designing
manufacturing
selling
$15
MILLION
$15
MILLION
$9
$9
each
each
5
years
years
5
staff
35
in Berlin
10
$450,000
US entity
$30,000
had not been paid
$140,000
Cash at bank
$496,000
Owed ATO
$521,000
Major
trade creditor
$100,000
Other
trade creditor
$150,000
Outstanding debtors
$2,3m
Entities associated with the director
35
staff were fired
sale price of the US entity
$440,000
real value of stock
& equipment
Collecting the outstanding European debtors
$20k
Creditors
ATO
$25k
Accountant
$880
Shareholder
$100k
Bank Account closed
$42,000
Partnership
Determine whose $42k
Review the line items
Surplus?
> Monies belong to the cafe partnership
> ATO debt
> The lease debt and accountant's bill
> Luke Family Trust = 30%
Bistro Pty Ltd = 70%
$800m
financier
$54m
ATO
$8.4m
family home mortgage
$2m
accountant
$100k
trading entities
$37.8m
$102m
Total Creditors
Part X
Mr Russell did
Offer to
Creditors
$185k
increased
$410k
22%
78%
Are the trading entities allowed to vote?
Grow too fast
Over ordered on stock
Cashflow problems
Failed arrangement with major supplier
Deal with German taxation office
$425,000
employee claims
Team Up
China & Germany
Mr Russell
was the ultimate beneficiary
$900k
Profit
a year
LOSS
Made a
every year
Two properties
$10m
$2.3m
Agent managing properties
Bank owed
$8.3m
Trading bank account
$72k
Term deposit of
$181k
Trade creditors paid monthly
Tax returns
had not been lodged
2007
Surgeon owes
$17,800
claiming
$252k
paid legal bills from 2008
$3,300
lawyer's expense
unpaid accounting bill from 2008
$2,520
surgeon's expense
"You
need my
guidance"
we paid
$3.9m
held back
$500k
to deal with disputes
Evict a sub-tenant and find a new tenant
Cost $16,000 to remove caveats
Dealt with ridiculous offer from the lawyer
Cost $4,000 to sort out the unpaid accounting bill from 2008
$3,300 legal bill from 2008
Surgeon didn't owe $17,800
$40,000
$35,000
$260k
receivers' legal fees of
$254k
receivers' fees of
Caught between surgeon and lawyer
Lawyer said we had limited authority
Full transcript