Liquidators dealing with “professional directors”

Accountant Wayne Fraser of Maxum Taxation.

It was March 31, 2022 when Sydney liquidator Jason Tang took a call from accountant Wayne Fraser of Maxum Taxation.

Tang, who had accepted referrals from Fraser before, agreed to meet the director of a company called Green Future Sydney Pty Ltd.

On April 6, that meeting took place and Tang was subsequently appointed liquidator of Green Future and eight other companies, all of which were controlled by Jamyson Curthill as sole director and shareholder.

But Curtail wasn’t what he seemed.

In his DIRRI Tang advised that Curthill had “… been engaged as a ‘professional director’ by the former director (Matthew Greenwood) for the purposes of winding up the Company”.

At the time 55 year old Curthill was on disability support and living in a caravan park on the NSW south coast.

Nevertheless Tang acquitted himself, investigating the companies’ affairs, identifying potential breaches, considering avenues for recovery and reporting to creditors.

One of those reports, dated July 5, 2022 and directed to Green Future Sydney creditors included details from former director Matthew Greenwood, who told Tang that the Company had: “operated a property
investment business in its (former) capacity as trustee of three trusts and that the Company previously held three real properties that were transferred out of the name of the Company by October 2018 because of ongoing litigation between the Company an entity formerly known as ‘Blissful Developments Pty Limited (In Liquidation)’.”

Tang also spoke of Greenwood’s failure to cooperate in respect of providing information about the property transfers or indeed, an explanation as to the transfer out of the company, in sixteen round payments of $730,000 during the two years prior to his appointment.

Writing to Greenwood on June 2, 2022, Tang asked for an explanation of the nature and purpose of the transactions given that while the payments were made after Greenwood retired as a director, Greenwood and his wife were the only signatories to the Company’s bank accounts up until the date of his appointment.

According to Tang, Greenwood was not forthcoming in respect of the information sought and he intended to report the former director’s reluctance to cooperate to ASIC.

Tang did not respond to inquiries as to whether Greenwood had subsequently complied with his requests or whether ASIC had bankrolled him to investigate further or acted itself to enforce compliance.

But Greenwood wasn’t the only individual Tang looked to for answers.

His July 2022 report also refers to inquiries he made with the liquidator of Blissful Developments, who happens to be Hall Chadwick’s Steve Gladman.

iNO took a peak at the ASIC filings and lo and behold, Gladman was referred the Blissful job by Wayne Fraser.

Not only that, Blissful Developments’ sole director, a Ms Bonita Dawes of Belfield in Western Sydney had been the director of multiple companies that had their names changed to their ACN numbers before being placed into liquidation. And some of those companies were entities related to entities to which Curtail has been appointed.

Take Odyssey Limousines (OL). According to ASIC’s records Dawes was appointed director on June 22, 2017 and required as director on November 1, 2019.

ASIC’s records for Curthill meanwhile have him as a current director of Odyssey Limousines Australia (OLA), having been appointed on September 17, 2018.

OLA was placed into liquidation on January 29, 2021 with Westbourne Advisory’s Shumit Bannerjee appointed liquidator. Banerjee’s DIRRI records the appointment as having been referred to him by Wayne Fraser.

OL was placed into liquidation in January 2018 with the appointee again being Gladman. The referrer? Wayne Fraser.

Tang and Gladman did to respond to iNO’s inquiries prior to publication. Bannerjee said he had accepted two referrals from Fraser then stopped. iNO Makes no suggestion of wrongdoing.

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