Pre-insolvency advisor changes name, winds up

de Jonge Read founder and executive director Henry ‘Hank’ de Jonge.

When a prominent pre-insolvency advisor, in the midst of surging levels of external administration, calls in liquidators iNO cannot look away because in all likelihood, there’s bound to be something to see.

In this instance it’s Henry “Hank” de Jonge and Ashley Shield, those well known providores of “Pre-Insolvency advice you can trust” from national firm de Jonge Read who’ve deemed it prudent to wind up the affairs of an entity called Carringsmith Pty Ltd.

Both de Jonge and Shield are listed as directors of Carringsmith, which until October 18 was known as DJRA Pty Ltd.

On that day a special resolution of all members entitled to vote was approved to change the name to Carringsmith and on October 26 de Jonge and Shield voted to wind up the company and appoint Richard Rohrt of Kennedy Ryan Advisory as liquidator.

Winding up a company so soon after changing its name seems odd so we fired off an email to de Jonge asking if he could explain the reasoning but no reply had been received prior to publication. So we consulted what sources we could.

A director’s RoCAP reveals that Carringsmith is a corporate trustee so we may see Rohrt at some point applying to be appointed receiver to deal with any underlying trust assets.

The RoCAP also declares that Carringsmith has no assets other than $1,428.14 cents in a Heritage Building Society account and owes no money to any individual or entity other than the Australian Taxation Office (ATO).

Other public records indicate that on the same day Rohrt was appointed liquidator of Carringsmith, he was also appointed to Warana Tops Pty Ltd.

Like Carringsmith, de Jonge and Shield are directors of Warana Tops, which is described in de Jonge’s RoCAP as the Trustee of the Warana Tops Unit Trust, formerly known as the DJRA Unit Trust.

Unlike the Carringsmith RoCAP however, the Warana RoCAP provides some meat.

Firstly, it states that it owes money to suppliers of goods and services, is in arrears as to rent and indebted to the ATO.

There is also a secured creditor – Reserve View Pty Ltd as trustee for the Reserve View Unit Trust – claiming an ALLPAP charge for more than $428,000. de Jonge and Shields are the directors of Reserve View.

Unlike the Carringsmith RoCAP however, the Warana RoCAP also declares a debt of $1.424 million owing to the ATO. iNO emailed de Jonge asking if he’d received a director’s penalty notice but no response was received prior to publication.

Two other unsecured creditors are also listed, DJRA Holdings Unit Trust claiming $7,040.94c and Logan HD Property Trust – claiming $68,319.00 for a total of $75,000. Both entities are controlled by de Jonge.

1 Comment on "Pre-insolvency advisor changes name, winds up"

  1. unsurprising

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