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Computershare Melbourne
Yarra Falls, 452 Johnston Street, Abbotsford VIC 3067
Tel : +61 (0)3 9415 4000 or 1300 850 505 (within Australia)
Fax : +61 3 9473 2500
RegistryWebsite RegistryEmail

Company details
Address: Level 23 , 570 Bourke Street , MELBOURNE , VIC, AUSTRALIA, 3000
Tel:  61 3 9940 0400 Fax: 61 3 9940 0499

Date first listed: 28/11/2000

Sector: Commercial Services & Supplies
Industry Group: XNJ
Activities: In administration

company deregistered


Strike-Off Action In Progress


the Deed Administrators of the Stockford Group of companies have declared a fifth and final dividend in the amount of five cents in the dollar to creditors - this will result in creditors receiving a total distribution of 83 cents in the dollar


a fourth dividend is to be declared on 4 September 2007 for the Stockford Group


a third dividend in the amount of 6 cents in the dollar is declared for creditors (that brings total dividend payments to the Stockford unsecured creditors to 71 cents in the dollar)


delisted following failure to pay its annual listing fee in respect of the year ended 30 June 2007


ASIC relieves the company of having to comply with certain financial reporting requirements


a second dividend in the amount of 15 cents in the dollar is declared for creditors (that brings total dividend payments to the Stockford unsecured creditors to 65 cents in the dollar)


creditors are asked to formally prove their claim


a loss declaration has been issued and the capital loss can therefore be claimed in the financial year the declaration is issued


in relation to the KordaMentha fees, ASIC advises that the Court has ordered that a committee of inspection be provided with adequate notice and information relating to the $2.856 million of KordaMentha's claim for remuneration, so as to consider, and if satisfied, approve an appropriate amount of remuneration; there be a right of review of any such approval by the Court, on the application of any creditor or member of the Stockford Group of companies, KordaMentha or ASIC; and Mr Korda and Mr Mentha as Deed Administrators of the Stockford Group will pay ASIC's costs - the bottom line of this little saga is that an administrator must get court approval for a committee of creditors to approve fees


we understand there to be litigation and the resolution of claims against the company that may take two years to resolve - administrators continue their work on this process


further to our note immediately below we understand that the court found that several resolutions fixing the administrator's remuneration were not legally effective because a report sent to creditors was misleading by implying that the position taken by ASIC was wrong in law - it was also misleading by implying that the committee had reviewed and confirmed the administrators' fees, when they had not done so - the court also agreed that creditors did not have sufficient details to assess the administrator's remuneration


Federal Court refuses an application by Mark Korda and Mark Mentha of KordaMentha as the administrators of the Stockford Group of Companies concerning the payment of over $2 million in fees charged by them following submissions made by the Australian Securities and Investments Commission (ASIC contends KordaMentha have drawn $2,421,175.50 in fees from the administration of the Stockford Group companies, when not permitted to do so under the Act)


we have been seeking an update from the Administrators Korda Mentha (Scott Langdon) since 6 September 2004


at a meeting of creditors in Melbourne, the creditors accepted three variations to the Deed of Company Arrangement


administrators advise that a first dividend has been paid to unsecured creditors at 50c in the dollar - a second dividend is due to be paid in February 2004 and the administrators are working through the outstanding claims against Stockford to finalise the second dividend amount


administrator confirms all locations have been sold off or wound down (including the Head office at 570 Bourke Street), the administration is now run out of the KordaMentha office in Melbourne and the first dividend to unsecured creditors is expected to be paid in the next two weeks


administrators advise that they have sold off all of the practices that make up the Stockford group and are currently winding down head office


the IT equipment and furniture from Stockfords Head Office auctioned off today


creditors are expected to vote shortly on a Deed of Company Arrangement which will provide a return to unsecured creditors of between 50 cents and 100 cents in the dollar - this does not augur well for shareholders - the next best thing would appear to be crystallisation of the loss for tax purposes as soon as a liquidator is appointed and issues a declaration to the effect the shares are worthless - this is unlikely to take place this financial year


reports that Investor Group is buying the Richmond (Vic) business from the administrator for $1.2m and 600,000 shares this is the second Stockford business bought by Investor


reports that administrators acknowledge the businesses had been struggling as a group but the individual businesses are good and the administration process will facilitate the demerging of the group


suggestions that too much money had been spent on centralisation but the business did not need that level of head office support


administrators say the Stockford practices in 42 locations throughout Australia would continue to trade as normal while the future of the company was assessed


securities of the company suspended from quotation prior to the market opening


M Korda and M Mentha of KordaMentha appointed Voluntary Administrators of Stockford Limited and a majority of the companies in the Stockford group


company advises its discussions with Investor Group Limited re possible sale of any one or more of Stockford's business units are continuing and expect to be finalised within the next two weeks


confirms that in light of the recent performance of its core businesses it has resolved that the only option available, if it is to retain some value for its shareholders, is the sale of all or a material number of Stockford's existing business units

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    Directors' on-market share transactions (last 5)


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    Directors & Executives (current)
    Chris RiordanChairman
    Dan PayneNon Exec Director
    William BessemerDirector
    Andrew JenkinsGeneral Counsel
    Amanda GawneCompany Secretary

    Date of first appointment, title may have changed.

    Directors & Executives (former)

    Date of first appointment, title may have changed.