The Creighton Report

Wagga Wagga Report
between AP & JM Lawrence and Ladysmith Constructions Pty Ltd has not been ascertained.
No information was found as to the relationship that existed between Ladysmith
Constructions Pty Ltd and Chris Davis, C/- 10B St George Cr, Faulconbridge, NSW 2776.
The Minutes of Creditor’s Meeting held on 2 September 2005 records two creditors in
attendance:
• Susan Pottie, as a proxy for Ladex Constructions, which claimed a debt of $5,200.00
(noted that she was at that time the sole director and 50% shareholder of Ladysmith
Constructions Pty Ltd); and
• Christopher Chamberlain, as liquidator. He is also noted to have been a proxy for
Selby Watson Chartered Accountants.
It was resolved at the meeting that the company be wound up by way a Creditors Voluntary
Winding Up. A question was put to the meeting as to whether Creditors wished to appoint a
liquidator other than the liquidator appointed by the Members. There were none, thus
Christopher Chamberlain remained the company’s liquidator. 102
Of particular note is that at all material times Richard Pottie was a director and a 15%
shareholder (held indirectly through Ladex Constructions Pty Ltd, in which he was the sole
shareholder) of Wollundry Investments Pty Ltd. At the same time Christopher Chamberlain
was also a director of Wollundry Investments Pty Ltd, and a 20% shareholder (held indirectly
through Nicholls & Associates Pty Ltd).
This relationship brings into question the independence of Christopher Chamberlain in
representing the creditors of Ladysmith Constructions Pty Ltd when he was a business
partner of Richard Pottie at the same time.
If Christopher Chamberlain had a conflict of interest in his role as liquidator, he did not
declare or disclose it in any financial report filed with ASIC and obtained for this report.
The Final Presentation of Accounts and Statement filed by Christopher Chamberlain on 12
June 2007 reports that all monies owed to the unsecured creditors to the sum of $183,859.00
remained unpaid. 103
(6) Other Relationships
Relationships with Michael Joseph Bodel and Garry Wayne Cox, both directors and
beneficiaries of Boorooma Estate Pty Ltd, are set out in the next section.
102
Ladysmith Constructions Pty Ltd, ‘Minutes of Creditor’s Meeting’ (2 September 2005)(Attachment 81);
See also, Ladysmith Constructions Pty Ltd 'Report as to Affairs' (2 Sep 2005)(Attachment 83).
103
Ladysmith Constructions Pty Ltd, ‘Presentation of Final Accounts’ (12 June 2007)(Attachment 84).
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