Sterling First (Aust) Ltd

Background information

Martin Jones and Wayne Rushton were appointed as Administrators of Sterling First (Aust) Limited (SFAL) and its Related Entities on 3 May 2019 pursuant to Section 436A of the Corporations Act 2001.

Martin Jones and Wayne Rushton were subsequently appointed Liquidators of SFAL and its Related Entities (excluding Acquest Property Pty Ltd (Acquest) and Rental Management Australia Pty Ltd (RMA)) on 10 June 2019.

RMA and Acquest each entered into separate Deeds of Company Arrangement (DOCA) with Fifth Stop Pty Ltd (FS).

The DOCA entered into between FS and Acquest was not able to be completed, and Acquest subsequently entered into Liquidation on 6 September 2019.

The DOCA entered into between FS and RMA was not able to be completed. A new DOCA proponent, Rental Management Australia Operations Pty Ltd (RMAO), subsequently replaced Fifth Stop Pty Ltd as the DOCA proponent. Rental Management Australia Operations Pty Ltd does not have any relationship to the former directors of RMA or the Related Entities.

The new DOCA entered into between RMA and RMAO effectuated on 11 November 2019 and the RMA Creditors Trust was formed, with Martin Jones and Wayne Rushton acting as Trustees. In February 2020, the Trustees paid a distribution in respect of outstanding employee entitlements.

Further to the reports which have been circulated to creditors and are available publicly, the Liquidators of SFAL and its Related Entities have prepared and lodged three reports with ASIC in respect of their affairs prior to entering Voluntary Administration. These reports are confidential as between the Liquidators and ASIC and are not able to be provided to creditors.

The Liquidators and their staff have also assisted ASIC by providing witness statements for senate hearings which were held in December 2021.

On 16 September 2021, Wayne Rushton retired as trustee of the RMA Creditors Trust and Hayden White, a partner of KPMG and a registered liquidator was appointed as replacement trustee.

On 30 September 2021, Wayne Rushton retired as Liquidator of SFAL and its related entities and as Hayden White was appointed as Liquidator on the same day, pursuant to an order from the Supreme Court of Western Australia.