D&G Hoists and Cranes Pty Ltd

Andrew Saker and Martin Jones were appointed as Joint and Several Administrators of D&G Hoists & Cranes Pty Ltd ("DGWA") and D&G Hoists & Cranes (Aus) Pty Ltd trading as D&G Verticon Hoist & Crane Hire ("DGV") on 10 August 2012 pursuant to section 436A of the Corporations Act 2001 (the Act).

On 27 August 2012, the majority shareholder withdrew their funding of the Voluntary Administration and as a result, the companies were forced to cease all trading activities and all staff were terminated on this same day.

On 28 August 2012, we were also appointed as Joint and Several Voluntary Administrators of Crane Investments (WA) Pty Ltd ("CI"). Upon appointment, trading ceased and all staff were terminated.

At the second meetings of creditors for DGWA and DGV held concurrently on 14 September 2012, a resolution was passed to place the companies into liquidation. Similarly, on 28 September 2012, at the second meeting of creditors for CI, creditors resolved to wind up the company.

On 17 December 2013, annual general meetings for DGWA and DGV were held concurrently pursuant to section 508 of the Act. The purposes of the meetings were to provide creditors with an update of the tasks completed by the Liquidators as outlined in our reports dated 2 December 2013. A copy of our annual reports for both DGWA and DGV is available from the links below.

An annual general meeting was not held for CI given the status of the liquidation and the cost of convening the meeting. Instead, a Liquidators’ annual report was prepared pursuant to section 508 of the Act and lodged with ASIC. A copy of this annual report is also available from the links below.

DGWA, DGV and CI are currently in liquidation and all trading activities have ceased.

Majority of the assets for the three entities have been sold, with one last remaining crane currently under contract, which the sale is expected to complete by end of February 2014.

Given that there are insufficient funds available in each entity to meet the respective priority claims of employees, the Federal Government’s GEERS responded to those claims and they have advanced funds (other than superannuation) to pay the majority of the employees who had outstanding entitlements owed to them as at the date of our appointment. The remaining employees who have yet to be paid from GEERS have either failed the eligibility criteria or have not lodged their claims with GEERS.

Our investigations so far into the affairs of the companies have identified a number of possible transactions to trade creditors that may fall under the provisions of unfair preferences and we are currently collating further evidence in respect of those transactions with a view to submitting claims directly to the relevant creditor(s).

Upon completion of the realisation strategy and recovery process, should there be any surplus funds in the Liquidation, then they will be distributed in accordance with the priority ranking as set out in the Corporations Act 2001.

Information and circulars for creditors of:

• DGWA – D&G Hoists & Cranes Pty Ltd
  
• DGV – D&G Hoists & Cranes (Aus) Pty Ltd trading as D&G Verticon Hoist & Crane Hire
• CI – Crane Investments (WA) Pty Ltd

Information and circulars for employees.

The Australian Securities & Investments Commission provides resources on insolvency for directors, practitioners, employees, creditors and investors.

Coping with the emotional impact of financial distress.

The beyondblue Support Service provides confidential, one-on-one counselling with a trained mental health professional.
Phone: 1300 22 4636

Phone: 13 11 14 Australia-wide
Online crisis support chat (7:00pm to 4:00am daily)