Information for creditors of BBY and a number of its subsidiaries, which was placed into liquidation on 22 June 2015.
Information regarding BBY, which was placed into liquidation on 22 June 2015.
This page contains information for former clients, creditors, employees and shareholders of BBY Limited and the related companies set out on this page that are subject to external administrations (the “BBY Companies”).
- Appointment details
- ASIC Information Sheets
- Appointment of External Administrators
- Appointment of Liquidators/Deed Administrators
- Appointment of Receivers
- Pooled Deed of Company Arrangement – SmarTrader Limited & BBY HomeTrader Pty Ltd
- What you need to do
- Useful links
|Appointment type||Liquidators and Deed Administrators|
|Appointees||Stephen Vaughan & Ian Hall of KPMG|
(22 June 2015)
BBY Holdings Pty Ltd
Broker Services Australia Pty Ltd
BBY Advisory Services Pty Ltd
(8 October 2015)
|BBY Nominees Pty Ltd
ACN 007 001 443 ("BBYN")
|Entities in Deed of
(22 June 2015)
BBY Hometrader Pty Ltd
(15 October 2015)
BBY Protection Nominees Pty Ltd
Options Research Pty Ltd
- Voluntary Administration: A guide for employees (PDF 59KB)
- Insolvency: a glossary of terms (PDF 57KB)
- Approving fees: a guide for creditors (PDF 78KB)
- Independence of external administrators: a guide for creditors (PDF63KB)
The BBY Companies, part of a wider corporate group, provided a broad range of financial services to clients including asset management, broker dealer services, institutional sales, trading and financial advice, research and online trading.
On 17 May 2015, Stephen Vaughan and Ian Hall of KPMG were appointed, pursuant to section 436A of the Corporations Act, as Administrators of ten BBY Companies, listed below, by their directors, following resolutions that each company is likely to become insolvent at some future time.
Voluntary administration is an insolvency procedure where the directors of a financially troubled company can appoint an external administrator called a ‘voluntary administrator’. The role of the voluntary administrator is to investigate the company’s affairs, to report to creditors and to recommend to creditors whether the company should enter into a deed of company arrangement, go into liquidation or be returned to the directors.
Each of these companies has subsequently been either placed into liquidation or a Deed of Company Arrangement ("DOCA") or the Administration concluded with control reverting to management.
The Administrators issued a report to creditors of 6 of the 10 BBY Companies on 12 June 2015. For full details, refer to the Administrator's report to creditors (PDF 3.2MB). Creditors meetings for those 6 companies were held on 22 June 2015. For further information on the second creditors’ meeting, refer to BBY Group: Second Meeting of Creditors Presentation (PDF 1.38MB).
A Committee of Inspection, comprising representative clients and creditors was formed at the creditors meetings of each of BBY Limited and Broker Services Australia Pty Ltd (both in liquidation).
A report to creditors of each of 4 ‘nominee’ companies was issued on Tuesday 29 September 2015, including BBY Nominees Pty Ltd, BBY Protection Nominees Pty Ltd, Options Research Pty Ltd and Tilbia Nominees Pty Ltd. Refer to the BBY Nominees 439A Report to Creditors (PDF 1.05MB) for more details. Creditors' meetings were held for these companies on 8 October 2015. For further information, refer to BBY Nominees Second Meeting of Creditors Presentation (PDF 1.24MB). At the meeting, BBY Nominees Pty Ltd was placed into liquidation by the creditors of the company. The meetings for BBY Protection Nominees Pty Ltd, Tilbia Nominees Pty Ltd and Options Research Pty Ltd were adjourned as there were no quorums and the Administrations of these three companies has been concluded.
On 18 May 2015, Stephen Parbery and Brett Lord of PPB Advisory were appointed Receivers and Managers over four of the BBY Companies including the main trading entity, BBY Limited and assumed control of its business. The Receivers retired from Broker Services Australia Pty Ltd, the employment company, on 20 May 2015 however remain appointed as Receivers over assets of the other three companies.
On 30 June 2018 Martin Madden and Cassandra Mathews, both of KordaMentha, were appointed by Westpac as Receivers and Managers of BBY Ltd (In Liquidation)(Receivers and Managers Appointed), BBY Holdings Pty Ltd (In Liquidation)(Receivers and Managers Appointed) and BBY Advisory Services Pty Ltd (In Liquidation)(Receivers and Managers Appointed). The appointments were made jointly and severally with Stephen Parbery and Mark Robinson, the other Receivers and Managers of those companies at that time.
On 31 July 2018 Stephen Parbery and Mark Robinson retired as Receivers and Managers, with the appointment of Martin Madden and Cassandra Mathews as Receivers and Managers continuing and unaffected by that retirement.
For any future Receivers and Managers queries please direct to KordaMentha at www.kordamentha.com/contact
Investigations have continued into the circumstances leading to the failure of the BBY group and the Liquidators have been exploring possible causes of action that could result in recoveries for former clients and creditors.
The Liquidators of BBY Limited are liaising with the Australian Securities & Investments Commission in relation to our investigations and further statutory reporting to ASIC.
In August 2015, the Liquidators filed an application in the Supreme Court of New South Wales to seek court directions regarding the calculation of client entitlements and distribution of funds held in Client Monies Accounts to meet client entitlements. This is discussed further under Client Monies: Court Directions Proceedings.
Refer to Recovery Investigations for more information.
On 22 June 2015, creditors approved a pooled Deed of Company Arrangement in respect of the following companies and Stephen Vaughan and Ian Hall of KPMG were appointed as Deed Administrators:
- SmarTrader Limited ACN 115 752 102
- BBY HomeTrader Pty Ltd ACN 134 838 207
The Pooled Deed was executed on 13 July 2015. The Deed Administrators have advertised seeking submission of formal proofs of debt for adjudication.
If you are an employee
Apply to the Fair Entitlement Guarantee (FEG) through https://extranet.employment.gov.au/feg.
A large number of employee claims have already been processed and entitlements eligible under FEG have been paid.
If you have not submitted a claim and believe you may be eligible we recommend you submit a claim to FEG as soon as possible.
You are able to contact the FEG with any queries you may have regarding the process on 1300 135 040 or email@example.com.
If you are a client
Our primary objective is the protection of client monies and stock.
We have filed an application in the Supreme Court of New South Wales to commence the process of seeking court directions regarding the calculation of entitlements and distribution of funds held in Client Monies Accounts to meet client entitlements. This is a complex application and will require some months to complete. At this stage we require nothing further of clients until court directions have been attained. This includes Proof of Debts.
We will email all clients as information and updates become available. In the meantime, direct any enquiries to firstname.lastname@example.org.
If you are a creditor
We will be communicating with all creditors as information and updates become available. Proof of Debts are not required at this point in time. We will write to all creditors when we require this documentation.