Vincents Notice to Creditors: Bhula Bhula Intentional Community

By Gi Linda-

Following is the text of a notice to creditors by Vincents' liquidator, Steven Staatz, who is receiver of contested property at 3222 Kyogle Rd, Mt Burrell, NSW.

3222 Kyogle Rd, Mt Burrell, NSW

The notice from Steven Staatz informs creditors and interested persons who are waiting with hands outstretched to receive a crumb from sale of the property, that the purchaser has been unable to complete the sale.

An additional deposit of $100,000 has been paid and the purchaser, Derek Zillman, is allowed until October 19 to seal the deal.

I am one of twenty disenfranchised investors who provided purchase money in exchange for co-ownership of land between 2014-16, without receiving consideration or restitution.

I am also a judgment creditor of the company, after filing a successful statutory demand in 2017 in Qld Federal Court.

I did not receive a copy of the notice sent by Vincents on September 1. Perhaps an oversight, or maybe I no longer receive notices from Vincents because I am pursuing charges that their liquidator is assisting the company Wollumbin Horizons in alleged phoenix action?

Action by Ray White, with Christies Prestige

Sale of the property was conducted by Ray White with boutique agency Christies Prestige. Executive consultant to Christies Prestige is Eamon Lowe, a close associate of Adrian Brennock involved in the land-share scheme, whose wife, Mikala Lyell Lowe is selling dwelling sites in the prospective Nightcap Village, and has been a director of the company Nightcap Village Holdings Pty Ltd since 2018.

Wollumbin Horizons and Yidaki companies - joined at the hip!

Adrian Brennock selling tribal title to dwelling sites, 2020

Adrian Brennock is director and sole shareholder with a $1 share controlling the company Wollumbin Horizons (in liquidation). The company owns the property that he purchased in 2015, using funds provided by myself and others.

Adrian Brennock placed the company in voluntary administration in July 2017 on a presumption of insolvency, with creditor claims over $2.6 million.

One month prior to initiating wind-up of the company, he executed a mortgage over the company's only asset, the land.

The contested property was sold at auction on June 19, 2020, for $2 million - that's about $1 million over market value. It was bought by Adrian Brennock's close associate, Derek Zillman, director of Yidaki Pty Ltd.

Adrian Brennock is a shareholder in Zillman's Yidaki company.

Derek Zillman, director of Yidaki Pty Ltd

I allege that transfer of the land asset to Brennock's close associate is a phoenix move, intended to divest liability to creditors.

From 2017-2020, evidence was suppressed in Qld Federal Court and the Federal Court of Appeal indicating that intended transfer of the land asset from Wollumbin Horizons to a related company would divest liability to creditors and facilitate continuation of the same business of selling "pre-DA" dwelling sites on property where multiple occupancy is currently prohibited by zoning restrictions.

After auction of the property, Nightcap Realty posted a video showing Adrian Brennock and Yidaki co-director Mark McMurtrie removing the "For Sale" sign, announcing: "We bought it back ourselves!" 

Mark McMurtrie and Adrian Brennock: "We bought it back ourselves"

              ________________________________________________________________________

NOTICE TO CREDITORS AND INTERESTED PERSONS

    RE: WOLLUMBIN HORIZONS PTY LTD (IN LIQUIDATION) ACN 606 581 364 (“COMPANY”)

3222 KYOGLE ROAD, MOUNT BURRELL, NSW (“PROPERTY”)

I refer to my previous reports and circulars to creditors and interested persons in relation to the abovenamed Company and Property of 21 June 2019, 23 August 2019, 6 November 2019, 12 March 2020, 24 April 2020 and 25 June 2020.

On Friday, 19 June 2020 the Property was sold at public auction for $2million, and I confirm that a 10% deposit ($200,000) for the purchase of the Property was paid into my real estate agent’s trust account.

The purchaser of the Property through their legal advisors has sought a one month extension to the settlement date under the contract. On considering this request, I agreed to the requested extension of the settlement date on the basis that the purchaser contributed a further 5% deposit (being a further deposit of $100,000) towards the purchase price of the Property.

I confirm that the additional 5% deposit requested has been received and I expect that settlement for the Property will now take place on Monday, 19 October 2020 in accordance with the (amended) sale contract.

If you have any queries, please contact Damien Davis (ddavis@vincents.com.au) of this office on (07) 3228 4260.

DATED this 1st day of September 2020.

STEVEN STAATZ

LIQUIDATOR OF WOLLUMBIN HORIZONS PTY LTD (IN LIQUIDATION) AND RECEIVER OF THE REAL PROPERTY SITUATED AT 3222 KYOGLE ROAD, MOUNT BURRELL, NSW

          _____________________________________________________________________

Read more: Nightcap on Minjungbal - Phoenixing in Action