Key Milestones and Events

Bentleys were appointed appointed as replacement Liquidators to the Octaviar case by the Queensland Supreme Court in September 2009.

This case encompasses creditors totalling in excess of $2.2 billion and a group structure of over 45 entities.

Key achievements since appointment include:

• Secured over $145 million in cash;
• Proceeded to wind up the group at large;
• Protected and proceeded to realise the “Sunkids” group of child care centres and related property interests;
• Commenced detailed investigations surrounding the demise of the group, the group’s solvency, and its operations in Cayman Islands, Dubai, and the US; 
• Commenced public examinations of the company officers and key stakeholders;
• Appeared in the Appeals Court and High Court; and
• Defended and commenced various litigation matters.

As a result of our multidisciplinary approach to appointments, we have been able to act efficiently and swiftly to achieve tangible outcomes in a short period of time.

More details on key events since appointment follow:

• Fifth meeting of Committee of Inspection members held on 29 June 2010
• Public Examinations of Directors of McLaughlins Financial Services Limited commenced on 15 June 2010 in Sydney
• Public Examination of David Anderson continued on 19 July 2010
• Significant progress with the Sunkids’ childcare business realisation

• Fourth meeting of Committee of Inspection members held on 26 May 2010
• Investigations are ongoing regarding the date of the insolvency of the Group, related party transactions and loan transaction verification
• Dividend to priority creditors has been postponed. Further work is required to ascertain which employees are entitled to receive a dividend

• The First Tranche of Public Examinations commenced on 12 April 2010 in Sydney. To date three (3) Octaviar executives have been examined
• The marketing campaign for the Sunkids’ childcare business has concluded. Preferred bidders have been notified and draft contracts issued to them. The process of moving towards signed contracts continues
• A recovery of the investment in GEO stapled securities has been completed
• Orders for Production of Books and Records issued to the financial advisors of the Octaviar group

March 2010

• Meeting of Committee of Inspection members held on 9 March 2010
• Notice to priority creditors of intention to declare a dividend* was sent on 5 March 2010 with distribution made on or before 14 May 2010

---

• Marketing campaign commences for realisation of the Sunkids’ assets
• Production of documents in respect of Orders for Production

---

• Meeting of Committee of Inspection members held on 12 January 2010

---

• Meeting of Committee of Inspection members held on 1 December 2009
• Vacated Hicks Street, Southport office premises
• Public examination summons issued to directors and officers of Octaviar Administration Pty Limited (In Liquidation)
• Asset realisations total $128.1M as at 1 December 2010
• By 31 December 2009, Kate Barnet and William Fletcher appointed as joint and several liquidators to a further 11 entities within the Octaviar Group

---

• Commenced realisation of stapled securities held in GEO Property Group Limited

---

• Asset realisations total $124.8M as at 16 October 2009
• Meeting of creditors held on 16 October 2009 and Committee of Inspection members elected
• Proceedings commenced by ASIC , subject to the Court granting leave to proceed against Octaviar Limited (In Liquidation) and Octaviar Castle Pty Limited (In Liquidation)
• Commenced investigations

---

• Secured Group assets and books and records
• Met with key personnel within the Group, former liquidators, Deloitte and other key parties

---