BBY Nominees Pty Ltd (In Liquidation) ACN 007 001 443 Liquidators’ annual report 25 November 2016 Stephen Vaughan KPMG BBY Nominee Client and and Ian Hall Restructuring Services Creditor Enquiries Tower Three, E
[email protected] Joint and Several International Towers Sydney W www.kpmg.com/AU/bby Liquidators 300 Barangaroo Avenue Sydney NSW 2000 BBY Nominees Liquidators’ annual report to creditors 25 November 2016 Executive summary BBY Nominees acted as a bare trustee and nominated custodian for clients of the BBY business providing nominee services in respect of securities and other financial products, both domestic and international. BBY Nominees was part of the wider BBY Group and failed as a consequence of the collapse and insolvency of BBY Limited and the other BBY Companies. Purpose of this report Each year during the winding up of a company liquidators are required to convene an annual meeting of creditors (or lodge an annual report with ASIC), providing an account of the conduct of the winding up. This is the first annual report by the Liquidators to the former clients and creditors of BBY Nominees and accompanies notice of a meeting of creditors to be held on 15 December 2016. Appointment details Stephen Vaughan and Ian Hall of KPMG were appointed as Administrators of ten BBY group companies on 17 May 2015 including BBY Nominees. At a meeting of creditors held on 8 October 2015 BBY Nominees was placed into liquidation and we became the Liquidators. Clients At the time of or appointment, the accounts of BBY Nominees were inadequate to determine the identity of all clients, the extent of assets held and whether assets were owned or held on trust for others.