The Bankruptcy Trustees of the Bankrupt Estate of Philip Sullivan, Messrs Terry van der Velde and Jason Cronan of SV Partners, are proceeding with investigations into Mr Sullivan’s assets and various associated entities.
The Bankruptcy Trustees have recovered some documents to assist their investigations however further financial information and documents are required to consider whether there are any commercially recoverable claims to pursue in the Bankruptcy. The investigations being undertaken in the Bankruptcy are complex as a result of Mr Sullivan’s dealings and extensive involvement in various companies and trusts.
The Trustees have engaged solicitors to assist with recovering this information and, based on the information available to them, consider it appropriate to conduct a public examination through the Federal Court of Australia to obtain further information regarding Mr Sullivan’s financial affairs. This process will likely take 3 to 6 months. Upon the conclusion of the public examination, the Trustees will be in a position to report on their investigations and whether it is likely that a dividend will be payable from the Bankrupt Estate of Mr Sullivan.
In addition to the above, Mr Sullivan has filed an application in the Federal Court of Australia seeking to replace the current Trustees, and replace them with the Trustees he appointed personally.
It is envisaged a further update will be provided to unit holders within the next 3 to 6 months.