Appointment information

Appointment information

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

Appointment type Liquidators and Deed Administrators
Appointees Stephen Vaughan & Ian Hall of KPMG
Contact email bby@kpmg.com.au
Entities in 
Liquidation
(22 June 2015)

BBY Holdings Pty Ltd
(Receivers and Managers Appointed)
(In Liquidation)
ACN 075 187 432 ("BBYH")

BBY Limited
(Receivers and Managers Appointed)
(In Liquidation)
ACN 006 707 77 ("BBYL")

Broker Services Australia Pty Ltd
(In Liquidation) 
ACN 074 976 364 ("BSA")

BBY Advisory Services Pty Ltd
(Receivers and Managers Appointed)
(In Liquidation)
ACN 102 761 008 ("BBYAS")

Entities in 
Liquidation

(8 October 2015)
BBY Nominees Pty Ltd
(In Liquidation)
ACN 007 001 443 ("BBYN")
Entities in Deed of 
Company Arrangement

(22 June 2015)

SmarTrader Limited 
(subject to Deed of Company Arrangement)
ACN 115 752 102 ("STL")

BBY Hometrader Pty Ltd
(subject to Deed of Company Arrangement)
ACN 134 838 207 ("BBYHT")

Administrations ended
(15 October 2015)

BBY Protection Nominees Pty Ltd
(Administrators Appointed) 
ACN 007 001 710 ("BBYPN")

Options Research Pty Ltd 
(Administrators Appointed)
ACN 006 770 627

("OR")

Tilbia Nominees Pty Ltd 
(Administrators Appointed)
ACN 007 001 578 ("TN")

 

ASIC Information Sheets

 

Background

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.

 

Appointment of External Administrators

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.

 

Appointment of Liquidators/Deed Administrators

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.
 

Coy Admin. Liquidn DOCA Ended
BBYH 17/05/15 22/06/15    
BBYL 17/05/15
22/06/15    
BBYAS 17/05/15 22/06/15    
BSA 17/05/15 22/06/15    
BBYN 17/05/15 08/10/15    
BBYPN 17/05/15     15/10/15
OR 17/05/15     15/10/15
TN 17/05/15     15/10/15
STL 17/05/15   22/06/15  
BBYHT 17/05/15   22/06/15  

 

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.

 

Appointment of Receivers

On 18 May 2015, Stephen Parbery and Brett Lord of PPB Advisory were appointed Receivers & Managers over 4 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.

 

Investigations

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.

 

Pooled Deed of Company Arrangement – SmarTrader Limited & BBY HomeTrader Pty Ltd

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.

 

What you need to do

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 bby@employment.gov.au.

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 bby@kpmg.com.au.

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.

 

Useful links

 

Liquidators and Deed Administrators AppointeesStephen Vaughan & Ian Hall of KPMG Contact email bby@kpmg.com.au Entities in 
Liquidation
(22 June 2015)

BBY Holdings Pty Ltd
(Receivers and Managers Appointed)
(In Liquidation)
ACN 075 187 432 ("BBYH")

BBY Limited
(Receivers and Managers Appointed)
(In Liquidation)
ACN 006 707 77 ("BBYL")

Broker Services Australia Pty Ltd
(In Liquidation) 
ACN 074 976 364 ("BSA")

BBY Advisory Services Pty Ltd
(Receivers and Managers Appointed)
(In Liquidation)
ACN 102 761 008 ("BBYAS")

Entities in 
Liquidation

(8 October 2015) BBY Nominees Pty Ltd
(In Liquidation)
ACN 007 001 443 ("BBYN") Entities in Deed of 
Company Arrangement

(22 June 2015)

SmarTrader Limited 
(subject to Deed of Company Arrangement)
ACN 115 752 102 ("STL")

BBY Hometrader Pty Ltd
(subject to Deed of Company Arrangement)
ACN 134 838 207 ("BBYHT")

Administrations ended
(15 October 2015)

BBY Protection Nominees Pty Ltd
(Administrators Appointed) 
ACN 007 001 710 ("BBYPN")

Options Research Pty Ltd 
(Administrators Appointed)
ACN 006 770 627
("OR")
Tilbia Nominees Pty Ltd 
(Administrators Appointed)
ACN 007 001 578 ("TN")

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Latest news

Read the latest news regarding external administration of BBY Limited.

 
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Communications regarding the external administration of BBY Limited and related companies.

 
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Frequently asked questions

Frequently asked questions about the BBY companies in liquidation and under deed administration.

 
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Client Monies: Court Directions Proceedings

Court documents relating to the liquidation of BBY.

 
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