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Monday 15 June 2015

15-146MR Court appoints provisional liquidator to Planet Platinum following ASIC application

Following a successful ASIC application, the Supreme Court of Victoria has ordered the appointment of Ferrier Hodgson partner John Lindholm as provisional liquidator to Planet Platinum Limited.

ASIC’s bid to appoint a provisional liquidator follows an earlier application to the court to wind up Planet Platinum (refer: 15-086MR). That application is still to be heard.

ASIC’s applications have been made because of: 

  • suspected contraventions of the law regarding a Planet Platinum loan of approximately $2.69 million to Metropolis City Promotions Pty Ltd (Metropolis) and:

- Planet Platinum’s failure to document variations to the loan agreement at all or not until some years after they were approved;

- Planet Platinum’s failure to ensure all security under the agreement was obtained;

- Planet Platinum’s failure to take any adequate steps to enforce repayment of the loan when it was in default;

- Planet Platinum’s discharge of a mortgage given to it as security for the loan by a related entity, Cameron Lane Pty Ltd (Cameron Lane), over property at 13 Horne Street, Elsternwick, Victoria;

- Planet Platinum’s failure to seek shareholder approval for: extension of repayment dates; the failure to enforce repayment; and the discharge of the mortgage given by Cameron Lane;

- the transfer to Planet Platinum in September 2014 of fixtures and fittings attached to a property at 7-12 Horne Street, Elsternwick, Victoria (that were allegedly owned by Metropolis) and as part satisfaction of the loan to the amount of $546,850.

  • Planet Platinum failing to:

- have three directors;

- convene an annual general meetings for the financial years ending 30 June 2013 and 30 June 2014 or lodge annual reports for those years;

- lodge a half-year report for the period ending 31 December 2013 and 31 December 2014.

On 12 June 2015, the Supreme Court of Victoria ordered Mr Lindholm to provide a report to the court and ASIC within 28 days reporting on matters, including issues of concern raised in ASIC’s evidence, the provisional liquidation of Planet Platinum, identification of its assets and liabilities, an opinion as to the company’s solvency, and any other information necessary to enable the company’s financial position to be assessed.

ASIC’s investigation into the affairs of Planet Platinum is continuing.

Background

On 4 May 2015, Planet Platinum appointed Gideon Rathner as administrator. The court’s appointment of Mr Lindholm terminates that administration.

Planet Platinum is the owner and operator of Showgirls Bar 20—an adult entertainment business located on King Street, Melbourne—and is the owner of 7-12 Horne Street, Elsternwick from which the company receives rent from a brothel operated by related entity trading under the name Daily Planet.

Planet Platinum listed on the Australian Securities Exchange (ASX) in April 2003. Its shares have been suspended since March 2013.

Planet Platinum’s two directors are John Trimble and his son, Michael Trimble. Cameron Lane and Metropolis are private companies controlled by Mr John Trimble.

Editor's note 1:

On 18 September 2015 the Court ordered that:

  • The hearing of ASIC's application to wind up Planet Platinum be heard on 9 November 2015.
  • The hearing of ASIC's application for a declaration that Mr Rathner's appointment as Planet Platinum's administrator was void, invalid and of no effect be heard on 23 November 2015.

Editor's note 2:

The hearing on 9 November 2015 concluded on 10 November 2015. His Honour reserved his decision.

Editor's note 3:

On 1 December 2015, following a successful ASIC application, the Supreme Court of Victoria ordered the appointment of Ferrier Hodgson partner John Lindholm as provisional liquidator to Planet Platinum Limited (refer: 15-365MR).

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Last updated: 03/12/2015 12:00