Creditors in the collapsed group of companies I am sure will be interested to know the total fees that McGrath Nicol and Ferriers have slugged us with in the at least 3 years of their appointment.
Granted McGrath Nicol will be popping champange in their own plush offices after the $415m land sale "they" arranged. At least this ensures MN gets paid. Trouble is, with so many entities involved it is not readily available their total fees charged (and approved) by creditors to date.
I cite one example from Ferriers through in the liquidation of Great Southern Property Managers (GSPM), an entiy with just over $2m in assets (4 properties and 3 water licences).
The AGM report (conviently released the day before Christmas Eve a practice adopted by GTP for Sh**y announcements too) states the fees to date for this entity are:
Funding Agreement with Receivers for $115,000 to advise on sale of assets, a further $130,000 to Hillcrest Lithigation Services to investigate claims against the company combining with fees drawn, owed and contingent add up to a whopping $385,000 (see page 6 AGM report GSPH Pty Ltd released 23/12/2010)
For a subsiduary with maximium assets of $2.2m this fee equates to a whopping 17.50%, disgracing the 10% charged by GTP in the first place.
All this and they have still not lodged the s533 report to ASIC - too busy typing up invoices I expect.
Lord knows what Mcgrath Nicol have been fleecing out of this, they havent made a report public to creditors since 18 May 2009 (see MN website). This is some shameful s**t and as a creditor I can see that I should have invested heavily in a petroleum jelly company as I am about to be bent over again.
As a creditor, I would like to see 1 number from each of these groups - the total fees charged since appointment. This is a cashcow for both of them embarrassing even ASIC (which isnt hard) by not producing the required reports into the company affairs even after charging what is likely to amount to 10's of millions in fees.
What a joke
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