KUALA LUMPUR: BERJAYA CORPORATION BHD []'s unit has appointed Ken Whittingham and Atle Crowe-Maxwell of PKF Australia Ltd receivers and managers of its self-service carwash company --'' Carlovers Carwash Ltd (CCL) -- based in Australia.
BCorp said on Tuesday, April 19 that it would appoint the two as receivers and manager for CCL's three units -- Carlovers Carwash (Aust) Pty Ltd, The Carwash Kings Pty Ltd and Carlovers (Maroochydore) Pty Ltd, to preserve its interest as a secured creditor of the CCL Group
It said CCL was not a major subsidiary as defined in Bursa Malaysia Securities Bhd Main Market Listing Requirements.
'BCorp group's unaudited carrying amount/net book value of the CCL Group as at Jan 31, 2011 is about RM400,000 whilst its original cost of investment in the CCL Group is about RM46.1 million. The amount has been substantially written down and impaired over the years,' it said.
Pursuant to a winding-up petition by PMF Legal as substituted creditor at the Supreme Court of Queensland, CCL was wound up by the court and John Maxwell Morgan of Bentleys Corporate Recovery (NSW) Pty Ltd was appointed as the liquidator of CCL on Monday.
'The claim pursuant to the winding-up is for A$502,694.26 (RM1.60 million), being the amount owing to PMF Legal as professional fees and charges for legal services rendered for and on behalf of CCL.
'The winding-up was brought about by PMF Legal to recover the claim purportedly owing by CCL for legal services rendered to CCL. CCL has disputed the claim with regards to the scope, extent and time charges in respect of the services rendered and intends to pursue a costs assessment of the amounts claimed by PMF Legal under the claim,' it said.
BCorp said on Tuesday, April 19 that it would appoint the two as receivers and manager for CCL's three units -- Carlovers Carwash (Aust) Pty Ltd, The Carwash Kings Pty Ltd and Carlovers (Maroochydore) Pty Ltd, to preserve its interest as a secured creditor of the CCL Group
It said CCL was not a major subsidiary as defined in Bursa Malaysia Securities Bhd Main Market Listing Requirements.
'BCorp group's unaudited carrying amount/net book value of the CCL Group as at Jan 31, 2011 is about RM400,000 whilst its original cost of investment in the CCL Group is about RM46.1 million. The amount has been substantially written down and impaired over the years,' it said.
Pursuant to a winding-up petition by PMF Legal as substituted creditor at the Supreme Court of Queensland, CCL was wound up by the court and John Maxwell Morgan of Bentleys Corporate Recovery (NSW) Pty Ltd was appointed as the liquidator of CCL on Monday.
'The claim pursuant to the winding-up is for A$502,694.26 (RM1.60 million), being the amount owing to PMF Legal as professional fees and charges for legal services rendered for and on behalf of CCL.
'The winding-up was brought about by PMF Legal to recover the claim purportedly owing by CCL for legal services rendered to CCL. CCL has disputed the claim with regards to the scope, extent and time charges in respect of the services rendered and intends to pursue a costs assessment of the amounts claimed by PMF Legal under the claim,' it said.
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