Andrea Cooper referred to corporate watchdog as companies massive debts revealed
Legal action has been taken and a referral made to the corporate watchdog against a former Top End disability service provider. SEE WHO SHE OWES MORE THAN $8M.
Northern Territory
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A banned Northern Territory NDIS provider is being sued and has been referred to the corporate watchdog for possible misuse of funds as liquidators attempt to recoup $8.4m in money owed from her two companies.
Among the debts was $235,695 unpaid to employees and a $1.1m loan granted to her own company, with liquidators investigating unfair preference payments, breaches of director duties, and unexplained insurance payouts.
Andrea Cooper, 47, was head of major Top End disability services provider New Chapters New Beginnings before receiving a five-year ban from the NDIS Quality and Safeguards Commission in May following findings she could pose “immediate danger” to the health and safety of her clients.
Both NCNB and her related company The Book that Built the Future are now under administration by insolvency groups, who are in the process of selling assets including Ms Cooper’s multimillion-dollar Cullen Bay home, block of Coolalinga units and luxury car.
The Victoria Supreme Court ordered insolvency group BRI Ferrier to liquidate TBTBTF in May after online lender Banjo Loans took legal action seeking half a million dollars in unpaid debts.
BRI Ferrier’s liquidation report has revealed millions more owing from the company, however Ms Cooper’s failure to provide mandatory documents means questions remain about the true extent of her financial woes.
Ms Cooper has been referred to the Australian Securities and Investments Commission for noncompliance with the liquidation process.
Between May 3 last year and May 1 this year, BRI Ferrier identified 23 payments totalling $131,826 that “appeared to be unreasonable director related transactions”.
A dozen of those payments worth $117,541 appeared to have come from an insurance payout from a fire at one of the Coolalinga units.
“We note that the director (Ms Cooper) failed to provide any explanation with respect to the payments and we have referred this matter to our solicitors to pursue further,” the report said.
Bank statements also showed rent payments from company owned property that appeared to have been sent to a private account.
EMJ Consulting’s Melanie Grohovaz was brought in as voluntary administrator of NCNB on November 25, and subsequently as liquidator on February 22 when restructuring efforts failed to save the company.
In a report lodged June 8, Ms Grohovaz detailed a similar refusal by Ms Cooper to comply with liquidator requests, prompting legal action to be taken against her.
Ms Grohovaz referred “possible offences” committed by Ms Cooper to ASIC, the details of which remained confidential.
The liquidator report revealed NCNB paid $2.4m in loans directly to Ms Cooper or her private companies; including a $1.1m loan to TBTBTF, $387,290 to her now defunct catering business The Cafe, and $891,000 paid to herself as director.
The report warned the chances of recovering those loans were uncertain, with TBTBTF in liquidation, The Cafe insolvent, and Ms Cooper ignoring liquidator demands.
“I have issued a demand for payment of this loan; however, Ms Cooper has not responded to the demand or any correspondence,” Ms Grohovaz said.
“The likelihood of recovering any funds remains uncertain especially given that Ms Cooper has signed personal guarantees for a number of debts.”
Lawyers for the liquidators were brought in to issue Ms Cooper with a writ of summons and to seek judgement of the debt.
Ms Grohovaz’s investigation also found “certain large creditors” had been paid unfair preference claims by the company – meaning advantageous payments had been made to some lenders over others.
“Based on this review it appears that successful recovery of unfair preference payments may be more complex than anticipated,” Ms Grohovaz said.
“Due to the sensitive nature and potential legal action involved with these claims, I am not able to provide further details.”
NEW CHAPTERS NEW BEGINNINGS DEBTS
Employee entitlements
– Superannuation $202,943
– Leave entitlements $13,906
– Redundancy payments $18,846
Unsecured creditors
– Able Home Loans & Insurance $135,850
– ATO $1,319,158
– Captovate Pty Ltd $7000
– City of Darwin $3902
– City of Palmerston $1802
– Deloitte Private P/L $81,774
– Litchfield Council $5471
– NT Revenue Office $34,556
– Office of State Revenue (WA) $6975
– Power Water $1810
– PPC ID Card Solutions $325
– Right People $1870
– Azure Advisory $64,625
– Teutoburg $1,498,747
– Koch Investments $316,732
– XLNT maintenance $5873
– The Exhibitionist $4300
TOTAL = $3,726,465
THE BOOK THAT BUILT THE FUTURE DEBTS
– Commonwealth Bank Australia Mortgage for 13 Cullen Bay Cres $1,674,737
– Commonwealth Bank Australia Mortgage for 9 Constant St $659,009
– Liberty Mortgage for 9 Constant St $638,087
– Australian Taxation Office $24,462
– Commissioner of Territory Revenue $64,718
– Fundit Ltd / Banjo Loans $502,049
– (New Chapters New Beginnings $1,126,523)
TOTAL = $3,563,062 ($4,689,585)
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