Liquidators of the failed Rockstead Financial Services (Rockstead) have enlisted the help of administrators after a third party proposed a recapitalisation plan that may return millions to creditors.
Late last year, Winning Corporate Services Pty Ltd proposed a recapitalisation of Rockstead, prompting liquidators Ferrier Hodgson to appoint Worrells Solvency and Forensic Accountants (Worrells) as company administrator.
"We have not received details of the proposal at the date of this advice (23 December 2009), however we will advise creditors of these details in due course," a statement from Worrells said.
Rockstead is without assets, with all assets of the company having been disbursed during the course of the firm's previous voluntary administration and subsequent liquidation, Worrells said.
"We have been advised by the liquidator that they have received proofs of debts from the creditors of the company totalling approximately $23,850,000," it said.
Worrells held the first Rockstead creditors meeting on 7 January this year.
The group of close to 20 creditors declined to form a creditors committee.
Of the creditors, collapsed financial services firm First Capital Securities is seeking more than $6 million.
Fellow creditors Stratigic Nominees Limited, Rockstead Venture Limited and Terry Chilvers are seeking more than $13 million, close to $1 million and more than $2 million, respectively.
Rockstead Financial Services was placed in voluntary administration in 2007 and was placed in liquidation in mid 2009.
