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BXP, BILL EXPRESS LIMITED
datum
post Posted: Mar 10 2010, 05:46 PM
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http://www.theage.com.au/business/bill-exp...00309-pvvn.html
Bill Express arrest bid over missing $250m
MARK HAWTHORNE
March 10, 2010 THE liquidator of Bill Express will seek an arrest warrant for former director Julian Little if he refuses to leave Dubai to appear at a public hearing into the $250 million collapse of the listed payments company.

The Supreme Court in Melbourne yesterday heard that Mr Little ''is showing some reluctance to return to Melbourne'' to provide sworn testimony about the demise of the company, which boasted Lindsay Fox and Gerry Harvey, two of Australia's most prominent businessmen, as major investors.

Peter Bick, QC, representing liquidator PPB, told the court that ''it may be that we need to seek an arrest warrant to have [Mr Little] return''.

Bill Express operated a network of electronic terminals that provided bill payment services and sold mobile phone credit. When it collapsed in 2008, it owed Optus an estimated $63 million, ANZ $53 million, Vodafone $31.5 million and Telstra $15.5 million.

A public examination of its directors and staff began in Melbourne yesterday, as the liquidator tried to discover where an estimated $250 million went.

The court heard the company engaged in ''fraudulent'' accounting and an elaborate ''money-go-round'' into which tens of millions of dollars had disappeared.

That ''money-go-round'' included the transfer of funds into Bill Express just before the end of a financial year, followed by the reversal of those transactions two days later, to inflate the company's reported balance sheet and profit and loss statement.

The court was told this occurred twice and each time between $20 million and $30 million was credited to Bill Express before the transactions were reversed.

PPB is also trying to locate $12.5 million transferred out of Bill Express to its sister company, TBS Group, in the six months before it collapsed. While these transactions appear in the books of Bill Express, no corresponding transactions appear in the books or bank accounts of TBS.



The liquidator is also chasing tens of millions of dollars of ''loans'' that were issued to companies in Singapore and Dubai, where Mr Little now has business interests.

TBS Group was controlled by Sandro DiDonato, a business associate of Bill Express founders Ian and Hal Christiansen, who shared office space and accounts staff and even a bank account with the listed company.

The first to be called to provide sworn testimony was former accountant Ajit Nadarajah, who was in charge of bank reconciliations for Bill Express and related parties from 2005 until 2008. He is now a credit controller with Visy Industries.

Mr Nadarajah confirmed that, until July 2007, Bill Express did not operate its own bank account, and the transactions of the listed company went through an account controlled by the TBS Group, also in liquidation.

The court heard that Mr DiDonato had access to that account and to funds owned by Bill Express, and that Bill Express chief executive Ian Christiansen and his wife Tania Bianchin, an accounts executive within the Bill Express empire, were two signatories to that private TBS account.

Asked if the transfer and reversal of up to $30 million into Bill Express before its record date was an example of ''fraudulent accounting'', Mr Nadarajah replied: ''Privileged. In hindsight, I believe so.'' Asked if an accountant of 40 years' experience should have known it was fraudulent, Mr Nadarajah replied: ''Privileged. I believe so.''

Asked if the board and chief financial officer of Bill Express knew about the reversed transactions, he replied: ''Privileged. I believe so. I believe the CFO would have to know.''

The Supreme Court hearing continues this morning.

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This is not a bottom draw stock. This is a stock you take to the grave with you.
 
vida
post Posted: Oct 31 2008, 08:43 PM
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In reply to: datum on Tuesday 12/08/08 11:49pm

I HATE BXP and all its management through and through - they are useless and stupid.



 
datum
post Posted: Aug 12 2008, 11:49 PM
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vida,
shareholders will get zero.
BXP has debts of between $250 mill to $300 mill.

The only thing 7/11 must be interested in is the dialtime/billpay software
& the server farms that go with it.
That way 7/11 would own their own software IP, so they would not have to
pay franchise fees to use someone"s system, such as epay or ezipass.

i have no idea what it is worth, but whether its $1 mill or $30 million
for the system it will still be well short of the $300 million outstanding debt



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This is not a bottom draw stock. This is a stock you take to the grave with you.
 
vida
post Posted: Aug 9 2008, 07:32 PM
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In reply to: sharedude on Monday 14/07/08 02:31am

Does anyone have any idea what happens now if 7/11 or someone else buys BXP's assets and continues running the business? Will the shareholders be involved in the entity? I guess not, we are just dumped and barely get a mention in the media when they are discussing the debts and creditors and possible legal action against the auditors etc. What about the shareholders? They are always left holding the bag with not a word of apology

 
sharedude
post Posted: Jul 14 2008, 02:31 AM
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In reply to: vida on Sunday 13/07/08 03:05am

Vida,

Thanks for the info. I only looked at the site briefly but I just minced my words. I see that companies with a 'trading' status are there too but I was just referring to the many that are now defunct.

I agree with you then, don't offload your stock to these characters who may profit as such. Let the dust settle and write it off.

Take care buddy, and thanks for the interesting discussion. wink.gif

I've learned a few things myself! graduated.gif



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[i]I've told you all a hundred million billion times: don't exaggerate![/i]
 
vida
post Posted: Jul 13 2008, 03:05 AM
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Deadone: I understand that is what delisted does for one thing, but I do not want anyone to profit from my loss. Its a predatory mob and I don't like the vultures circling :-) I can wait until the company declares it can't pay out shareholders and that can happen before its fully liquidated I believe but not sure. I don't think BXP will take years to dissolve and I don't care, I can wait : i still hope to be here for a long long time & am not too concerned



 

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deadone
post Posted: Jul 12 2008, 03:32 PM
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In reply to: vida on Saturday 12/07/08 02:23pm

there are some companies that are in suspension or administration that are not likely to trade again and could take years to be liquidated, selling them to delist gives you a tax loss against other profits.

 
vida
post Posted: Jul 12 2008, 02:23 PM
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why would anyone take up delisted's offer? when there is a declaration by the administrators that there will be no distribution to the shareholders, a capital gains loss with the ATO is available and otherwise a loss can be claimed when the company is deregistered. So one can claim a CGT loss without selling the shares.

 
deadone
post Posted: Jul 12 2008, 02:13 PM
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In reply to: vida on Saturday 12/07/08 01:17pm

what delist does is buy your shares in various companies for $10.00 and charges you a fee of $80.00 then you can claim a tax loss, if the company relists then it's a bonus for them.

 
vida
post Posted: Jul 12 2008, 01:17 PM
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In reply to: vida on Saturday 12/07/08 01:03pm

Deregistered companies (from the DELIST website)
12 Jul 08

The deregistration (as distinct from the delisting) of a company is the final act. The company is removed from the official records as a registered company. It no longer exists. Shares have no value.

Deregistration is recognized as a Capital Gains Tax Event and when it happens, shareholders can crystallise a capital loss for tax purposes (providing of course the shares were acquired on or after 20 September 1985, which is when capital gains tax was first introduced). The claim for a capital loss does not need to be substantiated with documentation, shareholders just need to know the company is deregistered.

Shareholders should also be aware that an administrator's or liquidator's declaration (that there will be no distribution to shareholders) is often made before deregistration. If you choose to make the capital loss in the income year the administrator or liquidator declares the shares worthless, the loss can't be claimed again when the company is deregistered!

If you don’t choose to make the capital loss in the income year the administrator or liquidator declares the shares worthless, you won’t make a capital loss until the shares are disposed of or the company is deregistered.

We carry the details of about 700 deregistered companies and update the list in March of each year (because of its relevance for tax purposes). You can search on the company name or ASX code above to find whether your company is deregistered or not, or you can click on the button below to see a list of deregistered companies:




 
 


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