Andrew Blundell and Simon Cathro of Cathro & Partners were appointed on 18 January 2022 as Administrators of Dyldam Developments Pty Ltd. The creditors subsequently accepted a Deed of Company Arrangement proposal, and we are in the process of finalising a distribution to creditors in this regard. Andrew Blundell was recently interviewed for ABC's Four Corners program, having written the administrator's report with Declan Lane that identified Dyldam Developments had been likely insolvent at least since 30 June 2017.
In the interview, Andrew said, "I recommended in my report that it would be in the creditor's interest to place the company into liquidation. If you're able to establish that a company has traded whilst it's insolvent, you can effectively pursue the directors for the quantum of that claim in their personal capacity, so that means you can recoup a portion of those funds or all of those funds, depending on the circumstance, from the directors' personal assets.".
Click here for the full telecast - https://www.abc.net.au/news/2023-07-17/house-of-cards:-inside-the-broken-business-of/102612246 .