Circular to Creditors 250908 by pengxiuhui

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									                                                                                   Deloitte Touche Tohmatsu
                                                                                   ABN 74 490 121 060

                                                                                   Riverside Centre
                                                                                   Level 25
                                                                                   123 Eagle Street
                                                                                   Brisbane QLD 4000
                                                                                   GPO Box 1463
                                                                                   Brisbane QLD 4001 Australia

                                                                                   DX: 115
                                                                                   Tel: +61 (0) 7 3308 7000
CIRCULAR TO CREDITORS                                                              Fax: +61 (0) 7 3308 7002
                                                                                   www.deloitte.com.au


25 September 2008
Ref: JG:JT:TH250908


Dear Sir/Madam

ASSET LOANS LTD ACN 107 745 095
ASSET LOAN CO PTY LTD ACN 107 746 798
INSTANT BUSINESS LOANS PTY LTD ACN 124 851 136
ASSET LIFE PTY LTD ACN 114 426 694
ASSET LOAN INVESTMENTS PTY LTD ACN 113 135 452
ASSET LOAN DEVELOPMENTS PTY LTD ACN 125 442 293
GALLIPOLI DEVELOPMENTS PTY LTD ACN 125 247 243
CAL DEV PTY LTD ACN 128 486 055
HERVEY BAY MARINA MOTEL PTY LTD ACN 125 432 555
AL RETIREMENT LIVING PTY LTD ACN 128 422 435
LAIDLEY PROPERTIES PTY LTD ACN 102 266 731
MIRIWINNI DEVELOPMENTS PTY LTD ACN 126 886 842
(ALL ADMINISTRATORS APPOINTED)
(Collectively referred to as “Asset Loan Group”)

We refer to our appointment as administrators of the above companies on 9 September 2008.

Pursuant to Section 436E of the Corporations Act, a first meeting of creditors was held on
Friday 19 September 2008. At this meeting it was resolved that:

    1) John Greig and Richard Hughes, of Deloitte, continue to act as Administrators of the
       Asset Loan Group.
    2) A Committee of Creditors be formed for Asset Loans Ltd (Administrators
       Appointed). The sole committee member is Glen Dickson, representing the Public
       Trustee of Queensland.
    3) A Committee of Creditors be formed for Asset Loans Co Pty Ltd (Administrators
       Appointed. The committee members are Glen Dickson representing the Public
       Trustee of Queensland, Kevin Steel representing Barachel Eada Pty Ltd and Robert
       Steel representing Nivex Pty Ltd.
        We confirm that no committees were formed in relation to the other companies
        within the Asset Loan Group.
Given the various stakeholders associated with Asset Loans Group and the potential to
restructure the Asset Loans Group, we will be applying to the Court to have the convening
period extended for the second meeting of creditors. We will advise of the period of the
extension once the matter is brought before the Court.

Should you have any queries and/or require any additional information, please contact Tom
Hodgkinson on (07) 3308 7042 or via thodgkinson@deloitte.com.au.


Yours faithfully



John L Greig and Richard J Hughes
Administrators

								
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