Herbert: Court Challenge and Elite Grains

herbert: The information is contained in a report to creditors of Elite Grains, written by PPB Advisory liquidator Jeff Herbert, and leaked to the ABC. It comes as the Federal Government prepares a High Court challenge to the validity of Senator Culleton election. "There will not be a dividend to any class of creditor in this liquidation," Mr Herbert report states. "I am not aware of any other assets to realise or claims that can be commercially pursued to recover funds for creditors." The report estimates Elite Grains collapsed with debts of approximately $6.1 million, according to Australian Broadcasting Corporation. The debt includes $4.3 million owed to the ANZ Bank and $231,000 owed to the Australian Taxation Office. Related Story: Culleton should make 'informed decision' about future, Hanson says Related Story: Culleton to abstain from voting while Senate position under cloud Related Story: Validity of One Nation senator election called into question Map: WA Creditors of a collapsed company of which One Nation Senator Rod Culleton is a director, have no hope of getting their money back, the liquidator says. Liquidator says company records inadequate Mr Herbert report goes on to describe difficulty in obtaining financial records, and concerns about the records that could be obtained. "The few records discovered did not include basic books of account, computerised or manual, or records relating to the assets and liabilities of the company," it stated. He has released a statement rejecting PPB assertion Elite Grains creditors have no hope of getting their money back. "I am committed to working closely with the liquidator to ensure a substantial return is made to the creditors," Senator Culleton said. Mr Herbert then concluded, "in my opinion, the records provided would not comply with s286 of the Corporations Act which require company to keep written financial records that correctly record and explain transactions." The ABC understands Senator Culleton had lawyers present when he attended a creditors meeting for Elite Grains in Perth on Thursday. (news.financializer.com). As reported in the news.