BendigoWeekly www.bendigoweekly.com.au
ISSUE 1076 FRIDAY, JUNE 29, 2018
Artist Glanville draws the line After 20 years and hundreds of Friday cartoons, Ian Glanville has decided to put down the brush and retire from his creative art-form as the Bendigo Weekly cartoonist. – Story page 8
POOR VISION
Photo: ANDREW PERRYMAN
By SHARON KEMP
A $360,000 City of Greater Bendigo contract was awarded in March to an East Bendigo security company owned by a Strathfieldsaye man who had placed another company, operating the same business, in liquidation last November owing more than $460,000 to unsecured creditors. In a scathing report released to creditors in February, liquidator Nathan Deppeler said it had to be presumed under corporations law that Silverwood Management Pty Ltd, which had traded as Ironwood Se-
■ Bendigo
CCTV contract awarded to ‘phoenix’ firm
curity, had been insolvent for at least two years because director Adam Vassallo had failed to keep adequate financial records. Less than seven weeks after the release of the creditor’s report, the council’s website states it awarded Ironwood Security Pty Ltd a $367,350 contract to upgrade the CCTV in Bendigo’s CBD. Council’s acting corporate performance director Steven Abbott yester-
day confirmed it had awarded and paid part of the contract, in instalments, to Ironwood Security Pty Ltd also owned solely by Mr Vassallo, which bought Silverwood’s business including intellectual property in the days leading up to the latter’s liquidation. Mr Abbott said the works under the contract were ongoing and the council reviewed ASIC and ABN databases as a matter of course when
on Qantas training shortlist – Page 3
awarding tender contracts. Silverwood’s liquidator wrote that the sale transactions, lack of sale documentation, and late changes to the terms of the sale left unexplained by Mr Vassallo, amounted to “phoenix” activity and a breach of director’s duties. He concluded the sale was void and Silverwood’s assets should be counted as part of the liquidation. Mr Deppeler’s February report said that Silverwood had not lodged
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company tax returns for three years, quarterly business activity statements since March 2016 nor monthly business statements since Silverwood’s assets was sold in October. But Mr Vassallo had presented Mr Deppeler with some sale documents that showed a related party had purchased Silverwood’s assets. The buyer was Lavalsso Group Pty Ltd, of which Mr Vassallo is also the sole director, and which changed its name to Ironwood Security Pty Ltd, also just days before Silverwood was placed into liquidation. Continued Page 2
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