The Bill Express (and related entities) creditors meeting today was fascinating. In barely an hour plenty was covered:
- The total indebtedness of Bill Express is $209 million. This may increase by at least $35 million if a claim by CCH is found to be correct.
- Bill Express had 9 employees. Can you believe that? The rest of their employees were employed through the Technology Business. While we knew this, I was surprised that only 9 were employed by Bill Express.
- All the equipment used to run the business including systems holding the company accounts are controlled by Technology Business. This makes the Administrator’s job almost impossible.
- There is no cash to continue the administration. They are hoping for a Tax Office GST refund or monies to be unlocked from elsewhere so that formal administration can move forward.
- There is a serious question about whether the company was trading while insolvent. This must tb the focus of work being done within ASIC at the moment. I’d suggest that forensic research would show this to be the case as far back as February this year, maybe before.
- There was an interesting question from a representative of Cuscal about the account holding BOPO customer’s funds being frozen. The administrator undertook to research this and see what can be done about releasing access to the account.
- Peter McDougall asked the most interesting question on the day – was there consideration to seizing the passports of Directors!
- A committee of creditors was formed. This is made up of Optus, Vodafone, Telstra, Cuscall, Hutchinson Telecom, ANZ, Peter MacDougall, Capital Finance, ANZ, Don MacAskill from the ANF and myself. This committee will consider the next steps including offers from parties for parts of the business.
Talking to people after the meeting, the common question is how could such a business collapse. It was a no-brainer. Sure the margins on rehcarge are tight. But manage your cash well and you will be okay. Cash is where most of the questions about Bill Express lie. Questionable transactions. Money flowing overseas? Paying for assets not registered to the company. Taking on debt for other entites.
No wonder Bill Express’ suppliers, respected names like Optus, Vodafone and Telstra shake their heads at how what should have been a sound business crashed to a burning heap owing hundreds of millions.
The next week will probably see administrators appointed to OnQ. Maybe ETT too, the public company 43% owned by Bill Express. If I am right, this will be three public companies in ruin. The question then will be where were the regulators in all this?
I am grateful to the 77 newsagents who appointed me their proxy for the meeting. I received another 10 proxies but the form used was the ANF pre-completd proxy form so I gave these to Don MacAskill of the ANF prior to the meeting. I received another 17 proxies too late for the meeting.
we were lucky never agree to sign contract with dialtime when they offered us that big lcd screenmany years ago. i knew some fishy going on from the start , but i don’t know who to talk and i knew ANF is in bed with them.3
just received an email from the ANF regarding the lease on equipment this is what it said
As you may be aware, an administrator has recently been appointed to TBI however, it is important to note that the obligations under your Agreement to pay the Terminal Rental Fee are unaffected.
Is anyone still paying there rent on these terminals that we can’t even turn on ???
Would you still have to pay your rent on a car rental if the motor blows up or do you get your money back ??The machines cannot be turned on what is the use of them . This is the most rediculous thing i have ever had to be part in .
Shaun,
I requested my bank to cancel the rental Direct Debit 1-month ago, as far as my obligations under the terminal rental fee are concerned, I will wait and see. Has anybody else had any feedback for cancelling the DD for the rental?
nothing, I have also cancelled last mth’s payment and closed my bank a/c to be doubly sure they cannot reach my funds.
have heard from others they have taken money by just changing the direct debit codes.
guys, no doubt, a lot of pain here
4 years ago Hal Christensen offered me $7mil for one of my technology developments,3.5cash and 3.5 shares, advice from hall chadwick was dont trust them so we rejected the offer
4 months later they tried to copy our technology, in addition stole our idea for bopo with this in mind,
it does not pay to steal, justice is done but at what cost to all who were touched by the criminals involved at the top of the tree, watch this space asic will do nothing to those who have caused misery, being the toothless animal they are
yep i stopped mine last month now i am worried about getting hit with a big bill at the end of it all . face that one when it comes i suppose .
Helen and Shaun,
I cancelled two codes when I cancelled the DD
one code for Bill Express and one code for The rental
i stoped my dd two months ago both with b/e and t/b. still i have not heard anything.
i know of at least 4 other newsgents that are still paying the rental to t/b because their scared that they are going to get a big bill.
i think that they are stupid!, why pay for somthing that they are not getting anything out of.
we paid for a service … there’s no services anymore, so they can go to hell!
In my contract with TBI the only way to teminate the contract is stated in 10.5 Im no lawyer but if this company has ran its business to debt levels assumed and has administrators appointed,under terms in 10.5 this should give us grounds to terminate.What do others think.
Just for a bit of balance to the comment left by ‘Bill’ (Lidsay Field also known ‘Bill Field’).
http://www.asic.gov.au/asic/asic.nsf/byheadline/06-265+ASIC+bans+NSW+directors?openDocument
On a note about ANF garnering 400+ proxies for this mtg, it amazes me that people still trust it to act for them.
Don’t people know they have been sold out.
Purely on common sense only ,why would they still instruct newsagents to keep paying the mthly rental even though BillExp has gone into administration and are not able to provide any further facilities or services to be used/onsell.
In plain English, paying something to get nothing in return!!!!
Is ANF “thick in the head” or what is their agenda really???
Perhaps being paid by Mobius to actively promote newsagents to pay up.
This space is rather intruiging. I have recently been doing a research paper into online payments system and came across a cool little product called MHits (http://www.mhits.com.au/). I thought it was all government in Canberra?
I came across a product called Cabepay that was developed several years ago and appeared to be liquated (http://www.current.com.au/2007/03/06/article/TRCTHXSQHP.html). It seems that this Bill Field you are talking about was involved in this product, and many other dodgy companies. Being the curious type I had to do some more digging.
It seems that he has also got what appears to be his wife involved in keeping up his dodgy behaviour (http://www.asic.gov.au/asic/asic.nsf/byheadline/07-295+ASIC+disqualifies+six+directors?openDocument)
What a distraction! I didn’t expect to be getting caught up in corrupt business owners when doing payment research. I must say that I am not surprised there is so much corrupt behaviour around these payments system, afterall its a nice way launder money. Hmm maybe I should change the theme of my paper…
So Bill are you talking from experience that asic will do nothing to those who have caused misery? Are you one of these toothless animals that got away with it?
So what dodgy things are you up to now Bill?
Bill is now doing M2CASH google it.
It’s another way to get peoples money!
M2CASH instant money transfer world wide.
Pay M2CASH your money and they will transfer it to any ATM around the world.
Money transfer in 60 seconds with M2CASH.
Owned by MR Bill Field, as talked about above.
M2CASH was created 2008 – 2009
I thought he was banned from being a company dierector for 3 years?
How is the company doing?
I am trying to contact Mr Field’s wife over a debt due to me and my wife. Does anybody have contact details?
M2CASH becomes V2PAY – May 2013
https://www.mobilepaymentstoday.com/news/m2cash-becomes-v2pay/
G00bits acquired V2PAY – 2018
http://www.v2pay.com/
Bill Field, Founder of V2PAY Group
https://www.youtube.com/watch?v=GAMt8p6X19A