On 2 August 2012

The business operating in Australia under the brand WEBUYANYCAR.COM.AU is separate from, and has no connection with, the business operating in the United Kingdom and internationally under the brand WEBUYANYCAR.COM.

Mr Raj Khatri and Mr Morgan Lane of Worrells Solvency and Forensic Accountants (Worrells Brisbane) were appointed Joint and Several Liquidators of Kar Land Pty Ltd ACN 151 433 528 trading as ‘We Buy Any Car’ on 27 July 2012.

We Buy Any Car ceased trading prior to the appointment of the Liquidators.

All employment arrangements have been terminated as a result of the business ceasing to trade. However we have maintained a few employees on a casual basis.

We Buy Any Car had its head office in Queensland but also operated in New South Wales and  in Victoria with limited operations in Western Australia.

The liquidators said today that their administration is still in its preliminary stage and that their current emphasis is on securing possession of all the cars owned by the company. Raj Khatri stated that; “The inventory and other records of the company do not appear to have been kept up to date. This, and the absence of the company’s managing director Mr Richard Burbage, who appears to have left the country, has hampered the process.”

Worrells preliminary estimation is that there may be in excess of 1,000 customers and other unsecured creditors affected by this liquidation to a value of in excess of $10million.

Worrells Brisbane has been inundated with phone calls and emails from distressed parties, employees, and customers who have sold their cars to the company but have not being paid as promised by the company.

Raj Khatri, Partner of Worrells Brisbane said; “We are extremely sympathetic to those parties who have been affected both financially and emotionally by the company’s failure. It is unfortunate that such matters take some time to progress to a point where we can give people a meaningful indication of where they stand. We request all affected parties to be patient.”

Worrells is advising all interested parties to undertake the following course of action:

1.     Customers – who have sold cars to the company
We understand that there may be a large number of people who have sold cars to the company and have not been paid. With the liquidation of the company, your claim will be as an ‘unsecured debt’ in the company. Please note that you do not have the right to reclaim your car but are entitled to lodge a proof of debt with the liquidators. Inevitably the liquidation process will take some time and all creditors and customers are asked to be patient until the liquidators are in a position to report more fully regarding the company.  In the meantime, customers are asked to assist by providing details of their claim so that they can be noted as creditors and checked to the company’s records.
2. Employees
With the cessation of the business, prior to our appointment, all employment arrangements have been terminated. We understand that there are entitlements owing to you. Unfortunately the company doesn’t have funds to pay these entitlements. However we would like to inform you that your entitlements do have full priority (except for superannuation) and can be paid under the GEERS scheme (Government Employee Entitlement Redundancy Scheme). We are in the process of collating all the employee details and we will be writing to you shortly in regards to your claims.

3. Trade Creditors
Please note that the company has ceased trading, therefore you should not be making any supplies to the company.
All  interested parties can visit  Worrells.net.au and view the public information  available to date by clicking ‘We Buy Any Car’ on our ‘File Details’ shortcut on the home page. Parties are able to contact the team of accountants working on the file and lodge a ‘proof of debt’ via this mechanism.

Morgan Lane, Partner of Worrells Brisbane said: “Worrells are devoting significant resources to this administration and will endeavour to keep all stakeholders regularly informed. Registered creditors will be provided with a password and may inspect detailed information regarding the liquidation through Worrells.net.au. This information is updated twice daily.”
-ENDS-

CONTACTS: Interviews available with:

Raj Khatri, Partner

raj.khatri@worrells.net.au

07 3225 4300

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