Liquidation of Kornukopia Pty Ltd and Efektiv Pty Ltd

Jarrod Rogers CPA

If you think you are owed money from any of the people involved and you want to skip the background information, scroll down to the heading “What if I am owed money by these companies?”.

I have previously written on this site about the following people and companies.

KORNUCOPIA PTY LTD (ACN 615 630 316). No recent ASIC search completed. ASIC company information February 2019. The company was previously called: THE STATE OF OUR TIMES PTY LTD

EFEKTIV PTY LTD (ACN 625 719 566), address as of 03/01/2020 is: Level 1, 95 Coventry Street, SOUTHBANK VIC 3006 ASIC company information Jan 2020  (There is another company called Effektiv with a double F that is unrelated to this case)

AVANT-GARDE VENTURES PTY LTD (ACN 620 447 789). No recent ASIC search completed. ASIC company information March 2019

Aadih Pty Ltd (ACN 626 316 612)

Icarus Foundation Pty Ltd (ACN: 624 153 180). The character Icarus is from Greek methology. Quite an ironic name, in the context of the case. A man brought down by his own arrogance: who does he remind you of?

THE STATE OF OUR TIMES PTY LTD ACN 624 399 382 (a new company, established 13/02/2018, with a separate ACN to the original company of the same name). The company registered the business name Capstone Conveyancing.

ASIC information Jan 2020

ABN Lookup Jan 2020

There are more related entities in the ASIC reports.


But if you’re reading this, you probably know them by one of these business names:

  • Zenith Serviced Apartments
  • Waterfront Apartments
  • Eldorado Docklands (deleted from ABN record)
  • Metropolis Apartments (deleted from ABN record)
  • Haute Monde Living (deleted from ABN record)
  • ABN record showing business names that were later deleted

Or from a run in with one of these people- the current and past company officers.

SHIVESH KUKSAL Born: 13/02/1991, DEHRADUN, INDIA
LULU XU Born: 01/08/1993, JIANGXI, CHINA
DENNIS JOHN CLARK Born: 29/02/1952, LAUNCESTON, TAS
MARIA DI GREGORIO Born: 08/01/1965, BRUNSWICK, VIC

The case also mentioned a ” David Youl (Youl), an employee or contractor of the Companies” (para 273).

Note: this is publicly available information which you can find by buying a search at the ASIC website (www.asic.gov.au). I will not be publishing private information, including phone numbers. Current company officers are shown on ASIC.

Channel Seven’s Today Tonight in Adelaide have investigated some of these businesses, and the article featured on their program. Check out the facebook page here: https://www.facebook.com/ttadelaide/videos/1713985421956400/

After telling my story in early 2018, I have been contacted by dozens of people telling of everything from stolen short-stay bonds, to amounts over $4,000 paid in rental bonds that where not passed on to the RTBA (Residential Tenancies Bond Authority), to harassment by phone and email.

Initially, the stories were from short-stay holiday makers claiming to be owed hotel bonds, and complaining of dirty rooms. Later, the stories started coming from young people who were either unfamiliar with Australian rental laws, or had limited English (backpackers, new arrivals etc).

Update on the case – January 2020

After a court case that was described in the judgment at times as “dramatic”, the judge ruled that three of the companies should be liquidated.

The judge, Hon Justice Sifris, was quite blunt in his assessment of the companies and their representatives.

2 This is the fourth judgment in these relatively straightforward winding up applications. They have been bedevilled by exhaustive and extensive procedural and interlocutory roadblocks. These include, but are not limited to, interlocutory skirmishes, numerous indulgences, breaches of court orders and adjournments, as well as generally obstructive and discourteous behaviour on the part of the Companies. The conduct of the Companies in this litigation has been appalling. (emphasis mine)

Full case: http://www.austlii.edu.au/cgi-bin/viewdoc/au/cases/vic/VSC/2020/7.html

Summary of the case: https://www.supremecourt.vic.gov.au/case-summaries/judgment-summaries/kornucopia-pty-ltd-no-4-2020-vsc-7

Liquidation, in layman’s terms, means assets are turned into cash, then distributed to creditors. The liquidator will find out if there are any assets left in the company, sell these and turn them into cash.

Is there any money left for Kornukopia’s creditors?

Are there any assets left? Who knows?

Here is what chartered accountant, Andrew Alabakis, said about the financial state of the company. The case identified Alabakis as follows:

185 On 11 September 2019, Kornucopia filed an affidavit of Andrew Alabakis (Alabakis), a chartered accountant who works at Magnus Advisory and (in his previous position, at name withheld) oversaw Kornucopia’s tax return for the financial year of 2017 to 2018. Magnus Advisory was apparently engaged to prepare the financial accounts for the financial year of 2018 to 2019. The affidavit states as follows:

(I have skipped a few paragraphs here – they are in the case notes)

[8] Based on my familiarity with Kornucopia Pty Ltd’s Draft Management Accounts, the entity had a gross revenue in excess of $3,000,000; a gross profit in excess of $1,250,000 and a net profit in excess of $500,000 for the financial year 2018-2019.

[9] Kornucopia Pty Ltd has accounts are [sic] currently undergoing the aforementioned audit process and the auditor’s estimated completion date is 20th September 2019.

186 The affidavit exhibits a copy of the financial statements for the financial year ending 30 June 2018. It is unnecessary to refer to those statements in detail. The statements disclose, for the financial year ending 30 June 2018, net profit after tax of $472,302, current assets of $448,002, current liabilities of $154,200, non-current assets of $825,398 and equity of $582,356(emphasis mine).

If numbers are not your thing, that is saying that the company:

  • had a net worth of over $580,000 as at 30 June 2018, and
  • made a profit of over $500,000.

If that is true (which the judge seemed to doubt) then there should be plenty of cash to pay everybody back… a big IF, I think.

In defence of Andrew Alabakis, I do not know him, and I don’t even know whether he still represents the companies. I am not suggesting that he is involved in any wrongdoing, and was not mentioned in reference to perjury or any of the other “appalling” conduct that the judge took issue with.

What if I am owed money by these companies?

I imagine this is the question that brought you to this blog post.

The best thing to do is to contact the liquidator. The liquidator’s details are listed on ASIC (search date 29/01/2020) as:

I have spoken to Rodgers Reidy. Anybody owed money by the companies needs to submit a form with the details of their debt. I have had dealings with Rodgers Reidy (through mutual clients) and they’ve always been very helpful.

If you are owed money by Kornukopia Pty Ltd (including trading name Waterfront Apartments), fill out and sign this form:
http://www.beyondaccountancy.com.au/kornucopia-informal-proof-of-debt-form-fillable/

If you are owed money by Avant-Garde Ventures Pty Ltd (including trading name Zenith Serviced Apartments), fill out and sign this form:
http://www.beyondaccountancy.com.au/avant-informal-proof-of-debt-form-fillable/

Email it to Rodgers Reidy. I’m not sure if they need to see your court or VCAT order, but it wouldn’t hurt to attach it.

The phone number and email address for the firm can be found here: https://www.rodgersreidy.com.au/offices/melbourne

Allegation of perjury

Legal Aid Victoria defines perjury as: deliberately giving false evidence in a court or tribunal.

It is not appropriate for me to allege or suggest that any of the company officers or employees engaged in perjury in the recent case. A person is innocent until proven guilty.

I can only quote His Honour, Justice Sifris, from the case, who said:

530 As I have discussed above at length, I suspect that Kuksal may have perjured himself in the witness box …

and:

531 I intend to refer Kuksal to the Office of Public Prosecutions. I will say nothing further.

And I’ll say nothing further, too.

For all those who are owed money, I wish you success in being repaid. Thank you to all those who have emailed or phoned to express their support. To all those who have stood up for themselves and for the other victims, you can be proud, even if you never see a cent.