Subject: RE: John and BSA bills From: "Peter Rutley" <peter.rutley@acaccountingbs.com.au> Sent: 26/04/2018 1:43:01 PM
To: "Brian Merritt" <brian.merritt@buoys.com.au>; CC: "Maggie Marriott" <maggie@buoys.com.au>; Afternoon Brian John dropped in before and we spoke about some of the debt that is owing, and he showed me the agreement regarding Lavett with him now paying $300 per week for these payments. Having to pay the mortgage repayments leaves him with a little over $100 per week to live on. Obviously once council rates/water rates/phone/food ect comes into play, he actually doesn’t have enough money to live on as he is currently chipping into the pension bonus money he received – which will dry up in a few years with the rate of expenses outweighing his income each week. The Pension bonus he received was also $10k less than the maximum as Centrelink discounted this down in the earlier years unfortunately so he didn’t get the full entitlement. He has already paid some bills I believe. He had mentioned that he thought when he transferred over his shares in Buoyage Systems Australia Pty back a few years ago per the agreement that the debt was to stay in Buoyage Systems Australia Pty and him transferring his shares were in lieu for that, having a quick look over that agreement it seems to be right. I really don’t think he has much capacity to pay unfortunately – given his age, he has no other real way of making money moving forward so that Pension Bonus is all he has to see him out. He mentioned that he still has quite a bit of his belongings at Lake Road, and that Lavett Road, isn’t really ideal house for him as there is no large shedding available etc. The only way I can see moving forward, and the most logical is what I have proposed in the past – that is selling Lavett Road, selling Victoria Place and selling the back block of Lake Road. Doing the above should hopefully pay o ff the vast majority of debt. I honestly think it is imperative that this is followed as a matter of urgency to relieve the cash flow issues that are there at present. Please let me know your thoughts on the above
Maritime Data Buoys & Barriers Co
Page 52 of 64
Made with FlippingBook interactive PDF creator