Winding Up the Foundation
The Bernie Banton Foundation was Australia’s only asbestos related disease support organisation operating Australia-wide. It was founded in June 2009 and operated until 30 June 2020. Winding up the Foundation was not a decision that was taken lightly, and was reached after two years of work on succession planning by Karen Banton, Rod Smith and the Bernie Banton Foundation Board.
To read the full Bernie Banton Foundation media release dated: 28 January 2020 please click [here].
Fundraising & Donations
The Bernie Banton Foundation ceased fundraising or accepting donations as of 28 January 2020. Should you have bequeathed money to the Foundation, we would suggest you change your will. We recommend you consult with an applicable legal expert to do so.
To read more regarding donations and fundraising, please click [here].
DISTRIBUTION of ASSETS
The Bernie Banton Foundation was a Not For Profit Company Limited by Guarantee, as such the winding up of the Foundation is highly regulated by not only its’ own constitution, but also by the Australian Securities and investments Commission (ASIC) under the Corporations Act 2001 (Cth).
As per the Bernie Banton Foundation’s constitution, all remaining property of the Foundation had to be applied by the Foundation to any one or more entities which have similar objects to the Foundation and which have rules prohibiting the distribution of its assets and income to its members.
Also the Foundation’s Board of Directors were required before or at the time of dissolution or winding up of the Foundation to select the entity or entities to which property will be transferred.
With this in mind, all unbranded and usable physical assets not needed for ongoing storage of records were offered to Cancer Council NSW. We are pleased the Cancer Council accepted the offered assets, which were delivered to Woolloomooloo, NSW via a removalist taxi truck on 07 May 2020. It is pleasing a like minded organisation, that the Foundation has had a strong relationship with, is in receipt of a significant amount of quality awareness and promotion equipment including marquees, seating, sound systems, lecterns, and display walls and stands, etc.
The winding up procedure of the Foundation is highly regulated. Even though the Foundation was in an extremely healthy financial situation, ASIC requirements stipulate an ASIC listed and ‘Not For Profit Company’ accredited liquidator be appointed to oversee the winding up process and the distribution of any remaining liquid (cash reserves) and/or physical assets. From the 28 January 2020 announcement of the Foundation ‘Winding Up’ the Foundation’s management team and Board were in discussion with an ASIC listed accredited liquidator, who were formally appointed as per requirements, upon closure of the Foundation on 30 June 2020.
The Bernie Banton Foundation Board made the decision all remaining fiscal reserves (assets) will be forwarded to Reflections Through Reality Limited (Reflections), a Not For Profit organisation based in Perth, WA with similar aims and objectives offering asbestos disease support and awareness. Reflections Through Reality were the Foundation’s ‘Partnering’ organisation in WA since Reflections was founded and launched in November 2015. Reflections also took over the Foundation’s 1800 helpline phone number.
It is estimated the the ‘Winding Up’ of the Foundation by the appointed ‘Liquidators’ will be concluded by the final quarter of the 2020 calendar year.
Details of the appointed liquidator will be published on this page in due course.