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 the Bernie Banton Foundation Board and executive staff.
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 would 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 Bernie Banton Foundation Board made the decision all remaining fiscal reserves (assets) were to 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.
The Board also offered Reflections the Bernie Banton Foundation’s 24/7 1800 Asbestos Disease Helpline Service. With acceptance, the Asbestos Disease Helpline Service phone number was transferred to Reflections in May 2020, with the Foundation’s Support Co-ordinator being available to assist, during transition of the service, till closure of the Foundation on 30 June 2020.
Appointment of Liquidator To Oversee Wrapping Up of Foundation and Disburse Dividends (monetary reserves)
The winding up procedure of the Foundation was 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, Vincent Pirina of the Aston Chace Group who was formally appointed as per requirements, upon closure of the Foundation on 30 June 2020.
Notice of Appointment of Liquidators
“The Bernie Banton Foundation has achieved its purpose as an apolitical, not-for-profit organisation.
On 30 June 2020, the members of the Bernie Banton Foundation held a meeting and passed the special resolution to place the Foundation into a Members’ Voluntary Liquidation.
We are pleased to announce that we have appointed Vincent Pirina of Aston Chace Group to manage the solvent winding up of the Bernie Banton Foundation.
As such, the Bernie Banton Foundation has ceased all charitable activities effective from 30 June 2020.
The property of the Bernie Banton Foundation will now be transferred to Reflections Through Reality Limited (ABN 57 605 192 710) on the basis that they have similar objects to the objects of the Foundation.
For further, or any information regarding the Bernie Banton Foundation, please direct all enquiries to Vincent Miranda or Allan Ly of Aston Chace Group.“
Final Winding Up of the Foundation
All fiscal reserves were disbursed to Reflections Through Reality Foundation Limited, by the way of a dividend at the rate of 100 cents in the dollar, on the 28th of October 2020 by the appointed Liquidator, Vincent Pirina of the Aston Chace Group.
The final ‘Winding Up’ of the Foundation was concluded, as originally estimated, on schedule by the final quarter of the 2020 calendar year.