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BFCSA: NAB pursuing the Deceased?????? Victims of Flight MH-370

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Friday March 28 2014 the


Exclusive Geoff Chambers




Liquidators hunting the assets of doomed Sydney couple Li Yuan and Gu Najun may pursue a likely six figure compensation sum to be paid out over their deaths on missing Malaysian Flight MH370.  Liquidator Schon Condon told the Daily Telegraph last night that if debts owed to the couple's creditors - including to National Australia Bank, Australian Tax Office and WorkCover - remained outstanding he could pursue compensation money paid to the estate after their deaths on MH370 which went missing on March 8 with 239 people on board.




The compensation payment could be in excess of $200,000 per person if Malaysia Airlines follows a comprensation model adopted by Air France after it took a passenger jet over the Atlantic Ocean in 2009.  A private detective has been engaged to seize a Mercedes Benz car and other "at risk"" assets owned by the couple who left behind two young daughters in Beijing.  The Australian pair had their Sylvania home seized and sold for $477,500 last year when NAB foreclosed on their morttgage after their failed investment in a Metro petrol station at Miranda.




Mr. Condon said he would likely release his final report by May but said the pair's K & J Petroleum company had several assets, including a second Sydney petrol station.  Mr. Condon said he would not seek extra fees if the deceased estate was pursued.  "You would pursue a living person who is bankrupt, you can still do that with someone who is deceased" he said.  "That question is yet to be determined but if there is evidence of debt I will need to contact the executor of their estate to help facilitate the payment of that debt".  Known in Australia as Carlos, 32 and Carrie 31, the due fled to Beijing to live with their extended family after the collapse of their business.




RELEASE DATE: - 12 March 2014
Media contact: - Schon Gregory Condon RFD
Tel: - 02 9893 9499 /
Email: -
This email address is being protected from spambots. You need JavaScript enabled to view it.
">This email address is being protected from spambots. You need JavaScript enabled to view it.


Whilst Malaysian and International authorities continue to struggle with the mysterious disappearance of Malaysia Airlines Flight MH370 over the South China Sea on 8 March 2014, the families of six Australians, as well as many other internationals, mourn the likely loss of their loved ones who were on board.  Included among those missing are Mr Yuan Li and Ms Naijun Gu of Sylvania NSW, who were both officers and shareholders of K & J Petroleum Pty Limited (in liquidation) (ACN: 067 290 448), a company to which Condon Associates has been appointed Official Liquidator. Reports have indicated that Mr Li and Ms Gu were travelling to Beijing, China, to visit their children. Mr Condon stated that an application for the company’s liquidation was made in the  Supreme Court of New South Wales by Workers Compensation Nominal Insurer in mid-January 2014. “The matter was heard on 27 February 2014 and Orders were issued on that date to have the company wound up and me appointed as Official Liquidator” said Mr Condon.
 Hurstville couple aboard the ill-fated Malaysia Airlines flight had two young children who were living with their extended family in China.  Yuan Li, 32, and Naijun Gu, 31, from Sydney's south, were believed to be on their way to Beijing to spend time with their children, a baby and a toddler  Jane Tran, who works for the couple's Sydney accountant, Jeffrey Todd & Associates, said staff were in shock.  She said the children lived with their grandparents in China and that the couple travelled there frequently to visit.  "It's so sad," she said. "They were a nice couple, very hard working. I can't imagine how sad their families must be."The couple had been beset by business problems, selling their Sylvania home and their petrol station, Metro Petroleum in Miranda, last year.  Liquidator Schon Condon was appointed to wind up their company, Y & J Australia, on February 28.



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  • doyla66
    doyla66 Saturday, 29 March 2014

    Unfortunately this is the way of the world. 2 people have died as a result of a catastrophic incident and no doubt their families will be offered compensation. It seems pointless to add extra legal fees to try and get more out of this tragedy. Nobody is going to win in the long run. These poor people had already been through hell no doubt after losing their home. What we don't know is if the deceased couple had a dispute of any kind with Nab. Was it a fraudulent loan or not?. I have my suspicions on what may be the case with anything to do with business loans and Nabs integrity, but that is because my husband and I have been burnt big time by Nab. Deceitful and fraudulent loan approval methods still continue within Nab's organisation no doubt. !!!!! I'm afraid no one can convince me of anything else as far as Nab are concerned. A leopard does not change its spots.

  • doyla66
    doyla66 Monday, 31 March 2014

    It's a dreadful situation for their relatives. Made even worse when you consider that their debt to the Bank was probably securitised and even fraudulent. Now the rats are going after even more, tearing apart the remains of their finances. Govt and ASIC stay out of it - caveat emptor in action - and unless someone puts a dispute to the relevant authority or takes their LAFs (good luck getting the paperwork!) to the Police/DPP it's rip off time all over again. Not that the Bafia care of course - they get any caring for borrowers trained out of them at work! It's despicable, it stinks and it is illegal and completely unfair.

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