Firepower assets scramble

A tug of war is being fought over a Perth-registered company within the Firepower fuel technology group as different forces scramble to grab assets they believe have value.

Firepower Operations Pty Ltd, which has its registered office at the same address as that provided for group founder Tim Johnston, is seen by some key creditors as important because the Australian company may have the most intact and accessible corporate records of any entity within the dispersed group.

Firepower Operations was not listed among the entities against which the Australian Securities and Investments Commission launched a civil legal action last week, although its parent, Firepower Holdings Group Ltd, of the British Virgin Islands was.

Mr Johnston appointed Hall Chadwick Sydney partners Geoffrey McDonald and Brent Kijurina as administrators of Firepower Operations last week, conducting the matter from London.

However, Firepower Operations was already the subject of winding-up proceedings initially from a Sydney law firm and more recently by Western Australian creditors.

Both competing interests also lay claim to having a link to a rescue attempt of the Firepower group in one guise or another.

Insolvency practitioner Bryan Hughes, of Pitcher Partners, said he was representing several creditors, including interests associated with mining services player Ross Graham and RubyWA, in seeking to wind up Firepower Operations.

Mr Graham revealed in June that he had $20 million at risk and had sought to rescue the Firepower group, with which he had a joint venture partnership to sell fuel improvement products.

Mr Hughes said he had been frustrated by some of the legal manoeuvring around Firepower Operations, to which access was important if creditors wanted to enforce their claims.

"It matters because it has the only books and records we will find in the world and heaps of money went through it," he said.

Mr Kijurina said a priority of his appointment was to evaluate a UK rescue bid, though he would not discuss details of the proposal or confirm the involvement of UK-based businessman Frank Timis, who has been listed among Britain's richest people but also has convictions for drug offences.