Tempo director mystery resignation
THERE were audible gasps of disbelief during yesterday’s Tempo Holidays Pty Limited creditors’ meeting (see page one) when the administrator, Laurence Fitzgerald, was asked about the status of the company’s sole Australian director, Patrick Tully.
He told attendees that during his investigations he had been shown an undated resignation letter which indicated Tully had stepped down about a month before the collapse.
Creditors present noted that Tully is actually the brother-in-law of Peter Kerkar, the London-based CEO of Cox & Kings India, who is the other director of Tempo - and also of Tempo New Zealand ( TD yesterday).
Fitzgerald noted that Tully’s resignation had never been registered with ASIC, and would not have been valid in any case as Australian companies require at least one Australian director.