Morgan Kelly, Stewart McCallum and Phil Quinlan were appointed administrators of the Company on 23 November 2018 pursuant to Section 436A of the Corporation Act 2001 (Act).

The effect of the appointment is that the Administrators now control the Company’s assets, operations and undertakings.

Extension of the convening period

As foreshadowed at the first meeting of creditors and having regard to the complexities associated with this matter, an extension of the convening period for the second meeting of creditors for the Company was granted by the Federal Court of Australia on 12 December 2018. The effect of this is that the second meeting of creditors must be convened by 29 March 2019 and will be held on or before 5 April 2019.

A copy of the sealed order and a circular to creditors providing further information have also been posted to the Ferrier Hodgson website and may be accessed via the hyperlinks below.

Update to investors

An update to investors is available for download at the following link:

Voluntary Administrator’s Report

The Voluntary Administrator’s Report (Administrators Report) pursuant to Insolvency Practice Rules (Corporations) 2016 75-225 and Section 438A of the Corporations Act 2001 is now available for download at the following link:

The purpose of the Administrators Report is to table the findings of our investigations of the Company’s business, property, affairs and financial circumstances, as well as our opinion on the options available to creditors in deciding the future of the Company at the Second Meeting of Creditors which include, on whether:

Details of the Second Meeting of Creditors are as follows:

Date: Wednesday 20 March 2019

Time: 10:00am (AEDT), registration from 9:00am (AEDT)

Location: Wesley Conference Centre, 220 Pitt Street, SYDNEY NSW 2000

Registration for the meeting may take some time. We encourage creditors to arrive at the meeting for registration from 9:00am (AEDT). There will be a live webcast link so that creditors can view the meeting remotely, if they wish. Subject to providing the relevant proof of debt and proxy documents (if you have not done so already) no later than 10.00am (AEDT) on 18 March 2019 to Link Market Services at, creditors will be able to access the webcast via the following link:

Creditors will be able to ask questions via the webcast, however, please note that due to the technological limitations, creditors will not be able to vote via the webcast. Creditors may view the meeting by webcast and participate in voting by nominating a proxy to attend the meeting in person and vote on their behalf.

Relevant documents

PDF – Letter to creditors – 13 December 2018 – Extension of s439A convening period

Federal Court of Australia - Orders regarding outcome of funding application