Hi Fi Supermarket holds second creditors meeting

By James Wells

MELBOURNE: Failed Betta Stores retailer, Hi Fi Supermarket, is holding its second creditors meeting this morning at The Institute of Chartered Accountants in Melbourne.

The meeting, which commenced at 10.00am in Training Room 4, on Level 3 at 600 Bourke Street in Melbourne, is being chaired by KordaMentha’s Mark Francis Xavier Mentha and Craig Peter Shepard, who were appointed voluntary administrators to the Hi Fi Supermarket stores on 6 February by the retailer’s directors, Frank McCann and Peter Casterta, pursuant to Section 436A of the Corporations Act 2001.

The purpose of the meeting will be to review the report by KordaMentha in connection with the business property, affairs and financial circumstances of the company.

The meeting will resolve one of three resolutions – whether Hi Fi Supermarket will execute a deed of company arrangement, that the administration of KordaMentha should end or that the retailer will be wound up.

Any other business will also be brought forward at the meeting.

A resolution will be considered to approve the Administrators’ remuneration calculated in accordance with the rates charged by KordaMentha for the period of the voluntary administration. If the creditors resolve that the company be wound up, a resolution will be considered to approve the Liquidator’s remuneration.

A KordaMentha partner involved in the administration charges $525 per hour plus GST. The three directors of the business that work on the administration charge rates exclusive of GST of $450, $400 and $350 per hour each.

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