By James Wells
SYDNEY: Representatives from Grant Thornton, the board appointed administrators to Retravision NSW, this afternoon held the company’s first creditors meeting which they are required to convene within five days following an appointment.
Grant Thornton’s Paul Billingham and Trevor Pogroske were appointed joint administrators of the company on 24 October 2006 pursuant to section 436A of the Corporations Act 2001. On the same day Peter Yates and David Lombe of Deloitte were appointed joint receivers and managers of the company.
According to a statement issued by Pogroske, the administrators do not have control of the company’s assets at this stage.
“We have commenced an urgent assessment of the financial position of the company, however, until the Receivers have released sufficient assets to discharge the claim of their appointer, the secured creditor, Westpac Bank Limited, we have no control over the assets of the Company,” Pogroske said.
"It should be noted that no liability will be accepted by the Joint & Several Administrators in respect to any goods purchased or services rendered after 24 October 2006 and creditors are requested to contact the receivers directly in regard to future supply and in respect to any retention of title claims,” he said.
Pogroske said he is attempting to identify opportunities to restructure the financial affairs and operations of the Company with a view to determining whether the Company can become viable.
“Otherwise our role is restricted to investigating the affairs of the Company and looking after the interests of creditors generally. Accordingly, you should correspond directly with us with regard to amounts owing to you by the Company as at 24 October 2006.
“In circumstances such as these, the payment of unsecured creditors accounts as at 24 October 2006, will be postponed pending the outcome of the ‘proposal meeting’ of creditors which will be held within the next 28 days.
“In the meantime, we are required to convene and hold a first meeting of creditors within the first five business days following our appointment."
More details regarding the creditors meeting which commenced at 3.30pm this afternoon, will be available in future editions of Current.com.au.