Second Retravision NSW creditors meeting to be held next week

By James Wells

SYDNEY: The second meeting of creditors to Retravision NSW will be held next Monday 20 November at 3.30pm, where a vote is expected on whether the business will be split into two sections and effectively become a ‘northern’ and ‘southern’ group.

The purpose of the second meeting is to consider the administrators’ report relating to the company’s business, property, affairs and financial circumstances and to consider the admnistrators’ recommendation in respect of the options available to creditors.

At the meeting, creditors will be required to decide one of three options: that the company execute a deed of company arrangement, that the administration end or that the company be wound up.

At the first meeting, a committee of creditors was appointed comprising seven people representing seven businesses owed money by the retailer.

The committee includes Gary Cole from Fisher & Paykel (owed $4.003 million), Rodolfo Duque from Electrolux Home Products (owed $3.902 million), Michael Woodward from AON Risk Services as credit insurer for Sony Australia Ltd (owed $3.163 million), Gordan Scales from Hagemeyer Brands Australia (owed $2.009 million), Sujata Jeraj from Whirlpool Australia (owed $1.726 million) and Mark Casper from Retravision NSW store – Berny’s Radio & Electrical in Mosman (owed $100,000).