Saeco acheiving significant sales despite administration

By James Wells

MELBOURNE: Deloitte partner and voluntary administrator for Italian espresso machine manufacturer, Saeco Australia – Sal Algeri – says the company is continuing to trade, despite holding its  first creditors’ meeting today in Melbourne.

“The response from customers has been good and the stock is still arriving. There has been significant sales since the company was placed into administration on the 13th of February,” Algeri told Current.com.au.

“The doors are open and the business is trading as usual and our intention is to keep the company running.”

The first creditors meeting is conducted to advise creditors on the status of the administration and provides information and progress.

A second creditors meeting is typically held within 30 days of the initial administration and can be extended under special circumstances.

The purpose of the second meeting is to review a report by the administrators in connection with the business property, affairs and financial circumstances of the company.

The meeting is also expected to resolve one of three resolutions – whether Saeco Australia will execute a deed of company arrangement in consultation with creditors; whether the administration of Deloitte should end; or whether the subsidiary will be wound up.

Algeri is being assisted in his role as voluntary administrator by fellow Deloitte partner – Simon Wallace-Smith.

Leave a Reply

Your email address will not be published. Required fields are marked *

*