ZYX Learning Centres Limited (Formerly A.B.C. Learning Centres Limited)(Receivers and Managers Appointed)(In Liquidation)
Appointment Type: Creditors Voluntary Liquidation Appointment Date: 02/06/2010 ACN: 079 736 664
Appointee(s):
Greg Moloney, Peter Walker | Office: Brisbane Case Contact: ABC General Enquiries - CVL Phone: +61 7 3831 4833
Email: abcenquiries@fh.com.au |
Background Information:
Peter Walker and Greg Moloney were appointed joint and several Administrators of ABC Learning Centres Limited pursuant to Section 436A of the Corporations Act 2001 on 6 November 2008 together with 38 associated entities set out in the schedule appearing under the ‘public documents’ section for this administration (collectively known as "the ABC Group").
On the same day Christopher John Honey, Murray Campbell Smith and John Patrick Cronin of McGrathNicol were appointed joint and several Receivers and Managers to the ABC Group.
At the second meeting of creditors on 2 June 2010, pursuant to Section 439C of the Corporations Act 2001, creditors resolved to appoint Peter Walker and Greg Moloney as Liquidators of the ABC Group.
On 13 June 2010, the Receivers and Managers pursuant to Section 157A of the Corporations Act 2001 changed the name of five entities within the ABC Group as follows:
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ZYX Learning Centres Limited (Formerly A.B.C. Learning Centres Limited) (Receivers and Managers Appointed)(In Liquidation);
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ZYX Developmental Learning Centres Pty Ltd (Formerly A.B.C. Developmental Learning Centres Pty Ltd) (Receivers and Managers Appointed) (In Liquidation);
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ZYX Corporate Care Pty Ltd (Formerly A.B.C. Corporate Care Pty Ltd) (Receivers and Managers Appointed) (In Liquidation);
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ZYX New Ideas Pty Ltd (Formerly A.B.C. New Ideas Pty Ltd) (Receivers and Managers Appointed) (In Liquidation); and
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ZYX Early Childhood Training College Pty Ltd (Formerly A.B.C. Early Childhood Training College Pty Ltd) (Receivers and Managers Appointed) (In Liquidation)
Current Status and Actions Required by Creditors:
The Receivers and Managers have advised they have sold the majority of the Australian assets to Goodstart Childcare Limited. The residual assets, being the minority interest in the US Joint Venture with Morgan Stanley, a portfolio of childcare assets in New Zealand and the remaining Australian centres excluded from the Goodstart transaction, are all in the process of being realised by the Receivers and Managers. It is uncertain when these residual assets will be realised although it may be some time before the process is finalised.
The Receivers and Managers advise that the above realisations are likely to lead to a shortfall to the secured creditors. As such it is unlikely there will be any surplus available to unsecured creditors and shareholders from the realisations of the ZYX Group’s assets.
The Liquidators are in the process of carrying out further investigations in relation to the financial circumstances of the ZYX Group prior to insolvency.
The Liquidators will however continue to liaise with the Committee of Inspection who were appointed at the second meeting of creditors on 2 June 2010.
If you are an ordinary shareholder and you wish to claim a capital loss from your equity holding in ZYX Learning Centres Limited, please refer to the Administrator’s Declaration to Shareholders dated 23 April 2010 in the documents listed below.
In relation to transferring or cancelling shareholdings, the Liquidators do not have access to the share register and as such cannot effect any changes requested by Shareholders.
Next Milestone and Estimated Timetable:
The Liquidators are currently not in a position to estimate the likely timeframe as to the finalisation of the above matters, however stakeholders will be advised as soon as possible following the completion of the Liquidators’ investigations.
Updated 7 March 2011.