Bettina Liano Pty Ltd (Subject to DOCA)
Background Information:
On 8 July 2011 John Lindholm and Brendan Richards of Ferrier Hodgson were appointed joint and several Voluntary Administrators of Bettina Liano Pty Ltd (the Company) pursuant to section 436A of the Corporations Act 2001 (the Act).
The Bettina Liano brand was established 28 years ago and trades in Melbourne, Sydney and Perth through a chain of seven boutiques. The brand is distributed through the rest of Australia, New Zealand, Indonesia and Malaysia through more than 120 stockists. The brand employs 90 people in Australia.
Current Status and Actions Required by Creditors:
At the second creditors meeting, the Deed of Company Arrangement was approved.
As a result, the secured creditors (except related parties) and the landlords (for continuing stores) will be paid in full.
Unsecured creditors look likely to receive an estimated 9.6 cents in the dollar.
Through the DOCA, Bettina Liano Pty Ltd is handed back to the sole director and the six remaining Bettina Liano stores will continue to trade.