At the first meeting of creditors held on 28 May 2010, creditors resolved to terminate the appointment of Mr Nicol, Mr Caddy and Mr Crawford and appoint Mr Brendan Richards and Mr George Georges as replacement joint and several Administrators of the following entities pursuant to Section 436E(4) of the Corporations Act 2001 (“the Act”).
The replacement arose as a result of a perceived conflict of interest involving McGrathNicol:
- Clive Peeters Ltd - ACN 058 868 018
- Clive Peeters Wholesale Pty Ltd - ACN 058 868 723
- Clive Peeters Kitchens & Bathrooms Pty Ltd - ACN 097 301 445
- Clive Peeters Home Entertainment (Brisbane) Pty Ltd - ACN 097 301 490
- Watercell Pty Ltd - ACN 093 965 998
- Hi-Fi Corporation (WA) Pty Ltd - ACN 092 691 846
- NTFQ Pty Ltd - ACN 109 689 769
- Rick Hart Holdings Pty Ltd - ACN 112 058 787
(All Administrators Appointed) (All Receivers and Managers Appointed)
(Collectively “the Group”)
The Chairman presented to the creditors the circumstances leading up to the appointment of Administrators and Receivers and Mr Phil Carter of PPB provided creditors with an update on the receiverships thus far.
A copy of the presentation to creditors is now available for download.
It should be noted that the Receivers are in control of the Group’s assets and its operations. They will be solely responsible for, and will determine all issues relating to the Group’s ongoing operations and the manner in which the assets are dealt with.
All enquiries you may have in relation to debts which have been incurred prior to the appointment of Administrators and Receivers should be directed to this office. Any queries in relation to ongoing dealings with the Group should be addressed to the Receivers, the contact details for whom are as follows:
PPB
Level 21, 181 William Street
MELBOURNE VIC 3000
Telephone: (03) 9269 4000
As Administrators, we will not be responsible for any aspect of the Group’s trading operations.
Prior to the end of the convening period (refer comments below), the Administrators will prepare a report to creditors under section 439A of the Act which will include details regarding the Group’s business, property, affairs and financial circumstances. That report will provide the basis upon which the creditors will vote at the second creditors’ meeting, which is likely to be held in mid October 2010.
At the second creditors’ meeting, creditors will consider the Administrators’ report and consider resolutions regarding the Group’s future, namely:
• Acceptance of a Deed of Company Arrangement
• Liquidation
• End the Administrations and return control of the Group to the directors
On 11 June 2010 Justice Goldberg ordered pursuant to s 439A(6) of the Corporations Act 2001 (Cth) (“the Act”) the convening period for the meeting pursuant to s 439A(1) of the Act of creditors of each of:
(a) Clive Peeters Ltd (administrators appointed) (receivers and managers appointed) (ACN 058 868 018);
(b) Rick Hart Holdings Pty Ltd (administrators appointed) (receivers and managers appointed) (ACN 112 058 787);
(c) Hi-Fi Corporation (WA) Pty Ltd (administrators appointed) (receivers and managers appointed) (ACN 092 691 846);
(d) NTFQ Pty Ltd (administrators appointed) (receivers and managers appointed) (ACN 109 689 769);
(e) Clive Peeters Kitchens & Bathrooms Pty Ltd (administrators appointed) (receivers and managers appointed) (ACN 097 301 445);
(f) Clive Peeters Wholesale Pty Ltd (administrators appointed) (receivers and managers appointed) (ACN 058 868 723),
(together, “Trading Companies”) be extended from 15 June 2010 to 12 October 2010.
- and -
subject to further order, pursuant to s 439A(6) of the Act the convening period for the meeting pursuant to s 439A(1) of the Act of creditors of each of:
(a) Watercell Pty Ltd (administrators appointed) (receivers and managers appointed) (ACN 093 965 998)
(b) Clive Peeters Home Entertainment (Brisbane) Pty Ltd (administrators appointed) (receivers and managers appointed) (ACN 097 301 490),
(together, “Dormant Companies”) be extended from 15 June 2010 to 13 July 2010.
A copy of the complete order is available below.
Creditors are advised that payment of unsecured creditors' accounts as at 19 May 2010, is postponed pending the outcome of the second meeting of creditors.