ACN 117 069 404 Pty Ltd (Formerly “Drivetrain Systems International Pty Ltd”) (Receivers and Managers Appointed) (In Liquidation)
Appointment Type: Creditors Voluntary Liquidation Appointment Date: 12/03/2009 ACN: 117 069 404
Appointee(s):
John Lindholm | Office: Melbourne Case Contact: David Mazzone Phone: +61 3 9604 5160 Fax: +61 3 9600 4922
Email: david.mazzone@fh.com.au |
Background Information:
Drivetrain Systems International Pty Ltd is an industrial car components manufacturer which specialises in the construction of gearboxes. It has approximately 50 employees at its head office in Springvale, Victoria and approximately 350 employees at its manufacturing plant in Albury, New South Wales.
Current Status and Actions Required by Creditors:
John Lindholm and George Georges were appointed Voluntary Administrators of Drivetrain System International Pty Ltd (“the Company”) pursuant to Section 436A of the Corporations Act 2001 (“the Act”) on 16 February 2009.
Stephan Longley and David McEvoy of PriceWaterhouse Coopers were subsequently appointed Receivers and Managers. The Company’s trading operations will continue to operate under the Receivers and Managers. They will be solely responsible for, and will determine all issues relating to the ongoing operations of the business and the manner in which assets are dealt with.
At a meeting of creditors held on 12 March 2009, John Lindholm and George Georges were appointed Liquidators of the Company pursuant to Section 499(2A) of the Act.
An investigation of the Company's affairs is currently being conducted. Any creditor who has any information which would assist our investigation is requested to write to us setting out full particulars.
Next Milestone and Estimated Timetable:
It is estimated
by the Receivers and
Managers
that it will take between
3
–
6
month
s
to
finalise the asset realisation process.
Depending on the outcome of the Receivers’ realisations, we estimate the Liquidation should take between 6 to 12 months to complete.
Likely Outcome for Creditors and Timetable:
An update from the Receivers and Managers advised that:
A
distribution to the secured creditor has been made in full.
A distribution to priority creditors is expected to occur within the next 1-2 months for all unpaid wages, RDO’s, superannuation, and unpaid leave entitlements.
Pending the
realisation of the remaining assets, it is uncertain if a distribution for payment in lieu of notice and redundancy pay will be made.
Accordingly, due to the extent of priority creditors, a
distribution to unsecured creditors is unlikely. For this reason, we do not intend, at present, calling for Formal Proofs of Debt to be submitted by creditors.
Documents available for download: