Current Status and Actions Required by Creditors:
Hi-Fert Pty Ltd was one of Australia’s largest importers and distributors of fertiliser and operates out of nine plants across Australia.
The assets of the Company have been sold to Impact Fertilisers Pty Ltd (“Impact”). The sale was finalised on 30 September 2011. Please contact Impact for all future trading on (03) 6214 7106 or accountpayable@impactfert.com.au.
The Receivers and Managers are responsible for all trading which occurred between 26 May 2011 and 30 September 2011. Should you have any queries please contact James Crabtree-Morton on (03) 9269 4000 or jcrabtree-morton@ppbadvisory.com.
Should you have any claims against the Company prior to 26 May 2011, please contact Sarah Aylott on (03) 9604 5639 or sarah.aylott@fh.com.au.
Next Milestone and Estimated Timetable:
Pursuant to s.439A(6) of the Act, George Georges and James Shady made an application to the Court to extend the convening period for the second creditors meeting. On 20 June 2011, Justice Jessup made the order for this extension. A copy of the order is available for download.
To ensure the business of the Company is preserved pending the contract of sale becoming unconditional, George Georges and James Shady made another application to the Court to extend the convening period for the second creditors meeting. This application was heard on 22 August 2011 pursuant to s.439A(6) of the Act. Justice Middleton made the order for the extension. A copy of the order is available for download.
George Georges, in his capacity as Administrator of the Company made an application to the Federal Court of Australia for a third extension of the convening period of the second creditors meeting on 18 October 2011. The extension was sought to ensure that the Administrators’ could oversee the completion of the contract of sale of business to Impact and ensure the best market price was achieved for the creditors of the Company. The extension Order was granted by Justice Gordon.
The second meeting of creditors commenced on 19 January 2012 in Melbourne to discuss the future of the Company and the Report by Administrators Pursuant to Section 439A(4)(a) of the Corporations Act 2001. A copy is available for download. During question time in second meeting of creditors, Daniel Bryant, the Receiver and Manager of Hi-Fert Pty Ltd (Administrators Appointed) (Receivers and Managers Appointed) (Receivers Appointed) requested an adjournment for up to 45 business days. Creditors subsequently voted to approve an adjournment for up to 45 business days.
The second meeting of creditors has been re-convened for 10am Friday 23 March 2012 and will be held at the Melbourne offices of the Institute of Chartered Accountants in Australia. Written notice of the re-convened meeting is available for download.