Martin Jones, Andrew Saker and Darren Weaver were appointed as Joint and Several Administrators of the Rewards Group Limited (and the below subsidiaries) pursuant to section 436A of the Corporations Act 2001 (“the Act”) on 16 May 2010 .

Subsequent to the appointment of the Administrators above, Peter Anderson, William Harris and James Thackray of McGrath Nicol were appointed as Joint and Several Receivers and Managers over Rewards Group Limited and Rewards Land Pty Ltd on 19 May 2010 and Rewards Management Pty Ltd, Berry Packers Pty Ltd and Ord Packers Pty Ltd on 1 June 2010.

Rewards Projects Limited, a wholly owned subsidiary of Rewards Group Limited, is the responsible entity of a number of registered managed investment schemes (“MIS”) and in that role has responsibility for the operation and administration of the schemes. Rewards Management Pty Ltd, another wholly owned subsidiary of Rewards Group Limited, is the manager of the MIS projects and responsible for establishing, managing, harvesting and selling the product from the projects. However, given the appointment of the Receivers and Managers to Rewards Management Pty Ltd, this role has been assumed by Rewards Projects Limited.

Each scheme is governed by its own constitution or trust deed, and if a registered scheme, is also governed by Chapter 5C of the Act.

The RGAG Deed of Company Arrangement (DOCA) was executed by RGL, RMPL, RLPL, RPL and Rural on 9 November 2010. 

Pursuant to the Group DOCA’s and consistent with the Deed of Forbearance (DoF), possession of properties owned by Rewards Land Pty Ltd (Rewards Land) and The Ark Fund Ltd (Ark) (DOCA properties) were handed to the Receivers and Managers (R&M) of those companies on 19 October 2010. Despite possession reverting to the R&M and in accordance with the DoF the R&M agreed not to dispose of the DOCA properties provided that certain key milestones were achieved by specified dates. Since this time, the R&M have been responsible for the ongoing maintenance of the DOCA properties under their control.  

The R&M are continuing to realise the Group’s properties. The Group and Ark DOCA’s remained on foot despite the termination of the DoF. In view of continuing interest in acquiring the properties and working towards preserving value for growers the RGAG requested that the Deed Administrators of the Group put forward a resolution to creditors of each entity of the Group that the timeframe for satisfaction of the critical events of the respective DOCA’s be extended to 29 July 2011. This variation was approved by creditors on 19 April 2011. 

However, the DOCA’s were unable to be completed in their current form and the DOCA proponent, RGAG did not wish to put forward a proposed variation(s) to the DOCA’s. Accordingly, a concurrent meeting of creditors of each of the companies of the Group pursuant to section 445F of the Corporations Act 2001 was held on 26 September 2011 and at this meeting creditors resolved to wind up each entity of the Group. A copy of the slideshow presented at the meeting can be downloaded below.