Frequently Asked Questions as at 13 November 2019
Is the Company in liquidation?
The Deed of Company Arrangement has been formally terminated and the Company placed into liquidation effective 12 November 2019. Nathan Deppeler and Matthew Jess of Worrells Solvency & Forensic Accountants have been appointed liquidators.
Is the Company trading?
The Company ceased trading prior to the appointment of liquidators.
I am a student. What does this mean for my enrolment?
The Company will not be offering classes and / or training moving forward. The liquidators will assess available options regarding potential sales or otherwise however this is not expected to occur.
I am student. What does this mean for my assessments?
The Company will not be offering training or finalising assessments moving forward. We are currently exploring what (if any) opportunities are available to assist you with your ongoing training requirements and any obligations of the Company.
I am owed money from the Company. Will I get this money back?
You are able to lodge a claim in the external administration for the amount owing to you from the Company. You are able to make this claim via the ‘File Information’ page of our website.
You’ll receive a confirmation email with a copy of your proof of debt.
Any distribution to creditors will be subject to whether sufficient recoveries are made in the liquidation and will be subject to priority levels set out in section 556 of the Corporations Act 2001.
No payments will be made to creditors outside the dividend regime or other relevant regulation provided for in the Act.
What happens next?
The liquidators will be taking steps to:
- To determine whether there are any assets that can be realised;
- To secure the books and records of the Company; and
- To determine what debts (priority and otherwise) the Company owes.
A detailed statutory report to creditors will be issued within three months of our appointment as liquidators. This will detail our investigations and the likelihood of recoveries in the liquidation. We will also advise creditors of the likelihood of dividend.
How do I contact the Liquidators or their staff?
We will aim to provide regular updates through making an updated list of Frequently Asked Questions (FAQ) available from time to time as updates occur.
Due to the quantum of stakeholders involved in this administration, we have created a specific inbox for stakeholders to contact us. If your query is not answered by the FAQ’s, please write to us at the following email address:
Given the sheer quantity of stakeholders we may respond by way of update to these FAQ’s to minimise costs in the administration. Furthermore, if we notice any trends of queries which are being directed to our office in the emails, we will update this FAQ section with an answer.
To assist in minimising cost on the administration, it would be greatly appreciated if the first form of communication is via email and after review of the FAQs.