On 12 November 2019, Nathan Deppeler and Mathew Jess of Worrells Solvency and Forensic Accountants terminated AGB Training Group Pty Ltd.’s Deed of Company Arrangement (DOCA) in accordance with the powers provided under the DOCA. The termination of the DOCA has resulted in AGB Group being placed into liquidation with immediate effect.
The decision to terminate the DOCA was due to the failure of the director and the company to rectify a default of the DOCA which occurred on 29 October 2019 where the director took steps to cease trading the business of the company.
Prior to ceasing to trade, the AGB Group had approximately 30 employees and 1,100 students.
Due to the liquidation status, employees are now able to make an application to the government’s Fair Entitlements Guarantee (FEG) scheme to recover outstanding employee entitlements (excluding superannuation). Worrells will assist those employees through the process as a priority.
Worrells is now liaising with the key stakeholders to minimise the disruption to affected parties (as much as possible). Given the quantum of affected parties, individuals are requested to contact Worrells via the dedicated email address firstname.lastname@example.org.
Worrells has 33 offices nationally and 29 partners, across Qld, NSW, ACT, Vic, SA, and WA. Worrells has been providing solvency management, insolvency administration, and forensic investigation services for over 45 years.
Partner, Worrells Geelong