On Tuesday, 30 April 2019 at the second meeting of creditors, it was resolved to place Claypave Pty Ltd into liquidation and appoint Adam Ward as liquidator.
Worrells continued to trade the business since the voluntary administration appointment on 21 March 2019 while its team investigated the options for the company’s future. The company’s business manufactured and sold clay bricks and pavers to trade customers nationally and internationally. The company also operated a retail outlet from premises in Dinmore, Queensland.
As voluntary administrator Mr Ward ceased production of bricks and pavers following a detailed financial analysis.
During the voluntary administration period the administrator’s focus has been devoted to securing and realising any company assets, securing its books and records, investigating company affairs, and trading on the business.
Worrells advise that during the liquidation the business will continue to trade to maximise recoveries. The company’s bank, CBA, holds registered mortgages and is currently working with Mr Ward to achieve the best result for all stakeholders.
Income generated from trading the Claypave business and the sale of tangible assets/or sale of the business as a going concern should be sufficient to pay all known debts in full. Following the appointment as liquidator Mr Ward will now concentrate on the sale. Interested parties should register their interest with the Worrells Ipswich office via firstname.lastname@example.org or 07 3280 6200.
Mr Ward said, “The directors and senior managers have ensured that all obligations with regard to statutory debts and lodgements have been paid and lodged in accordance with the relevant time frames.
The directors, general manager and internal and external accountants have continued to provide support during the trading period.”
Worrells has 27 offices nationally and 30 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 Ipswich & Toowoomba