Today, deed administrators, Scott Andersen and Nathan Deppeler of Worrells Solvency and Forensic Accountants terminated Geelong Mood Support Group Inc.’s Deed of Company Arrangement (DOCA) in accordance with the powers provided under the DOCA. The termination of the DOCA has resulted in Geelong Mood Support Inc. automatically being placed into liquidation with immediate effect.
The decision to terminate the DOCA was largely based upon the committee taking steps to cease trading the organisation’s business (Mind Works Geelong).
Prior to ceasing to trade, the organisation had approximately 30 employees and supported approximately 150 people in the Geelong and surrounding communities with various mental health conditions.
Mr Andersen said, “We understand the committee made the difficult decision to cease trading the business after exploring opportunities to merge with like-minded organisations proved unsuccessful. Since making the decision, the committee took active steps to engage with various stakeholders to ensure that members are provided ongoing support via alternative providers and the drop-in centre on La Trobe Terrace is still accessible.
We will continue the committee’s work during the liquidation by liaising with members and other stakeholders to minimise any disruption created by the closure”.
As a result of the liquidation, all employees are now eligible to apply to the Commonwealth government’s Fair Entitlements Guarantee (FEG) scheme to recover outstanding employee entitlements. Worrells advises that its team will assist those employees through the process as a priority.
Worrells has 31 offices nationally and 26 partners, across Qld, NSW, ACT, Vic, SA, and WA. Worrells has been providing solvency management, insolvency administration, and forensic investigation services for over 47 years.