The second meeting of creditors of Napoleon Perdis Cosmetics Pty Limited was held at 3pm today, AEST. Its purpose was to allow the creditors to vote on the Deed of Company Arrangement proposed by Henry Lee and Livia Wang of KUBA Investments Pty Ltd.
In attendance were two directors, Soula-Marie Perdis and Emanuel Perdis to allow creditors the opportunity to ask them any questions. Also in attendance was Livia Wang of KUBA.
Creditors voted to support the Deed of Company Arrangement (DOCA) and to avoid placing the company into liquidation and shutdown. Both the administrators and KUBA will now proceed to complete some critical steps in order for the DOCA to be signed and for the company to be handed to the control of KUBA.
As stated in a previous press release on 28 March 2019, Worrells said KUBA’s proposal for the business had been structured as an offer to creditors in the form of a Deed of Company Arrangement (DOCA), involving a consensual transfer of the shareholding in the company to KUBA. The purpose and benefit of such a DOCA structure allowed for an efficient and seamless transition to the new owners without the need for extensive novation or assignment of contracts or transfers of employees.
Mr Cathro said, “The decision made by all creditors, including employees and unsecured creditors was made after reading the extensive report to creditors prepared by the Worrells administrators, which outlined all possible investigations and options available to creditors on voting on the company’s future.”
Creditors also resolved to appoint Worrells’ Simon Cathro, Chris Cook, and Ivan Glavas as the Deed administrators.
Mr Cathro stated, “Today marks a new chapter for the Napoleon Perdis Cosmetics story. The restructured company now sets a solid foundation for a profitable and sustainable business going forward. We are confident that Napoleon and Soula-Marie Perdis’ continued creative expertise will ensure the brand continues to thrive and grow under the new ownership structure.”
Following the meeting, Ms Wang of KUBA stated, “The process of the company entering into voluntary administration has allowed the business to continue in existence under a reorganised business structure and with the creditors vote to accept this restructure, KUBA together with Napoleon and Soula-Marie Perdis can now move forward to continue an iconic Australian brand. Also, we would like to thank key supporters of the business, Priceline and Terry White for their unwavering support shown during the process and willingness to continue to support the brand going forward.”
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 Sydney
|Media Inquiries for KUBA Investments:
M: +61 411 839 344