On 6 February 2019

Worrells Solvency & Forensic Accountants’ Simon Cathro, Chris Cook, and Ivan Glavas announced they are now in a position as voluntary administrators to honour gift cards and e-vouchers.

Worrells advises that such decisions in a company trade on is a discretionary and critical matter to uphold creditor’s best interests during the voluntary administration process, under the Corporations Act 2001. The Australian Competition & Consumer Commission’s (ACCC) website also outline consumer rights during these appointments, in several scenarios, including gift cards.

Mr Cathro said, “Due to the extremely successful sales campaign over the weekend (30% off storewide and online) we are now in the position to honour all existing, valid Napoleon Perdis gift cards and e-vouchers. These are redeemable at trading Napoleon Perdis stores and online via its website.

Not only are we pleased to be able to make this decision for the benefit of customers with gift cards and/or e-vouchers, but we are delighted that this marks another milestone in the administration—demonstrating more evidence of the brand’s value and market relevance. Again, this will in effect add more value to the business sale for buyers/investors alike.”

Napoleon Perdis said, “Our staff will be thrilled to start honouring gift cards from today. In working very closely with the administrators at every point in this process, I was quick to weigh in on the decision to represent our customers and ensure they are looked after. Given the brand’s cachet of being an iconic Australian brand, means ensuring our Australian customers are a priority at every point.

Today’s decision reflects that the administrators are compelled by this passion to be a trusted and respected brand in Australia. And illustrates their confidence in our goals.”

Yesterday marked the beginning of the restructuring phase of the administration by right sizing the store profile and presence, Australia-wide. Worrells in conjunction with the Napoleon Perdis team are seeking buyers/investors. Interested parties can register at https://www.resolve.expert/listings/napoleon-perdis.

The first meeting will be held simultaneously on Tuesday, 12 February 2019 across four locations: Sydney, Brisbane, Melbourne, and Perth at 2.30pm AEDT.
Napoleon Table 1

 

 

 

 

 

 

 

 

 

 

 

 

 

Worrells has 27 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.

—ENDS—

Contact:
Simon Cathro
Partner, Worrells Sydney
simon.cathro@worrells.net.au

Simon Cathro

Simon joined Worrells Sydney in November 2015 as a Partner of the firm. Simon has over 21 years of insolvency and restructuring experience specialising in, insolvency reconstructions, corporate structure design, investigating accountant reports and expert witness investigations.

T: (02) 9249 1208 E: Simon.Cathro@worrells.net.au

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