SYDNEY: Christopher Darin, Partner at Worrells was appointed Voluntary Administrator of Cuppa Edge Pty Ltd. As part of the Voluntary Administration process, Mr Darin will review the company’s position and reasons for failure.
The directors made the decision to appoint Mr Darin on 19 May 2020 following financial pressure resulting from the Covid-19 lockdown. The Café closed at end of March 2020 and has placed pressure on the business’ working capital, impacting Cuppa Edge’s ability to pay external creditors, including the ATO.
Mr Darin said “while we are still in the initial stages of the appointment, stakeholders have been supportive including the landlord, providing rent relief during this difficult time and we are working with the directors and other stakeholders to explore the options to propose a Deed of Company Arrangement. I am hoping that the Café will open its doors again soon.”
If business closures, loss of trade or other challenges are affecting your financial position, or that of your clients, please call Worrells for professional advice on 02 9249 1200.
Worrells Solvency and Forensic Accountants