On 25 February 2020, Con Kokkinos and Matthew Kucianski of Worrells Solvency and Forensic Accountants were appointed voluntary administrators of the Heathmont Pre School & Kindergarten.
The pre-school and kindergarten is operated by an incorporated association with a 33-year history of delivering innovative and nurturing programs in the Heathmont suburb of Melbourne. The association receives funding from the Department of Education and Training for the provision of early childhood education services.
The centre currently attends to approximately 60 children. Its philosophy is to provide “innovative and inspiring programs for children”.
Its board raised concerns about the centre’s viability to continue delivering its programs. Following identifying that the association was likely to become insolvent, the board proactively sought Worrells’ assistance to appoint voluntary administrators to the association. The pre-school and kindergarten is continuing all its operations as normal. Worrells has liaised with all of the relevant stakeholders and government authorities to allow the centre to continue to operate to minimise any disruption to students and their families.
Mr Kokkinos said, “Our aim is to ensure that the centre continues to deliver its exceptional programs to the community. We wish to assure everyone that we are doing our best to ensure that the centre can continue and that there are no disruptions to children, their families and teachers.”
Worrells assert that the objectives of the voluntary administration regime allow businesses to address issues, and if possible, with creditor approval return it to a healthy trading prospect.
Under the voluntary administration process, a first meeting of creditors is held within eight business days of the appointment, and a second meeting of creditors is usually held within 20 to 30 business days after the appointment. It is at the second meeting that creditors will determine the future for the centre.
The second meeting of creditors to decide the future of the association is schedule to be held on 1 April 2020. Relevant stakeholders will be notified of the outcome of the meeting after that date.
Worrells appreciates the impact the appointment has had on the children, their families and the teachers. Worrells will continue to proactively communicate with all affected parties at each step in the administration.
Any concerned parties and interested like-minded organisations are invited to contact the Worrells Melbourne office on melbourne@worrells.net.au or 03 9613 5500.
Worrells has 34 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 47 years.
–ENDS–
Con Kokkinos
Partner, Melbourne
con.kokkinos@worrells.net.au
(03) 9613 5502