The assets of Remapak, one of Australia’s leading end to end packaging solution providers, will be sold with the company entering into liquidation. This follows the termination of the Deed of Company Arrangement (DoCA) intended to enable the business’s restructure and ongoing operation.
The company went into Voluntary Administration earlier this year on 17 January 2019 with Worrells Partners Graeme Beattie and Aaron Lucan appointed as Voluntary Administrations. Voluntary Administrators assisted the structuring and proposal of a DoCA that allowed the business to continue trading and to return 20 cents in the dollar to unsecured creditors. The DoCA was approved at the 21 May 2019 meeting of creditors and executed on 12 June 2019. The success of this agreement rested on the proposer’s requirement to make a lump sum payment by 6 September 2019.
On 9 August, the proposer of the DoCA advised that they would not be able to fulfil this obligation and a meeting of creditors was called. Creditors voted to terminate the DoCA and appoint liquidators on 23 August 2019.
Following this outcome, Worrells Partner Graeme Beattie stated, “We are continuing to trade to fulfil final orders from customer to maximise the return to creditors and assist them to transition to new suppliers. We expect to be continuing to trade until early October then will be shutting down the factory.”
Assets will be sold through an expression of interest program and series of auctions and managed by Grays Online through October.
For more information or to make an enquiry or offer on the assets available, the Worrells Western Sydney office is contactable on 02 8844 1200 or westernsydney@worrells.net.au.
Worrells has 29 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 46 years.
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Contact:
Graeme Beattie
Partner, Worrells Western Sydney
graeme.beattie@worrells.net.au