Marcus Watters and Ginette Muller of GM Insolvency were appointed Voluntary Administrators on 24 January 2018.
The appointment was made by the 2 directors of the Company, Blagoja (Bill) Velkovski and Bruce Dwyer. At the time of appointing Administrators, the directors cited their reason for taking this step as “the Company was insolvent or about to become insolvent”.
The effect of the Voluntary Administration is to place a moratorium on the payment of unsecured creditors' accounts in relation to trading and other debts incurred up to the date of the appointment and until creditors make a decision about the Company’s future. That decision will be made at a second meeting of creditors, to be held within 20 business days following the appointment of Voluntary Administrators.
The First Meeting of Creditors will be held at 11:30 am on the 6th of February 2018.
Creditors are estimated at over $500,000, and there are 119 different shareholding entities with over 83m shares on issue. Funds raised by the company through shareholders are approximately $6m.
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