Liquidation – 14 December 2021
Voluntary Administration – 9 November 2021
|Appointment date||9 November 2021|
|Appointees||Matthew Woods and Clint Joseph|
|Companies subject to Administration||AVRWA Pty Ltd (formerly Avid Resources (WA) Pty Ltd) ACN 631 758 266
Avid Water Pty Ltd ACN 631 758 382
On Tuesday 9 November 2021, Matthew Woods and Clint Joseph of KPMG were appointed as joint and several Voluntary Administrator of AVRWA Pty Ltd and Avid Water Pty Ltd by its common sole director.
At the concurrent second meeting of creditors held on 14 December 2021, the Administrators were appointed Liquidators of the Companies. The Liquidators will continue the orderly realisation of the Companies’ assets and continue their investigations into the Companies’ affairs.
First meeting of creditors
The Administrators hosted a concurrent first meeting of creditors on Friday, 19 November 2021, in accordance with section 436E of the Corporations Act 2001. The purpose of this meeting was to allow creditors to determine:
- whether a committee of inspection should be appointed
- the appointment of an alternative administrator (should such a resolution be put before the meeting).
Second meeting of creditors
The Administrators hosted a concurrent second meeting of creditors on Tuesday, 14 December 2021, in accordance with section 439A of the Corporations Act 2001. The purpose of this meeting was to allow creditors to:
- Consider the report of the Administrators dated 6 December 2021.
- Fix the remuneration of the Administrators.
- Resolve the future of the Companies.
- Consider whether a Committee of Inspection is to be appointed.
- Fix the remuneration of the Liquidators, if appointed.
- Any other business that may be lawfully brought forward.
At the concurrent second meeting, it was resolved that the Companies be placed into liquidation.
Information and circulars for creditors.
Information and circulars for employees.
Coping with the emotional impact of financial distress.