|Appointment type||Voluntary Administration|
|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.
Voluntary administration is a statutory process designed to provide for the business, property and affairs of an insolvent company to be administered in a way that maximises the chances of the company continuing in existence, or if that is not possible to provide for a better return for a company's creditors and members than if the company was immediately wound up.
First meeting of creditors
19 November 2021
The Administrators will host 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).
Information and circulars for creditors.
Information and circulars for employees.
Coping with the emotional impact of financial distress.