|Appointment type||Voluntary Administration – 15 January 2019
Liquidation – 23 April 2019
|Appointees||Brendan Richards and Gayle Dickerson|
|Company subject to Administration||Specialty Mens Apparel Pty Ltd
Trading as Ed Harry Menswear
ACN 149 766 307
On Tuesday, 15 January 2019, Brendan Richards and Gayle Dickerson of KPMG were appointed as Joint and Several Administrators (“the Administrators”) of Specialty Mens Apparel Pty Ltd (“the Company”) by David Clark, Adrian Crowley, Anthony Hawkins and John Read (“the Directors”).
Voluntary administration is a statutory process designed to quickly resolve the future direction of a company, with the aim of maximising the chances of the company’s survival, or as much as possible, its business. In the event it is not possible to save the company or its business, the aim is to administer the company’s affairs in a way that will provide a better return for the company’s creditors than if the company were immediately placed into liquidation.
Please find below relevant links for stakeholders of Specialty Mens Apparel Pty Ltd.
We advise that on 1 February 2019, the Supreme Court of Victoria (“the Court”) granted Orders extending the convening period of the Company to 20 May 2019. The primary reason for seeking an extension of time is to allow the Administrators to explore the possibility of achieving a sale of the Company’s business and/or for a deed of company arrangement (DOCA) to be proposed. Even if a sale of the Company’s business does not eventuate and a DOCA is not proposed, the extension of time will allow the Administrators to continue to trade the Company’s business in order to realise in an orderly manner the stock currently on hand, thereby maximising returns from the sale of stock.
In summary the Court ordered that:
Creditors will be informed when the second meeting of creditors has been convened pursuant to section 439A of the Act.
A copy of the authenticated Orders is provided in the ‘Other information’ section of this website below.
Please find below the Voluntary Administrators report to creditors dated 5 April 2019. This report includes a copy of the Replacement Declaration of Independence, Relevant Relationships and Indemnities (“DIRRI”), Remuneration Approval Report, Appointment of Proxy and Proof of Debt forms and creditor information sheets (“Voluntary Administrators report”).
We have convened the second meeting of creditors for Tuesday, 23 April 2019 at the offices of KPMG Adelaide at 12:00pm ACDT (local Adelaide time), in accordance with section 439A of the Act to determine the Company’s future. A notice of meeting is enclosed in the Voluntary Administrators report.
To participate and vote on the future of the Company at the second meeting, you may need to submit a proof of debt form for voting purposes and proxy form.
At the second meeting of creditors held on 23 April 2019, creditors resolved that the company be placed into Liquidation in accordance with section 439C(c) of the Corporations Act 2001 (Cth). Brendan Richards and Gayle Dickerson of KPMG were appointed as joint and several Liquidators.
This report should be read in conjunction with the information contained in our Voluntary Administrators’ Second Report to Creditors (PDF 2.1MB) dated 5 April 2019.
The purpose of this report is to:
Should you have any queries regarding the above or any other matter, please contact KPMG by email to firstname.lastname@example.org.
This report should be read in conjunction with the information contained in our Voluntary Administrators’ Second Report to Creditors (PDF 2.1MB) dated 5 April 2019 and Liquidators Statutory Report to Creditors (PDF 730KB) dated 22 July 2019.
The purpose of this report is to:
Information and circulars.
Coping with the emotional impact of financial distress.