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Appointment details

Appointment type Court Liquidation
Appointment date 12 June 2015
Appointee John Lindholm
Company subject to Administration Planet Platinum Limited
ACN 101 217 252
Office Melbourne
Earth with stars

KPMG contact

Peter Mann
pmann2@kpmg.com.au
+61 3 8663 8550

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Background information

Planet Platinum is the registered proprietor of 46 King Street, Melbourne and 7-12 Horne Street, Elsternwick. Planet Platinum operates the Showgirls Bar 20 business at the King Street property.

On 12 June 2015 John Lindholm was appointed as Provisional Liquidator of Planet Platinum. The Supreme Court of Victoria (Court) ordered that Mr Lindholm investigate the affairs of Planet Platinum, including the identification of its assets and liabilities and provide an opinion on the solvency of the company.

The Australian Securities and Investments Commission (ASIC) subsequently made an application to the Court to have a liquidator appointed to Planet Platinum. The Court ordered that Planet Platinum be placed into liquidation on 1 December 2015 and Mr Lindholm was appointed Official Liquidator (Liquidator).

The Liquidator subsequently liaised with a number of parties interested in acquiring Planet Platinum’s assets with a view to achieving the best possible return to creditors. This included negotiations to acquire Planet Platinum’s assets as a whole and also individually.

Negotiations for the sale of 46 King Street, Melbourne (King Street Property) have now concluded and the liquidator is pleased to advise that on 23 September 2016, the liquidator executed and exchanged contracts of sale with Rialto Joint Venture.

The transaction was expected to complete in November 2016. Pursuant to the terms of the contract, the King Street Property was being sold with vacant possession, requiring Showgirls Bar 20 to cease trading from its current location.

The liquidator was in negotiations to sell the Bar 20 brand and intellectual property.

A marketing campaign for 7-12 Horne Street, Elsternwick has commenced and the property was scheduled to go to public auction on 18 November 2016.

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Creditor communications

Information and circulars for creditors and shareholders.

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ASIC insolvency material

The Australian Securities & Investments Commission provides resources on insolvency for directors, practitioners, employees, creditors and investors.

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Support

Coping with the emotional impact of financial distress.

Beyond Blue

beyondblue offers some useful resources for people struggling with the emotional impact of financial distress.

The beyondblue Support Service provides confidential, one-on-one counselling with a trained mental health professional.
Phone: 1300 22 4636

Lifeline

Lifeline offers phone crisis counselling for people who are experiencing financial and emotional hardship.

Phone: 13 11 14 Australia-wide
Online crisis support chat (7:00pm to 4:00am daily)

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