Information for the stakeholders of Ed Harry.
Information for the stakeholders of Ed Harry.
This page contains information for the stakeholders of Specialty Mens Apparel Pty Ltd (In Liquidation) trading as ‘Ed Harry’.
|Appointment type||Voluntary Administration – 15 January 2019
Liquidation – 23 April 2019
|Appointees||Brendan Richards and Gayle Dickerson
|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.
Voluntary Administration update – 4 February 2019
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.
Second report to creditors – 5 April 2019
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.
Appointment of Liquidators – 23 April 2019
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.
Priority creditors and secured creditors are expected to be paid out in full by May 2019 and unsecured creditors are expected to receive a dividend of at least 12 cents/$ in a liquidation during the second half of 2019. This time frame could be delayed if there is any litigation in respect of the adjudication of proofs of debt.
Liquidators statutory report to creditors – 22 July 2019
This report should be read in conjunction with the information contained in our Voluntary Administrators’ Second Report to creditors dated 5 April 2019.
The purpose of this report is to:
At this stage, the estimated return to unsecured creditors is likely to be c.8c/$ which we expect to make payment in the second half of 2019. There are sufficient funds available to pay a dividend of 100c/$ to the Company’s secured and priority creditors, which includes employee entitlements.
Should you have any queries regarding the above or any other matter, please contact KPMG by email to email@example.com
First report to creditors – 16 January 2019
Voluntary Administrators second report to creditors – 5 April 2019
Liquidators Statutory report to creditors – 22 July 2019
ARITA Information Sheets
Fair Entitlements Guarantee (FEG)
ASIC Insolvency material for directors, practitioners, employees, creditors and investors
The Australian Securities & Investments Commission provides resources on insolvency for directors, employees, creditors and shareholders. Read more on the ASIC website.