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Jeanswest Corporation Pty Ltd

Jeanswest Corporation Pty Ltd

Appointment details

Appointment type Joint & Several Administrators
Appointment date 15 January 2020 to current
Appointees James Stewart and Peter Gothard
Companies subject to Adminstration Glorious Sun (Australia) Pty Ltd ACN 091 122 020
Glorious Sun Corporate Services Pty Ltd ACN 091 122 002
Jeanswest Investments (Australia) Pty Ltd ACN 074 258 781
Jeanswest Wholesale Pty Ltd ACN 074 258 807
Jeanswest Corporation Pty Ltd (trading as “Jeanswest") ACN 007 305 839
General enquiries Emailjeanswest@kpmg.com.au
Phone: +61 3 9288 6204
Employee enquiries Email: jeanswestemployees@kpmg.com.au
Phone: +61 3 9288 6193
Creditor enquiries Email: jeanswestcreditors@kpmg.com.au
Phone: +61 3 9288 6194
Supplier enquiries Email: jeanswestsuppliers@kpmg.com.au
Phone: +61 3 9288 6195
Customer enquiries Emailjeanswest@kpmg.com.au
Phone: +61 3 9288 6204
Office Melbourne

Background

On Wednesday, 15 January 2020, James Stewart and Peter Gothard of KPMG were appointed as Joint and Several Administrators (“the Administrators”) of Glorious Sun (Australia) Pty Ltd, Glorious Sun Corporate Services Pty Ltd, Jeanswest Investments (Australia) Pty Ltd, Jeanswest Wholesale Pty Ltd and Jeanswest Corporation Pty Ltd (trading as “Jeanswest”) (collectively “the Companies”) by the respective boards of directors.

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.

At this stage, the Administrators intend to continue to trade the Companies.

First meeting of creditors

The Administrators have held a concurrent meeting of the creditors of the Companies on Tuesday, 28 January 2020 at The Business Centre, Collins Square, Level 6, Tower 2, 727 Collins Street, Melbourne, VIC 3008 at 11:00am (AEDT), in accordance with Section 436E of the Corporations Act 2001 (“the Act”). Minutes of the meeting are available from our office upon request.

Extension of convening period

The Administrators advised the creditors of the Companies present at the first meeting of creditors that the Administrators may make an application to the Federal Court of Australia (“Federal Court”) to extend the convening period for the second meeting of creditors.
 
Pursuant to Section 439A(6) of the Act, an extension of the convening period for the second meeting of creditors of the Companies was granted by the Federal Court on 10 February 2020. In accordance with the order, the second meeting of creditors must be convened by 1 June 2020 and will be held on or before 8 June 2020. A report to creditors pursuant to the Act, together with a notice of meeting will be sent to all known creditors of the Companies at least five business days prior to the second meeting of creditors.
 
The Administrators consider the extension is in the best interest of creditors and necessary to maximise the realisable value of the assets and Companies.

ASIC Insolvency material for directors, practitioners, employees, creditors and investors

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

 

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.

    Their free 28-page booklet, Taking care of yourself after retrenchment or financial loss, contains some helpful advice. The beyondblue Support Service provides confidential, one-on-one counselling with a trained mental health professional.

    Phone: 1300 224 636
  • 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)