Equestrian Australia Voluntary Administration - Update
Dear Members,
Today, 14 July 2020, the Second Creditors Meeting was conducted by the EA Administrators, KordaMentha.
The documents and the matters considered at the meeting today can be viewed here - https://kordamentha.com/credit…/equestrian-australia-limited
Approximately 3,000 creditors/members took part in the meeting either directly or via proxy. A summary of the resolutions from the meeting today are provided below;
Resolution 1 - PASSED
'That the remuneration of the Administrators for the period 9 June 2020 to 5 July 2020 in the amount of $250,000.00, excluding GST, calculated on the basis of time as detailed in the Remuneration Approval Request report dated 7 July 2020, is approved for payment immediately or as required.’
Resolution 2 - PASSED
'That the internal disbursements of the Administrators, including those paid to staff, for the period 9 June 2020 to 5 July 2020 in the amount of $556.52, excluding GST, calculated at the rates as detailed in the Remuneration Approval Request report to creditors dated 7 July 2020 are approved for payment immediately or as required.’
Resolution 3 - PASSED
'That the estimated internal disbursements of the Administrators, including those paid to staff, for the period from 6 July 2020 until the end of the Administration of the Company, up to a maximum amount of $400.00, excluding GST, calculated at the rates as detailed in the Remuneration Approval Request report to creditors dated 7 July 2020 are approved for payment to be made on a monthly basis in arrears or as required. However, if the amount of internal disbursements incurred exceeds the capped amount, then we reserve the right to seek further approval of internal disbursements from creditors.’
Resolution 4 - NOT PASSED
'That pursuant to Section 439C of the Corporations Act, the Company execute the State Boards’ proposed Deed of Company Arrangement.’
Resolution 5 - PASSED
'That pursuant to Section 439C of the Corporations Act, the Company execute the Administrators’ proposed Deed of Company Arrangement.’
Resolution 6 - PASSED
‘That a committee of inspection be appointed in the Deed of Company Arrangement of the Company.’
Nominations were called for the committee of inspection and the following creditors were appointed -
Committee of Inspection
Brian Silvia
Chris Webb
Julie Bland
George Sanna
ASC – Kate Corkey
Nominate – Lloyd Raleigh
State Branch – Ron Fleming, EWA
Resolutions 7 - 9 were not required and were removed.
Minutes of the Second Meeting of Creditors will be soon available on the KordaMentha website - https://www.kordamentha.com/cr…/equestrian-australia-limited
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