Fighting for subbies rights
05.05.2017
Today, the Supreme Court QLD adjourned a Wind Up action against Bloomer Constructions Qld Pty Ltd from Hume Doors. Their action attempted to appoint a Liquidator to Bloomers.
The Court ordered the action to be Adjournment for 3 weeks.
At that time, It is expected the Administrator's will table their 439a report for consideration by the courts.
The 439a report will detail the Administrator's investigations into Bloomers and prospects of a financial return to Creditors from a Deed of Company Arrangement (DOCA) compared with the Liquidation.
First creditors meeting is 9th May at 12 noon, see notice below
For all those attending the meeting:
You need to have a completed Proof of Debt to be admitted into the meeting.
Don't stress- if you have concerns about how much money you are owed or how to fill out the forms.
For those who have questions;
- take the form & pen to the meeting and fill it out there. The administrators staff will assist you.
- Take to the meeting a copy of you unpaid invoices or progress claims or subcontracts- something that shows the amounts of unpaid work/debts you are owed.
- Get there at least 30 min early- it's expected to be a large meeting- each person needs to be admitted individually to the meeting- this takes time.
- The meeting generally run for 1 to 2 hours- depending on the amount of questions asked.
If you are intending on asking a question, be respectful to ALL in attendance.
- There is no dress/attire requirements for this meeting- casual or work clothes are fine.
If you wish to attend the meeting:
- Fill out and take a proof of debt form with you or email it to the email addresses below
- You can vote at the meeting with a show of hands.
If you are NOT attending the meeting you can still vote by proxy:
- Fill out the proxy vote and the
- Proof of debt form and email them to the email addresses below as soon as possible
- The link below has proxy and proof of debt forms.
Email the proxy vote and or proof of debt forms to Otim at OtimO@jirschsutherland.com.au and copy in Des at DesB@jirschsutherland.com.au.
At this stage, we are of the opinion that the best course of action is to allow the Voluntary Administration period run it's course for the next 4 or 5 weeks while an independent review of the companies financial affairs is conducted.
Of course, you need to take your own advice and make your own decision.
After the independent review, it should be a lot clearer on whether continued Administration or, alternatively, Liquidation of the company will provide the best financial result for creditors.
In my limited experience, Liquidation rarely provides a good financial outcome for UNSECURED creditors.
