This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.

Bookmark Email Print page

Kleenmaid Group creditors register their debt and elect committees


DOWNLOAD  

24 April 2009: Yesterday in Brisbane around 200 Kleenmaid  creditors attended the first meeting of creditors convened by Administrators, Deloitte Partners John Greig, Richard Hughes and David Lombe.

Joint Administrator, John Greig outlined the administration process and procedures to those in the room and those listening via teleconference and over the internet.

During the meeting Mr Greig explained that the Administrators’ main role was to investigate and report on the affairs of the Group. Also to form an opinion as to whether creditors should vote in favour of any proposed Deed of Company Arrangement or for liquidation at the next meeting of creditors.

Committees of creditors
Mr Greig stated that the creditors represented at the meeting voted to form committees of creditors in relation to the main Kleenmaid operating companies.

The Administrators made it clear to all customers at the meeting that there was no prospect of them receiving any goods that they have paid for. However, they should still register their claim as unsecured creditors of Kleenmaid so they can be kept fully informed about the progress of the administration and will be able to exercise their other rights as creditors.

“The meeting gave all creditors an opportunity to get a better understanding of their situation and raise any questions or concerns they had with the administration process.”

“Not surprisingly the main issue raised by creditors at the meeting related to stock and the frustration of those who still hoped to receive the goods they had paid for.”

Significant shortfall
“We also outlined the asset and liability position of the Kleenmaid Group from the investigations undertaken to date. It was made clear to all creditors that there is likely to be a significant shortfall between the realisable value of the Kleenmaid assets and the amount creditors are owed.”

Mr Greig said, “Unfortunately at this stage we do not foresee that the available assets of the Kleenmaid Group will provide any return to unsecured creditors including customers. This will create significant distress and hardship for these customers as was evident at the meeting.”

Mr Greig said that details of the elected committee members will be made available on the Deloitte website shortly.

Mr Greig plans to provide their full findings in a report to creditors which will be sent to all known creditors prior to the second creditors meeting to be held in May 2009.

Based on initial figures (subject to change) there is approximately $76m owed to creditors of the Kleenmaid Group.

The breakdown is as follows:
Secured creditors (banks) = $28m
4,000 customer deposits = $27m
2,800 trade creditors and suppliers = $16m
Landlords and warehouse operators = $2m
Employees = $3m

It should be noted that the appointment of the Voluntary Administrator applies to 14 separate entities in the Kleenmaid Group including:

Company  Australian Company Number 
Kleenmaid Corporate Pty Ltd ACN 125 837 943
Lifestyle Appliance Corporation Pty Ltd ACN 125 839 189
Lifestyle Appliance Sales Pty Ltd ACN 125 842 131
Kleenmaid Property Pty Ltd ACN 125 839 849
EDIS Service Logistics Pty Ltd ACN 077 845 151
Kleenmaid Customer Solutions Pty Ltd ACN 115 837 726
Bizco Retail Pty Ltd ACN 123 492 811
Kleenmaid Holdings Pty Limited ACN 051 042 749
KM Intellectual Reserve Pty Ltd ACN 125 842 024
Orchard KM Pty Ltd ACN 001 905 808
Kleenmaid Retail Pty Ltd ACN 077 845 179
Manlyvale Pty Ltd ACN 116 604 767
Kleenmaid Pty Limited ACN 125 841 858
Kleenmaid Appliances Pty Limited ACN 127 973 086

 

NB: For further general information on the voluntary administration process, please refer to:  Australian Securities and Investments Commission website.

Last Updated: 

Contacts

Name:
Johnny Sollitt-Davis
Company:
Deloitte Australia
Job Title:
Corporate Affairs & Communications
Phone:
Tel: +61 2 9322 7256, Mobile: 0431 134 850
Email
jsollittdavis@deloitte.com.au

Share

 

 

Follow us



 

Talk to us