Receivers and Managers appointed to seven supported residential services facilitiesDOWNLOAD
Torkar Pty Ltd (Administrators Appointed)
(Receivers and Manager Appointed)
(Formerly Razak Corporation Pty Ltd)
Following the appointment of a voluntary administrator yesterday, Deloitte partners Simon Wallace-Smith and Tim Norman have been appointed as Receivers and Managers to the above company that operates seven supported residential services facilities throughout Victoria.
The appointment includes the management of seven supported residential service facilities that care for approximately 200 residents. According to Mr Wallace-Smith, the Receivers and Managers will assess the financial position of the company with the aim of selling the facilities as a going concern.
“Our initial investigations reveal that the business has been significantly affected by high levels of debt,” he said. “The Receivers and Managers plan to continue to operate on a “business as usual basis” until a sales process is complete. Current levels of care will be maintained over this period.”
The appointment was not due to any concerns regarding patient care or concerns of the Department of Human Services.
The company employs approximately 165 full time, part time and casual staff. Mr Wallace-Smith confirmed that these staff will continue to be paid on an ongoing basis until the sales process is complete.
One of the first tasks being undertaken by the Receivers and Managers will be to meet with representatives from the Department of Human Services to ensure that they are kept closely involved with the plans of the Receivers and ongoing needs for the patients under their care.
Staff were addressed yesterday, and the Receivers will be writing to all residents shortly.
The supported residential service facilities are located in:
St Albans Park (Whittington) (Geelong)
Hastings (Mornington Peninsula)
NB: For further information about the voluntary administration process, please refer to the ASIC information website.