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Azzura staff to claim entitlements from GEERS


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Liquidator of Azzura Marine Nowra, Simon Cathro, today confirmed at a creditors meeting that staff are to claim their outstanding staff entitlements through the General Employee Entitlements and Redundancy Scheme (GEERS).

Deloitte partners David Lombe and Simon Cathro were appointed as Liquidators on 15 October to the internationally recognized boat-building company.

Mr Cathro confirmed that actions to date have been to take control of the assets, engage valuers and liaise with employees, and local and international suppliers about the company’s position and future.

“Employees are urged to register their claims as soon as possible, with the aim that GEERS will be in a position to make a distribution as soon as possible,” he said.

The Department of Education, Employment and Workplace Relations (DEEWR) will be holding a further information sessions with employees on Friday 30 October.

Mr Cathro also confirmed that liquidators have placed the business on the market, and have received a number of enquiries from interested parties. “Obviously the best outcome for all would be to sell the business as a going concern, and we will follow through on all these enquiries.”

Internationally recognised for the construction of premium quality yachts, Australian yacht builder Azzura Marine has built in excess of 200 vessels across its three Australian-based facilities in the 15 years since it has been established.

Azzura Marine recently undertook a detailed review of its operations and embarked on an immediate reduction of its facilities and workforce resulting in the decision to cease Nowra operations and place that entity into a creditor’s voluntary liquidation.

Mr Cathro confirmed that in line with the world’s luxury boat industry, the wholly owned subsidiary of Azzura Marine, Azzura Marine Nowra Pty Ltd has been significantly impacted by the global financial crisis.

“The company has experienced a decrease in demand for yachts over the last six to 12 months, declining from a peak of seven ‘new build’ orders in 2008 to no ‘new build’ orders in the space of one year. Azzura Marine does not currently have the financial resources to maintain three ship building facilities,” he said.

FREQUENTLY ASKED QUESTIONS

What is the first priority of the Liquidators?

  • To secure the assets of the company
  • Determine the best approach for the realisation of those assets
  • Assist with the application of GEERS to settle employee entitlements
  • Assist with creditor issues

What brought about the appointment of the Liquidators?

The Director was advised that Azzura Marine Nowra was insolvent and in accordance with his duties (under the Corporations Act), there were no alternative options available.

How many staff are affected?

Azzura Marine Nowra employs approximately 60 staff. As liquidators we will be working quickly to finalise calculations for employees for their entitlements to allow them to lodge a claim with The General Employee Entitlements and Redundancy Scheme (GEERS). For further information about entitlements please refer to the GEERS website.

How long has Azzura Marine Nowra been operating?

15 years.

How does this affect the other entities?

Operations are continuing while a complete options assessment is being conducted.

For further information about the liquidation, please refer to the ASIC information website. For further information about GEERs, click here.

For further information:  
Creditors (only): Johnny Rashidi
Tel: +61 (0) 2 9322 7000
jrashidi@deloitte.com.au

Last Updated: 

Contacts

Name:
Karina Randall
Company:
Deloitte Australia
Job Title:
Corporate Affairs & Communications
Phone:
Tel: + 61 2 9322 3778, Mobile: +61 414 823 712
Email
karandall@deloitte.com.au

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