Starleaton administrators provide creditors’ meeting update

Starleaton’s administrators have shared the outcomes from the recent creditors’ meeting and what happens next.

Starleaton co-administrator, Andrew Blundell, from Cathro & Partners has provided an update on the meeting as well as a timeline for the administration process over the next month.

“At this stage it is business as usual. We have received some offers for the business, and we are working our way through those, and we hope to have a resolution in the coming days,” Blundell said.

“Parites have has requested an extension of time which has been provided.”

Blundell confirmed to Sprinter the creditors’ meeting was held but was unable to reveal any of the financial information shared at the meeting.

“In relation to the creditor’s meeting, we did not form a committee of inspection, and no one has put forward a replacement of administrator,” Blundell said.

“The next stage of the process is to prepare a report to creditors which will be issued on or about the 15th of February. We will then issue the report and provide an update on the trading position as well as a sale of the business if that eventuates.”

The creditors will make a determination to the future of the ‘company’ in a second creditors meeting which is expected to be held on or before 23 February.

The ‘business’ can be sold at any time if the administrator believes this is in the best commercial interests of the ‘company’.

Blundell said he would not confirm the level of debt that the company is facing.

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