On the 7 August 2020, Katherine Elizabeth Barnet and Damien Hodgkinson of Olvera Advisors were appointed joint and several administrators to SPITFIRE CORPORATION LTD ACN 602 654 964; SPITFIRE ASSET MANAGEMENT PTY LTD ACN 605 492 635; SPITFIRE MACHINES PTY LTD ACN 623 642 437; SPITFIRE OPERATIONS PTY LTD ACN 163 452 300; (Collectively referred to as “the Spitfire Group”) , pursuant to Section 436A of the Corporations Act 2001 (‘the Act’) and subsequently Joint & Several Deed Administrators of the Spitfire Group on 4 November 2020.
First meeting of creditors
The First Meeting of Creditors was held on Wednesday, 19 August 2020 held at Level 4, 9 Barrack Street Sydney NSW 2000 at 11:00am (AEST).The appointment as Administrator of the Company was confirmed.
extension of convening period
On 3 September 2020, the Supreme Court of NSW made an order pursuant to s439A(6) of the Corporations Act 2011 (cth) that the convening period be extended up to and including 6 October 2020.
Second meeting of creditors
The Second Meeting of Creditors was held on Friday, 9 October 2020, adjourned and resumed on 14 October 2020. The purpose of this meeting is for the Administrators’ to present key findings in the 439A report along with any further information relevant to the meetings. Section 439A of the Corporations Act 2011 requires that the Administrators report to creditors regarding the business, property, affairs and financial circumstances of The Spitfire Group and provide our opinion on options available to creditors in relation to the future of each company.
Execution of Deed of Company Arrangement
The DOCA was executed on 4 November 2020 and Katherine Barnet and Damien Hodgkinson are now the Joint and Several Deed Administrators.
Please find below a copy of the Australian Securities and Investments Commission (‘ASIC’) insolvency information sheet for directors, employees, creditors and shareholders. For an explanation of terms used in this sheet, please see ASIC’s ‘Insolvency: a glossary of terms’. For additional information, refer to the ASIC website at www.asic.gov.au/insolvencyinfosheets.