SubZero Meeting at Newcastle

Filed in Recent News by February 23, 2016

A meeting of the creditors for SubZero was held this morning in Newcastle, with an investigation into how the company got into trouble and recommendations for its future due in mid-March.

In total eleven entities form the SubZero group which are in voluntary administration.

The SubZero creditors meeting was held at Newcastle City Hall

The SubZero creditors meeting was held today at Newcastle City Hall

Phillip Campbell-Wilson, appointed administrator for the SubZero group said the meeting ran well and established the process needed for people to make decisions about the future of the group.

“Today’s meeting was to confirm the appointment of the administrator and to vote for various creditors to become members of the creditors committee,” said Mr Campbell-Wilson.

“For each of the companies which are in appointment the creditors have the ability to nominate who goes onto the creditors committee,” he said.

“There’s sub-contractors, family businesses and some individuals as well.

“It allows me to discuss with those creditors any points I feel need to be raised with them, I don’t take directions from the committee but I open up various points of discussion and seek their input,” he said.

Mr Campbell-Wilson described the meeting as fairly quiet and process driven at this stage.

“I’ll be sending out a report to creditors by the 9th of March and that will cover off the voluntary administrators investigations into the affairs of the various companies and will also consider if there is any deed of company arrangement proposed,” he said.

“Then in mid-March they will have the ability to vote on what the future of that particular company might be.

“The report will cover off how the company got into the trouble it got into, so there will be eleven separate reports, because we are talking about eleven entities here.

“It will give an outline of our investigations and what we’ve been able to identify, it will discuss any deeds of company arrangement that have been proposed and then we’ll provide what our recommendation is for what the creditors do and then it is up to the creditors to vote at that second meeting for what their preference is,” he said.

The receivers and managers continue to trade the business and they are seeking interested buyers for the sale of the business, which is a separate process to the administrators.

“Those in the market will know if the see value in the business and as I understand the receivers have received a number of expressions of interest,” Mr Campbell-Wilson said.

“They are already running a sale campaign, so there is value there; there is value to a number of potential bidders for various reasons,” he said.

“Ideally there is a business going forward and there’s preservation of jobs going forward, in an idea situation,” said Phillip Campbell-Wilson.

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