Kimberly Kampers in Voluntry Administration

[wilson79]

Sad news...

https://www.timetoroam.com.au/kimberley-kampers-voluntary-administration/

[tryagain]

Sad news...

https://www.timetoroam.com.au/kimberley-kampers-voluntary-administration/

It has been discussed elsewhere here but couldn't find it with a quick search. Seems just to be an unusual way of dealing with a divorce and the division of assets that brings about.

[trinityalyce]

http://www.myswag.org/index.php?topic=53711.msg931099#msg931099

[gronk]

As Bruce Loxton said in that article, a highly unusual way to deal with it, but it gets it over with in a short period of time.

In other words, pay the ex, restructure and get on with it.  But I'd say it will hurt sales in the short term.

[tryagain]

In other words, pay the ex,

The suspicious part of me thinks this is to avoid doing that.

[gronk]

The suspicious part of me thinks this is to avoid doing that.

Or more to the point.....pay her the least amount possible.

[Andosan]

The odd thing is - why make any announcement at all if they are continuing to trade?  It only creates uncertainty where there wasn't any to begin with.

[wakychapmans]

The odd thing is - why make any announcement at all if they are continuing to trade?  It only creates uncertainty where there wasn't any to begin with.

Because if they did it on the quiet... and then the fact that they were doing it became public knowledge...

It would look *really* suspect and no amount of explaining would put the public at ease.

At least this way... they have some control of the release of information




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[rossm]

The odd thing is - why make any announcement at all if they are continuing to trade?  It only creates uncertainty where there wasn't any to begin with.

It would be a legal requirement.

[wakychapmans]

It would be a legal requirement.

There is that yes...


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[Andosan]

It would be a legal requirement.

Only if they are a listed company.  Pretty sure private companies don't have to make public announcements.

[rossm]

Only if they are a listed company.  Pretty sure private companies don't have to make public announcements.

found this

The company comes under the authority of an Administrator immediately upon his or her appointment. Upon appointment, the Administrator is obliged to lodge a notice of appointment with ASIC in order to provide notification that the company is under external administration. The Administrator must also publish a notice of appointment in a newspaper. Once an Administrator is appointed, the company name must be followed by the descriptor "(Administrator Appointed)".

on this website

http://www.mondaq.com/australia/x/79816/Insolvency+Bankruptcy/An+Introduction+To+Insolvency+Law+Part+One

[Andosan]

Ok so it seems I was wrong about the public notices.  When a company goes into voluntary administration they have to notify as many creditors as possible in writing and publish a notice, as a minimum on the ASIC public notices website.

[Nomad]

Seems a clever move.
By going into administration the company almost has a zero goodwill value. If he is trying to get his Mrs of the books then its a cheap way to do it.

[gronk]

Seems a clever move.
By going into administration the company almost has a zero goodwill value. If he is trying to get his Mrs of the books then its a cheap way to do it.

He is a wealthy man......or was.. ........so he would have a smart lawyer working on it.

[gordo350]

If one creditor or one employee loses out because of  this then he is a ****. Fullstop

[Julian Kaye]

  Companies going into administration does not necessarily mean financial collapse. Directors have a legal obligation that they not trade while technically insolvent or if the directors (as it appears in this case) have unresolved issues regarding the administration or financial direction of the company. It's not a good look and there will be a lot of nervous customers and creditors. They are probably big enough and successful enough to overcome this in the long run but its gotta hurt them in the short to medium term.

[Andosan]

One possible scenario is this:

As a result of a marriage separation, one of the parties, who is a shareholder in the business, wants to exit the business and retain their shareholding as cash to settle the financial separation.  There may be not enough cash in the business to do that without becoming insolvent, so you go into voluntary administration, rearrange the ownership structure of the company, and organise some debt (or find another shareholder) to pay out the cash equity to the departing shareholder.

[Bird]

Didn't we go through all this in the last thread?

[Wortho]

Back again by the sounds of it    https://www.timetoroam.com.au/kimberley-kampers-resurected/

[gronk]

Good to see it happen, although the brand will have taken a massive hit, so getting the buyers back will be a big task !

[Wortho]

The staff have now had more comebacks than Johhny Farnham 

[GeoffA]

Back again by the sounds of it    https://www.timetoroam.com.au/kimberley-kampers-resurected/

...all seemed rosy, until I read the comments section.

Hope it works out for them.

[Pottsy]

...all seemed rosy, until I read the comments section.

Hope it works out for them.

X2

[BaseCamp]

x3
I see a bad moon arising...

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