During the Administration period we continued to trade the company on a cash positive basis and control returned to the Directors following the creditors resolving that the company enter into a Deed of Company Arrangement.

The Deed allowed for the directors to realise real property in Sydney and apply the proceeds to pay a substantial secured creditor, employee entitlements, and 100 cents in the dollar to all personal guarantee creditors and a substantial dividend to remaining unsecured creditors.

The Deed of Company Arrangement has been effectuated and company continues to trade successfully today.