MEDIA STATEMENT
RE: WAX CONVERTERS TEXTILES PTY LIMITED
(ADMINISTRATOR APPOINTED)
ABN: 20 003 851 330
(THE “COMPANY”)
Please be advised that on 23 August 2024, Mr Sule Arnautovic of Salea Advisory was appointed as Voluntary Administrator of the Company.
The appointment to the Company was made by its Board of Directors.
The Company operates a manufacturing business, located in Rutherford NSW, specialising in textiles, fabrics, canvas and PVC products. The Company employs approximately sixty-five (65) staff and services various clients across Australia and also provides key combat clothing and related accessories to the Australian Defence Force.
The Directors of the Company have advised that the reasons for the Administration of the Company can largely be attributable to reduced product ordering from its key customers and resultant trading losses given the critical staffing capacity required by the Company to maintain its ongoing trading operations.
The Administrator of the Company is undertaking an urgent assessment of the Company’s financial affairs.
All of the assets, business and undertakings of the Company are now under the control of the Administrator.
At this time and until further notice, the Administrator is continuing to trade the Company’s business in the ordinary course during the Administration period with a view to exploring a restructuring/recapitalisation of the Company via a Deed of Company Arrangement (“DOCA”) and/or implementing a Going Concern Sale of Business.
Should any interested parties be interested in purchasing the business of the Company, please contact our office urgently.
An initial meeting of creditors is due to be held on Wednesday, 4 September 2024.
The future of the Company will be decided at a second meeting of creditors to be held in approximately four (4) to six (6) weeks, that is, unless the Voluntary Administration period is extended.
At this stage, it is too early to advise if there will be any dividend or distribution paid to the ordinary unsecured creditors of the Company. The Administrator will issue further reports to creditors in this regard.
All written queries from creditors of the Company should be directed to the offices of Salea Advisory via email at [email protected].
Dated this 23rd day of August 2024.
SULE ARNAUTOVIC
Administrator
