Australian Prestressing Services Pty Limited and related entities
Voluntary Administrators of a post tension concreting business with 100 employees operating across 70 building projects in NSW and VIC. We successfully traded on the business during the NSW and VIC COVID-19 lockdown periods, liaising with key stakeholders including employees, the CFMEU, builders, landlords, financiers, suppliers and regulators to progress projects.
Due to cashflow constraints, we brought forward the second meeting of creditors to within 15 business days of appointment (3 weeks), to continue trading the business up to the second meeting. At the second meeting, creditors resolved to accept the Directors DOCA Proposal, which preserved all 100 employee’s jobs and allowed the 70 building projects to be continued and completed.
We are currently finalising the Deed of Company Arrangement, and on receipt of the Deed Contribution Funds, we expect to effectuate the DOCA by 31 October 2021.