Trent Hancock of Moore Stephens Sydney Corporate Recovery Group, as voluntary administrator to van Eyk Research Pty Ltd, has released a report to creditors of the Company.
This report follows the first meeting of creditors, which was held on 25 September 2014.
The purpose of the report is to provide creditors of van Eyk Research Pty Ltd with information about the Company’s business, property, affairs and financial circumstances, which will allow them to make informed decisions about the Company’s future.
A second meeting of creditors will be held on Tuesday, 21 October 2014 to consider the report and the opinion of the Administrator and to determine the future of the Company.
In the report, the Administrator recommends that it would be in the best interests of creditors for the Company to be wound up.
It should be noted that if creditors do elect to wind up the Company, this will not preclude the sale process currently underway for the assets and business of van Eyk Research Pty Ltd.
A deal is well advanced with a party for the New Zealand business. With regard to the Australian business, the Administrator has entered into an Exclusivity Agreement with a preferred purchaser, who is currently conducting due diligence.
The Administrator will provide further details about progress with these sales at the creditors meeting tomorrow.
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