Alice McCall emerged from voluntary administration on December 11 through a deed of company arrangement (DOCA), SV Partners administrator Ian Purchas has revealed toRagtrader.
According to Purchas, Alice McCall owed $2.3 million to its largest related-party creditor – the title holder of the intellectual property – $5 million to ordinary unsecured creditors, $130,000 to redundant employees and $400,000 to the bank.
As part of the DOCA, creditors voted to accept a 10 cents on the dollar dividend, while employees will receive 100 cents on the dollar.
Speaking on the process, Purchas said that a restructuring option was the best course of action for the business, especially seeing as the IP holder of the Alice McCall trading name was not …
Read the full article at: https://www.ragtrader.com.au/news/alice-mccall-survives-7-million-debt-collapse
