Creditors of the corporate entities that owned and operated the business known as the Sunnybrae Function Centre resolved that the corporate entities execute a deed to restructure the affairs of those entities and provide for the highest return available to creditors.
The deed encapsulates the three businesses owned and operated by the corporate entities in administration, being the Sunnybrae Function Centre, a civil works business and a quarry in the Adelaide Hills.
Tim Mableson and David Kidman, partners at corporate recovery firm Ferrier Hodgson, will be the administrators of the deed.
The resolution of the deed by creditors follows the successful sale of the Sunnybrae Function Centre business and assets to new owners Adelaide Premium Catering, which honoured all existing bookings made at the venue, including deposits for those bookings that proceed.
“The Deed represents a very good outcome for creditors and also ensures the continued operations, including preservation of 20 jobs, of a civil works business which was also being conducted by the corporate entities”, said Mr Mableson.
“Creditors will now receive an estimated return of between 37 and 75 cents in the dollar under the Deed.”
Mr Mableson said it was too early to assess the precise return under the deed.
“The funds to be distributed to all creditors will be generated from third party contributions as well as the sale of surplus assets, which may take up to 12 months to realise”, said Mr Mableson.