Across the Tasman, the administrators for Starleaton have confirmed they are open to offers prior to the first creditors’ meeting on 31 January.
The joint administrator for Starleaton, Andrew Blundell of Cathro & Partners, has told Sprinter that he is open to any offer from the market, and this can result in a sale either side of the first creditors meeting. He said, “We can accept an offer for the business prior to the first creditors meeting or anytime thereafter and this requires a commercial determination based on the ongoing trading position of the company at the time of the offer.”
At this stage, expressions of interest have been received, but no offer has been formally received by the administrators for the Starleaton business.
Blundell is acting as joint administrator alongside founder and managing principal Simon Cathro. He added, “Simon and I are working through the expression of interest at the moment.”
The first meeting of creditors is scheduled as a virtual meeting for 1.00pm on January 31. The purpose of the creditor’s meeting is to consider whether to appoint a committee of inspection and if so who are to be the committee’s members.
Creditors wishing to attend must make a submission to the administrator prior to 4.00pm on Tuesday January 30.