Current Status and Actions Required by Creditors:
The Receivers and Managers have sold the majority of the Australian assets to Goodstart Childcare Limited. The residual assets, being the minority interest in the US Joint Venture with Morgan Stanley, a portfolio of childcare assets in New Zealand and the remaining Australian centres excluded from the Goodstart transaction are all in the process of being realised by the Receivers and Managers. It is uncertain when these residual assets will be realised.
The Liquidators expect to receive an accounting of the sale of the majority of the Australian assets to Goodstart Childcare Limited by October 2010.
The second meeting of creditors of the ABC Group was held on 26 March 2010, and was adjourned to 2 June 2010.
At the reconvened second meeting of creditors of the ABC Group held on 2 June 2010, it was resolved to place each company in the ABC Group into liquidation and to appoint a Committee of Inspection to the following two entities within the ABC Group comprised as follows:
ZYX Learning Centres Limited (Formerly A.B.C. Learning Centres Limited)(Receivers and Managers Appointed) (In Liquidation) /
Representative / Creditor Name
Craig Thompson / Austock Property Funds Management
Philip Joseph / Australian Executor Trustees
Martin Mood / Banking Syndicate Agent
Aongus O’Grady / CBA (Notes)
Ian McKenzie / CBA (Secured Lender)
Eleanor Scacco / Judius
Jennifer Ball / Morgan Stanley PEA
Vaughan Stibbard / Tripoint Corporation
Gwyn Morgan / Westpac
ZYX Learning Centres Limited (Formerly A.B.C. Learning Centres Limited)
(Receivers and Managers Appointed) (In Liquidation) /
Representative / Creditor Name
Craig Thompson / Austock Property Funds Management
Philip Joseph / Australian Executor Trustees
Martin Mood / Banking Syndicate Agent
Ian McKenzie / CBA
Eleanor Scacco / Judius
Chris Buck / Valad Investments
Gwyn Morgan / Westpac
Creditors of the ABC Group who have yet to submit a formal proof of debt or claim (form 535) should contact the Liquidators to ensure they are included on the creditors mailing list.
Next Milestone and Estimated Timetable:
The Liquidators are currently in the process of carrying out further investigations in relation to the financial circumstances of the ABC Group.
At this stage, the Liquidators have yet to determine whether any dividend will be payable to unsecured creditors of the ABC Group in relation to their pre-appointment liabilities. This will ultimately be dependent upon the realisation of the ABC Group’s assets and any recoveries that may be available to the Liquidators.
The Liquidators are currently not in a position to estimate the likely timeframe as to the finalisation of the above matters, however stakeholders will be advised as soon as possible following the completion of the Liquidators’ investigations.