The Federal Court injunction that attempted to wind-up Reacon Australia has been adjourned allowing more time for the business to be restructured.
The wind-up order that was put forward by Reacon Australia creditors and heard in the Federal Court of Australia on Friday 11 April, has been adjourned to Friday 9 May.
The administrators for Reacon Australia and MMW3 Degrees, Cathro & Partners, told Sprinter they will now move forward with the usual next steps for a voluntary administration process.
“The adjournment will give the administrators time to continue their restructuring efforts and for a report to creditors to be issues on or around the 9th of May,” company administrator, Andrew Blundell from Cathro & Partners, told Sprinter.
“At that time creditors will be advised of any Deed of Company Arrangement proposal that has been put forward and they will be in a position to determine the future of the companies.”
Blundell has advised that information regarding the nature of the major creditors will be forthcoming over the coming days.
“Currently it is business as usual, the administrators are in a position where they are being supported and the employees are doing a great job under…