Above: Starleaton CEO Ben Eaton
After yesterday’s open letter to the industry, Starleaton has provided further background on its business’ past, present, and future on the company’s website.
“After navigating a challenging 2023, Starleaton, a leading wide-format provider, has successfully avoided liquidation, marking a pivotal moment with the implementation of a DOCA (deed of company arrangement). This achievement signals a profound turnaround for the company,” the company said in a statement published on the Starleaton website.
The statement continued:
Fulfillment of Employee Entitlements
Established in 1978, Starleaton faced voluntary administration on 18 January of this year. The approval of the DOCA, achieved by a narrow margin with the administrator’s decisive vote, stands as a significant triumph for the Eaton family and the committed staff. This agreement ensures the fulfillment of all employee entitlements, including unpaid superannuation, albeit over a potential two-year period for full disbursement.
Making Good on Past Commitments
While unsecured creditors may recover only a portion of their dues, the DOCA presents a more favourable outcome compared to liquidation….