The administrators of Allied Brands have filed an application with the Queensland Supreme Court to extend its investigation period until 19 January 2011.
Administrators Peter Dinoris and Peter George Biazos of Vincents Chartered Accountants said given the size and complexity of the task they need more time to thoroughly investigate Allied Brand’s business operations before meeting with creditors, which is currently scheduled for 1 December 2010.
“An extension of time will enable us to properly investigate and understand the business and affairs of ABQ which in turn will allow us to maximise ABQ’s prospects of continuing in existence and provide more informed recommendations to creditors at the second meeting when it is held. It will also allow interested parties more time to formulate a proposal for a Deed of Company Arrangement,” they said.
According to Dinoris and Biazos, since their appointment, they have been reviewing books and records relevant to the affairs of ABQ; secured available ABQ assets; and communicated with relevant parties of ABQ including key management personnel, creditors and former employees.
As a result, they have found that the affairs of ABQ and the Allied Brand Group are intertwined with 26 subsidiary companies, which have entered into management and sale agreements jointly with third parties.
The administrators also noted that Allied Brands has various assets, including loans to various parties and unpaid capital that may require legal recovery action.