Creditors and administrators meetings remain unsuccessful
Two WridgWays Australia subsidiary businesses are going into liquidation over a month after being placed in voluntary administration.
The decision comes after meetings between administrators, SV Partners’ Timothy Brace and Peter Gountzos, and creditors regarding the decision to appoint a committee of inspection for the troubled non-core entities WridgWays Pty Ltd and WridgWays People Pty Ltd remained inconclusive, a media statement states.
WridgWays’ core business of relocation services and logistics will continue to operate as normal, it notes.
Read how the WridgWays issue first emerged, here
“Following ongoing discussions between administrators and creditors regarding the voluntary administration of two non-core subsidiary business entities (WridgWays Pty Ltd and WridgWays People Pty Ltd), a mutually agreeable outcome was unable to be achieved,” WridgWays Australia chief commercial officer Nigel Crockett says.
“In accordance with the standard processes, the two entities will now be placed into liquidation.
“The central trading entity WridgWays Australia Pty Ltd and the business as general continues to operate as usual, with no impact to customer services or supplier agreements.
“We are eager to move forward with several new strategies and business improvements designed to adapt to the extraordinary business conditions of a Covid-19 trading environment.”