Cor Cordis appointed Voluntary Administrators of Allroads Pty Ltd and Allroads Plant Pty Ltd
Darryl Kirk and Stephen Earel of restructuring advisory firm Cor Cordis were appointed Voluntary Administrators of Allroads Pty Ltd and Allroads Plant Pty Ltd on 4 March 2024.
The appointment of Voluntary Administrators to Allroads Pty Ltd was in response to an application to wind up the Company that had been previously filed in the Supreme Court of Queensland. That winding-up application was heard on 7 March 2024 and is adjourned to be heard again on 21 March 2024.
In the lead-up to the appointment of Administrators, it’s understood the Company made efforts to negotiate positions on its contracts with counterparties. Unfortunately, these negotiations mostly failed to secure a path for the Company to sustain trading. Consequently, the majority of staff have ceased employment with the Company.
“We were appointed by the Directors of the Company. Our role as Administrators is to undertake a review of the operations of the Company and assess whether the Company can continue with any contractual obligations and whether there is merit in completing works for the benefit of the creditors of the company”, stated Darryl Kirk.
Darryl Kirk added, "Ultimately, whether the Company is placed in Liquidation is a decision for the Court to make. A key factor in this decision is whether a proposed Deed of Company Arrangement offers creditors a better outcome than winding up. Our role is to evaluate whether this option is viable for the company and its stakeholders”.
The Administrators are continuing to investigate the underlying reasons leading up to the appointment of Voluntary Administrators. Further information will be provided to all stakeholders as the Voluntary Administration process progresses.
The Administrators also noted, that seeking assistance from qualified advisors early on is crucial for enabling business restructuring.
Media enquiries
Lidia Bufalino, National Marketing Director, lbufalino@corcordis.com.au
Stakeholder questions
For further information about the external administrations of Allroads Pty Ltd and Allroads Plant Pty Ltd, the contact details are:
Email address – allroads@corcordis.com.au
