Cor Cordis Appointed Voluntary Administrators of Cocos Islands Co-Operative Society Limited
Jeremy Nipps and Thomas Birch, of restructuring advisory firm Cor Cordis, have been appointed Voluntary Administrators of Cocos Islands Co-operative Society Limited on September 25, 2024.
Established in 1978, the Cocos Islands Co-operative Society is owned by Cocos Malay Muslim community members and serves as the largest employer within the Cocos (Keeling) Islands. The Co-op provides logistics, hospitality, retail, and specialist contract services to its community.
Due to current economic challenges, the Directors have determined that in the best interests of the Co-op, its members, its stakeholders, and the broader community that it serves, the appointment of Administrators was required with a view to restructuring its financial affairs and ensuring its continued operation into the future for the benefit of those parties.
On behalf of the Administrators, Jeremy Nipps stated, “We’ve commenced an urgent review of the Co-op’s financial position and have held preliminary discussions with key parties to ensure we can stabilise operations and provide the best opportunity to develop a proposal to restructure the Co-op. There are no changes to the Co-op’s day-to-day operations, and all its businesses will continue to operate as usual until further notice. We will update all stakeholders as we work through the voluntary administration process”.
While the Co-op's businesses will continue operating normally and the Administrators and their team will strive to minimise disruptions, some operational adjustments may be necessary to maintain full-service delivery.
ENDS
Media enquiries
Lidia Bufalino, National Marketing Director, lbufalino@corcordis.com.au
Co-op enquiries
• Sameh Bekhit, Director, sbekhit@corcordis.com.au
• Oliver Tompkins, Senior Accountant, otompkins@corcordis.com.au
• Phone: +61 8 6220 3500
