Update on Cocos Islands Co-operative Society Limited Administration
Jeremy Nipps and Thomas Birch of Cor Cordis, appointed Administrators of the Cocos Islands Co-operative Society Limited, provide the following update regarding the Administration’s progress.
The Administrators are actively working to maintain and improve essential services and operations within the Co-op. This includes implementing scheduled maintenance across properties and facilities, such as roofing repairs, asbestos removal, plumbing, and air conditioning maintenance. However, the availability of skilled labour and materials may impact the speed of these repairs.
Key financial aspects of the Administration have been identified. Approximately $3.75 million in unsecured creditor claims have been lodged, with $1.83 million owed to the Australian Tax Office and an estimated $1.88 million in trade debts. Employee entitlements, anticipated to be significant, are under review, with updates expected in February 2025.
The Administrators have also addressed superannuation payments, confirming October payments are complete and reviewing outstanding contributions from March to September 2024. Outstanding amounts will be included in the Administration’s restructure plan.
Additional Updates
- Employment Agreements: The Administrators are reviewing employee agreements, specifically instances where formal contracts are missing. Affected employees will be contacted to formalise terms appropriately.
- Supermarket Operations: Restocking the West Island Supermarket is a high priority, with additional orders placed. Improvements to shelf pricing displays are expected soon.
We are committed to ensuring the Co-op’s operations continue smoothly and welcome input from community members as we progress. For specific questions or to provide additional information, please contact us at cocos@corcordis.com.au. Further updates will be shared as developments occur.
Media enquiries
Lidia Bufalino, National Marketing Director, lbufalino@corcordis.com.au
