Home / Corporate / Sportscover owner given October deadline by administrator
9 September 2019
The creditors of Wild Goose Holdings (WGH), the owner of Sportscover Australia, will gather for a reconvened meeting next month to decide on the fate of the company.
Administrator Philip Newman, of PCI Partners, adjourned the meeting to October 29 to allow WGH directors to consider and submit a proposal for a deed of company arrangement, according to minutes of the meeting obtained by insuranceNEWS.com.au.
Creditors met at the Melbourne office of PCI Partners on August 27 – the second such meeting after WGH went into voluntary administration. Published notices on the Australian Securities and Investments Commission website say administrators were appointed on July 23.
Mr Newman and his team did not return calls or an email from insuranceNEWS.com.au seeking further information on the financial situation of WGH.
The minutes show that options for the company’s future were not provided at the meeting as the administrators “are hoping to receive a proposal” from WGH directors.
The minutes say “the company’s future will be decided at the reconvened meeting of creditors to be held on October 29”.
In the minutes, Mr Newman provided an update on efforts to recover outstanding debts.
A verbal settlement has been reached with sports media company Eskimo Media and a formal deed is being prepared. An update regarding disclosure of settlement details will be provided in the next report to creditors.
The administrator says it continues to negotiate with not-for-profit organisation Essential Communities and Swooping Jack (Essential Communities) over a debt owed to WGH. It says the settlement offer Essential Communities submitted will be rejected “given its quantum”.
Sportscover Australia CEO Simon Allatson says the specialist underwriting agency’s operations remain unaffected by the financial woes of its parent company.
“From my point of view, there’s been no impact on our business whatsoever,” he told insuranceNEWS.com.au.
“The simple fact is we are continuing to do what we have always done … and meeting the needs of our clients.”