The short-lived DOCA (Deed of Company Arrangement) for Clear Skies Corp Pty Ltd, executed last September 17th, whereby the supporting creditor Skope Group Pty Ltd agreed to pay $22,000 per month and 30 cents in the dollar by 2022, will be terminated and the company liquidated if a meeting of creditors votes for it on April 2nd.
|Skope-related company Comm-Klad, now also in adminsitration as of March 12|
The DOCA administrator, Mr Simon Thorn of PKF, has written to all creditors of Clear Skies citing section 445HA of the Corporations Act 2001, and that a material contravention of the Deed has occured. This followed Skope Group's own voluntary administration via Cor Cordis on February 28th. Cor Cordis advised PKF that Skope is unable to comply with the Deed and no proposal for variation of the Deed was received either.
Mr Thorn has therefore convened a meeting of creditors, for Friday 3rd April in Sydney, to consider a resolution to terminate the Deed and wind up the company.
In view of Coronavirus/Covid-19 restrictions, the meeting will be held predominantly using Skype and telephone. If any creditor does intend attending in person, they should first email James France: email@example.com no later than midday Thursday 2nd April.
Skope Group Pty Ltd's director Ann Orren was described as a 'de facto director' of Clear Skies when it went into administration, although Robert Price was officially listed as the director, and is now believed to have been little more than a puppet or stooge director, installed by the Orrens - Charles Orren took an active role in the companies although not listed as a director - and taking directions from them, even though they were not listed as directors of Clear Skies. It was largely for this reason that PKF insisted that Skope became a 'supporting creditor' of Clear Skies, and was to facillitate the repayment of 30 cents in the dollar to creditors over 2-3 years (2 years in the case of the ATO). It is now likely this will never happen.
Cor Cordis advised that Skope Group could not honour the terms of the Deed.
Skope Group, and its clearly controlled but masked 'subsidiaries' were believed to have had a sales revenue of around $46 million and described themselves as practicing: "DESIGN, PROJECT MANAGEMENT, RETAIL FIT-OUT, INSTALLATION, MAINTENANCE, SIGNAGE MANUFACTURING, PRINTING, FABRICATION." Clients included many of the major retailers and retail chains.
Skope operations were in Sydney (Castle Hill and Campbelltown), Melbourne, Brisbane and Perth. A related company invoved in Architectural Cladding and trading adjacent to Skope's Scream Visual in Badgally Rd, Campbelltown, entered administration on 12th March.
Cor Cordis' report to creditors is expected shortly.