GI Pty Limited
Andrew Heard and Anthony Phillips were appointed the Joint and Several Voluntary Administrators of GI Pty Limited trading as Glenn Industries on 4 March 2011.
The administrators are currently trading the business, completing work in progress and resolving accounts with customers.
Prior to the administrators' appointment, two other critical appointments were made that limited the options available to the administrators to deal with the assets of the company.
On 2 March 2011, the company's landlord distrained against the stock of the company and terminated the company's lease of the trading premises.
On 3 March 2011, the company's secured creditor appointed Peter Lanthois and Nicholas Gyss of Korda Mentha (SA) as controllers over the plant and equipment of the company.
The current effect of this is that the stock is controlled by the landlord and the plant and equipment is controlled by Korda Mentha (SA).
On 8 April 2011, a majority resolution of creditors resolved to adjourn the proposal meeting to 20 May 2011 to enable a Deed of Company Arrangement to be formulated and tabled before creditors. On 20 May 2011, creditors resolved that the company execute a Deed of Company Arrangement.