Second Meeting Of Creditors Of Company Under Administration

ACN 167 748 843 Ltd (formerly Farmaforce Ltd)

ACN: 167748843

ABN: 95167748843

Published: 1/7/2022

The purpose of the meeting(s) is:

  1. to receive the report by the Administrator(s) about the business, property, affairs and financial circumstances of the Company(ies); and
  2. to receive a statement of Administrator(s) opinion and reasons for the opinion:
    1. whether it would be in the creditors ' interests for the Company(ies) to execute a deed of company arrangement;
    2. whether it would be in the creditors ' interests for the administration to end;
    3. whether it would be in the creditors ' interests for the company to be wound up;
  3. to receive a statement of such other information known to the administrator as will enable the creditors to make an informed decision about the matters at paragraphs 2(a) (c) above;
  4. to receive details of any transactions that appear to the Administrator(s) to be a voidable transaction in respect of which money, property, or other benefits may be recoverable by a liquidator under part 5.7B of the Act
  5. to receive details of any proposed deed of company arrangement; and
  6. for the creditors of the Company(ies) to resolve that:
    1. the Company(ies) execute a deed of company arrangement; or
    2. the administration(s) should end; or
    3. the Company(ies) be wound up.

Other agenda items are:

1. To consider the Second Report to Creditors and Statement by the Administrators pursuant to Insolvency Practice Rules (Corporations) 2016 (?IPR?) rule 75-225(3)

2. To consider and resolve one of the following proposals for the company ' s future:

(a) That the administration end, pursuant to Section 439C(b); or

(b) That the company be wound up pursuant to Section 439C(c).

(c) That the Second Meeting be adjourned.

3. To confirm the appointment of the Voluntary Administrators as Liquidators of the company, in the event that a resolution is passed that the company be wound up.

4. To consider and approve:

The remuneration of the Administrators of the company up to the date of the Appointment of a Liquidator.

The remuneration is to be fixed, in respect of the Administrators and their employees, at the hourly rates of the Administrators ' firm consistent with practice statements issued by the Australian Restructuring Insolvency and Turnaround Association (?ARITA?); and that the Administrators shall be authorised to draw such remuneration from time to time from monies held by them as Administrators. The remuneration is subject to an interim cap or limit, to be detailed at the creditors ' meeting.

In addition to remuneration charged on a time basis, creditors will be asked to consider and approve a further fixed fee remuneration charge of $950.00 per annum, excluding GST, for each administration, to reflect the compulsory levies imposed by ASIC on insolvency practitioners.



5. To consider and approve:

The remuneration of the Liquidators from the date of Liquidation to completion. The remuneration is to be fixed in respect of Liquidators and their employees at the hourly rates of the Liquidators ' firm consistent with practice statements issued by the Australian Restructuring Insolvency and Turnaround Association (?ARITA?); and that the Liquidators shall be authorised to draw such remuneration from time to time from monies held by them as Liquidators. The above remuneration is subject to a cap or limit, to be detailed at the creditors ' meeting.

In addition to remuneration charged on a time basis, creditors will be asked to consider and approve a further fixed fee remuneration charge of $950.00 per annum, excluding GST, for each administration, to reflect the compulsory levies imposed by ASIC on insolvency practitioners.

6. In the event that a resolution is passed that the company be wound up, to consider and if thought fit authorise the destruction of the books and records following deregistration of the company, subject to the consent of the Australian Securities and Investments Commission.

7. To consider any matter which may be properly brought before the meeting.

Dvt Group

E-mail: mail@dvtgroup.com.au