Forum Group Statement – 20th July 2021
Leading restructuring and insolvency firm Mackay Goodwin adjourned the Forum Group’s First Creditors’ Meeting for 24 hours under the provisions of the Corporations Act.
Mackay Goodwin was appointed on 8 July 2021 as Voluntary Administrator for the Forum Group of Companies.
One of the Voluntary Administrators and Chairman of the Creditors’ Meeting, Mackay Goodwin CEO Domenic Calabretta, gave a number of reasons for the 24-hour postponement.
After Mackay Goodwin’s report and notice of the meeting was sent out, several additional creditors were discovered, significantly delaying the meeting registration process. The Creditors’ Meeting, which had 40 creditors pre-registered to attend, attracted around 180 creditors and observers.
Late on the evening of 19 July, the Administrator received several additional Proof of Debt documents, each of which will require assessment, and a quantum of votes determined for each for adjudication purposes.
The process is expected to be completed within 24 hours. The Administrator needs to ensure that each company has a quorum because a resolution of creditors can only pass when that criterion is met.
Mackay Goodwin is also in the process of completing a potential sale of business, and a 24-hour adjournment of the Creditors’ Meeting allows it to continue the sale process and report back to creditors.
About Mackay Goodwin: Founded by CEO Domenic Calabretta, Mackay Goodwin is one of Australia’s leading insolvency and restructure businesses and has carved a niche successfully working with stakeholders in distressed businesses. The company handles everything from complex restructures and recoveries for listed companies and on behalf of various financial institutions to advising SMEs and finding the most appropriate business solution that works for all parties.