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Monday, May 27, 2024

Global Advance – Fate of Company Decided Today

After being placed into voluntary administration in late March, the fate of Australian outside broadcast provider Global Advance Production Services Pty Ltd and its associated company, Streamlined Productions Pty Ltd, will move to the next phase with a second meeting of creditors to be held virtually at 4:30 PM (AEST, Sydney time) on 10 May 2024.

The first meeting of the Companies’ creditors was held virtually on 10 April 2024. While Grant Thornton Partners were retained as Administrators, a resolution from creditors to form a Committee of Inspection (COI) – a small group of creditors elected to represent the interests of creditors in the external administration – failed. Accordingly, there was no COI formed for the Companies.

In addition, Grant Thornton Partners has stated that there has been no proposal from relevant parties for a Deed of Company Arrangement (DOCA). A deed of company arrangement (DOCA) is a binding arrangement, agreed to after a company enters voluntary administration, between the company and its creditors governing how the company’s affairs will be dealt with. The Administrators say they do not anticipate that there will be a resolution to consider a DOCA proposal at the second meeting.

At the Second Meeting, creditors will be asked to make a decision by passing a resolution
with respect to the options available to them, being:

  • The Companies be placed into liquidation, or
  • Control of the Companies be returned to the Director.

The collapse of Global Advance saw hurried negotiations between administrators Grant Thornton Partners, the Australian Professional Leagues (APL), Ten-Paramount, and NEP Australia to keep A-League soccer matches on-air over the Easter long weekend. This resulted in an agreement between APL and NEP Australia which would see the latter produce all Isuzu UTE A-League Men and Liberty A-League Women matches for the remainder of the regular season and the 2024 Finals Series.

Catalyst for Voluntary Administration

According to the Administrators, Global Advance Director Chris McMillan “… advised he formed the view that he had to appoint Administrators when GA was compelled to forgive a debt of c.$2m owed to it by the APL in order to secure a contract extension and was unable to concurrently source additional equity funding it required for working capital.”

The Administrators go on to state, “We wrote to the APL and reserved GA’s rights to reinstate the c.$2m debtor amount GA forgave to secure a contract extension with the APL.”

For its part, the APL has stated it would be “working with the administrators to recoup monies owing to APL.”

Administrators’ recommendation

Finally, in accordance with the Insolvency Practice Schedule, the Administrators of the Companies have prepared a statement setting out their opinion on the outcome of the Companies.

It reads, “As we have not received a proposal for a DOCA, and that the Companies appear to be insolvent, we recommend that the Companies be wound up.”

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