Free Porn
Thursday, May 30, 2024

Global Advance to be Wound Up

Administrators for collapsed Australian outside broadcast provider Global Advance Production Services Pty Ltd and its associated company, Streamlined Production Services Pty Ltd, Said Jahani and Philip Campbell-Wilson of Grant Thornton Australia Limited have given notice to the Australian Securities and Investment Commission (ASIC) that the two companies are to be voluntarily wound up.

The two companies were placed into voluntary administration in late March. A first meeting of the Companies’ creditors was held on 10 April 2024, in which a resolution failed that would have seen creditors form a Committee of Inspection (COI) – a small group of creditors elected to represent the interests of creditors in the external administration

The Administrators also reported that there had been no proposal from relevant parties for a Deed of Company Arrangement (DOCA), 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.

With no DOCA or COI in place, creditors passed a resolution, in line with the Administrators’ reccomendations at a second meeting held on 10 May 2024, that the Companies be placed into liquidation.

Global Advance had pioneered a new remote IP-based production model for the Australian market comprising a mobile production unit and a traditional control room based on a SMPTE 2110 architecture. Match coverage would go directly via IP from the camera head, through a network switch, into a sprinter-type van with a single network-connected rack in it. All signals, every camera, every microphone, would be backhauled by 2110 primarily using Telstra’s Digital Production Network (DPN) to Global Advance’s data centre to then be processed.

The collapse of the company 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.

The collapse also left some 24 employees out of work. With the companies being placed into liquidation these employees can now lodge a claim through the Fair Entitlements Guarantee (FEG) government safety net scheme. The FEG Scheme covers outstanding employee entitlements for eligible employees (excluding superannuation and up to capped amounts).

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.”

Related Articles

Stay Connected


Latest Articles