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Sydney advisory firm McGrathNicol Restructuring has announced the appointment of voluntary administrators of certain Insitec entities.
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Barry Kogan and Damien Pasfield (partners) will act as voluntary administrators of certain Insitec entities, according to an announcement on 4 June.
It’s understood all other entities in the Insitec Group (Insitec US and The Network) remain outside of the appointment of voluntary administrators and remain under the control of the directors and management.
Established in 2001, Insitec is an Australian prime systems integrator combining leading-edge digital capability with comprehensive knowledge of highly regulated environments.
The appointment of the administrators is to facilitate a financial restructure. All operations will continue on a “business-as-usual basis”.
The secured creditor, an entity associated with Whiteoak Pty Limited (Whiteoak) has provided funding to the voluntary administrators to support the process. This includes funding to meet employee wages, contractor payments, and other trading costs to enable the existing operations to continue on a “business-as-usual” basis.
The administrators have received an Investment Committee-approved Deed of Company Arrangement proposal from Whiteoak for the recapitalisation of the business, continued employment of all staff, and a return to unsecured creditors.
“The administrators have obtained funding from the secured creditor to maintain operations on a “business-as-usual” basis. All projects will continue as normal and without interruption," according to McGrathNicol partner and administrator Barry Kogan.
A first statutory meeting of creditors must be held within eight business days after the administration begins and is expected to take place on Friday, 14 June 2024. This first meeting will provide an opportunity for the administrators to update creditors and other relevant parties on the progress of the administration.
Meeting notices setting out the time and location for the first meeting of creditors will be distributed to Insitec creditors over the coming days.
Further information will be uploaded to the Insitec creditors page of the McGrathNicol website as available.
