Company Overview

On 7 April 2019, Glen Kanevsky, Sal Algeri and Vaughan Strawbridge were appointed Joint and Several Administrators (Administrators) of the following companies:

A.C.N. 603 323 182 Limited (formerly Axsesstoday Limited), A.C.N. 603 323 182 (Subject to Deed of Company Arrangement)
A.C.N. 603 303 126 Pty Ltd, A.C.N. 603 303 126
Axsesstoday Operations Pty Ltd, A.C.N. 604 340 785
Axsesstoday Retail Pty Ltd, A.C.N. 161 130 696
(The Group)

At the second creditors meeting that was held on Friday 30 August 2019, creditors of the Group approved a Deed of Company Arrangement (DOCA). 

The DOCA was executed on 3 September 2019 and the DOCA provided for the sale of the Group's business to Promontoria Holding 304 BV (PH304), an affiliate of Cerberus Capital Management L.P. 

The sale of the business of Axsesstoday was finalised as a result of the completion of the DOCA for A.C.N. 603 303 126 Pty Ltd, Axsesstoday Operations Pty Ltd and Axsesstoday Retail Pty Ltd (the Subsidiaries) on Thursday, 19 September 2019. Accordingly, control of the Subsidiaries were transferred to PH304.

A.C.N. 603 323 182 Limited (formerly Axsesstoday Limited) (Subject to Deed of Company Arrangement) (AXL), the parent entity, remains under DOCA and is under the control of the Deed Administrators. It will remain subject to the DOCA until the sale of AXL is completed or the Deed Administrators form the view that the sale of AXL should not be pursued. Any proceeds in relation to same will be paid into a Creditors' Trust for the benefit of creditors of the Group.