BDO Appointed as joint administrators of Advanced Building & Construction Limited (trading as AdBuild)
18 April 2021
On 31 March 2021, Iain Bruce Shephard and Jessica Kellow, licensed insolvency practitioners of BDO Wellington (registration numbers: IP71 and IP75 respectively) were appointed as joint administrators of Advanced Building & Construction Limited (trading as AdBuild).
The purpose of the voluntary administration is to actively engage with stakeholders to achieve a result which provides a better outcome for creditors than other formal insolvency processes.
At the time of our appointment, the Company had approximately 30 active projects. The administrators are continuing to trade the business of the Company until further notice.
The first meeting of creditors took place on 14 April 2021, in which the following two resolutions were put to creditors:
- That a creditor committee be appointed;
- That Iain Shephard and Jessica Kellow be replaced as Administrators.
Neither resolution was passed at the meeting by the Company’s creditors.
Further details of the administration process and upcoming meetings of creditors (including the watershed meeting) will be distributed to creditors in due course. The Administrators are currently in the process of an application to the High Court for an up to 90 working day extension on the statutory time frame to hold the watershed meeting to ensure the business is in a stable position and to ensure the Administrators can provide enough information to creditors to make an informed vote on the future of the company at the watershed meeting.
The Administrators can be contacted at:
Postal Address: PO Box 10-340, The Terrace, Wellington 6143
Telephone: (04) 555 0728
Email: [email protected]
28 April 2021
The Administrators applied to the High Court for an extension to the convening period in respect of Advanced Building & Construction Limited (Administrators Appointed). A similar extension was sought in relation to the employee liability period. Extensions to 10 August 2021 have been granted by the High Court. Please see below for the sealed court order to this effect. This means that the Watershed Meeting is now required to be held on or before 17 August 2021, being 5 working days from 10 August 2021. If a successful outcome can be achieved earlier than 10 August 2021, the Administrators will likely call the Watershed Meeting at an earlier date (on notice to all creditors).
Should you have any queries, please direct these to Brad Burness at the Administrators’ office at [email protected] or (04) 555 0728.