This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our PRIVACY POLICY for more information on the cookies we use and how to delete or block them.

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).


23 July 2021


ADVANCED BUILDING & CONSTRUCTION LIMITED (ADMINISTRATORS APPOINTED)
(trading as AdBuild)

Company Number: 6473113

(“Company”)

NOTICE OF WATERSHED MEETING
Pursuant to Sections 239AT and 239AU of the Companies Act 1993 ("Act")

 

Iain Bruce Shephard and Jessica Jane Kellow, both Licenced Insolvency Practitioners of BDO Wellington (registration numbers: IP71 and IP75, respectively), were appointed joint and several administrators (“Administrators”) of the Company by GAMOS Services Limited (as a secured party) on 31 March 2021.  The Administration commenced on that date.

Notice is hereby given that the watershed meeting of the creditors of the Company, to decide the future of the Company, will be held on Thursday, 5 August 2021 at 1:00pm at the offices of BDO Wellington (Level 1, Chartered Accountants House, 50 Customhouse Quay, Wellington).

In preparation for such watershed meeting we now attach the following documentation for your review in accordance with section 239AU of the Act:

     (a)     our Report (incorporating in Appendix 1, our updated interests statement);

              (i)     in respect of the Company's business, property, affairs and financial circumstances; and
              (ii)    in respect of other matters material to the creditors' decisions to be considered at the proposed
                      watershed meeting;
              (iii)   including a statement setting out our opinion, together with supporting reasons, about whether it
                      would be in the creditors' interests for:

                      (a)     the Company to execute a deed of company arrangement;
                      (b)     the administration to end; or
                      (c)     the Company to be placed in liquidation;

     (b)     our updated Declaration of Independence, Relevant Relationships and Indemnities.
 

Agenda for Watershed Meeting

     1.     To consider the Administrators’ report and opinion about the Company’s business, property, affairs and
             financial circumstances;
     2.     To approve the agreement for the sale of the business and assets of the Company as outlined in the
             Report;
     3.     For the creditors of the Company to consider and vote on whether the Company should be placed into
             liquidation or whether the administration should end; and
     4.     Any other business that may lawfully be brought forward.

A Deed of Company Arrangement (“DOCA”) has not been submitted to or proposed by the Administrators and unless a creditor proposes a DOCA at the watershed meeting, this option does not need to be considered or voted on. In the event a DOCA is proposed by a creditor at the watershed meeting creditors will need to be present or have a proxy in attendance to vote on a resolution related to such a DOCA.
 

Resolutions

Accordingly, the resolutions to be voted by the creditors of the Company are as follows and strictly in the following order:

Resolution 1     It is resolved that the transaction for the sale of the business and assets of the Company as
                          outlined in the Administrators’ Report to creditors be approved.

Resolution 2     It is resolved that the Company be placed into liquidation.

Resolution 3     It is resolved that the administration end and control of the Company be returned to the
                          directors.

Creditors may exercise their right to vote by being present in person, by appointing a proxy, or by postal vote. Postal votes and proxies must be received no later than 24 hours before the start of the meeting. Brad Burness of BDO Wellington is authorised to receive and count postal votes in relation to the watershed meeting of the Company. 

If a creditor votes by casting a postal vote in respect of a resolution that is to be submitted to the meeting and a different resolution is submitted to the meeting, the creditor’s postal vote is invalid in respect of that different resolution, but the creditor may vote, in respect of that different resolution by either being present in person or by proxy.

There will be audio-visual facilities for creditors who are unable to attend the meeting in person. Please contact Brad Burness at the Administrators’ office if you intend to attend the meeting virtually for a link to the meeting. Please note, creditors who intend to attend the meeting virtually and wish to vote at the meeting, will be required to submit a postal vote or appoint a proxy prior to the meeting.


DATED 23 July 2021

JESSICA KELLOW
Administrator


All Creditor and Shareholder Enquiries May Be Directed to:
Brad Burness at the Administrators’ Office
Postal Address:           BDO Wellington – Business Restructuring
                                    PO Box 10-340
                                    The Terrace
                                    Wellington 6143

Or by Email to: [email protected]


Forms

 



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). 
 



18 April 2021

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]

 




Should you have any queries, please direct these to Brad Burness at the Administrators’ office at [email protected] or (04) 555 0728.