Just weeks after his company entered voluntary administration, Napoleon Perdis has actioned a Deed of Company Arrangement (DOCA) in a bid to retain control.
Announcing the move, Napoleon Perdis marketing & communications director Peter Sintras, said the move, which will be assessed by administrators Worrells Solvency & Forensic Accountants, “will bring the company back under the control of the current directors”.
Napoleon said he believes the DOCA arrangement will provide a stronger outcome to creditors and employees.
“This plan is going to make sure that all employees retain their jobs and have continued employment within the business,” he said.
“We will maximise the return to all creditors including the landlords who have valid claims.
“Importantly it will further preserve value in the business.”
Sintras said that by partnering with an equity provider, Perdis “will drive the business forward as creative director and with our partners, take the brand to another level into the future with a match fit business that can compete on a global stage”.
Perdis said it was vital “to generate a sustainable recovery plan going forward.
“The restructure will be purpose fit for current creditors,” he said.
“The world has changed, and we need to put up the deed to make the urgent changes necessary.”
According to ASIC, a deed of company arrangement (DOCA) is a binding arrangement between a company and its creditors governing how the company’s affairs will be dealt with.
“It aims to maximise the chances of the company, or as much as possible of its business, continuing, or to provide a better return for creditors than an immediate winding up of the company, or both.”
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