Voluntary Administrators appointed to Go To Collection
20 December 2022
Update from Administrators of Go To Collection
The High Court has approved that the convening period in the Go To Collection Administration be extended from 22 December 2022 to 31 January 2023.
Additionally, the High Court has approved that the date for the Administrators to give notice of termination of employment for employees be 31 January 2023, previously 22 December 2022. Any wages or salary that accrues under such contracts continue to be an expense of the Administration.
The Administrators are required to email a copy of the Court’s orders to each creditor.
7 December 2022
Update from Administrators of Go To Collection
The High Court has requested the Administrators of Go To Collection extend the period of time required to give notice of termination of employment from 8 December to 22 December 2022. Any wages or salary that accrue under such contracts are an expense of the administration.
The Administrators are required to email a copy of the Court’s orders to each employee.
24 November 2022
Malcolm Hollis and John Fisk of PwC were appointed as Voluntary Administrators by the Directors of Go To Collection on 24 November 2022. The Go To Collection hospitality group operates the Rata, Madam Woo and Hawker & Roll restaurants in Queenstown, Auckland, Hamilton and Tauranga. The company currently employs in excess of 100 staff.
Malcolm Hollis says the Voluntary Administrators are working closely with the Company’s directors, shareholders and management to restructure the business. The purpose of a Voluntary Administration (VA) is to provide an opportunity to rehabilitate a business and restructure its activities, and offer a better outcome to stakeholders than would be achieved through alternative processes.
“The Company has experienced a difficult period due to the impact of COVID-19, especially the extreme shortage of staff. We will work with the team to devise and implement a restructuring plan to ensure the components of the business that are operating well can have a successful future. The best performing restaurants will continue to provide high quality services. However, the less popular sites will be closed. Nearly all existing staff will be retained.”
In addition to a restructuring plan, it is intended that a proposal (by way of a Deed of Company Arrangement or DOCA) will be put to creditors at a Watershed Meeting before Christmas. Creditors will be contacted in due course.
