Administrators for The PAS Group executed a Deed Of Company arrangement last week.

Each of The PAS Group companies executed a DOCA on September 4, including DesignWorks, Review Australia and Bondi Bather.

This followed a second meeting of creditors in August, where the DOCA was approved.

Administrators PwC have also cleared the business of insolvency issues.

The Group was confirmed to be trading below expectations prior to their appointment but not insolvent.

While rent was deferred on the majority of leased premises for April and May, and extended trading terms were negotiated with some suppliers, PwC characterised these steps as liquidity preservation measures to navigate through the COVID-19 pandemic, rather than indications of insolvency.

Notably, as a consequence of interruptions to the supply chain arising from Chinese suppliers facing the initial challenges of COVID-19 in January/February 2020, the Group started utilising its debt facilities from 9 January 2020 up to the date of the appointment.

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