BEM Corporation, trading as Barkins, has been placed into liquidation.
Justin and Manfred Holzman, of Holzman Associates, were appointed as joint liquidators on November 15. This followed the termination of a Deed Of Company Arrangement (DOCA) on October 25. The company first entered troubled waters late last year when it was placed into administration owing $23 million.
After executing a DOCA in August, a binding arrangement between a company and its creditors governing how the company’s affairs will be dealt with post-administration, unsecured creditors were to receive five cents in the dollar spread over 18 months. Manfred Holzman was not able to comment on the circumstances behind the appointment of liquidators or creditor entitlements when contacted by Ragtrader.
He confirmed director Warren Susskind had placed the company into liquidation on November 15.
“At the time of our appointment all stores had ceased trading and the assets [stock] had been disposed of,” he said.
It is understood a draft report into the company’s affairs will be compiled by mid-December, along with the first meeting of creditors. Ragtrader will have more on this onragtrader.com.au over December and magazine in the new year.
