Melbourne-based supplier PSS Clothing has topped the latest list of unsecured creditors to BEM Corporation, which traded as womenswear chain Barkins, with $2.2 million owed.
BEM Group first appointed administrators in early 2011, owing around $23 million, before creditors approved a Deed Of Company Arrangement (DOCA) which would see unsecured creditors receive five cents in the dollar spread over 18 months.
As reported in Ragtrader’s November 2011 edition, the DOCA was terminated in October and administrators hauled in on November 15.
Administrator Manfred Holzman did not respond to repeated calls from Ragtrader, seeking information on the circumstances behind the latest appointment.
Earlier he had confirmed company director Warwick Susskind, who headed Table Eight with Geoffrey Susskind when it entered into administration in 2003, moved to place BEM into the hands of administrators.
Freshly available documents from a second meeting of creditors, staged in late December, give an indication of the unsecured creditor toll. PSS topped the list, followed by Geoffrey Susskind at $1.1 million, Volt Holdings at $800,000, the Australian Taxation Office at $574,542, Rest Superannuation at $146,173 and the Office of State Revenue NSW
at $105,095.
It is believed documents from a third meeting of creditors will be filed with the Australian Securities and Investments Commission shortly.
Assia Benmedjdoub