Current Status and Actions Required by Creditors:
The Receivers and Managers have sold the majority of the Australian assets to
Goodstart Childcare Limited. The residual assets, being the minority interest in the
US Joint Venture with Morgan Stanley, a portfolio of childcare assets in New Zealand
and the remaining Australian centres excluded from the Goodstart transaction are all
in the process of being realised by the Receivers and Managers. It is uncertain when
these residual assets will be realised.
The Liquidators expect to receive an accounting of the sale of the majority of the
Australian assets to Goodstart Childcare Limited by October 2010.
The second meeting of creditors of the ABC Group was held on 26 March 2010, and
was adjourned to 2 June 2010.
At the reconvened second meeting of creditors of the ABC Group held on 2 June
2010, it was resolved to place each company in the ABC Group into liquidation and to
appoint a Committee of Inspection to the following two entities within the ABC
Group comprised as follows:
ZYX Learning Centres Limited (Formerly A.B.C. Learning Centres Limited)
(Receivers and Managers Appointed) (In Liquidation)
Representative
Creditor Name
Craig Thompson
Austock Property Funds Management
Philip Joseph
Australian Executor Trustees
Martin Mood
Banking Syndicate Agent
Aongus O’Grady
CBA (Notes)
Ian McKenzie
CBA (Secured Lender)
Eleanor Scacco
Judius
Jennifer Ball
Morgan Stanley PEA
Vaughan Stibbard
Tripoint Corporation
Gwyn Morgan
Westpac
ZYX Learning Centres Limited (Formerly A.B.C. Learning Centres Limited)
(Receivers and Managers Appointed) (In Liquidation)
Representative
Creditor Name
Craig Thompson
Austock Property Funds Management
Philip Joseph
Australian Executor Trustees
Martin Mood
Banking Syndicate Agent
Ian McKenzie
CBA
Eleanor Scacco
Judius
Chris Buck
Valad Investments
Gwyn Morgan
Westpac
Creditors of the ABC Group who have yet to submit a formal proof of debt or claim (form 535) should
contact the Liquidators to ensure they are included on the creditors mailing list.
Next Milestone and Estimated Timetable:
The Liquidators are currently in the process of carrying out further investigations in relation to the
financial circumstances of the ABC Group.
At this stage, the Liquidators have yet to determine whether any dividend will be payable to unsecured
creditors of the ABC Group in relation to their pre-appointment liabilities. This will ultimately be
dependent upon the realisation of the ABC Group’s assets and any recoveries that may be available to
the Liquidators.
The Liquidators are currently not in a position to estimate the likely timeframe as to the finalisation of the
above matters, however stakeholders will be advised as soon as possible following the completion of
the Liquidators’ investigations.