The End of Administration return submitted to ASIC by the administrators of Wagener Holdings Pty Ltd and subsidiary companies including All Flags and Europoles, reveals that unsecured creditors are owed a whopping $6.8 million dollars and are unlikely to see any return.
In the report by RMS Administrators Jerome Hall Mohen, Dudley Gregory Bruce and Kuek Reginald Wei Sheng, dated 20th December 2023, unsecured creditor liabilities are listed at $6,807,023.43. Most of this is believed to be owed to the Australian Taxation Office. Additionally, priority liabilities in wages, superannuation and provision for long service leave total around $330,000.
During the administration period, September 26th to 20th December 2023, a total of $970,342.97 was received, including advances from Plexe Capital Pty Ltd totalling $553,238.65, a fintech company providing line-of-credit working capital secured against invoices outstanding - and therfore secured creditor debt.
Total expended by the administrators was also $970,342.97, leaving zero cash-at-bank. The administrators' fees totalled just under $352,000.
A liquidation of assets was avoided when a company named Silverwiew Holdings Pty Ltd, through Silverview Assets Pty Ltd, bought or paid off all of the production print assets and is now the 75% owner of the reborn All Flags & Signs Pty Ltd, with the other 25% jointly owned by Peter Wagener's sons Jesse and Daniel, who are also directors and employed in the business. Silverview Holdings and Silverview Assets are companies controlled by Perth businessman Peter Graham Hearn, believed to also have interests in electrical goods and home furnishings retail.
From Mr Wagener's original expectation that 'all creditors will be paid 100%' it now appears that only secured creditors have been or will be paid. He believes this is mainly due to the liquidators denying a DOCA - Deed of Company Arrangement as proposed.
On the upside, 27 jobs have been preserved and the business is continuing to provide good services to its customers.
