KONDININ Group looked to have saved its bacon this week with an adjournment granted on a winding-up petition scheduled to be heard on Tuesday morning.
Kondinin’s board and management placed the not-for-profit group into provisional liquidation on March 17, delivering it four weeks to reorganise the business and raise capital from members, while protecting creditors’ interests.
Kondinin needed $800,000, but by April 1 had just $140,000 in tax-deductible contributions.
However, a group spokesperson said a further $320,000 was pledged from members during the following 10 days. Earlier this week, Kondinin was still formalising how to move forward, the spokesperson said.
At the group’s AGM last September, members were told Kondinin had recorded a trading profit of $443,000 for the previous year.