Creditors of collapsed Oz Brewing have been forced to wait even longer to receive any kind of payment after further delays to the fulfilment of the deed of company arrangement (DOCA).
The Mount Pleasant-based company was placed in administration in September 2008 after a noteholder lodged an application to the Federal Court to appoint a provisional liquidator to the business.
In December 2008, Oz entered into a DOCA with Trident Capital and Kevin Judge of Judge Constable Chartered Accountants was appointed as administrator of the DOCA.
Mr Judge was also nominated as trustee of the creditors' trust, which forms part of the DOCA.
Under the DOCA, once all conditions has been fulfilled, Trident would make a payment of $300,000 to the trust, which will be used to pay fees and costs and the balance would be distributed on a pro rata basis amongst creditors.
"Continuing delays have been encountered in satisfying certain conditions precedent," Mr Judge said in a statement.
"Consequently, Trident Capital Pty Ltd have granted extensions of time to 31 March 2010 to have those conditions precedent fulfilled to their satisfaction under the terms of the DOCA."
Mr Judge added that should it become clear that the terms of the DOCA cannot or will not be fulfilled, then a meeting of creditors will be scheduled to bring an end to the DOCA.
"It is the view of the deed administrator at the present time that the terms of the DOCA are likely to be fulfilled and that there is not a current need to convene a meeting of the company's creditors," Mr Judge said.
Shares in Oz last traded at 3.3 cents.
