Henselite the iconic Australian manufacturer of lawn bowls, is currently in voluntary administration.
Administrators have been appointed to determine whether it would be in the best interests of creditors to restructure the company, find a buyer to secure the future of the business or proceed with liquidation.
The administrators appointed to oversee the process are Rachel Burdett and Rahul Goyal of KordaMentha, a prominent insolvency and restructuring firm in Australia. They first met with Henselite’s creditors on 21st August 2024 to assess the company’s financial position.
A second meeting of creditors held on 20 September 2024, seems to have been inconclusive. The specific decision from this meeting was not publicly disclosed, but none of the possible outcomes was announced.
One such outcome would have been a Deed of Company Arrangement (DOCA), which would allow the company to continue operating under restructured terms with plan agreed by creditors.
Other possible outcomes which might result in creditors getting some of their debts repaid, would be either a sale to a third party interested in continuing the business, or the liquidation of the company leading to a fire sale of its intellectual property and stock.
As of today’s date (14th October 2024) there is no DOCA currently in place for Henselite Pty Ltd, suggesting that administrators Goyal and Burdett continue to work through various restructuring options with the possibility of liquidation remaining on the table.
