Further to the decision by the Board of Equestrian Australia on June 3rd to place Equestrian Australia Ltd into Voluntary Administration, the first meeting of Creditors of Equestrian Australia Limited (Administrators Appointed) took place on Friday 19th June
Over 1000 creditors, including many members, were represented either in person or by proxy with the Administrators, KordaMentha providing a presentation and answering questions via teleconference with an online voting system in place
It was confirmed during the first meeting that a Committee of Inspection (COI) would not be formed and that Kordamentha would continue as the Administrator
The Administrator will now prepare a report providing detail on options available to Equestrian Australia for creditors to consider and provide the Administrator’s recommendation for Equestrian Australia’s future before a second creditors meeting to be held in July
As reported in our article “A new era for Equestrian Australia” the re-structure of the State and National entities is likely to be the key focus of the Administrator’s review as ‘The constitution is effectively set aside in favour of their powers under the Corporations Act’.
The new format of Equestrian Australia and its Board will also need to show appropriate constitutional change and stakeholder involvement to satisfy the requirements of the FEI, AOC and Sports Australia to ensure future funding, participation in the Tokyo 2020 Olympic Games and ongoing involvement in international sport.
