Forum Group Statement – 13th July 2021
Leading restructuring and insolvency firm Mackay Goodwin confirms it has been appointed as Voluntary Administrator over the Forum Group of companies on 8 July, 2021.
Since 9 July, the Administrator has been undertaking investigations across the Group. These investigations are ongoing. The Administrator has been reviewing Forum Group’s position, including the viability for the continued trading of various business units within the Group.
At the date of Mackay Goodwin’s appointment, Forum Group employed approximately 200 staff. The Administrator has since closed operations of one business unit, Iugis Food Waste, because this business unit’s ongoing operation was not viable.
The Administrator is currently reviewing the viability of ongoing operations for two other business units of the Forum Group, those being Forum Group Managed IT Services and Autonomous Energy – a solar panel business.
A decision is pending on whether the Administrator can continue the operation of the aforementioned remaining two business units, which employ approximately 170 employees. The review for their continued operation is ongoing.
The Administrator has been able to successfully obtain the release of funds to enable payment of wages until 8 July, 2021 for both businesses.
There has been significant interest in the acquisition of both business units. To date, the Administrator has received 111 enquires, 95 of which have signed a Non -Disclosure Agreement and have received the details of the businesses.
The first meeting of creditors is scheduled to take place on Tuesday, 20 July 2021
About Mackay Goodwin: Founded by CEO Domenic Calabretta, Mackay Goodwin is one of Australia’s leading insolvency and restructure businesses and has carved a niche successfully working with stakeholders in distressed businesses. The company handles everything from complex restructures and recoveries for listed companies and on behalf of various financial institutions to advising SMEs and finding the most appropriate business solution that works for all parties.