Westpoint Mezzanine Companies

This webpage relates to liquidation of the following Westpoint Mezzanine Companies: On 1 February 2011 settlements were reached with directors and auditors of the mezzanine companies which will provide up to $67.45m for the benefit of creditors across the Westpoint Group.

We have received Court orders that the distribution of the settlement sums be allocated in accordance with the proposed mechanism put forward by the liquidators.

Following receipt of the aforementioned orders, there were a number of matters on which the liquidators required further directions from the Court before being in a position to provide an estimated dividend range in each company and commence the dividend process.

Orders on these matters were made in the Federal Court of Australia on 6 December 2011 and included the following:
  • Extensions of time for creditors to submit formal proofs of debt and for adjudication of proofs of debt.
  • Confirmation of the position of creditors who had previously lodged formal proofs of debt, and been paid dividends in the York Street and Ann Street liquidations.
A dividend is to be declared for each mezzanine company on 30 March 2012 with payment occurring in or around April 2012.

The timing of further dividend(s) is currently uncertain and will be subject to receipt of further funds which may be recovered for the benefit of the companies' creditors.

For further information concerning the dividend process, please refer to the reports to creditors above.