ASIC confirms notice of winding up and liquidation of lighting technology business Vailo
The Australian Securities and Investments Commission (ASIC) has this week issued notices of the liquidation of South Australian-based lighting company Vailo.
Liquidator Robert Hutson of KordaMentha is seeking debts owed to parties including the National Australia Bank, and separately a Supreme Court order to wind up the company has been made with liquidator Robert Ferguson from Ferguson Hannam appointed.
However, Vailo owner Aaron Hickmann claims that he is aiming to resurrect the company, telling Adelaide’s The Advertiser that he hopes to achieve a Deed of Company Arrangement through the voluntary administration process regardless of the wind up order.
The Advertiser previously reported the Australian Taxation Office lodged a “proof of claim” seeking almost $135 million from Hickmann’s estate while a long list of creditors are owed money by the company.
These claimants include contractors, subcontractors and sporting bodies as well as employees owed wages, long service leave and superannuation.
In a letter to “customers, creditors, partners and supporters” dated 21st May announcing the move into voluntary administration the Hickmann said it was made with “great determination of a positive outcome through this process.”
Blaming issues including a lack of “patriotic support to local manufacturers”, he indicated Vailo may move to the United States where the group’s holding company LSTX is headquartered.
The letter says “manufacturing in Australia is one of the hardest endeavours in this country” adding “soaring costs in energy, interest rates, rents, slow construction time frames and wages, meant we needed to take a different approach, a sustainable one to secure our base costs to be globally competitive.
“Unfortunately, multiple projects in our own backyard were awarded to imported competitor products, as opposed to a locally made one by VAILO.”
Operating in the highly competitive sports lighting market, Vailo took on a series of high profile sponsorships in recent years.
Click here to view the winding up order.
Image: Vailo installation at Adelaide's Norwood Oval. Credit: Vailo.
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