Impelus Limited was suspended from Official Quotation on ASX on 27 January 2021. From 8 March 2021, Levi has acted as voluntary administrator, deed administrator and trustee of the creditors’ trust of Impelus Limited. The DOCA and creditors’ trust have concluded. New directors of the company will work towards relisting and restoring value. The process is complex and subject to creditor, shareholder, ASX and ASIC approval at various stages.
Levi has historically been appointed voluntary administrator of several companies that have been suspended from Official Listing on the ASX. The initial phase of reconstruction is to extinguish all debts and liabilities via a deed of company arrangement and a creditors trust combined with creditor, shareholder, ASX and ASIC approval at various stages.