PERTH Fashion Festival (PFF) directors have engaged a company to manage the remuneration of unpaid creditors from last year’s event.
Sentinel Corporate Advisory has been brought in to manage PFF’s finances and create a repayment schedule for unpaid creditors.
Sentinel managing partner Paul Blahut said Sentinel were not liquidators or administrators and had been brought in because PFF was under resourced in the finance and administration area.
“We are facilitators in the area of commercial arrangements and work with parties to realise commercial resolutions,” Mr Blahut said.
In a letter to unpaid suppliers, Mr Blahut said the company had been engaged to help with the corporate affairs of the company.
“Our assignment is to manage the accounts payable portfolio with an informal creditors’ arrangement and a potential recapitalisation to enable the company to meet its outstanding obligations and provide working capital for their operations going forward,” the letter stated.
Phase 1 of the project involves Sentinel completing “a thorough review of the finances of the company, its current operations and forecast revenue projections”, while a draft creditor repayment schedule is expected to be compiled and presented to creditors on March 29 as part of phase two.
Phase 3 will run concurrently and involves the recapitalisation of the company.