Solar Easy Update

I have sighted a letter from PPB Advisory confirming they have been appointed Joint & Several Administrators for the Solar Shop Australia Pty Ltd.

If I understand the contents of the letter you should have received a copy if you are recognise as a creditor. If you have not received the letter I suggest you contact Mrs Emma Olsen at this office on 08 8211 7800.

It would appear that those of us who are creditors must seek leave of the court if we wish to continue with any enforcement action against the company. PPB Advisory can provide the relevant forms.

The first meeting of creditors has been convened for Wednesday 2 November 2011 at 11.00 am and will be held in Ballroom C, The Hilton Hotel, 233 Victoria Square, Adelaide South Australia. A second meeting has been scheduled for 25 November.

PPB Advisory have been advised, according to the letter, by the Receivers and managers (Ferrier Hodgson), that a contract to sell the business has been signed. It is believed that the purchaser has undertaken to complete the majority, if not all, of the installation contracts and that deposits paid on those contracts will be recognised as payments on the installations.

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