STUART, Fla. — Riviera, the Australian yacht builder, has officially exited from administration, the company reported in a release. It received written notification on Friday from the company’s Deed Administrators that the Deed of Company Arrangement (DOCA) established in conjunction with Riviera’s creditors on Jan. 22 this year has now been completed.
Following the withdrawal of the business for sale previously announced on April 9 and the finalization of the administration, management and the receivers are now planning Riviera’s exit from receivership later this year.
Under the terms of the DOCA, all current and former employees have received all of their unpaid wages, superannuation, annual leave and any relevant redundancy payments. Current Riviera employee’s entitlements will continue to accrue and be available to those employees in the ordinary course of business.
Unsecured creditors have also received a dividend payment under the terms of the DOCA.
The payments to employees and unsecured creditors have effectively cleared all pre-administration appointment unsecured claims against the company enabling it now to trade in its own right, outside of the formal administration process. This move also paves the way for the business to prepare to exit receivership.
“The completion of the DOCA is yet another significant milestone in the rapid recovery of Riviera over the last twelve months,” John Anderson, Riviera’s CEO, said in the release.
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