Luxury fashion retailer Oroton has been granted a new life today after falling into voluntary admission in April this year.
The Supreme Court of New South Wales has approved a transfer of all ORL shares to Manderrah, a business associated with major Oroton shareholder Will J Vicars, allowing retailers to continue over 50 stores across Australia and internationally.
The Sydney-based accessory company has been struggling since early 2017 and slipped into administration in November last year.
Oroton and Manderrah entered a deed of company arrangement (DOCA) earlier this year, under which the embattled company will transfer 100 per cent of shares without monetary consideration, valuing Oroton's business at nil.
The application was heard in court without appearance or objection from shareholders or interested parties.
"His Honour made orders granting leave to the deed administration to transfer all the issued shares in ORL (Oroton) from the current shareholders to Manderrah or its nominee in accordance with the terms of the deed of company arrangement dated 13 April 2018," says the report.
The transfer is likely to be swift allowing stores and production lines to continue with the handover causing minimal disruption.
The administrators expect to implement the deed by Friday 3 August, pending the resolution of further outstanding conditions.Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.
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