Brooker Marine goes into administration
Staff laid off at iconic NSW-based tinnie builder.
One of the best-known names in the local boat building industry, Brooker Marine, has gone into administration with the first creditors' meeting set down for this coming Thursday, 31 August.
The administrators, Mackay Goodwin, were called in on 21 August, taking staff by surprise. Trading was suspended and all staff were immediately stood down. CEO Kevin McCarthy is said to be on leave.
According to the administrators, based on preliminary figures, the company has approximately 40 creditors with claims totalling approximately $517,000. A plan for the sale of the company assets is being formulated and will be proposed shortly.
“It is our aim to market the business and its assets to potential buyers in order to maximise any return to the creditors,” the administrators said in a statement.
Regarding the workforce, the administrators said company records are currently being assessed to determine their entitlements. In the event that there are insufficient funds to cover what is owed, former employees can lodge a claim for certain entitlements under the government’s Fair Entitlements Guarantee scheme.
Less than a month ago, following the Sydney boat show, Brooker Marine announced via Facebook that it had had a “great show with record sales”. In May, the company announced that it was merging its manufacturing facilities with Queensland-based builder, Bluefin.
According to the ASIC insolvency notice, the creditors' meeting will decide whether to appoint a committee of creditors and, if so, who they will be. A second meeting is expected to be held next month.
This story was updated to include additional information from the administrator.