THE directors of ASX-listed Cheviot Kirribilly Vineyard Property Limited (CKP) have appointed Paul Burges and Peter Krejci of BRI Ferrier (NSW) as administrators.
The company said in a statement that since May last year it has been trying to work towards a restructuring that would preserve some value for the company’s financiers, the National Australia Bank and shareholders.
The last vineyard owned by the Cheviot Kirribilly Vineyard Property Trust, which is the co-guarantor of loans to NAB, was sold in December last year.
After application of the proceeds of this sale, a substantial residual debt remains owed to NAB by CKP.
CKP said the chairman of the company has held discussions with NAB in relation to this indebtedness and the NAB has informed the directors that they intend to issue a formal letter of demand for the repayment of the amounts owed.
CKP said the directors have hitherto been operating with the forbearance of NAB, have now concluded that the company is insolvent, and as a result appointed administrators.
Property Review
