Cor Cordis was appointed administrator of a co-operative that operates essential services on remote tropical islands located approximately 3,000 kilometres north-west of Perth.
Cor Cordis was appointed administrator of a co-operative that operates essential services on remote tropical islands located approximately 3,000 kilometres north-west of Perth.
The appointment has involved several unique challenges due to the territory’s legal and geographic context. As an external territory, certain federal laws, such as the GST Act, do not apply. Additionally, because of legislative carve-outs from the Corporations Act and the application of Western Australian laws, court orders were required to validate the appointment under the Corporations Act. The remoteness of the islands has created further complications, including difficulties in sourcing food and general supplies, as well as a shortage of skilled labour.
Since the appointment, our strategy has been to return the Co-op to profitability by investing in key contracts and improving or resetting operations. We have also sought support to fund critical capital expenditure aimed at enhancing the essential services provided by the Co-op.
We anticipate presenting a Deed of Company Arrangement (DOCA) proposal at the second meeting of creditors, scheduled for October 2025.
