We provide the following update in relation to the Colmont School.
As previously advised, our application for the convening period was extended to 21 November 2022 by Order of the Supreme Court of Victoria.
We intend to hold the second meeting of creditors of the Company in early November 2022, with creditors to receive a detailed report within five business days prior to the meeting.
Proposal to Reinstate the Colmont School
We have significantly progressed matters with an interested party, represented by Mr Ayub Kahn, who we understand is in the process of making the relevant application to the VRQA for the school's reinstatement in 2023. The interested party has engaged with former staff and parents to assist with this process.
In order for the interested party to obtain the necessary information to complete the application, we have agreed a short-term position to the plant and equipment and site arrangement which enables the outcome of the VRQA application to be progressed and for an offer to be received in relation to the plant.
We understand the landlord and the interested party are in the process of negotiating and finalising a lease agreement and note that the landlord has provided us with an extension of the rent-free period to the end of the month.
We anticipate providing an update to the Committee of Inspection next week.
Funds Held by Colmont
We confirm the position regarding the funds held by the Colmont School, in that separate accounts were not maintained for school fees. Rather, the Colmont School operated from one main trading account.
International Student Transitions
We have commenced transferring the ESOS default tuition amounts due to the student's
new schools.
F
