This crucial decision marks the end of a voluntary administration and paves the way for the continued operation of 16 clinics across New South Wales, Victoria, and Queensland.
In a pivotal move, creditors of Body Catalyst Group have voted overwhelmingly in favour of a Deed of Company Arrangement (DoCA), solidifying the foundation for the restructured Group’s future.
The DoCA, proposed by the Group’s Director, Samantha Barakat Light, received resounding support, allowing 16 clinics to persist and ensuring that 85 employees will remain part of the restructured Group.
Furthermore, all staff affected by the restructuring process will receive their entitlements in full, demonstrating a commitment to the well-being of the workforce.
The Administrators, Alan Walker and Glenn Livingstone of WLP restructuring, recommended the approval of the DoCA, citing its superior outcome compared to the alternative of placing the remaining companies into liquidation.
Alan Walker emphasised their focus on preserving jobs, maximising creditor recovery, and ensuring the Group’s viability as a going concern.
“Since being appointed as Administrators, we have focused intently on restructuring Body Catalyst to preserve jobs, maximising the recovery for creditors and ensuring the Group remains a going concern,” stated Alan Walker. “While this process led to the unfortunate but necessary closure of clinics and related staff redundancies, the vote today creates a viable path forward for the Group.”
Acknowledging the unwavering support from employees, suppliers, and clients, Samantha Barakat Light expressed her commitment to the Group’s mission. “Through this challenging process, I’ve been humbled by the unwavering support of our incredible employees, suppliers, and clients, and I’m beyond grateful. We remain committed to our mission and delivering results for clients, and we are excited to continue our journey as leaders in the industry. We can now get back to what we do best – shaping bodies and shapeshifting lives.”
The 16 entities covered by the Deed of Company Arrangement represent individual clinics that will continue operation, which include:
- Body Catalyst Armadale
- Body Catalyst Bondi Junction
- Body Catalyst Camden
- Body Catalyst Charlestown
- Body Catalyst Chermside
- Body Catalyst Doncaster
- Body Catalyst Geelong
- Body Catalyst Green Hills
- Body Catalyst Hampton
- Body Catalyst Ivanhoe
- Body Catalyst Melbourne Central
- Body Catalyst Moonee Ponds
- Body Catalyst Mornington
- Body Catalyst Mosman
- Body Catalyst Mount Gravatt
- Body Catalyst Williamstown
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