Leeuwin Ocean Adventure Foundation Limited - Case Update

John Bumbak and Richard Tucker of KordaMentha have provided an update on their administration of Leeuwin Ocean Adventure Foundation Limited. Together with the Leeuwin Ocean Adventure Fund, the company is a registered charity based at the Victoria Quay in Freemantle which has provided voyages and youth programs on the tall ship Leeuwin to over 40,000 people since 1986. The company entered administration on 21 August 2023, after a forensic review revealed a lack of cash reserves and the company’s CEO and certain administrative staff resigned. Now, the administrators have received and are recommending a DOCA proposal for the recapitalisation of the foundation from Minderoo Foundation Limited as trustee for the Minderoo Foundation Trust, the philanthropic arm of Australian mining tycoon Andrew Forrest. The DOCA contemplates an initial cash contribution of at least $626,000 to be used to fund the administrators’ trading costs, legal costs and fees, as well as a further cash contribution of at least $265,750 to a creditor trust which will be used to pay a return of 100 cents in the dollar. The second meeting of creditors is scheduled for 26 September 2023.