NPM Indigenous Pty Ltd - Case Update

David Osborne and Scott Langdon of KordaMentha have provided an update on their administration of NPM Indigenous Pty Ltd, a majority owned Indigenous construction company based in New South Wales. The company entered administration on 21 August 2023 after struggling with post-COVID stresses, securing additional funding and the resignation of two directors who took with them significant operational knowledge and outstanding customer jobs. Following their appointment, the administrators entered into a licence agreement with Yabaa Group Pty Ltd which allowed for Yabaa to continue to trade the company’s business while it worked to formulate a DOCA proposal. The administrators have now received Yabaa’s DOCA proposal, which provides for a contribution of $250,000 in funds and the assumption of debts for certain creditors of the company. The administrators have recommended that creditors execute the DOCA, including because it will allow for the business to continue and the retention of 13 jobs. The second meeting of creditors is scheduled for 20 September 2023.