RSL South Australia rescued via Deed of Company Arrangement
On 17 August 2017, in accordance with creditors’ approval and after a four month restructuring process, a Deed of Company Arrangement (DOCA) was executed in respect of the South Australian RSL State Branch. The DOCA allows the RSL to continue its operations and maintain its presence in South Australia and the Northern Territory, where it has existed for over 100 years.
Rodgers Reidy as Administrators have worked closely with all stakeholders to ensure a robust and compelling result has been achieved for all creditors.
Mr Morgan said “stakeholders, including 134 sub branches, over 400 advocacy cases and commemorative events can now continue under business as usual circumstances. This is great news for the RSL community in a difficult time in its history.”
Certain non-core assets will now be sold by Rodgers Reidy to meet creditors’ claims and control of the day-to-day operations of the RSL will be handed back to a revitalised board.
Bronson Horan, the new president of the RSL board, has issued a statement outlining the RSL’s new direction and intention to avoid repeating the style of governance that led to the appointment of Administrators.
We wish Mr Horan and his new board well in their endeavours and will continue to provide support as needed throughout the DOCA period.