DEADLINE: Kimberley Kampers told to pay employees, creditors
A TWO-month deadline has been set for Ballina-based caravan company, Kimberley Kampers, to pay back its employees and creditors after a rescue package was passed at this week's creditors meeting.
Sydney-based administrator Steven Nicols, of Nicols and Brien Business Recovery, said an overwhelming majority of the more than 50 employees and other stakeholders at the meeting voted in favour of a Deed of Company Arrangement.
It means Kimberley Kampers has now entered into an agreement with its creditors as to how the company's affairs would be managed.
Mr Nicols said employee wages and superannuation payments would be paid in full while unsecured creditors would gain six cents of every dollar owed by March 31.
If that deadline is not met, Mr Nicols said another meeting would need to be held to plan a course of action.
Mr Nicols said that proceeds from the company's campers built prior to January 18 would contribute toward paying back creditors.
Kimberley Kampers went into voluntary administration on December 7 last year. Company director Bruce Loxton resigned 11 days after the announcement.