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The Sydney-based company sold meals through major supermarket chains including Woolworths and IGA.
Speaking to 7 NEWS.com.au on Thursday, Skinner revealed the company’s latest creditor figures, with $7.43 million owed to secured creditors, $879,303 to priority creditors and $12.52 million to unsecured creditors.
Fast Fuel Meals has been stocked in major Australian supermarkets, with the ready-made meal brand now facing an uncertain future. The figures add up to $20.82 million, although Skinner warned they remain subject to change as creditors submit proof of their debts and claims are assessed. Priority creditors are given higher priority under, while secured and unsecured creditors have different rights when it comes to recovering money they are owed.
The outcome for secured and unsecured creditors, “depends on the terms of the proposed Deed of Company Arrangement ,” Skinner said. The DOCA sets out in a formal agreement how a company will deal with its debts and allows it to potentially continue operating rather than being immediately wound up. , Skinner said his preliminary investigations had found the company was “loss making”.
The director had been in talks with a consortium of suppliers and members of management familiar with the business about a potential acquisition, the administrator confirmed. Skinner said the new ownership was intended to “recapitalise the business, strengthen its operations, and improve its trading performance”.and get the company back on track. Fitness influencers previously promoted Fast Fuel Meals as part of the brand’s health and wellness marketing.
A voluntary administrator was then appointed to assess the available options and seek the best possible return for creditors. For employees, the position appears more settled.accrued entitlementsBut it remains unclear how much of the nearly $20 million claimed by secured and unsecured creditors will ultimately be recovered.
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