In March this year, after 14 years in business, Glen Iris brewery melbourne/food-and-drink/article/melbourne-brewery-deeds-shutting-down-and-taking-30-cent-all-stock”>Deeds entered voluntary administration. In May, founders Patrick Alé and Dave Milstein closed the taproom and brewing operations.
Now, they’ve found a way to keep the Deeds taproom and its brewing operations running until February 2025.
Deeds and its creditors have put in place a deed of company arrangement, an alternative to immediate liquidation. This arrangement provides a moratorium period where the company is not required to repay debts and allows a company to restructure with the goal of providing the maximum return to its creditors.
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“We were basically going down the path of liquidation. We would have closed down, everything would have been sold off. But we realised going down that process, that wouldn’t have been an ideal scenario for paying back any of our debts or staff entitlements,” Alé tells Broadsheet.
“The staff would have had to go down the path of getting their entitlements through a government body, which would have been massive delays – it could be six months to a year – so we decided we would get the administrators out of…
