Creditors of Daicom Australia Pty Ltd trading as Dainton Beer have voted to accept a Deed of Company Arrangement which will see the company emerge from Administration.
Under the DOCA proposal creditors, including the ATO, will receive 10c in the dollar.
Dainton entered Voluntary Administration last month saying it needed to financially restructure as a result of financial losses the business has accrued from ill-timed expansion in the face of declining consumer demand.
In a report to creditors, administrator Atle Crowe-Maxwell from DBA Reconstruction and Advisory advised creditors that Dainton recorded a loss of $79,000 in FY22 and $2.15 million in FY23.
In FY23 income from beer sales, contract brewing, online and export sales all declin…
Read the full article at: https://brewsnews.com.au/dainton-emerges-from-administration-after-doca-approved/