Former NBN contractor Daly International has been spared liquidation after its director Peter Daly agreed to pay the troubled companys creditors the proceeds of sales of company assets and guarantee a cash payment for an additional $900,000.
The two payments are the key financial terms of a company deed that Daly successfully put to creditors last Friday. Under the terms of the deed, Daly International will be released from all claims by creditors apart from those by excluded creditors, and Daly will resume control and management of the company albeit without powers to act as a company officer.
However, its not clear whether Daly International will resume trading. The companys voluntary administrator, Peter …
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