New owners for New Chapters, New Beginnings after restructure
A restructure and new owners are on the horizon for a major NT disability service provider. Find out how the organisation will be affected.
Northern Territory
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A major Top End NDIS provider is due for new ownership in order to continue trading.
New Chapters, New Beginnings went into administration on November 27, and former managing director Andrea Cooper’s role was terminated in early December.
Administrator Melanie Grohovaz said on Monday the organisation’s creditors met to consider alternatives to liquidation.
In that meeting, creditors voted in favour of a financial restructure.
Ms Grohovaz said the restructure meant the organisation would continue to trade, would rebrand, and arrange for the organisation’s shares to be transferred.
“All employees will keep their jobs,” she said.
Ms Grohovaz said the changes would “start occurring this week and only have a positive impact”.
She said the company would have “a new name, new brand, new vision, a new way of doing things”.
She said the organisation’s new owner would be officially announced within two weeks, and the organisation was currently determining the value of the shares to be transferred.
Ms Grohovaz previously told this publication New Chapters, New Beginnings went into administration after clients started leaving the provider, raising concerns about its solvency.
“It, for some reason, lost a lot of participants over the last two years,” she said.
“Andrea is no longer involved.”
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