RG 146 to soldier on following administration
RG 146 Training Australia has entered into a deed of arrangement to pay back its creditors after going into administration in August.
According to RG 146 spokesperson Mark Sinclair, the company has undergone a "significant" restructure that has included the redundancies of two senior staff, the reduction of the company's office space in the Sydney CBD and "improved efficiencies" including a shift online.
"RG146 hasn't collapsed - we're trading as usual … We did seek the services and support of [administrator] Lowe Lippmann. We got a managed agreement with our creditors to pay them over a period of time in the deed," said Sinclair.
The financial planning training market changed immediately after the global financial crisis, with the company's sales halving "pretty well overnight", according to Sinclair.
"In 2008 we incurred a reasonable amount of debt and we've been paying it off over a period of time, but at the end of the day we needed to do a significant restructure, which is what we've just done," he said.
Lowe Lippmann partner David Coyne confirmed the company had gone into administration.
"The company did go into administration, that's fact. We were appointed as administrators in early August. There was some restructuring and there were some staff reductions," Coyne said.
However, reports the company had "collapsed" were far from the truth, he added.
"The business is back on a level footing and there is a mechanism to deal with all the creditors that were owed money as of the date of our appointment," Coyne said.
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