The administrators for the On Q Group, parent of Bill Express, issues an update late last week. There is not much news, the main announcement was that the Supreme Court granted an extension of the convening period by two months. This extension was sought to enable the Administrator to finalise their investigations into the company’s affairs and to finalised negotiations for a proposed deed of Company Arrangement. In their Advice to Creditors, the Administrator states:
We anticipate that a Deed of Company Arrangement may provide a more favourable outcome to creditors within a sorter timeframe and with greater certainty than in a liquidation scenario.
On Q is the company which committed to paying rebates to newsagents for the Bill Express / DialTime equipment and services. These rebates were the reason many newsagents signed with Bill Express. While I don’t see any beneficial outcome for newsagents from the On Q mess, it is interesting to watch the process.