Please find attached two documents which the CEPU has obtained from the Australian Securities and Investments Commission webpage.
Both documents can be downloaded here.
The first deals with Voluntary Administration, a guide for employees.
The second details with Receivership, a guide for employees.
We have also attached a newspaper article and CEPU has received some media coverage via print and television.
We understand the receivers have addressed some meetings of employees, but certainly not all.
A telephone hook-up of some activists and Branch officials has been set for 1 p.m. Thursday, 14th August 2008. Email us for hook-up details
It’s important to note that the company has not yet gone into liquidation and much will depend on the sale of the company.
Press reports (see attached), however, suggest that the banks debts will not be paid from the sale of their assets, so the future is still uncertain.
It is interesting that entitlements are to be paid by the receiver under a floating charge, the payment must be made in the following order:
- Outstanding wages and superannuation.
- Outstanding leave of absence (including annual leave, sick leave and where applicable long service leave)
- Retrenchment pay
Each class of entitlement is paid in full before the next class is paid on a pro rata basis.
Hopefully the company will be sold and our members’ entitlements secured but we need to be prepared for all eventualities.
We understand a creditors meeting has been scheduled for Tuesday, 19th August 2008 and employees have been notified.
Members will be kept informed of developments.
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