The administrators of the 15-year-old olive producer, Summerland Olive Products, will meet tomorrow to decide what happens to the company.
The Northern NSW olive grower produces a range of black and green table olives, tapenade, dried olives and olive oil. Last year the company won a gold and silver medal at the Sydney Royal Fine Food Show.
However, administrator Chris Palmer of O’Brien Palmer was appointed administrator of the company on March 2.
The first meeting of the creditors of the company was held on 11 March and a second meeting will be held tomorrow.
The purpose of the meeting is to receive the report by the administrator about the business, property, affairs and financial circumstances of the company.
It will then be decided if the company will execute a deed of company arrangement, the administration should end; or the company be wound up.
In the case of a deed of company arrangement, Summerland Olive Products could continue to trade and pay its debts over an extended period.
A spokesperson for O’Brien Palmer told SmartCompany the administrators are considering “all available avenues” for the future of the business.