Queensland based community organisation FSG has entered voluntary administration after more than 35 years of providing support in the disability, mental health and aged care sectors in South East Queensland and Northern NSW.
The company, which reported a $5.2 million loss of revenue last financial year, went into voluntary administration on June 30. FSG advised that the appointment of FTI Consulting as voluntary administrators was made after full consideration of the company’s obligations and its duties to ensure it acts in the best interests of stakeholders.
The administrators will assess the financial position of FSG and intends working with management and staff to protect the value for creditors and ensures seamless care for customers.
“We will undertake an assessment of the financial position and ongoing viability of the company and its business operations,” FTI consulting leader for corporate finance and restructuring, John Park said. “As administrators, we will act independently at all times and work to protect the value for creditors. We will support FSG Australia in continuing to operate the business during the transition period.”
Earlier in June, FSG formed an independent partnership with Queensland disability service provider CPL, (Choice, Passion, Life; formerly Cerebral Palsy League).
CPL CEO Rhys Kennedy said the agreement will offer FSG continuity of service supports to more than 1500 customers and would seek to offer employment to many FSG staff. Support of FSG customers transferred to CPL on July 1. “It’s important to remember that at the centre of this matter are people with disabilities,” Kennedy said. “I would like to reassure FSG Australia customers, and the community, that our priority is ensuring that everyone will continue to receive their services and support by CPL.”
The administrators will provide an update at the first creditors meeting on July 11, 2018.