Icon Brewing enters voluntary administration
Insolvency firm Cor Cordis has been appointed administrator of former contract brewer Icon Brewing, which is still locked in legal disputes with its former packaging partner.
The appointment follows a meeting between Cor Cordis and Icon Brewing founders Hanna ‘John’ Melhem and Chris Lee on May 11, the insolvency firm has informed creditors.
Melhem has agreed to provide a $50,000 payment to Cor Cordis for its liabilities, remuneration and expenses.
“We estimate our remuneration for undertaking the administration will be $150,000 plus GST,” Cor Cordis says.
A first meeting of creditors, which include former employees and brewing ingredients suppliers, will be held on Wednesday May 30.
Icon and its former packaging partner Boka are still awaiting a decision from the Supreme Court of NSW on their contractual dispute, heard in November 2017.
Judgment was reserved on the matter, which is listed for a directions hearing on June 22.