Queensland brewing company Ballistic Beer Co has been put on ice as it enters voluntary administration, hoping a major restructure will help better the balance sheet.
However, the company is still making its popular, award-winning products during the process.
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Two administrators were appointed to take control of the Brisbane brewing company on January 24, according to Australian Securities and Investment Commission (ASIC) records.
Appointed administrators Jason Stone and Paul Allen from PKF Melbourne have given notice of a creditors’ meeting set for February 6.
Voluntary administration is designed to resolve a company’s future, a process Ballistic co-founder David Kitchen hopes will take just over a month, and told 7NEWS.com.au: “We are optimistic we will work through this period”.
“The VA (voluntary administration is) giving us some breathing space to reorganise the company so we are in a good position to move forward again,” he said.
“COVID hangover, then our recent recall has been a double whammy and has brought us to the point where we decided this was the best course of action.
“Venues…