
Following a meeting of creditors on June 13, Planet Ark Environmental Foundation has been returned to its directors and steps out of voluntary administration.
At the second meeting of creditors, the Deed of Company Arrangement (DOCA) submitted by the organisation was unanimously approved, reflecting the strong support from Planet Ark’s employees and stakeholders.
“[This] marks the beginning of a new chapter for the organisation. With renewed focus and vigour, we remain committed to our mission of empowering Australians to take positive environmental actions,” Planet Ark said, in a statement.
“We are immensely grateful for the backing and goodwill shown by our supporters during this time, and for the leadership of voluntary administrators Michael Jones and Bruce Gleeson of Jones Partners Insolvency & Restructuring, who have guided Planet Ark through this process with a great deal of professionalism and care.
“As we move forward, Planet Ark will continue delivering our well-known and well-loved programs with the same passion and dedication that have made them cornerstones of environmental action in Australia for decades.
“This milestone reaffirms our belief in the strength of Planet Ark’s mission and the value it brings to communities, schools, businesses, and governments across the country. We thank all those who have stood by us and look forward to working together toward a more sustainable future.”
Planet Ark entered voluntary administration in April following a review of the organisation’s financial position and future viability.
“Established in 1992, Planet Ark has proudly worked for decades to inspire Australians to live more sustainably through a range of well-known environmental campaigns and programs including National Tree Day and National Recycling Week,” it said, in April.
“Despite the dedication to this work by our team, the impact of COVID-19 on stakeholder support, current economic climate and ongoing funding challenges have significantly impacted our operations.
“Voluntary administration provides an opportunity for an independent assessment of the organisation’s affairs and to explore potential options for restructuring that will allow the organisation to continue our important work.
“We recognise the importance of the environmental mission we continue to pursue every day and sincerely believe that Planet Ark’s contribution to that mission will continue with renewed strength beyond this process.”