A NOTICE on the ASIC website has confirmed Metro 1 Travel and Technology Pty Ltd is now being handled by administrators Grant Thornton Australia.
The decision was made by the board – which includes Rail Online CEO and founder James Dunne – to cease trading under Section 436A of the Corporations Act 2001 (Australia), which is generally because a company has either become insolvent, or is about to become insolvent in the near future.
A creditor’s meeting will be held virtually on 04 Dec at 9am, with the agenda to consider whether to appoint a committee of inspection – a group of creditors/shareholders who help oversee the administrator during the administration process.
Matthew Byrnes is managing the process, with those interested in attending the creditors meeting advised to provide proofs and proxies to the administrator by 4pm on 03 December.
Rail Online was formed in 2022 by a trio of former Rail Europe Australasia executives, Dunne, Lachlan McCallum and Kew Muthalif.
Soon after launch, the venture appointed Kirsty Blows as General Manager for ANZ, however she left the business in Apr to take a New Zealand-based position with International Rail.
Grant Thornton did not respond to travelBulletin‘s request for comment by time of publishing.
