Friday, October 2, 2009

Oct.2 - General Update

General Update Friday October 2, 2009

BDO prepared in consultation with the new Board of Directors

As scheduled, BDO attended the court for approval of the restructuring proposal on September 29, 2009. The Court Order was signed and will be issued to BDO by the court office as soon as possible. A copy will be posted on this site when available. In the meantime, the organization is proceeding with the restructuring plan immediately.

There have been 2 meetings since the creditor meeting on September 21st for the Directors identified in the proposal. BDO attended the second meeting on September 29.

The priorities are clearly identified and well established by the Board of Directors to restart operations. The action plans for the coming days and weeks including the following:

Open bank accounts and identify signing Officers for cheques and liability commitments of the organization. Action commenced for October 5 start.
Legally appoint the Directors and Officers considering the incorporation articles.
Prepare and issue the family restart contract. Action commenced for October 9, 2009 release.
Hire staff. Commenced for week of October 5th start.
Obtain and set up new offices premises including furniture, telephone lines, file access and computer data base set up. Commenced for week of October 5th start.
Apply for the license renewal. Commenced including conference call with BDO and Ministry for October 11 dead line.
Contact with Ethiopia considering orphanage relationships and transition home needs. Commenced and travel to Ethiopia anticipated before November 30th.
Prepare revised cash flow for coming 4 months considering actual cost contracts.
Report to BDO as monitor as required.

Information will continue to be provided through the BDO web site for Imagine Adoption as this is currently operational and easily accessed. We will confirm on this site the new office telephone number and address as soon as these are in place.

Some questions directed to BDO during the past week include the following for clarification:

Renewal contracts, once ready, will be posted on this web site as well as being emailed to the families. There will be instructions to complete and send these either care of the BDO offices or to the new Imagine Adoption offices.
Files are expected to be handed back to the staff within the next two weeks. In the meantime, BDO is responding to emergency requests for files and forms. We appreciate that families have kept requests to a minimum until the new office is operational.

Thank you for the ongoing effort, input and patience of all involved.

BDO Dunwoody Limited/Susan E. Taves

Board of Directors/Kelly Cussons

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