UPDATED: Administrators have recommended Pindan Group's creditors accept Oxley's $14.3 million payment offer, but that claimants from its contracting arm reject the move.
Pindan's Singaporean owner has upped its deed of company arrangement proposal to $14.3 million, lodging the third and final offer ahead of the creditors meeting next week.
An eleventh hour move by Pindan's Singaporean owner to almost double its DOCA proposal to $12.3 million will lead to an adjournment of a planned creditors' meeting tomorrow.
Pindan Group's offshore owner has provided a $17 million loan to pay out its secured creditor as it works on a restructuring for other creditors owed $75 million.
More than 1,000 Western Australian companies went into external administration in the 12 months to March, an increase of nearly 36 per cent on the same period last year, according to the latest ASIC data.
Nearly 100 Western Australian companies entered external administration last November, giving the state its highest share of the national total in nearly a decade.
