Overview of Wellfully's Q1 FY2024 activities and administration appointment

Wellfully Limited (ASX: $WFL) has appointed joint and several administrators, Mr Bryan Hughes and Mr Christopher Pattinson, due to insolvency concerns. The company's wholly owned Australian subsidiaries, International Scientific Pty Ltd and Bodyguard Lifesciences Pty Ltd, also appointed the same administrators. The administrators have taken control of Wellfully's business, property, and affairs and have reconstructed the financial records of the Group for the quarter ended 30 September 2023.

Administrators' Realisation Program and Financial Records Reconstruction

The Administrators of Wellfully have initiated a realisation program to attract interest for the potential sale of the company's assets and/or a recapitalisation and/or restructure of the Group. They have reconstructed the financial records of the Group using digital records, management account information obtained from current and former directors and officers of Wellfully, as well as announcements posted to the Australian Securities Exchange (ASX). Due to not being in control of the Group for the entire period, there may be information that has not been brought to their attention or they have been unable to obtain information where the impact of which may or may not be material to the accounts.

Outlook and Conclusion

Wellfully (ASX: $WFL) has appointed administrators and reconstructed its financial records for the quarter ended 30 September 2023. The company is undergoing a realisation program to attract interest for potential sale of assets and/or a recapitalisation and/or restructure of the Group. The outlook for Wellfully remains uncertain as the administrators continue their efforts to address the insolvency concerns and explore potential options for the company's future.