Planet Ark Environmental Foundation, one of Australia’s prominent environmental not-for-profits, has entered voluntary administration following a review by its board concerning the organisation’s financial viability and future. Established in 1991, Planet Ark has played a significant role in promoting recycling initiatives across Australia.
The board announced that this step towards administration aims to facilitate an independent evaluation of the organisation’s situation, allowing for potential restructuring that could enable it to continue its essential work. Michael Jones and Bruce Gleeson from Jones Partners Insolvency and Restructuring have been appointed as the administrators.
Expressing gratitude for the longstanding support from the Australian community, government partners, and educational institutions over the past three decades, the board reassured stakeholders about the mission’s importance. They are optimistic about Planet Ark’s future contributions to environmental sustainability, envisioning a renewal of its mission following this administrative process.
Planet Ark was founded by Jon Dee and former tennis player Pat Cash. Dee, who departed in 2007, expressed disappointment upon hearing the news of the foundation entering administration. He noted he had concerns regarding the organisation’s direction post his tenure and emphasized his initial vision of creating tangible, positive changes in environmental practices. Dee has expressed a desire to connect with the appointed administrators to discuss how he might assist in revitalising Planet Ark and securing its future.