Genius Childcare’s second operating entity Abacus 49 placed into administration 

Abacus 49 Pty Ltd, one of two Genius Childcare operating entities, has now been placed into administration less than a week after its sister company Vertical 4 Pty Ltd also saw administrators appointed. 

The development is the final step in the long unwind of Genius Childcare, a business that has, over the course of the last nine months, faced multiple allegations of unpaid wages and invoices from employees, suppliers and landlords as well as interventions from Regulatory Authorities and Legislative Bodies. 

WLP Restructuring has now taken over Abacus 49’s thirteen centres bringing the total portfolio of Genius centres it controls to 25 when combined with the 12 that were included in the Vertical 4 business. 

The twelve centres under Abacus 49 are located across Queensland, New South Wales, ACT, Victoria, and Western Australia with Vertical 4 Pty Ltd owning centres across Queensland, Western Australia, New South Wales and Victoria.

“In line with the administration process for Vertical 4, the Administrators will continue to trade the centres on a business-as-usual basis while urgently assessing the financial affairs of Abacus 49,” a spokesperson from the administrators said. 

“The Administrators’ intention is to commence the process to sell or recapitalise the entity.”