Voluntary administrators of two Drummond Golf franchise stores. The bank debt totalled to c$650,000. with an combined annual turnover of $4m.
We achieved the sale of both businesses with the consent of franchisor and landlord, with a favourable resolution of extensive retention of title/PPS claims. We preserved the employment of all staff and assigned entitlements to respective purchasers. The secured creditor received a return of 100 cents in the dollar. Finally, the deed of company arrangement executed which provided for full return to employees (superannuation), collection against director loan account, and provision for substantial return to unsecured creditors.