Throughout our engagement, our primary challenge centred on navigating and mitigating the impacts of the COVID-19 pandemic on Hub Furniture. Simultaneously we worked diligently to position the business strategically for an optimised sale and restructure.

To address these challenges effectively, we devised a comprehensive strategy that involved several key components:

• Negotiations with landlords: We engaged in negotiations with landlords to secure favourable lease terms and rental arrangements, considering the adverse effects of the pandemic on the retail sector.
• Logistical solutions for international freight: We developed logistical solutions to address complexities related to international freight, ensuring the timely receipt of essential inventory and merchandise.
• Negotiations with major secured creditors: We conducted negotiations with major secured creditors to facilitate an equitable arrangement that would support the company's financial stability.
• Review of operational parameters: We conducted a thorough review of various operational parameters to formulate a robust plan for the sale and restructuring of the business, taking into account the evolving market dynamics and customer demands.

Our efforts resulted in a successful outcome that had a positive impact on various stakeholders. The key achievements of this outcome included:

• Contributions of $600,000: Substantial contributions were generated, strengthening the company's financial position.
• Preservation of ongoing operations: The business was successfully restructured and continued to operate, ensuring business continuity.
• Completion of pre-appointment customer orders: All pre-appointment customer orders were fulfilled, preventing the accumulation of related debts and minimising unsecured creditor claims.
• Future employment and transfer of entitlements: Several Hub Furniture employees were assured of continued employment, and their outstanding entitlements were duly transferred to safeguard their interests.
• Payment of outstanding superannuation contributions: All outstanding superannuation contributions were paid in full, ensuring the financial well-being of the employees.
• Dividend to unsecured creditors: Unsecured creditors of the company received a dividend, providing some recovery for their outstanding claims.