Experience

Tikun Oceana Pty Ltd

The successful deed of company arrangement set a precedent for future restructurings within the medicinal cannabis cultivation sector, providing valuable insights and lessons for other companies facing similar challenges.

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Experience

iProsperity Group of Entities

The focus for iProsperity was to manage funds and investments, primarily in Australian real estate for wealthy foreign investors. As part of the liquidation process, investigations are currently underway into potential legal claims exceeding $175 million.

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Confidential voluntary administration

Restructuring & Turnaround
Deed of company arrangement
Utilities

Voluntary Administration of a company that operated a water infrastructure business located around Western Australia in Tom Price (regional), Welshpool and Perth CBD. The business was traded whilst a sale as a going concern was being undertaken, completing contractual work for two separated contracts and assisted the company’s directors with the formulation of a proposal for a deed of company arrangement.

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Patinack Farm Group

Restructuring & Turnaround
Deed of company arrangement
Agriculture

The group owned valuable livestock, plant and equipment, stud farm, water rights and other real property assets in the Upper Hunter region. On appointment, we urgently implemented measures to ensure the safety and wellbeing of the livestock. We successfully managed the sale of the group’s assets which saw the first-ranking secured creditor repaid in full (c. $20m). The group also owns valuable non-transferable breeding rights, which we are in the process of realising via a proposed DOCA.

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Barwill Pty Ltd

Restructuring & Turnaround
Deed of company arrangement
Retail

Voluntary administrators of two Drummond Golf franchise stores. The bank debt totalled to c$650,000. with an combined annual turnover of $4m.

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Superfert Dongbu

Insolvency
Deed of company arrangement
Agriculture

Appointed as voluntary administrators to undertake a restructure of a large fertiliser business (annual turnover of c. $80 million), being a JV with a top 10 Korean company that had invested $30 million. Reconstruction required the acquisition and sale of approximately 10,000 tons of fertiliser to primary producers, with a deed of company arrangement achieved.

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Ngarluma and Yindjibarndi Foundation

Restructuring & Turnaround
Restructure
Not-for-profit

We facilitated a restructure of this Aboriginal corporation in negotiation with a range of stakeholders, which provided for the creation of a creditors’ trust to sell the company’s property assets whilst control of the company reverted to the directors. This was instrumental in allowing the business to continue to trade and support the local Aboriginal community.

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Operations review of a community organisation

Restructuring & Turnaround
Operations review

We were engaged by a community organisation to review their operations and provide recommendations about how their trading operations could be improved in the short term given cashflow issues. We also acted as a go-between the client and their primary lender to ensure all stakeholders were engaged and informed.

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Restructuring advisor for a cropping business

Restructuring & Turnaround
Advisory
Agriculture

Advisor to an over leveraged cropping and food manufacturing business facing a liquidity crisis, following a poorly implemented capex program (secured debt of c.$15m). We undertook an operational and balance sheet review, guided management to stabilise the business and implemented a deleveraging strategy, helping avoid business failure.

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Rivet Transport Group

Restructuring & Turnaround
Deed of company arrangement
Mining & resources

Supporting a broader restructure of this large transport group (secured debt of c.$35m), as voluntary administrators, we restructured a c. 900 employee operating entity (Rivet Employees Operation). After extensive financial analysis of the group, a restructure via a deed of company arrangement was completed achieved, producing a material return to creditors and preserving jobs.‍

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Jeep Apparel

Insolvency
Voluntary administration
Retail

Voluntary administrators of a 21-store apparel retailer operating under a license arrangement with a global car manufacturer. We managed a stock rationalisation program, negotiated a royalty moratorium to ensure employees were paid in full, and significantly enhanced value for secured creditors.

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Southern Shipping

Insolvency
Receivership
Transport & logistics

Receivership of northern Tasmanian shipping line including sale of two 300-tonne commercial shipping vessels, where extensive investigations were required to defeat maritime lien related claims, to help deliver enhanced returns to secured creditors.

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JNK Express

Insolvency
Wind down
Transport & logistics

Managed wind down of a transport and logistics business (turnover c. $6m) servicing metropolitan and regional mining centres across Western Australia, where realisations ensured returns to employees were preserved (secured debt of $2.6m).

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Alan Fisher Pastoral Company

Insolvency
Voluntary administration
Agriculture

As voluntary administrators we successfully stabilised and traded six dairy farms (secured debt of $18m) and successfully achieved a sale of all the businesses and assets, including residential properties and plant and equipment, maximising returns for creditors.

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Voluntary administrators for a national franchise group

Insolvency
Voluntary administration
Financial & professional services

A group of companies providing online insurance broking services to the franchise sector. We traded, then sold the business to a publicly listed insurance broker. We preserved the client base while dealing with complex matters involving the ownership of the online platform. Employees entitlements are paid in full while unsecured creditors received a significant dividend.

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Talbot Olivier Pty Ltd

Insolvency
Voluntary administration
Financial & professional services

Voluntary administrator to one of Perth’s oldest law firms (and subsidiary of a public listed company) comprising 90 staff and eight partners. We successfully sold the practice to the incumbent partners and had extensive dealings with the Legal Practitioners Board to ensure that clients’ rights and entitlements were preserved.

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Controllership of a residential development site

Insolvency
Controllership
Property & construction

Controllership appointment of a 46.11ha residential englobo development site, with a number of acid sulphate issues and vegetation growth requiring immediate remediation. We finalised a development application and completed site remediation. The development land was sold to a local developer as part of a strategic acquisition with the valuation price achieved.

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Industrial development site receivership

Insolvency
Receivership
Property & construction

Receivership of a 6ha partially improved industrial development site with development approval for an industrial unit subdivision. Following an assessment of the property and development plans, it was determined that realisations could be maximised through individual sales of three titles. The site was sold in 2ha parcels for above market value.

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Industrial property receivership

Insolvency
Receivership
Property & construction

Receivership of an industrial development site. An assessment of the saleability of the end-use product was undertaken following the appointment, which, in line with market feedback, indicated the development was unlikely to be viable. Work was undertaken on site to remediate the environmental issues, and a new subdivision design and approval were obtained, with the development site realised at a premium to the initial valuation.

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Voluntary administration and liquidation of construction business

Voluntary administration
Liquidation
Property & construction

An extended administration and liquidation of a large earthmoving, contracting, and civil construction business. Vehicle and equipment fleet were rationalised, and various competing subcontractor claims were resolved to maximise returns to creditors. A successful sale of the business was achieved and preserved the employment of c. 25 employees and c. 60 subcontractors.

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Financial Resources Pty Ltd

Insolvency
Voluntary administration
Mining & resources

Voluntary administrators of a mining services company which operated on the site of a listed operating mine. With an extensive suite of plant & equipment, support trucks and other yellow goods, we engaged with multiple financiers to ensure a cooperative onsite auction realisation strategy achieving strong prices (avoiding demobilising costs).

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McClymonts

Insolvency
Voluntary administration
Manufacturing

A second-generation independent poultry abattoir and meat wholesaler located in Toowoomba, Queensland. As voluntary administrators, we continued operations of the farm while restoring profitability, attended to operational improvements and maintenance, and successfully achieved a business and assets going concern sale.

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Independent business review of a property developer

Restructuring & Turnaround
Independent business review
Property & construction

Review on behalf of a major banking client of a property developer with group lending in excess of $30m and a number of commercial and residential development sites. The review involved a feasibility analysis and the development of a divestment strategy. Following the realisation of a number of development sites, the property portfolio debt was reduced to a serviceable level and the customer retained by the lenders.

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Independent review of a meat processing group

Restructuring & Turnaround
Independent business review
Manufacturing

Independent financial and operational review of a group operating a number of hospitality businesses and engaged in meat processing, trade and export (secured debt of c.$80m). We identified options for the secured lender and customer to improve cash and debt management, internal controls and stabilised the business through the structured exit of underperforming assets

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Business review of an international apparel group

Restructuring & Turnaround
Business review
Retail

On behalf of a major financier, we assessed a large domestic and international apparel business, performing an analysis of industry, risk, market and operations, and financial parameters, together with a review of board/management effectiveness. Subsequently, we reviewed the above elements against a restructured financial model and met with group/equity interests to assist the financier with facility renewal.

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Karl Suleman Enterprises

Insolvency
Forensics
Financial & professional services

Karl Suleman Enterprises was an unregistered management investment scheme with over 3,000 investors. This engagement involved reconstruction of accounts, tracing of assets, litigation against various third parties, detailed investigations, and reviewing and adjudicating on the claims of 3,000 investors. The Liquidation further led to ASIC successfully pursuing and sentencing the director to jail for misleading and deceptive conduct.‍

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Liquidation of a learning centre

Insolvency
Liquidation
Education

Appointment as liquidator of an incorporation to wind up a learning centre once the local council took over the operation of the childcare, training and occasional care services provided by the incorporation. We dealt with all aspects to wind down the operations of the incorporation including but not limited to, dealing with the local council regarding all transition matters, other government entities as required, employees, assets and other general matters.‍

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Gunns Ltd

Insolvency
Liquidation
Agriculture

Liquidation of Gunns Ltd, a listed integrated forestry business and MIS promoter. Gunns Ltd held over 220,000 hectares of MIS plantations under management; they had over 36,000 grower investors and syndicated debt of $340m.

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Willmott Forests Ltd

Insolvency
Liquidation
Agriculture

Liquidation of a listed MIS promoter and forestry management business. Willmott Forests Ltd held over 56,000 hectares of forestry plantations under management, they had over 6,000 grower investors and syndicated debt of $120m.

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EJ & KR Brooks

Insolvency
Receivership
Agriculture

Appointed receiver by a secured creditor repaid in full. The company operated a grain handling, storage and logistics business in Corowa, NSW. The company operated a grain handling, storage and logistics business in Corowa, NSW. Achieved sale of key assets – trucks, trailers, plant and machinery valued at approximately $5m, GrainCorp silo leases valued at approximately $3m and 50,000 tonnes of grain. Successfully managed multiple owners and farmers in five storage locations.

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Ernest Hillier

Insolvency
Sale of business
Manufacturing

Voluntary administrators of a chocolate confectionery manufacturing business which produced a variety of products for both the domestic and export markets (secured creditor debts of c. $5.2m and unsecured creditor debts of c. $4.8m and c. 70 staff). We undertook a business viability review and urgent sale of business campaign. We successfully completed a sale of business and assets preserving value for creditors.

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Debt advisory for a retirement village

Advisory

Advised a retirement village company that operated and developed c. 10 retirement villages with approximately $120m in assets, whereby we negotiated and liaised with financiers to resolve issues and facilitate managed sell down of assets.

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