With over 20 years of business experience providing specialist turnaround/restructuring and insolvency advice, Catherine’s expertise extends across various engagements, from informal restructures, debt advisory and independent business reviews to formal insolvency appointments.
Catherine undertook a secondment role at a major Big Four bank in the risk area. She provided valuable insight into credit risk and the management of distressed and non-performing loans.
Appointed Voluntary Administrators of an established homeware brand in the month before COVID-19. Catherine helped restructure and guide the business through unique and complex challenges exacerbated by nationwide lockdowns.
This included overseeing trading operations, managing international suppliers and logistics, negotiating with landlords, and implementing store closure strategies. Assisting the business in pivoting from bricks-and-mortar retail to an online sales hub model and reviewing other operational parameters enabled a suitable sale and restructure to be formulated.
The business was subsequently sold as part of a Deed of Company Arrangement, supported by a business sale agreement approved by creditors.
Appointed by a major financier to assist with facility renewal of large domestic and international businesses. Annual turnover over c$100m and secured facilities of $37m.
The engagement incorporated an extensive analysis of the industry, risk, financial parameters, and management effectiveness against a restructured financial model prepared by the business.
As a result, the major financier and business were able to successfully renegotiate the renewal of the facilities to allow for continued trading of the business.
Court-appointed receivership and subsequent liquidation, on the application of the Australian Securities and Investments Commission (ASIC), to an over-the-counter derivatives provider with an Australian Financial Services Licence. Creditors included investors with claims of up to $9m.
Catherine managed all aspects of this appointment, including investigations into the conduct of the directors to determine how they diverted investors’ funds out of the group. This included forensic accounting funds tracing, conducting public examinations and document production, and engagement with the ASIC.
The outcome was the recovery of an equitable interest claim over $1 million and the provision to ASIC of critical information, following which a referral from the ASIC to the Commonwealth Director of Public Prosecutions resulted in criminal charges being made against the former directors for dishonesty offences, including misuse of over $1 million in company funds.
Appointed Voluntary Administrators of an IT security service provider that had rebranded and restructured its operations a few years prior. The appointment resulted from a complex project dispute of circa $12m.
After facilitating a review of the operations of the business and its viability to trade, including the group’s complex financial structure, Catherine managed the operational activities of the business, including the impact of COVID-19 (which caused site outbreaks), intending to preserve the value of the business and its assets (including intellectual property) and continued employment of the employees by way of a going concern sale or DOCA.
Following a comprehensive review of all business processes, key changes were recommended, with an EOI campaign run and a DOCA proposal made.
The DOCA proposal incorporated a Creditors’ Trust. It was approved by creditors, thereby enabling control of the company and business to be returned to the director upon effectuation of the DOCA and ensuring the continuation of employment and ongoing projects.