An accomplished corporate restructuring leader, Sam's experience encompasses managing numerous formal and informal matters. This includes overhauling various business processes for one of Australia's largest ASX100 companies and engagements involving multiple group entities.
Sam's expertise in the execution of large complex trading assignments and the sale of business campaigns ranges across a wide variety of industries. Notably, he operated an aged care facility in conjunction with the Victorian State Government.
Sam also specialises in undertaking property enforcement engagements for major banks, second-tier financiers, and private lenders. Sam has overseen a vast portfolio of transactions and has substantial skills in dealing with major development sites, large-scale apartment complexes, townhouse developments, and retail shopping centres.
Other experience includes providing specialist turnaround, advisory and forensic accounting services to lenders, solicitors, and accountants. This included investigating entities involved in complex offshore tax avoidance schemes and misappropriating large sums of money.
Safe Harbour advisor in relation to a large transport and warehousing business with c$125m of yearly revenue, fleet assets of c$21m and c1,000 contractors and staff.
The Voluntary Administrator of a boutique construction and architecture firm operating in Melbourne’s inner southeast. Sam managed ongoing operations to preserve the value of the business and was successfully able to achieve a restructure by way of a deed of company arrangement, thereby maximising the return to the company’s creditors and ensuring continued construction of customer homes and continuity of employment for the company’s employees.
Appointed Voluntary Administrator of Australia’s only personalised, safe transport rideshare services for women and accompanied / unaccompanied child passengers. The project was high profile and involved multiple stakeholders, in a highly regulated industry.
To successfully preserve the value of the business and assets of the group, the Administrators were able to successfully continue to trade the business during the COVID-19 pandemic. This involved intricate negotiations with statutory transport authorities to maintain all compliance requirements, as well as with all major creditors, and an effort to maintain regular contact with all employees to uphold balance in a volatile environment.
Following complex negotiations and discussions with over 25 interested parties, the business was successfully restructured and sold, pursuant to a Deed of Company Arrangement (DOCA) received by a third party and approved by creditors. This outcome delivered many benefits, including that it preserved the ongoing existence and operation of this important service to the community.
Appointed Voluntary Administrator of a complex structured group that provided employee support services on a sub-contractor basis within the cleaning services industry.
The appointment extended to four companies, which employed over 100 employees and operated across eight different project sites, including at various food manufacturing facilities and shopping centres. The Administrators were able to preserve ongoing support from key stakeholders, including suppliers and employees, and specifically from the key customer, to continue to trade the business of the group, with the objective of formulating a suitable sale and restructure.
The business of the group was successfully restructured and sold pursuant to a Deed of Company Arrangement (DOCA) received by the key customer and approved by creditors. This outcome delivered:
• Contributions of $1.3 million.
• Preserved the ongoing operations of the Companies’ business.
• Ensured the ongoing employment of all the Companies’ employees and transferred their outstanding entitlements.
• Provided for payment in full of outstanding superannuation contributions.
• Provided a strong dividend to unsecured creditors of the Companies.
Appointed joint Voluntary Administrators of five companies, set up as special purpose vehicles to undertake property and land development projects in Melbourne, each in their own capacity and as trustees of certain trusts. Receivers were appointed over the property assets of two of the companies, which included partially complete property developments.
At the appointment, restraining and forfeiture orders obtained by AFP under the POCA Act were in place, suspending works and restraining any dealings with the properties including any sale, mortgage, or subdivision.
A forensic accounting exercise was required to determine the legitimacy of funds used to acquire properties to ensure such funds were excluded from forfeiture orders in place.
Steps taken over the course of the appointment to facilitate the property sales included engaging with the AFP and formulating a strategy regarding the restraining orders / POCA proceedings and exclusion applications as they pertained to the Administrators’ ability to deal with and sell the properties and disburse the proceeds to the secured creditors. With the AFP’s consent, the appropriate court orders were obtained.
The result for the Administrators was the successful sale and settlement of the three of the companies’ properties under the Administrators’ control for more than valuation, resulting in payment in full to those secured creditors with debts of c.$8m.