Experience
JobCo
Appointed as voluntary administrators of JobCo Employment Services Inc (JobCo), a sizable charity which was also Registered Training Organisation (RTO).
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NetComm Wireless, facing severe financial distress due to unresolved intercompany transactions, declining revenues, and a failed divestment process by its parent company Casa Systems Inc., underwent a rapid turnaround facilitated by Cor Cordis.
Learn moreAppointed as voluntary administrators of JobCo Employment Services Inc (JobCo), a sizable charity which was also Registered Training Organisation (RTO).
Learn moreNetComm Wireless, facing severe financial distress due to unresolved intercompany transactions, declining revenues, and a failed divestment process by its parent company Casa Systems Inc., underwent a rapid turnaround facilitated by Cor Cordis.
Read MoreAppointed as administrators to MDC Sheetmetal, a sheetmetal manufacturing business located in the northeastern region of Melbourne.
Read MoreAppointed as voluntary administrators of JobCo Employment Services Inc (JobCo), a sizable charity which was also Registered Training Organisation (RTO).
Read MoreVoluntary administration of a company which operated a restaurant and gin distillery business located on the Victorian surf coast.
Read MoreThe Berndale Group of entities held an AFS license and operated as an over-the-counter derivatives provider in forex trading.
Read MoreThe 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.
Read MoreAs administrators, we sold and settled three properties for amounts exceeding their valuations. This led to the full payment to secured creditors with debts amounting to approximately $8m.
Read MoreWe were appointed as voluntary administrators and later liquidators of Acquire Learning, a vocational education student broking and Registered Training Organisation (RTO) group that, at its peak, generated revenues of approximately $130 million and held secured debt of around $40 million.
Read MoreVoluntary administrators for Australia's only rideshare service catering to women and accompanied / unaccompanied child passengers.
Read MoreDelivered a successful deed of company arrangement process for a SaaS company, which resulted in creditors receiving 100 cents in the dollar.
Read MoreWe worked with the receivers and managers to implement a transaction to restructure the company. This resulted in the continuation of the mine's operations, securing the continued employment of its employees.
Read MoreWe successfully restructured the business through a deed of company arrangement and ensured 25 stores remained open in Australia, along with 256 staff employed.
Read MoreThe established furniture business was successfully restructured and was subsequently sold in accordance with a deed of company arrangement.
Read MoreAdvisory services appointed by a major financier to assist with a facility renewal of a renowned apparel business.
Read MoreA multi-stage advisory engagement in respect of a large construction group (with a debt greater than $300 milllion) that undertook residential, mixed-use and commercial projects. The engagement included a financial review of operating entities and the preparation of a model to demonstrate the impact of various restructuring scenarios and the impact on intercompany loans between entities within the group.This review enabled the group to negotiate an orderly wind-down and restructure of entities within the group.
Read MoreAppointed by major financier to assist with facility renewal of large domestic and international business. Annual turnover over c$100m and secured facilities of $37m. The engagement incorporated an extensive analysis of 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.
Read MoreVoluntary administrators of a group of five companies which operated a specialised marine project construction, repairs and maintenance business. On appointment, the group was involved in a number of high profile South East Queensland infrastructure projects. The external administration is ongoing and has involved progressing recovery of a number of complex debtor claims and asset realisations.
Read MoreVoluntary administration andliquidation of a contract ceiling business with revenues of c$14m and c100 employees working on civil construction and remote mining contracts. We traded the business and negotiated with the principal contractor to preserve contracts and realised the business and assets to payout the secured creditor in full.
Read MoreVoluntary administrators of a water infrastructure business (revenues of c.$65m), we continued trading to facilitate a sale as a going concern sale and deed of company arrangement restructure (with secured creditors of c.$19m, unsecured trade creditors of c.$12m and employee entitlements of c.$2m).
Read MoreWe performed a detailed investigation of funds and asset tracing, procurement data and stock movements. Our work identified the use of ‘hidden’ bank accounts, false invoices to obtain drawdowns under the factoring arrangement. Indications of collusion with suppliers to purchase non-existent stock and possible money laundering. Our investigations led to identification of ultimate beneficiaries of a scheme operating over several years. Our findings were reported to ASIC, the police and the NSW Fraud Squad.
Read MoreImproving returns for creditors and preventing a distressed property sale scenario for a group of entities in regional Victoria.
Read MoreThe restructuring and sale of the companies, facilitated through a deed of company arrangement, delivered substantial contributions of $1.3 million.
Read MoreHomeware brand Ishka was sold as part of a deed of company arrangement approved by creditors.
Read MoreThe mining group made the decision to enter voluntary administration, seeking a solution to safeguard its operations and maximise value for its stakeholders.
Read MoreVoluntary administrators for a well-known confectionery manufacturer and distribution business based in Geelong. Our strategy resulted in the successful sale of the business.
Read MoreDelivered a successful deed of company arrangement for a forklift and equipment hire business.
Read MoreThe 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.
Read MoreWe regularly undertake pre-lending reviews for tier 1 financiers in the commercial and corporate lending segments. These reviews typically cover operations, detailed financial analysis (i.e. cashflows, profitability, debt service), MIS, management capability, lending purpose, and risks and value add to both the client and the financier.
Read MoreWe were engaged by financier in respect of distressed dairy operator with operations across three states with a significant level of creditor arrears and a material funding request. We advised the financier to decline the funding request and to actively monitor the group’s asset sales.
Read MoreEngaged to quantify the loss of profit experienced by the claimant when the contract term was changed and following the alleged implementation of an informal process preventing the claimant from receiving any requests for quotation. We also considered the loss in market value of the business.
Read MoreInvestigated large-scale superannuation fraud/Ponzi scheme (c. $180m) with the primary person of interest pleading guilty to two charges of dishonesty. The engagement involved untangling a complex corporate structure of over 30 entities registered in Australia and in jurisdictions including Seychelles, Belize and Cayman Islands, and tracing money from bank accounts in Australia to accounts held offshore.
Read MoreVoluntary administrators of the Not Quite Right grocery clearance store chain of 18 grocery stores across Melbourne and regional Victoria, with turnover of c. $30m and c. 300 employees. The business was successfully sold as a going concern, thus saving numerous jobs and avoiding substantial losses for landlords.
Read MoreVoluntary administrators of a transport and logistics company, specialising in moving complex mining plant and infrastructure in WA. We completed contracts and realised over half the company’s fleet, resulting in the majority of secured debts being paid in full. With the remaining fleet, we transported cargo to Queensland (a stronger market), resulting in creditors receiving a material return.
Read MoreVoluntary administration of the holding company of a group of companies providing contract drilling services to mining companies across Fiji, Mongolia, Indonesia and Papua New Guinea (annual turnover exceeding $45m). We managed the sale and international wind down of all assets resulting in a substantial return to creditors.
Read MoreCommenced civil proceedings against individuals and entities associated with the illegal phoenix of a business and assets to a related party. Extensive investigations were conducted including asset tracing and public examinations. After reporting the misconduct to ASIC and assisting ASIC with its investigations, the director pleaded guilty to criminal charges.
Read MoreA multi-stage advisory engagement on behalf of a large civil construction group, involving preparing submissions to key stakeholders to agree a standstill period, undertaking the financial modelling to assess a major infrastructure project, and subsequently securing additional funding to support the infrastructure project. Our role has created value for shareholders.
Read MoreAdvising a prefabricated housing manufacturer experiencing material sales growth and resulting liquidity issues, we worked with management to help deal with key creditors and assist the company’s debt advisers progress with fund raising and credit requests, resulting in new Tier 1 financier debt facilities being achieved.
Read MoreWe prepared an investigating accountant's report for a financier. This long-standing customer’s business involved potato cropping and food manufacturing and was facing a liquidity crisis following a poorly implemented capital expansion program (secured debt of circa $15 million). We delivered an operational and balance sheet review, guided management to stabilise the business, advised on a deleveraging strategy and introduced a governance structure to reduce risk. The matter also involved sensitively dealing with a difficult customer/family dynamic.
Read MoreReceivership of several commercial properties in South-East Queensland. Many of the sites had high levels of lead and other heavy metals in the soil which required environmental consultancy and remediation. Some properties were also subject to flood damage which required a structural assessment and subsequent demolition. An insurance claim was progressed for the flood damaged site. Following remediation of the sites, sales were achieved at close to double the initial valuation on appointment.
Read MoreAppointed administrators to a large ASX-listed lithium miner and its subsidiary by the secured financier who held secured debt in excess of US$180m (circa $232m AUD). Two deeds of company arrangement (from separate proponents) were effectuated with the subsidiary’s shares being sold to another listed entity for circa US$179m ($230m AUD) and control of the ASX-listed lithium miner returned to the board of directors.
Read MoreEngaged by 255 Finance, an organisation which provided funding to third party financiers, we prepared an independent accountant report on the effectiveness of the company's key controls.
Read MoreEngaged by the Office of the Registrar of Indigenous Corporations, we prepared an examiner’s report on the Corporation documenting our findings in respect of the engagement as set out in the terms of reference.
Read MoreAppointed as interim Receiver and Manager of the group which operated a telecommunication business providing services to residential and small business customers. The appointment was made to preserve the business and assets and to investigate the transfer of customers out of the business. The investigations determined the business was in a state of attrition and the court ordered it be wound up. Subsequently appointed liquidators and facilitated the sale of the business.
Read MoreAppointed liquidators over five telecommunication entities within the group. Business operations included delivering whole-of-business ICT solutions including voice, mobility, data and internet, managed services and cloud services as well as wholesale telecommunications aggregation, offering VoIP and traditional telecommunications services to its reseller partners. Businesses had been restructured into another entity prior to appointment, whereby the group entities held shares. Current appointment with ongoing review and investigations around the restructure and potential value of any businesses operated within the restructured entity (and ultimate value of shareholdings in same).
Read MoreA $220m family dispute involving corporate groups and accounting treatments and transactions over 30 years. The engagement required investigations of alleged breaches of director’s and fiduciary duties pertaining to alleged mismanagement and misuse of corporate funds and assets. Our report was tendered in legal proceedings and assisted with the successful defense multiple claims for alleged breaches of duties.
Read MoreThe company owned a B-Grade commercial office tower in South Melbourne valued at $95m with a weighted average lease expiry (WALE) of nil years. The property was subject to a first ($115m) and second ($30m) ranking mortgage – total secured debt of $145m with a net asset deficiency of $50m and other loan covenant defaults.
Read MoreAn appointment to 10 companies which were part of the Trio Capital Ltd managed investment scheme collapse. The companies collectively owned 12 incomplete property developments in Queensland, New South Wales and Victoria. We successfully achieved the support of all five major banks to obtain development funding, complete all developments (c150 titles) and conduct sale & marketing campaigns (c$120m). Four of the five secured creditors were paid in full.
Read MoreThe voluntary administration of a boutique construction and architecture firm operating in Melbourne’s inner south-east. We managed the ongoing operations in order to preserve the value of the business and was successfully able to achieve a restructure by way of 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.
Read MoreVoluntary administration of a mining company with an annual mine production of c.40,000oz. Successful negotiations with a large contractor enabled the company’s operations to be traded whilst a deed of company arrangement restructure and sale of the business was achieved.
Read MoreVoluntary administration of a golf club in regional Victoria. We traded the business and undertook a significant restructure of the business during the VA period. As a result, we accomplished a deed of company arrangement with the club which involved the sale of surplus land (valued at $1.8m) for up to $4.65m, the implementation of a long-term sponsorship agreement and returning the club to a debt-free and fully recapitalised position.
Read MoreDelivered a successful deed of company arrangement which permitted the company to continue to trade and undertake work for the London Olympics. The company was previously the exclusive seating provider for the Sydney Olympics and various Commonwealth Games and also fit out supplier for McDonalds restaurants. Revenue $20 million.
Read MoreVoluntary 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.
Read MoreAppointed 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.
Read MoreWe 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.
Read MoreWe 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.
Read MoreAdvisor 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.
Read MoreSupporting 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.
Read MoreVoluntary 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.
Read MoreReceivership 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.
Read MoreAs 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.
Read MoreA 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.
Read MoreVoluntary 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.
Read MoreControllership 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.
Read MoreReceivership 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.
Read MoreReceivership 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.
Read MoreAn 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.
Read MoreVoluntary 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).
Read MoreA 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.
Read MoreReview 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.
Read MoreIndependent 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
Read MoreOn 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.
Read MoreKarl 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.
Read MoreAppointment 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.
Read MoreLiquidation 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.
Read MoreLiquidation 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.
Read MoreVoluntary 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.
Read MoreAdvised 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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