Mahercorp Group is a Victorian homebuilder with 780 homes under construction and a further c1000 in the pipeline. Mahercorp has a turnover of c200m, c$50m of creditors and c270 employees. Due to ongoing challenges, including significant supply chain issues, rising construction labour, and material costs, Mahercorp determined that it would become insolvent and made the decision to appoint Voluntary Administrators to restructure the business and return it to profitability.

Through the voluntary administration process, Cor Cordis paused construction works while they urgently assessed the business operations and explored all options to restructure or recapitalise the businesses. Mahercorp was successfully restructured through a Deed of Company Arrangement (DOCA), with Cor Cordis working across multiple stakeholder groups, stabilising a business experiencing financial challenges while still trading the business.

Critical DOCA elements that delivered a successful outcome included pre-appointment communication, focusing on stakeholder management across customers, suppliers, creditors, employees, and regulatory bodies. The provision of restructure funding and stabilisation. Offers of customer contract variation and a key focus on post-DOCA sustainability.

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Appointed Voluntary Administrators to Red Rivers Resources Ltd, an ASX gold and antimony mine. Appointed as one of the joint Voluntary Administrators of the listed entity and its 3 of its subsidiaries. Currently in the process of restructuring the group through sale and/or recapitalisation.

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Appointed Voluntary Administrators of a gold miner and its subsidiaries.  Successfully completed the $180m+ restructure of the group of companies and their respective mining assets, which includes the operational gold mine in Mount Magnet, WA, with a combined resource exceeding 760k ounces of gold.  Continued to operate the mine during the voluntary administration and deed of company arrangement periods whilst undertaking a significant CAPEX program with the support of the major secured creditor.  The group has over 100 employees and engages a significant number of contractors.

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Appointed Voluntary Administrators of Altura Mining Limited, an ASX-listed lithium miner, with its main investment in mining operations and exploration activities in a Lithium Project via its fully owned subsidiary, Altura Operations Pty Ltd.  Prior to its trading holt. The entity had a market capitalisation of c$209m.   Creditors exceeded c$365m.  Restructured the ASX vehicle and its subsidiary via a DOCA.

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iProsperity was part of a funds and investment management entity dealing primarily in Australian real estate assets for high net-worth foreign investors, some of which were within the SIV program, complicated by the broader group structure of some 64 entitles.  Debt across the 12 entities subject to the appointment exceeded c$350m, requiring investigations and tracing of funds.

Potential legal claims of more than $100m are being investigated and pursued as part of the liquidation, the complexity of the financials requiring detailed forensic analysis. The claims relate to the misuse of corporate funds and assets and director and third-party loan accounts.

Extensive funds tracing undertaken by the forensics team revealed material company monies being paid (directly and indirectly) to parties, including large gaming institutions, and the alleged misappropriation of funds by the iProsperity Groups’ directors and/or company officers. Currently, the team are undertaking necessary work to publicly examine several parties and commencement of litigation to pursue claims.

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CuDeco Limited was an ASX-listed copper miner.  Mining operations were suspended due to a combination of operational, maintenance and other scheduling issues. Creditor claims exceed c$189m, with further investigations being completed in the Liquidation on director breaches and conduct.

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Alita Resources Limited was an ASX-listed lithium miner to provide an assessment of the value of the company in a liquidation scenario. The purpose of the IER was to assist the court in determining whether a transfer of shares in a proposed Deed of Company Arrangement would unfairly prejudice the shareholders.  A detailed assessment of the company, its primary subsidiaries, and assets to determine the value under multiple scenarios.

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