Members Voluntary Liquidation
The Situation
The property was a large horse stud in Scone. We were appointed to the matter due to a shareholder dispute. Assets consisted of various plant, equipment and property and the company sold off a significant amount of livestock on a monthly basis as part of its business.
The Solution
We were involved in the trading of the business, the value and sale of livestock as well as the impregnation of the cows. The various properties had adjustment rights for the livestock that had to be taken into consideration.
Property was valued on a land value of approximately $10 million and had water access licences and coal rights attached to it. We worked closely with a mining company on an exploration basis which resulted in a sale of the property for over $20 million.
The mining company established a mine on the land and were able to the use the property as their carbon offset property.
The Outcome
Through the process, we sold down the assets of the businesses which resulted in the distribution of $28 million to the shareholders.