Deed of Company Agreement (DOCA)
A large transport company provided services predominantly to growers of fresh produce and operated with an extensive company fleet, throughout various states in Australia. The Company owed money to secured and unsecured creditors and employee entitlements.
The Company had various OH&S issues on appointment and as a result we ensured the business was regulated and compliant throughout. Through the restructure of management and operational systems,...
A National Pizza Franchise, operated a network of franchised pizza stores with its head office based in Brisbane. The Company owed over $4m to a secure creditor, upwards of $1m in employee entitlements and over $4m to unsecured creditors. SV Partners were appointed administrators.
The company was trading at a loss prior to our appointment. We conducted an immediate review of the business upon our appointment and identified...
Creditors Voluntary Liquidation (CVL)
The Company produced food packaging for major supermarkets and food retailers and owed an outstanding debt to a secured creditor. In addition to this there were conflicting ownership issues surrounding plant, equipment and intellectual property.
As Liquidators, we began our process with the realisation of large quantities of specialised plant and equipment in the packaging industry. We liaised with the Company’s customers with respect to ongoing...
SV Partners were appointed as Voluntary Administrators to a Home Loan Broking Franchise due to increasing pressure from creditors. The amount of debt owed to creditors was in excess of $10m. The objective of the appointment was to keep the business operating and obtain a buyer for the business. The complexities of the Administration included:
1. Pressure from the company’s bankers,
2. Approximately 300 disgruntled franchisees,
3. A lack of sophisticated...
We were appointed as the Receivers of a retirement village located in Queensland, as the Company had outstanding debt to secured creditors, including banks.
After reviewing the Company’s circumstances we found the best solution was to manage the employees and contractors to maintain business operations. The retirement village was only partially completed and required daily monitoring and management of its facilities. This was achieved through regular meetings and communications...
In surveying the myriad of competing case law and theories, Matthew Hudson of our SV Voidables team has published an article in the Australian Restructuring Insolvency & Turnaround Association Journal arguing four possible reasons why set-off should not apply to unfair preference claims. We have provided below a summary of this article, but interested readers are encouraged to click [here] to read the entire article.
Section 588FF of the Corporations Act 2001 (Cth) (the Act),...
Section 91 of the Insolvency Law Reform Act 2016 (Cth) (ILRA) introduces a dedicated section to assist Practitioners to identify what the relation-back day will be in each and every circumstance.
For those new to the insolvency landscape, the relation-back day is used by Practitioners and the Courts to determine what date to relate-back from in respect of clawing-back voidable transactions incurred during a prescribed period, pursuant to ss 588FE and 588FF of...
The unfair loan as a voidable transaction, found in s 588FD of the Corporations Act 2001 (the Act), is “quite different,” as it is the only cause of action without a defined period to which the transaction that is said to be unfair must be related-back to (ie in the form of the relation-back period). Therefore, practically speaking, a Liquidator can look back to any time from the formation of the Company until her or...
It is a regular reminder you have heard your whole professional career: don’t rely on presumptions. Effectively, you mould a fact or piece of evidence to suit the circumstances of what you want to prove or demonstrate.
Obviously, there are circumstances where presumptions are required; maybe due to your instructions or because your opinion relies in part upon another independent expert. These sort of circumstances are covered by APES 215 ‘Forensic Accounting Services’ and...