We have a highly experienced team of liquidators and trustees who are able to bring their extensive expertise to assist in times of financial distress to achieve the best outcome for all stakeholders.
Below are a sample of the relevant client experience of our Registered Liquidators and Bankruptcy Trustees across a range of common business recovery matters.
Restructuring and Turnaround
Confidential Client โย Restructuring / Safe Harbour Advisor
Appointed as Safe Harbour advisors to a Confidential Client, William Buck assisted the client to navigate its way through turbulent times and continue to operate profitably.
William Buck was initially approached to provide Safe Harbour protection to the directors of the Confidential Client, who were concerned that they may be exposed to personal liability for insolvent trading given the financial difficulties the Confidential Client was experiencing and the uncertain outlook ahead.
The clientโs Board of Directors had to contemplate a number of options, including the possibility that the client would need to appoint a voluntary administrator or a liquidator. Working with the Board and the CFO of the Confidential Client, William Buck evaluated the suitability of the Safe Harbour legislation, and then provided the protection to the Board that they required to have the peace of mind to proceed with the restructuring plans. The plans were developed by the Board in conjunction with William Buck and other advisors.
The successful execution of these restructuring plans meant that the Confidential Client was no longer in financial difficulty and accordingly the Directors were no longer at risk for personal liability for insolvent trading.
The successful restructure ensured that the Confidential Client could continue to operate as a going concern. This saved jobs and meant that creditors would be paid in full in the ordinary course. It also ensured that value was retained for the shareholders.
To date, William Buck has assisted several clients through the Safe Harbour process, which is a powerful but underutilised process to provide protection to directors to enable them to restructure their company and preserve value for all stakeholders. The alternative would be that directors would have to resort to placing their company in administration or liquidation.
Confidential Client โย Restructuring / Safe Harbour Advisor
Appointed as Safe Harbour Advisors to the directors of this struggling retail business with an annual revenue of around $100 million. Using our expertise and industry knowledge we assisted the directors to navigate through Safe Harbour legislation to minimise the directorsโ personal liability for insolvent trading.
Concurrently, the William Buck Business Advisory team worked with the companyโs management on the restructure. This included assisting with preparation of budgets, cashflow forecasts and a daily 13-week cashflow model, which was used to manage and control purchasing, and accounts payable management.
In addition, the William Buck Corporate Advisory team was approached to explore a sale mandate for the company.
This interaction was a good example of how our integrated model can provide benefits that most other restructuring and insolvency firms canโt and how William Buck can act as a single point of contact to manage each part of your financial project.
Confidential Client โย Restructuring / Safe Harbour Advisor
Appointed as Safe Harbour Advisors to the directors of this national not-for-profit organisation. Using our expertise and knowledge we were able to navigate the directors through the Safe Harbour legislation thereby minimising the directorsโ personal liability for insolvent trading. We have continued to work with the board of directors to ensure Safe Harbour protections are in place while the medium-term restructuring and workout strategy is implemented.
Formal Appointments
Initially appointed as Voluntary Administrators by the directors of Technomin Australia Pty Ltd, a company that serviced the telecommunications industry, we were subsequently appointed as Deed Administrators by the creditors of the company. We commenced litigation against a large U.S. based trading partner which had withheld significant commissions. As a result of successfully settling the litigation, we were able to pay the creditors of the company in full and returned the company to the directors in a solvent position. The directors subsequently approached us to undertake the solvent winding up of the company.
Initially appointed as Voluntary Administrators by the directors of Valence Industries Ltd, an ASX listed company which held Mining, Retention and Exploration Licences, and which owned graphite mining operations in South Australia, which included one of the largest coarse flake graphite deposits in the world.
A Deed of Company Arrangement was proposed and accepted which resulted in the company being restructured. This allowed for the non-priority creditorsโ debts to be converted into equity. We were subsequently appointed as Deed Administrators by the creditors of the company. The deed also provided for the company to re-list on the ASX which was achieved following approval by the ASX and ASIC.
Mr Daniel Farook Ali and the โDaniel Ali Schemeโ โย Receiver and Manager Appointed
Appointed by the Court, on the application of ASIC, to act as Receiver and Manager of the assets of DanFX Trade Pty Ltd, and associated entities and as Receiver of the property of an individual involved in operating an unlicensed and unregistered managed investment scheme, which had raised approximately $13 million from more than 200 investors.
We took control of the available assets and undertook investigations to identify how the investorsโ funds were utilised and submit a report to the Court. We were subsequently appointed as Receiver of the Daniel Ali Scheme, as liquidator of the three companies in the scheme, and as Receiver of the property of Mr Ali.
Pacific Services Group โย Receiver and Manager and Agent
Appointed to Pacific Services Group, one of Australiaโs leading electrical and communications providers and switchboard manufacturers, which had outstanding debts of $10 million owing to its secured creditor. We were appointed both as Receiver and Manager to the companies in the group and as agent to collect debts owed to the debtor book on behalf of the financier who owned the debtor book.
Farnhill Holdings Pty Ltd โย Agent for the Mortgagee-in-possession
Appointed by a major bank as Agent for the Mortgagee-in-Possession to realise two rural properties in Victoria which were successfully sold at auction.
Confidential client โย Agent for the Mortgagee-in-possession
Appointed by a major bank as Agent for the Mortgagee in Possession over a newly built high-end residential property in Palm Beach, NSW. We obtained the certificate of occupancy, before marketing the property for sale. The property was initially passed in at auction, before we successfully negotiated the sale of the property to the highest bidder.
Behnia โย S66G Trustee
Appointed by the Court as S66Gg Trustee to sell an $8 million apartment in Point Piper. After the NSW Sheriff assisted in evicting a tenant who was refusing to vacate the property, we secured possession and project managed significant restoration works before commencing a sales campaign. The property was initially passed in at auction however we negotiated and finalised the sale to the highest bidder.
Cassegrain โย S66G Trustee
We were appointed by the Court as S66G Trustee following a long running family dispute subject to significant litigation. The appointment was over property comprising six lots in regional NSW (mid-north coast), which had a small farming operation and homestead. We secured vacant possession of the property before commencing a sales campaign. Initially passed in at auction, we successfully negotiated and finalised the sale of the property via private treaty.
Confidential Client โย Members Voluntary Liquidation
Appointed as Liquidator to two related solvent companies at general meetings of the companies to wind up their businesses and distribute excess proceeds to shareholders. By working closely with our Business Advisory team and our Tax Services team we were able to distribute $8.5 million to the companiesโ shareholders in the most economical and tax effective manner, providing tax savings of over $2 million.
Confidential Client โย Members Voluntary Liquidation
We were approached to take the appointment as Members Voluntary Liquidation to the family investment vehicle of a high-profile couple that were going through a contentious and acrimonious divorce, involving regular appearances before the Family Court.
Australian Vanlines Pty Ltd โย Court Liquidation
Appointed Court Liquidator following an application by the Australian Taxation Office (ATO) for the winding up of Australian Vanlines Pty Ltd, a company in the shipping and storage industry. Through our investigations, we identified and located over 250 private ownersโ shipping containers across Sydney. A first and final dividend was paid to unsecured creditors from net asset realisations and net recoveries from voidable transactions.
Fast Access Finance Pty Ltd โย Court Liquidation
Appointed Court Liquidator following an application by the Australian Securities and Investments Commission (ASIC) for the winding up of Fast Access Finance Pty Ltd, a payday lender which the Federal Court ruled had breached consumer credit laws by engaging in credit activities without holding an Australian credit licence.
Office Furniture Trade Centre Pty Ltd โย Creditors Voluntary Liquidation
Appointed as Voluntary Liquidators of Office Furniture Trade Centre Pty Ltd, a furniture retailer with operations in the Gold Coast region. We successfully realised all the companyโs stock, plant and equipment together with a luxury residential investment property which was owned by the company, resulting in a significant return to the secured creditor, a major bank which had elected not to appoint a Receiver and Manager and left us in control of the company. Employees were able to access the Fair Entitlements Guarantee Scheme, resulting in their entitlements being paid in full.
Rockwell Olivier (Sydney) Pty Ltd โย Creditors Voluntary Liquidation
Appointed as Voluntary Liquidators to Rockwell Olivier (Sydney), a Sydney based law firm. We worked with the Law Society of NSW to ensure the client files and the trust accounts were properly managed. We negotiated the sales of the legal practice to the former partners of the firm, including the transfer of most of the staff to the new legal practices established by the former partners.
Bankruptcy and Personal Insolvency
Confidential Client โย Bankruptcy Trustee
Appointed as Bankruptcy Trustee of a deceased person. From initial investigations, a significant voidable transaction was identified involving the transfer of a number of vintage aircraft. In conjunction with the liquidator of the deceasedโs company, a successful recovery of funds for the aircraft was achieved. Subsequent investigations uncovered another voidable transaction involving the transferring of monies into superannuation funds. We were successful in obtaining freezing orders against the superannuation funds and the third-party beneficiary of the funds. Significant monies were recovered resulting in a return to creditors.
Mohamad and Amal Mehajer โย Bankruptcy Trustee
Appointed Bankruptcy Trustee of Mohamad and Amal Mehajer, the parents of Salim Mehajer, the former deputy mayor of the former Auburn City Council. Mohamad and Amal Mehajer were pursued by the Australian Taxation Office (ATO) for combined tax debts of $10 million. We undertook extensive investigations with the assistance of Australian Government authorities to enable the further pursuit of suspect transactions to a number of overseas recipients.
Forensic and Litigation Support
Confidential Client โ Environmental company โย Expert Report
Engaged to prepare an Expert Report into a fraud perpetuated over a six-year period by a long-standing employee of a multinational environmental services company. Our report quantified the loss incurred and was used as the basis for the companyโs successful claim against its insurer.
The insurer subsequently commenced civil proceedings against the employee. The NSW Police also conducted an investigation and criminal charges were laid against the former employee, with our report being used in evidence.
Confidential Client โ Not-for-profit โย Expert Report
Engaged by the board of a not-for-profit charity organisation to prepare an Expert Report into the misappropriation of funds, unauthorised payments to an officer, and fraud. Our report quantified the loss incurred and provided recommendations to improve the internal control environment and organisational structure. The NSW Police also conducted an investigation and criminal charges were laid with our report being used in evidence.
Confidential Client โ Construction โย Solvency Review
Appointed by the directors to undertake a solvency review of a large construction company. The directors were concerned that management was having significant difficulty in accurately forecasting cash flow, which was problematic for the companyโs ability to set strategic targets and improve growth, and which raised the prospect that the company may be trading whilst insolvent. Our review concluded that the company was solvent. In addition, we provided recommendations to improve the finance function to enhance the cash flow forecasting process.
Confidential Client โ Software Technology โย Solvency Review
Appointed by the major shareholder and directors of this Software Technology company to undertake a solvency review of the company as the directors were concerned that they may be exposed to personal liability if the company was trading whilst insolvent. Based on our report, which determined that the company was solvent at that time, the directors proceeded to trade the company while exploring a sale of the business.
Investigative Reviews
Confidential Client โ Not-for-profit โย Investigative Report
Engaged by the board of a large not-for-profit in the Catholic school system to undertake an investigation into suspected kickbacks being provided to suppliers and staff. Our Investigating Accountantโs Report also provided recommendations to improve the internal control environment (particularly concerning procurement and payables processes).
Confidential Client โย Investigative Accountant
Engaged by the companyโs banker to undertake an Investigating Accountantโs Report into a medium sized NSW-based supplier to the construction industry, to assist the banking syndicate to assess an offer of compromise from the private equity owners of the business.
CFO | ADRAD
Rod is the CFO for recently listed Adrad Holdings Limited, a manufacturer and distributor of heat exchange and automotive products throughout Australia with operations both domestically and in Thailand. Previously he has been a CFO through a small cap IPO and has worked in the manufacturing industry for 10 years in privately owned food manufacturing and industrial product manufacturing of Original Equipment (OE). Prior to this he held senior finance and accounting roles in multi-national oil and gas as well as junior ASX listed resource exploration companies. Rod gained his Chartered Accountant designation with Arthur Andersen in Canada before moving to Australia 25 years ago.
CFO | Fleet Space Technologies
Federico was appointed Fleet Space as Executive Board member in 2019 and moved to Australia and joined the company in January 2022 as Chief Financial Officer/Strategy and Investment Officer. Federico has more than 16 yearsโ experience as a CFO working in one of the largest energy companies (Engie SA) gaining a worldwide experience in high-level financing, M & A, and sector transformation in the energy markets.
Federico backed is education by a University Degree in Business Economics, a masterโs in international finance, and various Masters in IFRS.
His current role is focused on leading Fleet Space’ strategy in building its financial strength, leading the capital funding and its global investment expansion.
He is currently also board directors of Fleet Space Technologies subsidiaries leading its expansion overseas precisely: Fleet Investment Fund, Fleet Canada, Fleet Chile, Fleet Luxembourg and Fleet INC (USA).
He is also a shareholder and advisor of Alauda Aeronautics (Australian high tech startup which engineers the future of transportation by designing and building high-performance electric flying cars).
Group CFO | Thomas Foods International
Nick is a Chartered Accountant, who studied in Perth at Murdoch University. After completing his studies he returned to Adelaide, working for eight years in public practice.
In 2011 he began working for Thomas Foods International, joining the family business. Starting as a Financial Accountant, heโs watched first-hand the growth of the business both inside Australia and markets internationally. In recent years heโs stepped up into the Group CFO role.
Outside of work, Nick is a big family man who loves spending time with his wife, watching his kids play sport and tinkering around the house.
Treasurer of South Australia
Stephen was appointed Treasurer in the Labor Government in March 2022.
Stephen was first elected as the Member for Lee in the South Australian Parliament in 2014.
โIn 2014, he was appointed the Minister for Transport & Infrastructure, and in 2016 added the portfolios of Housing and Urban Development.
โPrior to entering the Parliament, Stephen led Deloitteโs economics team in Adelaide between 2010-2013 providing economic advice to corporate clients, the non-profit sector and state and federal governments.
โStephen is a proud western suburb resident, is married to Antonia and they have three children Benjamin, Isaac and Olivia.
Along with his responsibility as Treasurer, his portfolio responsibilities include Finance.
Audit & Assurance Director, William Buck
Matthew believes that having an open mind is the key to being a good auditor. โEveryone has their own experiences and knowledge of a situation. As an auditor, you need to take into account different perspectives while objectively analysing the information at hand.โ
With a combination of Big 4 experience and having worked โon the other side of the fenceโ in a commercial role at Elders Ltd, Matthew understands the practical pressures his clients face. He seeks to make the audit process as valuable and smooth as possible while achieving a practical and commercial outcome.
Matthew has expertise with ASX listed companies, large proprietary companies, not for profits, co-operatives and trusts. In addition to statutory audits, he helps his clients to develop risk mitigation strategies, reviews their internal controls and operations and also provides financial reporting and corporate governance advice.
CEO and Managing Director | REDARC
Anthony Kittel is the CEO and Managing Director of REDARC Electronics, a leading Australian manufacturer of power electronics products for various markets, including automotive, defence, mining, marine, and space. He has been leading REDARC for over 25 years, during which he has transformed the company from a small local business to a globally recognized brand that delivers innovative and high-quality solutions.
With credentials such as OPM43 from Harvard Business School, MBA from the University of Adelaide, and Fellowship from the Governors Leadership Foundation, Anthony has a strong background in research and development, new business development, strategy, and leadership. He has guided REDARC to win multiple awards and accolades, such as the 2014 Telstra Australian Business of the Year, the 2017 Westpac Businesses of Tomorrow, and the EY Entrepreneur of the Year 2013 Central Region Technology category. He is also a founder, director, or board member of several organizations that support the advancement of electronics, engineering, and innovation in Australia and beyond. Anthony is passionate about creating value for his customers, partners, and stakeholders, and fostering a culture of excellence, collaboration, and continuous improvement within REDARC and the wider community.
Sustainability and Business Reform Leader, Chartered Accountants Australia and New Zealandย
Karen McWilliams is the Business Reform Leader in the Advocacy and Professional Standing team at Chartered Accountants Australia and New Zealand (CA ANZ). She is responsible for shaping and influencing business reform issues of relevance to Chartered Accountants, including insolvency, corporate governance, anti-money laundering, corporations law, climate change and sustainability matters. Karen is also a non-executive director on the UN Global Compact Network Australia Board and was recently appointed to the Australian Governmentโs Nature Finance Council.
She is a Fellow Chartered Accountant with the Institute of Chartered Accountants in England and Wales and Chartered Accountants Australia and New Zealand, a graduate of the Australian Institute of Company Directors and holds a Master of Arts in Mathematical Sciences from the University of Oxford.
Internationally renowned innovator and strategist
Dr Gรถran Roos is an advisor to companies and government agencies on strategic topics relating to the digital and green transformation. He holds positions on both governance boards and advisory boards at academic, government and commercial organisations and academic appointments at universities in Australia, UK and Norway. He is also a fellow of the Australian Academy of Technological Sciences and Engineering (ATSE) and of the Royal Swedish Academy of Engineering Sciences (IVA).
Managing Directors, Peregrine Corporation
Prof. Khalil (Charlie) Shahin AO is one of the Managing Directors of Peregrine Corporation, South Australiaโs largest privately-owned employer with more than 6500 staff generating more than $3.2 billion in revenue annually.
In April of 2023 it was announced the OTR Group will be acquired by Viva Energy.
Khalil (Charlie) currently serves as a non-executive director of Crescent Wealth, SPC Ltd and is the Chairman of Australian Jordanian Chamber of Commerce and Industry. He also serves on many other charitable foundations and institutions, both as director and advisor.
Associate Head of Adelaide Business School, The University of Adelaide
Dr Olga Muzychenko (PhD, MSc, BA(Hons)) is an award-winning management educator and researcher with a career spanning continents and industries. She is passionate about leadership development and influencing how individuals experience the world of work. Olga helps leaders grow by integrating their personal development journey with expanding professional skills and competencies. She is the Associate Head of the Adelaide Business School (University of Adelaide). In addition, she delivers โMindfulness for Leadersโ training and is a practicing coach.
Senior Security Manager | Hannan & Partners
Jamie has over 20 years of experience in the Information Technology industry, with a focus on information security and identity management for the past 15 years.ย Jamie has extensive experience in the design, assessment and implementation of information security management systems and technology.ย ย He specialises in adapting security to meet the clientโs risk profile and in communicating security issues across the business at all levels.
Director, Hannan & Partners
Cristina has over 17 years of experience in assessing and advising on ICT systems and processes. She helps organisations understand and manage their IT risk, putting risk into industry context and bringing a pragmatic lens to issues identified. Cristina has a passion for discovering how technology can improve our society, our lives and the way we do business. She enjoys bridging the gap between IT and business, helping organisations figure out what is important and what is possible, and then helping them achieve it. Cristina has extensive experience in IT risk and cybersecurity, having conducted assessments for various government departments in South Australia and New Zealand. Cristina has also evaluated cybersecurity in 150+ organisations across Australia, New Zealand, and the UK, using frameworks like NIST and ISO27001. She has provided recommendations for risk mitigation and collaborated with Chief Information Security Officers to develop cybersecurity strategies for organisations and has been involved in auditing IT risk areas including database and network security.
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