IT company (voluntary administration)
An IT company came to me with no assets of value and a $550,000 debt to the Australian Taxation Office (ATO), $200,000 owing in superannuation to employees, and a trading debt of $10,000.
After running the company through a Voluntary Administration, the Directors offered $200,000 to their employees to cover their outstanding superannuation payments. All other creditors were not paid but the debt was eliminated.
The ATO accepted the offer, and the company is still going strong today.
Waste removal company (business restructure)
A waste removal company with assets including the business and some trucks, had accumulated outstanding debts of $600,000 with a Director Penalty Notice issued, loans of $300,000, and trading debts of $200,000.
The Director set up a second company and ran the waste removal business under a license agreement whilst the business was advertised and the assets were valued.
After an exhaustive advertising campaign, the highest offer came from the second company who bought some of the trucks and the goodwill of the business for under $50,000.
As a result, the business is still operating today. The remainder of the assets were sold at auction.
Retail business (business restructure)
With a $300,000 Australian Tax Office debt, and $1million+ in potential employee claims, the business was sold to a reared entity after a valuation process for $300,000.
I was appointed as the liquidator when there was only $20,000 left. I undertook exhaustive research into the business’s valuation and the payment of sale price with various offsets and payments made from the settlement sum.
I negotiated settlement with a new company for approximately $40,000, with the business still going strong today.
Logistics company (business dispute)
I was approached by a logistics company with three shareholders with a dispute between them. Two of the shareholders wanted to buy the third one out, so I negotiated a valuation of the business which was sold to the highest bidder (i.e., the two shareholders). The company was liquidated with the funds distributed to the three shareholders according to their shareholdings.
