Our Experience

We assisted Lion with the sale of its New Zealand liquor retail network, Liquor King, over multiple transactions. Our role included drafting marketing documents and an information memorandum, preparing and coordinating due diligence and managing hundreds of bidders through the process. The result was a successful sale of the stores individually to multiple bidders, maximising value from the sale to Lion.

Engaged by a ‘Big 4’ bank to review and assess the financial markets’ current and ongoing compliance with conflicts management obligations, both within Australia and globally. We assessed internal policies and procedures against ASIC RG181 and industry best practice, and provided recommendations for improvements to address weaknesses identified.

We were appointed as receivers and managers of an Australian entity by the Federal Court on the basis of suspected fraud. Investors advanced around $8 million in funds to the company, which were converted to cryptocurrency and used for purposes inconsistent for which they were invested. The investigations included tracing a significant volume of cryptocurrency transactions and considering potential recovery action.

We were engaged by a high net-worth client for the purpose of creating an Origin of Funds expert report to release a significant amount of Bitcoin from an international digital currency exchange. Our work included the complex recreation of over 10 years worth of transactions, a flow of funds diagram, and an accompanying report to be provided to the exchange as proof of ownership over deposits.

We were engaged to perform a digital asset investigation to identify and trace stolen Bitcoin from a privately owned cryptocurrency wallet. Our client inadvertently exposed their private key to an unknown party, in which over $650,000 was stolen from their private wallet. Our investigation identified the location the Bitcoin for the purpose of digital asset seizure and recovery, and assisted in compiling transactional information that can be used in a potential class action against a large multi-national organisation.

We were engaged by the Board of New Zealand women’s fashion retailer, Max Fashions to explore options to avoid insolvency due to COVID-19. We developed a restructuring plan that reduced payments to suppliers, closed unprofitable stores and reduced rent on remaining stores, using a Creditors Compromise to compel minority dissenting creditors to comply with the restrucutring. The restructure saved over 200 jobs and more than half of the retail network.

McGrathNicol was appointed administrators of the Ziera Shoes wholesale and retail businesses, who own around 50 stores across New Zealand and Australia. Using our retail expertise, we quickly implemented a trading strategy that increased turnover five fold, whilst securing a sale of the IP to Munro Group. Negotiating stock releases from suppliers reduced creditor claims and increased recoveries further, resulting in secured creditors being repaid in full and the majority of unsecured creditors receiving almost 90% of their claims.

We were appointed receivers of the legacy Hawkins Construction business in New Zealand following a sale of the majority of the business and assets to Downer Engineering. We undertook detailed reviews of remaining construction disputes, managed the engagement of experts and lawyers, and negotiated resolutions to long-running disputes to generate recoveries, using our specialist construction industry experience and knowledge.

We were appointed to assist an infrastructure company facing insolvency due to a single large onerous contract. Our role involved assessing the restructuring options, considering the impact of various options on different stakeholders, and executing the preferred plan. We negotiated an exit from the contract for the company, providing the client with the means to continue with the project, rescuing the business from potential insolvency, and consequently avoiding any losses for creditors.

We were engaged as advisor for the integration of City West Water and Western Water, to form Greater Western Water. Greater Western Water delivers water services to customers across metropolitan Melbourne, northern and western regions. Our role was to support the planning and execution phases of the integration, focusing on project management, risk management, governance, stakeholder engagement and reporting. Greater Western Water successfully launched on 1 July 2021, with no disruption to operations or customers.

Appointed Administrators to Mediacloud Australia, a cloud-based broadcast platform for the delivery of media content to a select number of customers, including the Special Broadcasting Service Corporation (SBS), TVSN Channel Pty Ltd and Indigenous Community Television Limited. As Voluntary Administrators, we successfully traded and sold the core business and assets to a blue-chip Australian Telecommunications provider.

We undertook an independent review of an Aboriginal and Islander School on behalf of the Non-State Schools Accreditation Board (NSSAB). We were engaged to assess the suitability of the governing body in accordance with the NSSAB accreditation criteria. This included reviewing the governing body’s relationships, policies and procedures, and financial decisions. We made a number of recommendations to the NSSAB in relation to improving governance, policies and procedures and maintaining appropriate records.

Utilising transactional data analytics, we undertook a diagnostic review and process mapped the working capital cycle of an ASX listed steel manufacturer that had operations domestically and throughout Asia. We identified over $7 million in opportunities to release cash across the different regions, with a specific focus on inventory, as well as some enhancements to governance and reporting practices. Our review also considered the existing working capital facilities that included debtor and trade finance facilities.

Engaged by MedAdvisor, a world class medication platform, to assist with their c.USD34.5 million acquisition of Adheris Health, a US leader in tailored opt-out direct-to-patient medication adherence programs. We assisted with financial due diligence, financial modelling, integration and acquisition accounting advice. Our global alliance partner, Alvarez and Marsal, performed tax due diligence and structuring advice out of its New York office.

We were engaged by a law firm to conduct a digital forensics investigation into the suspected unauthorised access of sensitive information stored on a State Government entity’s servers. Our forensic technology experts conducted a thorough analysis of electronic records and evidence collected from the client’s computer systems. We produced a detailed history of user activity in relation to sensitive files and folders and identified multiple instances of potentially unauthorised access.

We were engaged by the Securities Exchange Guarantee Corporation (SEGC) to conduct a cyber-audit over the current environment and identify the cybersecurity risks relevant to the organisation. Our team assessed SEGC’s cyber resilience against the Australian Cyber Security Centre’s Essential 8 framework in addition to performing a phishing simulation for SEGC staff. Our team produced a final report that was presented and well received by SEGC’s Board of Directors.

We sit on Curtin University’s professional security services panel and provide them with support for a number of specialised services, including digital forensics and technology-based investigations, information governance, risk and compliance services, cyber security and security awareness training. Our team is currently working with Curtin to identify early warning and risk insights using human behavioural data science.

We have worked with the Retail and Customer Experience (CX) division of Optus, to establish a business centric privacy and information security risk review. We have also assisted Optus with building an overall approach to effectively identify and manage ongoing Information, Security and Privacy risks and issues across the CX business.

We are the only non Audit firm invited by the ASX to participate in the Cyber Health Check Working Group. This is a Cyber Awareness initiative launched by the ASX in 2016 after the launch of the updated National Cyber Strategy. The initiative's objective is to raise the awareness of Cyber at the highest levels of business within Australia's Top 100 listed companies.

We are offered as one of three specialist Cyber advisory teams available to Allianz Australia Cyber clients. We assist their clients to understand their current cyber risk profiles as well as deal with incidents as they arise.  We also provide ongoing support to Allianz in relation to providing eDiscovery services supporting a range of requests.

We operate under an ongoing Master Services Agreement with Sunsuper and support them to deliver Cyber education and awareness initiatives. We provide additional Cyber incident response capacity and support as required and advise the business on Digital Forensics matters. Notably we have assisted Sunsuper in relation to their ongoing Business Continuity Plans and Disaster Recovery testing which is conducted on a regular basis.

We were engaged as the advisor to design, lead and effect a “Queensland Performing Arts Centre (QPAC) procurement transformation” program. The program centered around ensuring the procurement function was a strategic business partner for operational management; and that those involved in procurement not only had a “functional” role but also a key supporting role in progressing QPAC’s strategy, governance and financial management initiatives.

We were appointed Administrators and subsequently Deed Administrators of the Australian operations of Dr Roebuck's, an Australian based global “clean beauty” skincare brand. We negotiated and effected a trade sale of the physical and IP assets to a well known spa operator which allowed for employee, secured and participating unsecured creditors to be repaid in full.

We were appointed Liquidators by the court (at the application of ASIC). The financial services provider had ceased trading with a number of determinations outstanding from the Australian Financial Complaints Authority in response to complaints raised by former clients. We undertook a detailed statutory investigations which included a reconstruction of its general ledger account in order to properly assess events leading up to the liquidation. We also assisted claimants with unpaid determinations to seek claims against a government established compensation scheme.

Engaged by Cyrus Capital Partners L.P. to provide acquisition due diligence, offer structuring advice and stakeholder engagement assistance as it considered acquiring Virgin Australia via a sale process conducted by Virgin Australia’s Administrators. Our analysis focused on key business drivers, forecast assumptions and cash flow requirements of the business post COVID-19. We also provided assistance in drafting Cyrus’ offer for the business and liaised with key stakeholders including government, aircraft lessors, airports and unions.

Conducted an independent investigation into an alleged fraud by two employees using customer credit card details. The investigation examined mailboxes and laptops to identify relevant communications. Our investigations confirmed that an employee had recorded the credit card information of customers and had made personal purchases using these particulars. We also identified a number of procedural and control weaknesses in respect of the way customer information was being handled and communicated within the business.

Acted as an Independent expert in relation to the forensic analysis of an electronic document being brought before a court. We were engaged by Holding Redlich to identify the metadata properties of the document and provide our findings in a report to the engaging party. As a requirement of the engagement, we were to be retained as the digital forensic expert in the event that evidence was to be presented in the Supreme Court of Queensland.

Conducted an independent investigation into an Australian subsidiary of a US Parent company due to concerns of inappropriate accounting practices. Our investigation involved analysing the accounting system, reviewing policies and examining electronic data to identify whether any inappropriate accounting and authorisations took place, and whether it involved collusion amongst employees. Our independent report provided management with detailed findings for consideration and assisted them with making a decision on whether any further action would be required.

Conducted an independent investigation into Government funding provided to a Registered Training Organisation (RTO), specifically relating to concerns that funding had been obtained dishonestly. Our investigation involved a site inspection, staff interviews and the examination of financial data and physical student records to determine whether the RTO had complied with relevant standards and funding agreements. Our investigations identified that $2m had been claimed by the RTO dishonestly through the falsification of qualifications and student records.

Conducted a comprehensive vulnerability assessment of the IT systems and networks of Senex Energy. This involved working closely with the organisation’s IT team, and following a systematic approach to identifying, testing and documenting any cybersecurity shortcomings in their environment. Our resulting report and recommendations have supported Senex in driving initiatives to further enhance their cybersecurity posture.

We performed a review and quantification of employee payroll entitlements for a multinational retailer. Our review involved recalculating employee entitlements under the General Retail Award over the period since business acquisition and comparing these to actual payments made to employees. We identified discrepancies and prepared a report for the client’s legal advisors which formed the basis of self-reporting to the Fair Work Ombudsman.

We delivered an independent review and calculation of salary entitlements during an extensive review period from 2006 to 2019 for a water service provider. Our extensive model produced fortnightly calculations for more than 400 employees for the last 14 years. This was beneficial to facilitate the necessary discussions and remediation.

We are working with the Executive Leadership and Technology teams at Wesley Mission Queensland to plan and deploy a Cybersecurity Awareness Program. This includes conducting phishing email campaigns, developing cyber alerts and information packs, providing cyber eLearning content and tailoring content to the staff at Wesley Mission. We will provide regular reporting throughout the program, to ensure the organisation is improving their cyber awareness amongst management and staff.

Provided strategic implementation services to EnergyAustralia as part of a major transformation program. We advised on key performance improvement strategies and drove action plan implementation across several key workstreams. Additionally we developed and implemented standard models to quantify the costs and benefits of many initiatives and assisted the Transformation Office develop and deliver regular reporting on the portfolio of initiatives to the Steering Committee and Board.

Acquisition due diligence on several businesses which supplied coal to EnergyAustralia’s NSW generation assets. Assistance included hands on integration planning and project management as a workstream lead working directly with the business. Our work resulted in the integration of several key workstreams up to six months ahead of schedule resulting in material cost savings.

McGrathNicol provided due diligence to AusNet Services on their acquisition of Geomatic Technologies a provider of mobile and special technology solutions to solve asset management challenges. Our scope included normalised earnings, profit and loss, balance sheet, and working capital, and also included advice around net debt position and input into the working capital completion account mechanism.

McGrathNicol performed an independent Cyber Forensic Review for a mid-sized superannuation fund following an incident reported to APRA. Based on our forensic analysis, we assisted in determining the likelihood of an actual cybersecurity incident based on existing Indicators of Compromise. We additionally determined the appropriateness of incident remediation activities performed by the client and their supporting service providers. Our report was communicated to the Audit and Risk Committee of the client, and was also leveraged in subsequent reporting to APRA.

Receivership over a purpose built, self-storage facility from a long term leasehold interest in the Perth Airport precinct, which generated annual underlying earnings of circa $1.0 million. We stabilised and maintained operations, whilst undertaking a going concern realisation campaign. Notwithstanding the onset of COVID-19 at the critical juncture of the campaign, we secured an above market sale to a listed REIT and successfully navigated complicated Federal and State Government, Airports Act and FIRB approvals.

Investigation into allegations of conflict of interest, kickbacks and procurement anomalies by a high level technical employee and a current supplier. We identified information indicating a number of money transfers between the parties where appropriate explanations could not be provided, a private relationship between the owner of the supplier and the employee, and emails indicating some involvement of the employee in the establishment of the supplier company.

We were engaged to run the Project Management Office for the integration of wealth management firms Canaccord Genuity and Patersons. We managed the initial phase of the integration of this project focused on key short term deliverables (Day 1 and 14 day focus), including development of project plans, workshop facilitation, identifying key risks and issues and workstream dependencies, chairing SteerCo meetings and establishing reporting protocols.

Investigation into allegations of bribery and kickback payments being made to an employee who had been ‘groomed’ by personnel from a network of related service providers. The employee received payments in return for assisting the providers submit the most competitive price. Our work utilised the services of private surveillance contractors, liaising with whistleblowers and the interrogation of electronic data held by our client. The employee’s employment was terminated following our investigation.

McMillan Shakespeare Limited engaged McGrathNicol to lead its acquisition due diligence in respect of its potential merger with Eclipx Group Limited (ECX). Against the backdrop of ECX’s unexpected disclosure of underperformance in certain business units, we were specifically chosen for our unique ‘hard edged’ investigative skills.

Acquisition advisory and due diligence for Fuchs Lubricants (Australasia) Pty Ltd regarding its acquisition of Nulon Products Australia (& NZ subsidiary). This acquisition provides Fuchs with a national footprint in the retail lubricants and coolants segment.

Conducted an independent investigation into allegations that a government employee had failed to declare conflicts of interest, misused authority in a tender process, misused a corporate credit card and accepted gifts and benefits that were not declared. We examined mailbox accounts, computers and mobile phones as well as tender documentation and conflict of interests and gifts and benefits registers. The investigation substantiated the allegations and resulted in the the termination of this employee.

We were engaged by a large, privately owned zinc mine with east coast operations that had suffered sustained losses due to production delays, rising AISC and a falling commodity price. The directors sought safe harbour protection while taking steps to implement a turnaround plan and attempt a sale and recapitalisation process that would maximise the return to creditors.

Assisted the University of Sydney in an independent review of the reporting and communication framework operating in the University’s Internal Audit and Investigations team. This involved a detailed review of the University’s key policies and functions, interviews with staff and University executives as well as members of the University’s Finance and Audit committee. Our final report provided recommendations for streamlining reporting procedures whilst also aligning the University’s charter to its future demand and requirements.

Appointed as an Independent Expert in a class action litigation matter concerning the accounting and disclosure of losses on a troubled construction project. Our expert was engaged by the defendant’s legal counsel to provide an opinion on the operation of the Australian Accounting Standards and a response to the expert report submitted by the Plaintiffs. The matter reached a successful settlement prior to trial.

We were engaged by a fast-growing beverage business involved in the brewing, packaging and sale of Kombucha (a sugar free, fermented and effervescent tea) to provide independent valuation services. The valuation of 100% of the equity in the company was required to assist shareholders assess their strategic options.

We were engaged by HOYTS Group to provide independent valuation services to assist with goodwill impairment analysis for testing in line with China Securities Regulatory Commission guidelines.

Provided financial due diligence and advisory services to Eternal Best Industries Limited on the acquisition of Spendless Shoes, a 220+ store business. Our scope spanned the full transaction lifecycle including term sheet negotiation, financial due diligence, price negotiation, day 1 planning, the net asset adjustment mechanism and drafting aspects of the share sale agreement. Our analysis identified a number of material issues which were ultimately resolved via a material purchase price adjustment and/or protection in the share sale agreement.

McGrathNicol assisted Club Plus Superannuation (CPS), a superannuation fund with over $2.9 billion under management, in developing a modern and robust Cyber Incident Response Plan along with several scenario-based Incident Playbooks. By reviewing CPS documentation and performing a series of stakeholder discussions, we helped produced a robust response plan and playbooks to not only reflect CPS’ current response and communication practices, but also to ensure the requirements set out by APRA’s prudential standard CPS 234 are met.

We supported Precision Group in developing a revised, fit-for-purpose Information Security Policy to reflect the organisation’s current cybersecurity practices as well as where their current gaps exist against industry best practices. Using NIST as the guiding framework, McGrathNicol produced a revised Information Security Policy for Precision Group’s adoption. McGrathNicol also undertook a gap analysis to highlight the existing gaps between Precision Group’s current policies and procedures and what is reflected in the newly revised policy.

We were engaged to conduct an independent investigation into complaints of sexual harassment and bullying in the catering arm of an integrated services client. We conducted formal interviews with nine witnesses and persons of interest in respect of these allegations. Our work identified potential breaches of legislation and policies within the organisation. Our work was considered by senior HR personnel as part of their considerations on whether to implement disciplinary action.

We were engaged by our client’s legal advisors to provide a forensic accounting expert quantification of potential incorrect payroll payments made to employees engaged under the Road Transport Distribution Award. Our calculations formed the basis of communications with the Fair Work Ombudsman and over 300 impacted employees. We have also delivered a comprehensive payroll compliance audit after the Fair Work Ombudsman required our client to conduct an annual audit on a sample basis of pay periods.

We were engaged by a national independent grocery delivery business seeking safe harbour protection. The business comprised of over 100 franchisees with a turnover exceeding $100 million. The unsustainable business model resulted in continued losses, leading the directors to seek safe harbour protection whilst a formal sale process was attempted as an alternate to the immediate appointment of a voluntary administrator.

Engaged by an ASX listed livestock and shipping business that had breached numerous facility agreements due to financial underperformance. The directors sought safe harbour protection whilst a turnaround plan was designed and implemented which included negotiation of standstill arrangements, sale and lease back of key assets and a potential sale transaction. The turnaround plan was successfully completed.

Vendor due diligence and sell side assistance on behalf of WhistleOut, a consumer comparison platform focussed on mobile, broadband and pay TV services principally across Australia and the US. The business was successfully sold to Clear Link Technologies, a subsidiary of Sykes Enterprises (Nasdaq:SYKE).

We were engaged as Supervisors and Forensic Auditors over a real estate business where concerns were held as to the Principal’s competency. Due to illness the Principal had not been recording daily transactions accurately and significant work was required to reconcile the agency’s Trust Account in order to identify creditors. As part of our work we managed the affairs of the agency, reviewed existing property contracts and ensured tenancy matters were transferred to new agencies.

We assisted the senior management team of a large family owned civil engineering business with a detailed review of its transport and logistics division. Our review and resulting recommendations covered financial performance and related KPIs, as well as operational efficiency, compliance and governance.

Provided vendor due diligence services to Tribe Breweries on its successful minority stake sale to Advent Private Equity. The capital raised from the transaction was utilised to significantly expand Tribe's brewing capacity through the construction of a new brewery in Goulburn.

Conducted the wind down of the Red Lea Group’s farm, logistics, processing and retail operations. We pro-actively engaged with stakeholders including employees, farmers and franchisees to minimise the impact. Our investigations identified the transfer of assets and potential claims against related parties. We negotiated a Deed of Company Arrangement, as an alternative to liquidation. It is expected that full payment will be made to secured and priority creditors.

We were appointed Receivers of The Coomboona Group by the primary secured creditor on the back of a shareholder dispute. Together with our dairy industry alliance partner, we quickly stabilised cash flow and rationalised operations (herd size, management structure, feed regime) to facilitate the going concern sale of the business. Our client’s mortgage was acquired by the 2nd ranking charge holder with our client making a full recovery including costs.

We were engaged by Victorian Fisheries Authority (VFA) to work with the Board and senior leadership team to undertake a strategic review of the finance operations including internal controls and review processes, budget and forecasting, statutory reporting, and structures. Following our review, we assisted VFA to implement a range of improvement initiatives aimed to increase its regulatory and compliance framework including month-end processes, financial reporting structures, and development of dashboard reporting formats for management and the Board.

We were engaged by Victorian Fisheries Authority (VFA) to review the organisation’s statutory accounts and accompanying note disclosures for first and second year reporting as an independent statutory authority. We were actively involved in all aspects of VFA’s audit planning and ultimately led discussions with its external auditor, VAGO, during its first financial year. We were subsequently retained to implement a range of improvement initiatives to the finance function that aimed to increase the transparency and internal controls within the organisation.

We were seconded to Victorian Fisheries Authority (VFA) to assist the finance team to undertake key financial and operational roles following its establishment as an independent statutory authority. During the secondment, we acted in senior finance roles on behalf of the Authority to undertake key regulatory and compliance work such as month-end and year-end financial management and reporting, asset management, revenue recognition, management and statutory reporting, and budgeting and forecasting to the Department of Treasury and Finance.

Worked with the CEO and senior management of a large private food and beverage company to set the medium to long-term business strategy. We facilitated the Argenti process to conduct SWOT and strategy workshops, identifying the strategic 'elephants' facing the business. We also assisted with the development and assessment of strategic initiatives in the context of the business' objectives and earnings targets.

Assisted the Board of a large New Zealand print and media business with a review of its strategic options. Our review included valuing the business units on a standalone and group basis. During our review, we identified a number of operational improvement opportunities, and were subsequently engaged to assist with implementing these.

As Receiver and Manager, appointed by a private investment and advisory firm, we managed a controlled wind down of the business and developed and implemented comprehensive realisation strategies across a portfolio of assets, including a fleet of equipment, various downstream equity interests and a portfolio of residential and commercial property.

We undertook an independent review of a large New Zealand residential home builder for the board and its financier, to highlight strategic risks and steps the company could take to mitigate these risks. Our review covered the businesses stock (land and buildings), management systems, impacts of market forces, cash flow and capital structure.

We acted as Divestment Manager for the sale of Winc New Zealand (Winc NZ) by Platinum Equity, as part of their conditions with the Commerce Commission to acquire OfficeMax. We monitored the governance, management and performance of Winc NZ during the divestment process, reporting to the Commerce Commission on the independence of operations.

Appointed Administrators to Toys R US, Australia's largest speciality toy retailer, with 44 stores, over 2500 employees during peak times and annual turnover of c.$300m. We traded the business to realise over $100m in stock while running a dual track sales process for the business and intellectual property, including websites, customer lists and licences. We returned to the secured creditor 4-5 times the funds they were willing to accept in respect of a going concern sale.

Independent investigation into allegations raised by whistleblowers relating to the procurement and project management of consultants engaged to work on the delivery of a highly complex IT systems transformation project. We utilised our online web review platform to examine a large volume of data and identify relevant information in relation to the allegations and project governance.

Appointed as Voluntary Administrators over this mobile advertising technology start-up following a legal dispute with Google. Notwithstanding significant constraints, we realised Unlockd’s technology and IP assets via a multi-jurisdictional sale campaign, in parallel to pursuing litigation funding for claims against Google.

We were appointed as Voluntary Administrators to the RCR Group following a high level review of cash flow forecasts and a capital raising process. RCR had operations across Australia, New Zealand and Asia and expanded into building solar farms, with 15 solar farm construction projects in progress upon our appointment. We traded and sold the majority of RCR’s businesses, are settling disputes with solar farm counterparties and planning for the distribution of funds to secured and priority creditors.

Engaged by the secured noteholders initially as Restructuring advisors and subsequently Receivers and Managers of Quintis Limited. We restructured the operations, removing cost and improving the financial recovery from institutional and high net worth clients. After conducting a public sale process we concluded a loan to own transaction with the bondholders. The transaction was novel and utilised a DOCA and Scheme of Arrangement mechanism, as well as an application under Chapter 15 of the Bankruptcy Code in the US.

Our client, a healthcare services business, had grown through acquisition and current systems failed to provide management with insights into profitability. We extracted and linked data across key business systems providing analysis and visualisation by location, division and employee which supported management in determining which business areas to invest in and which to exit.

Assisted a major Australian regional bank to prepare formal submissions prior to appearing before the Commission. We worked closely with internal and external legal advisers using our e-Discovery technology, project management expertise to identify and produce protocol compliant documents to the Commission from a data set in excess of 6.5 million documents.

Provision of digital forensic services to complement the retailer's internal Investigations capability. We forensically image devices such as laptops, desktops, server based data, cloud based data and mobile or tablet devices. This potential evidence is maintained by our team in a readily available state should investigation or further inquiry be required.

Worked closely with a university to identify the impact of a cyber security incident. CERT Australia advised that a public release of the server management platform NetSarang, used by the university, had been compromised after attackers embedded a piece of malware. The vendor removed the release from their site and quickly patched the vulnerability.

We worked with Cbus to establish an overall approach to Cyber and build ongoing resilience into their approach to, and use of, technology. This has also included conducting a Cyber Resilience Review and a number of Cyber safety and awareness initiatives addressing the People and Culture element of Cyber security.

Developed and assisted in the implementation of an updated integrity framework that included the rollout of an online integrity survey to all staff and contractors. We updated, and in some cases developed key policies, delivered awareness training to all staff and contractors and implemented an independent integrity reporting platform.

Independent investigation into allegations of corruption by a senior Qld Public Servant who was alleged to have been involved in a conflict of interest with a supplier who had been contracted, in breach of procurement guidelines, to deliver in excess of $2miillion of professional services to the Department.

Acquisition due diligence for The Foundry, an investment firm founded by some of the former owners of Swisse Wellness. We assisted The Foundry with taking a minority stake in WelleCo, a plant based supplement business, founded by Andrea Horwood and Elle McPherson.

Vendor due diligence on Remedy Kombucha whose core business is the brewing, packaging and sale of kombucha. The vendor due diligence focused on the rapid historical and forecast growth of the business, including significant capex undertaken at a new brewing facility.

We performed a purchase price allocation valuation engagement in relation to Washington H. Soul Pattinson’s acquisition of Aquatic Achievers, a leading operator of five swim schools located in the Brisbane metropolitan area. The purchase price allocation was required for both tax and accounting purposes. The intangible assets valued as part of the engagement included the Aquatic Achievers’ brand, swim school curriculum and goodwill.

Financial due diligence with respect to Axle Equity Partners' acquisition of 50% of the Star Car Wash Café group, one of the largest car wash operators in Australia with c.90 sites. Our scope of work focussed on key aspects of Axel’s investment thesis including quality of earnings, scalability of operations and capital expenditure requirements.

Receivership and controllership appointments over the entities that operate and own ‘Alfred and Constance’ (pub/restaurant) and ‘Limes Hotel’ (21 rooms) in Brisbane. We implemented a trading strategy and reopened each venue. The assets were marketed for sale as going concerns through a hospitality industry specialist agent.

We were engaged by a GO8 University to develop and implement a Fraud and Corruption Prevention Framework. Our role involved performing a fraud and corruption risk assessment and implementing various mitigation strategies to further enhance existing controls and processes. The output of this work provided our client with a due diligence framework and implementation road map.

With no offers for the Topshop New Zealand business, we were appointed receivers and leveraged our retail expertise to maximise returns from stock through targeted marketing and merchandising. We also generated proceeds from assigning leases and recovering overpaid rent, resulting in preferential creditors being paid in full and a return for the secured creditor.

Assisted the CFO at a mid-market IT business with resourcing needs by seconding an experienced Senior Manager into the role of Interim Financial Controller. The expertise that we have brought to the role has also translated into the facilitation of coaching and training sessions for the broader Finance team.

Baralaba held a large coal tenement portfolio across the Bowen, Surat and Galilee Basins in Queensland. As Administrators, we facilitated a sale and recapitalisation of the business including negotiating how to split value between lenders and creditors. Our role required a detailed understanding of each resource and its modelling assumptions and the ability to understand the nuances of the capital structure to ensure value was allocated in accordance with creditor rights.

Financial due diligence for Cabcharge on the acquisition of Yellow Cabs, the largest taxi fleet operator in Queensland. Our work involved an assessment of quality of earnings, net assets and working capital requirements having regard to changes in the target business brought about by the acquisition.

Due diligence on behalf of the Hunter Hall board in regards to the merger with Pengana Capital. The merger created a leading listed diversified funds management group with c.$3b in funds under management.

We undertook a forensic review of payments made by a Principal to an agent over a twelve month period to determine the validity of these payments. Our investigation identified a series of fraudulent payments, through the use of fictitious invoices. Our work supported a High Court search order and related arbitration.

As Administrators of this ASX/NZX listed education provider we ensured the schools continued uninterrupted, with full support of the regulators and major stakeholders. Managing a prompt sale to a major private education provider significantly reduced contingent liabilities that would otherwise have crystallised from the loss of jobs, abandonment of leases, and cessation of teaching.

We worked closely with Medibank as it prepared for Initial Public Offering (IPO). Our work included assisting management develop and implement a strategy to restructure an underperforming business unit to eliminate significant costs prior to Medibank’s IPO.

We were appointed Voluntary Administrators of the ASX listed, stapled investment trusts that formed the BrisConnections group of companies, including its subsidiary companies which operated the AirportLink tunnel in Brisbane. The Group entered into Deeds of Company Arrangement and were subsequently wound up. The Group had over 100 employees and a large number of stakeholders.

Engaged as advisors to the syndicate of senior lenders of the Royal Adelaide Hospital who were collectively owed $2.5bn. We undertook a review of the financial model and the implications of delayed completion on project economics, worked with the syndicate’s legal advisors to understand the legal and commercial impact of unresolved disputes and represented the lenders’ interests in a protracted mediation occurring between the disputing parties. The hospital is now open and operating normally and we are currently concluding a settlement of the disputes between the key stakeholders.

Our client acquired a company that owned and operated a mine in Africa. We conducted an in-country bribery and corruption risk assessment. We identified a number of potentially corrupt payments to government personnel and entities that occurred prior to the acquisition and undertook extensive detailed inquiries to identify issues and provide information to the Serious Fraud Office.

Worked with the Board and Executive Leadership Team of Wesley Mission Queensland to assess their current state of Cyber resilience and provide recommendations to enhance the existing framework. We also provide ongoing support in establishing a program that continues raise awareness amongst management and staff, and enhance capability in line with their mission and values.

Technology Expert in the first International Centre for Settlement of Investment Disputes (ICSID) case ever heard in Australia. The matter related to contractual arrangements of a Fuel Supply Arrangement for the Democratic Republic of Timor-Leste. The dispute also involved an Australian energy company supplying oil, fuel and power generators throughout the Pacific.

Investigation into allegations against a subcontractor. We were engaged to provide forensic, analytical and accounting services to a multinational operational services organisation following concerns raised about a subcontractor. Our enquiries focussed on the corporate structure of the subcontractor, its shareholders together with invoicing, third party payments, supply chains and accounting records.

Independent compliance review of a conflicts management framework at a superannuation fund: Under SPS 521. Appointed to assess the framework as to its appropriateness, effectiveness and adequacy, to identify any areas of non-compliance and provide a report to the Board setting out our findings and any areas for improvement.

Appointed Independent Compliance Expert in relation to an Enforceable Undertaking. We reviewed securities trading policies and procedures, reported on their adequacy and provided recommendations. A detailed trade review program was required under the Enforceable Undertaking which included a review of sample trades and related communications over specified periods. 

Economic loss assessment arising from an injunction preventing our client selling a generic pharmaceutical in the Australian market. We quantified the loss and built a robust, transparent and flexible financial model which facilitated review of the impacts of a number of different legal arguments. The matter was settled by our client prior to trial.

We were engaged to investigate whistleblower allegations of employee misconduct including the theft of tooling, scrap metal and company fuel, collusion and the unauthorised operation of a business. The investigation was conducted remotely with interviews taking place via video conferencing. A number of employees were terminated as a result of our investigation and the company reported several events to the police.

Engaged to investigate allegations of illicit cash payments being made to an employee of a large scrap metal facility following a whistleblower report. A review was performed into the employee’s practice of issuing ‘false’ tickets that were subsequently redeemed for cash. Our report quantified the loss and provided supporting evidence for the NSW Police.

As Administrators of Pumpkin Patch, we investigated and reported on the key causes of the failure of this ASX/NZX listed children’s clothing retailer, which were set out in our public report to creditors and shareholders. Key causes were an inefficient store network, failed international expansion, poor systems, and excessive dividends.

Appointed as Voluntary Administrators of Dick Smith, an ASX listed electronics retailer that operated over 390 stores under 4 different brands across Australia and New Zealand. Our appointment occurred following a short period of advising management and the board in relation to cash flow, solvency and options. With receivers appointed over the main retail trading entity, we managed and sold the specialist Apple reseller business, in addition to achieving a number of legal recovery actions.

Assisted a Victorian Government Department respond to a live cyber incident that had the potential to defraud them by infiltrating their regular payroll payment process via the use of malware and infected computer systems within their corporate IT environment. Our report set out the sequence of events that led to the incident and recommendations to improve process and controls.

Commonwealth appointed cybersecurity expert. Our role was to support a Federal Government Agency to navigate the technical specifics of a high profile cybersecurity event, identifying and collecting relevant information in order to conduct a thorough investigation of issues surrounding the event. The matter involved tight timelines and complex third party relationships and interests.

Independent Computer Expert. The dispute related to a broadcasting arrangement and considered the application of traditional broadcasting in the context of more modern digital streaming of on demand content. Presented evidence in the Supreme Court of New South Wales, around the functionality and accuracy of Internet Protocol (IP) Geolocation services in Australia.

Appointed Independent Expert by an ASX listed entity under an Enforceable Undertaking in relation to continuous disclosure requirements. We assessed the adequacy of Rhinomed’s existing framework to deal with Continuous Disclosure and Corporations Act obligations. We reviewed policies and procedures, delivered training, made recommendations for improvement and provided a written report.

A purchaser of a construction business took issue with earnings and assets post acquisition. An assessment of the losses derived had the significant contracts stayed with the business was sought. We identified inconsistencies and errors regarding the valuation approach of the purchaser's expert. The court held the vendor was entitled to secure the relevant contracts.

Worked with a privately-owned transport and logistics business to determine the reasons for its 'flat' cash flow, despite recent sales and earnings growth. We facilitated staff workshops to assess key responsibilities, analysed recent working capital performance and metrics, reviewed cash forecasting and reporting practices. Our approach identified a cash 'release' of approximately $4 million.

Assisted the senior management of a large listed fashion retailing and wholesaling business with a financial modelling exercise, considering several scenarios for potential restructure, wind-down and sale of two main trading divisions and related brands. Our work involved extensive forecasting to help articulate the impact of these scenarios on the business and its cash flow over the longer term.

Lead advisor to an international syndicate of banks across Australia, Asia and the UK owed in excess of AUD$800m. Our in depth analysis and strategic guidance assisted our clients to evaluate and improve the restructuring options presented by the Company and ultimately exit at optimal value. We also played a central role in formulating the debt for equity recapitalisation structure which was ultimately implemented.

We assisted Mountain Goat Beer on its successful sale to Asahi. Our work included extensive strategic and governance assistance prior to the decision to sell. We ran the sales process which included preparation of an information memorandum and data room, coordination of due diligence, management Q&A and transaction documentation.

As Receivers and Mangers we successfully traded and sold the core satellite telecommunications and teleport business to a global communications provider. Concurrently, we leveraged US Bankruptcy proceedings to preserve NewSat’s interest in a satellite in the US while we explored recapitalisation options in respect of the listed entity.

We were engaged to run the Project Management Office for UBS to assist with the strategic planning for its exit from its wealth management business in Australia. We were involved in managing the wind down and closure of this business and the off-boarding and transition of its clients and assets to Crestone.

After selling Pacific T&R’s part-completed terpene and rosin extraction plant in New Zealand, we were engaged by the purchaser to project manage completion of the build. We identified and remedied a number of quality issues, secured the release of contractor retentions to the principal, and successfully completed a build that had run considerably over time and budget.

We were engaged by Racing Queensland to undertake independent business reviews on a number of regional racing facilities throughout Queensland. Our reviews focused on recent financial performance, budgets and financial models and the investment in and utilisation of Racing Queensland assets. We also analysed restructuring strategies that could be used to achieve sustainable business performance during a time of a challenging racing industry environment.

Financial due diligence on behalf of Guardian Early Learning Group in respect of its acquisition of independent child care centres. Our approach involved working with Guardian management in assessing the forecast financial performance of proposed acquisitions, drawing on our understanding of industry drivers.

Managed the review process, expediting the manual review of documents in response to an ASIC notice. The review required a deep understanding of financial markets and the ability to distinguish behaviours that could constitute market manipulation. Sophisticated technology was used to examine large volumes of data and an experienced team reviewed communications.

Our client was a part of a Joint Venture combining maritime engineering expertise and large-scale resources projects. We reviewed costs incurred against the tender, variations and known delays. We identified significant cost increases compared to budget for particular types of labour. This allowed our client to resolve the dispute.

Commonwealth Bank's Open Advice Review (OAR) Program: Appointed as Independent Forensic Expert to the OAR Program for customer remediation. We developed criteria for a risk-based review of clients registering for the Program. We developed protocols and criteria for client file reviews and a register of file anomalies and/or criminal breaches.

Independent investigation into allegations of bribery and corruption involving senior executives colluding with external parties. We reported to an independent committee chaired by a former Federal Court judge and Royal Commissioner. The investigation uncovered evidence to support the allegations. We supported our client by reporting to regulators, law enforcement and informing its auditors.

Due diligence assistance to Fairfax Media in relation to the c.$100m merger of Fairfax Radio with Macquarie Radio. Our work included vendor due diligence on Fairfax Radio, acquisition due diligence on Macquarie radio and assistance with the simultaneous carve out and sale of 96FM to APN for $78m.

Engaged to review a major Telco's fraud risk methodology. We conducted a fraud risk assessment on the procurement function. As part of this assignment, we created detailed process maps of the procurement function and compiled a register of fraud risks. The methodology used has been adopted across the enterprise.

Independent Expert in a major construction project which required forensic analysis of costs, cost accounting and a report for arbitration. We quantified the costs associated with a successful $100m+ Change order. We identified all lay witness statements necessary to support the quantification. The matter settled prior to arbitration.

Investigation into allegations of overcharging, kickbacks and hosting inappropriate material by the Chief Technology Officer and a former supplier. We identified evidence of collusion to inflate invoices, charges for equipment and services never provided, kickbacks in excess of $1m and inappropriate material being hosted on our client’s network.

Assisted the finance function of Fletcher Building as it undertook a large corporate streamlining project across its Australian and NZ operations. Our role required regular interaction with senior finance staff and close management of the project plan implementation to ensure planned savings were achieved on time. This resulted in the removal of over 40 entities from the Group structure.

As Receivers of South Canterbury Finance, New Zealand’s largest non-bank deposit taker, we stabilised the business and operations, improved credit processes, and protected the value of assets. We managed the successful sale of key assets including Scales Corporation, Helicopters NZ, Dairy Holdings, the Business, Consumer and Rural loan books and managed the run off of Southbury Insurance.

We provided acquisition support for L Capital Asia's investment in RM Williams, a fully integrated manufacturer, wholesaler and retailer of apparel and one of Australia’s most iconic brands. We worked closely with our client in forming a view on normalised earnings and assisted in the negotiation process on the completion account mechanism. Our client successfully completed a minority investment in the business.

Investigation into allegations of bribery and corruption in respect of operations in Mauritania. This involved the examination of emails and accounting data accessed from in country, data analytics, conducted interviews and examined documentation in respect of contracts and acquisition of goods and services in country.

Engaged by an Australian company captured by the UK Bribery Act operating in high risk jurisdictions in Africa. We undertook an in-country assessment focusing on their operations, policies and processes and provided specific recommendations on improving processes and meeting the obligations of the UK Bribery Act.

We negotiated funding to continue the farming operations of Cubbie Group. Through careful stakeholder management and clear communication strategies, we were able to navigate through complex political and public relations issues to capitalise on favourable seasonal conditions. This allowed us to generate unprecedented trading profits and position Cubbie’s unique assets for a ground-breaking sale transaction.

We assisted BHP with integrating the operations of HWE following its $705m acquisition. We devised and implemented a detailed integration process that was executed ahead of time and with minimal disruption to the core business.

Engaged to perform various business integration roles following TRUenergy’s acquisition of EnergyAustralia. We work alongside EnergyAustralia project teams, pinpointed and resolved issues and consistently identified value in cash time and efficiency savings.

As Receivers & Managers we stabilised the business, curtailed trading losses and marketed the various businesses for sale. We negotiated and concluded 12 sale agreements over a 6 month period while trading each of the business divisions. Full repayment to priority creditors was achieved in addition to a greater than expected return to the secured lender.

Receivership of ASX listed Agribusiness company Great South Limited, which promoted managed investment schemes in forestry, horticulture and viticulture. Our role involved the management of multiple stakeholders and sale of the key forestry assets following pre-sale due diligence of financial and operational information.

Lead financial advisor to the Australian lender group, comprising eight banks and numerous US private placement noteholders, collectively owed circa AUD$4.5 billion. We implemented a ground breaking 3 year stabilisation plan and restructured Centro Properties Group assets. The consolidated Group remains listed on the ASX and continues to trade successfully.

Receivership of major wine producer Evans & Tate, as the business had suffered poor financial performance due to inadequate management, unviable contracts, under capitalisation and market over supply. We negotiated and implemented a new third party national distribution agreement to replace the existing sales force which was costly and ineffective. The business and brands were successfully sold to McWilliams Wines.