Our Experience

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 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.

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.

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.

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.

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.

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.

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.

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.

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.

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 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.

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.

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.

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 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.

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.

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.