In a fast paced business environment, “business as usual” can become unsustainable and swift changes may need to be put in place. In times of business distress, expert advice and guidance can make a significant difference to the end result.
Bentleys has a national specialist team of professional insolvency and restructuring advisors with a background working with all business types across a range of industries, including agribusiness, health and ageing, property and construction, Government and public sector, and family owned businesses and SMEs. Our team has specialist skills in turnaround management, divestment, corporate finance, restructuring and insolvency.
Snapshots of recent assignments include:
- Landmark liquidation: Octaviar Administration and Octaviar Limited: One of the largest insolvency files in recent corporate history, the liquidation of this major financial services group involved complex litigation in Australia and overseas. Outcomes included: $210M reconveyed to estate creditors | $55+M dividends paid to unsecured creditors | Full payment of all employee claims | Sale of 45 childcare properties | Recovery of significant related entity and intercompany loans.
- Voluntary administration: Skytrans Regional Airlines: This engagement saw the novel application of a creditors’ trust to preserve an Air Operating Certificate (AOC). This was the first time an AOC has been preserved following an external administration. Skytrans was acquired by aviation entrepreneur, Peter Collings, and NRL Legend, Johnathan Thurston.
- Debt restructure for a rural enterprise: We worked with a long-established rural operator to rebuild their relationship with their bankers by re-establishing the reporting schedule, managing the debt restructure and developing a sustainable business model that aligned to the bank’s covenants.
- Childcare administration/liquidation: During the six month trading period for this appointment, we maintained industry compliance and increased occupancy. A generous return was made to creditors and ensured the ongoing operation of the centres for the local community.
- Voluntary administration of payday lender: After successfully trading 67 stores, we negotiated a licence agreement that solidified the company, maximised future employment opportunities for staff, continued collection of the loan book and reduced trading creditor claims.
- Aged care review: We reviewed the operations and future sustainability of a highly geared owner/operator of retirement villages on behalf of its lender. We advised on the recovery prospects of existing loan facilities and potential strategies to improve recovery outcomes.
- Reinsurance company liquidation/scheme: We administered the Liquidation and hybrid Scheme of Arrangement for a major international Reinsurance company, listed on the ASX, which involved significant cross border issues and litigation in multiple jurisdictions, including USA, UK and Bermuda.