Our team focuses on preserving value in assets and securities and, if necessary, enforcement of security within the framework of formal insolvency regimes. We often provide advice to receivers who are appointed by a secured creditor, often due to the discovery by lenders of attempts by borrowers to transfer assets to related entities or in circumstances where informal work out arrangements have run their course.
Being on the panel of nine banks, including two majors, means that we have developed a niche expertise in the area and are often called upon to assist in highly sensitive engagements where publicity is likely or expected.
Advice on co-operative development agreement: We advised the receivers and managers of a company which owned a large residential subdivision on their potential rights and obligations under a co-operative development agreement. The land in question adjoined another subdivision site, owned by a different entity, and both sites were the subject of a co-operative development agreement between the two owners. The adjoining owner asserted that the receivers were obliged to observe the terms of that agreement regarding any sale of the receivership site. We succeeded in helping our client sell their site for an amount in excess of its valuation and without any active opposition by the adjoining owner.
Acting for the receivers and managers of rural properties: We acted for the receivers and managers of several rural properties owned by three companies and an individual. We advised on, and assisted the receivers in resolving, complex access issues related to a farm which was physically ‘land-locked’ by adjoining properties owned by hostile parties. We also corresponded with the directors’ lawyers on a range of contentious issues regarding the application of the Queensland Farm Finance Strategy and the conduct of the receivership. We added value by successfully defusing a number of contentious issues raised by the other parties, and assisting in the sale of the properties without major incident or litigation.
Acting for the receivers and managers of construction and waste management companies: We advised the receivers and managers of several companies in a construction and waste management group on their duties and potential liability regarding environmental contamination, as well as workplace health and safety issues. We also advised on the receivers’ 420A obligations (regarding the urgent sale of a business), on claims under a number of construction contract disputes to which the companies were parties, on allegations of fraud, on claims to recover major items of equipment on land to which access had been refused, and we corresponded with the voluntary administrators/liquidators of the companies on their claim for priority for certain fees of their administration. We delivered value by assisting our client to deal expeditiously and cost-efficiently with a wide range of complex and problematic issues, managing their risks and achieving an optimum return in the circumstances.
Realisation of resort and leisure assets: We are presently advising the Receivers of an internationally branded hotel on the sale of remaining stock, their obligations under pre-receivership contracts, planning and property issues associated with adjoining undeveloped land and the appropriate realisation strategy for remaining freehold units (whether they can be sold separately or in one-line).