Our Capabilities - Receivership

The Issue

The Company was one of the largest asparagus growers and cultivators on the Eastern Sea Board of Australia and was the largest exporter of asparagus to Japan.

The Company also operated a mango plantation and packing plant of the Northern Territory, Australia.

The Company had an annual turnover of $5 million and a debt owed to the secured creditor of $4 million.

Scope of the Assignment

RSM Bird Cameron was appointed by the secured creditor for the purpose of the realisation of assets and repayment of debt to the secured creditor.

The Solution

As Receiver and Managers we negotiated the sale of the Company’s property and operations which resulted in the full payment of secured creditors debt.

Value Added

While assessing the operational viability of the businesses, we continued to trade the asparagus farm and the mango plantation for a period of four months during which negotiations for the sale of the Company’s operations took place. This also provided employment to the community where the business was located.

We were involved in discussion with various stakeholders, including the directors, the secured creditor and potential purchases of the Company’s business with respect to placing the Company in voluntary administration with a view to formulating a Deed of Company Arrangement as a vehicle for rationalising the Company’s debt and restructuring its board.  

This process assisted in retaining value in the Company’s businesses during the sale of negotiation process thus resulting in an offer which was satisfactory to both the secured creditor and the Company.