Fairlight ESP Pty Limited

Appointed Voluntary Administrator of the company which, in 2002 had a turnover of approximately $A14M. At the time of the appointment, the company had cash at bank of $60,000 and a payroll of approximately $200,000 to pay in a few days. The company’s daily cash burn rate was $21,500. The lack of liquidity obliged the Administrator to suspend the company’s trading operations whilst he canvassed the international market of this audio technology company with offices in Sydney, Los Angeles, New York, London, Paris, Berlin and Holland, for a buyer of the business. The Administrator successfully sold the company’s business. The company subsequently went into liquidation with substantial debts.

Marketing Results Pty Limited/Quadtel International Pty Limited

The two companies were the only operating subsidiaries of Quadtel Limited, a listed public company.  The turnover from software sales and marketing during 2002 amounted to approximately $18M.  When appointed Voluntary Administrator, the company had cash at bank of $3,600 and debtors were factored.  The business was rationalised and sold by the Voluntary Administrator.  Subsequently, due to significant liabilities, the company was placed into liquidation.

Multelink Australia Limited

This unlisted public company provided telephone and related services to approximately 9,000 commercial and residential customers.  Prior to the appointment of a Voluntary Administrator, the company had a turnover of approximately $14M.  During the voluntary administration period extensive work was carried out to effect a restructuring of the business and debt, resulting in a successful Deed of Company Arrangement.  The business was subsequently sold, resulting in a dividend of 54 cents in the dollar compared to the initial wind up scenario of 18 cents in the dollar.  The company was subsequently wound up.

Horizon Airlines Pty Limited

At the time that the Voluntary Administrator was appointed to this company, which operated a regional airline with a fleet of 10 aircraft, the company’s accounting and management information systems were in a state of chaos and it was at risk of loosing its Air Operator’s Certificate.  The Voluntary Administrator scoured the market for prospective investors and secured an investor for the company which resulted in a restructuring of debt through a now completed Deed of Company Arrangement.

Storage Plus Group Pty Limited

The company operated a self storage warehousing business at Rosebery, Sydney. The business model employed by the directors which consisted of leasing 25,000 square metres from the landlord was flawed. Debts in excess of $5M were owed to the investors and the landlord. Nevertheless, the Voluntary Administrator sold the business to the landlord for consideration substantially greater than valuation. The company was placed into liquidation and following litigation to recover antecedent transactions, Woodgate & Co. paid a dividend to creditors.

Prosail Whitsunday Pty Limited

After a public capital raising and private equity funding failed, the directors appointed Woodgate & Co. as Voluntary Administrator to this company which operated a crewed yacht charter business in the Whitsundays. At the date of appointment, the company had an annual turnover of $8M, operating 17 leased yachts such as Condor, Hammer of Queensland and Matador etc. and employed in excess of 85 personnel. The business was rationalised and after a lengthy international sale of business campaign, the business was sold to a consortium of local charter yacht owners. Creditors resolved to place the company into liquidation and the company has now been wound up.

Nolan Quarrying & Mining Co Pty Ltd

Appointed Voluntary Administrator to this company which operates a transport, earthmoving and quarrying business located at Kemps Creek and Warragamba. Worked with the directors to develop a Deed of Company Arrangement which will provide a more substantial return to creditors than otherwise would be the case were the company to be wound up. Creditors overwhelmingly supported to Deed of Company Arrangement.

Hamlin Holdings Pty Ltd

This multi-location Central Coast retailer of brown goods, white goods and electricials, whose sales had declined to $27M during the year ended 30 June 2006, was struggling with operating losses and negative cash flow, resulting in the appointment of a Voluntary Administrator just before Christmas, at the door of which should have been its most viable trading period. The industry had been undergoing a restructuring and the company lacked competent management and adequate systems and procedures. The business continued to operate under the control of a Voluntary Administrator and creditors resolved to accept a proposal for a Deed of Company Arrangement. Whilst the dividend to ordinary unsecured creditors was modest, it was better than otherwise would have been the case had the company been wound up.

Herd Group of Companies

After being appointed investigating accountant to one of the companies within this group of four companies, OneSteel appointed Woodgate & Co. as Voluntary Administrators to this group, which owned commercial property, manufactured and distributed commercial vehicle bodies, semi-trailers and truck bull bars. On a consolidated basis, the group had a turnover of approximately $10M and employed over 100 staff at the Kemblawarra premises. Days before the Administrator’s appointment, the group ceased operating, certain assets were sold, certain plant and equipment was removed from the company’s premises, as well as certain stock was removed and shipped overseas. Because the group’s business undertaking, assets, systems, procedures, books and records had been dismantled prior to the Voluntary Administrator’s appointment, the Voluntary Administrator could not sell the business in any way, shape or form. Creditors of each company resolved that each of the four companies were to be wound up and the Liquidator has continued the Administrator’s task of identifying, preserving and realising assets of the group and has commenced proceedings against associates of the company for the recovery of substantial monies.

Papermoon Pty Limited

An Administrator was appointed to this long operating company which operated as a manufacturer, importer, wholesaler and retailer of household products and event merchandise which had seen its sales drop by 50% from $10M over the preceding two years. The Voluntary Administrator continued to operate the company’s business in Sydney and Queensland. The company’s financial position was restructured with a successful Deed of Company Arrangement. The company continues to operate successfully today.