Case Studies


Woodgate & Co. was appointed Receiver and Manager of a group of Companies which operated a diatomite quarry and processing plant in New Zealand and conducted other related activities. The parent company was embroiled in litigation, the principal claim being an application for leave for certain shareholders to proceed with a shareholder derivative action. That application was dismissed by the Supreme Court of New South Wales. The assets subject to the recivership and a Deed of Company Arrangement were sufficient so that the secured creditor was paid out in full.

Mining Services

In an advisory capacity, Woodgate & Co. conducted market and financial analysis of this listed company’s Hunter Valley and Bowen Basin mining services division.  Recommendations for an exit were then executed before the resource sector downturn was evident with a positive cash flow contribution to the parent company.

Events Staging

The Administrator appointed by the directors was replaced by Woodgate & Co. at the first meeting of creditors. The company operated an events staging and scaffolding business from premises in Sydney and Melbourne. It had been recently purchased by a competitor. Creditors were concerned about the change of ownership and control some six weeks beforehand and that assets may have been dissipated. Woodgate & Co. conducted extensive investigations into the affairs of the company and located the missing assets. Woodgate & Co. liaised with the directors and major creditors regarding a proposal for a Deed of Company Arrangement, which was accepted by creditors. Dividends of 100 cents in the dollar were paid in respect of employees’ entitlements and 16 cents in the dollar in respect of ordinary unsecured creditors’ claims. The Deed of Company Arrangement was successfully finalised.


Woodgate & Co. was appointed Voluntary Administrator of this company, which operated 34 shops across Australia, employed 246 staff and had a turnover of $34M per annum. The secured creditor appointed Receivers and Managers, who caused the company to cease trading. Subsequently, the company was wound up by Order of the Supreme Court of New South Wales. The Liquidator paid employees’ entitlements funded by GEERS (which is now known as the Fair Entitlements Guarantee Scheme). A public examination was conducted of the director and subsequently legal proceedings were commenced against 4 creditors which realised substantial funds.

Medical Research

Woodgate & Co. was appointed Voluntary Administrator of this ASX listed public company and three of its subsidiaries. The appointments followed adverse costs orders being made against the companies in respect of legal proceedings in the Supreme Court of New South Wales. The parent company was restructured through a Deed of Company Arrangement and a Creditors’ Trust Deed and a dividend of 100 cents in the dollar was paid to ordinary unsecured creditors. The three subsidiary companies were wound up.

Alternative Therapies

The company contacted Woodgate & Co., when it had $90,000 in the bank and a monthly gross payroll of $420,000 due to be paid that day! The company provided remedial programmes for people, particularly children, with learning difficulties. The company had 3,400 clients who were serviced from 13 Australia wide clinics. It had a turnover of $17M per annum. The company was placed into Voluntary Administration. Having regard for the limited assets and Voluntary Administrator’s personal liability, staff were stood down, appointments for clients cancelled and the business closed down in a controlled manner. The company was placed into liquidation and employee entitlements amounting to $1.2M were paid through GEERS.

Manufacturing and Distribution

In conjunction with the company’s lender and its directors, Woodgate & Co. assisted this company, which operated in the street furniture sector with a $25M turnover, to sell its business. We also assisted the directors to deal with company insolvency issues.  This resulted in the lender being paid in full, a substantial dividend to creditors and no personal claims against the directors, personally.


Woodgate & Co. was appointed Voluntary Administrator to this south east Queensland abattoir. The company’s turnover was $105M per annum. Creditors resolved to place the company into liquidation. Subsequently, employee entitlements amounting to $1.8M were paid through GEERS. The Liquidator commenced preference recovery actions and paid a significant dividend to preferred unsecured creditors.

Electrical Goods

This multi-location Central Coast retailer of electrical and white goods, whose sales had declined, was struggling with operating losses and negative cash flow. Woodgate & Co. was appointed Voluntary Administrator just before Christmas. The industry had been undergoing a restructuring and the company lacked competent management and adequate systems and procedures. The business continued to operate and was wound down under the control of the Voluntary Administrator. Creditors resolved to accept a proposal for a Deed of Company Arrangement.

Manufacturing Group

After being appointed investigating accountant to this group, the secured creditor appointed Woodgate & Co. as Voluntary Administrators. 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, which owned commercial property, manufactured and distributed commercial vehicle bodies, semi-trailers and truck bull bars, ceased operating. The External Administrators realised assets in America and Canada, which resulted in a significant dividend being paid to unsecured creditors.

Importer and Wholesaler

Woodgate & Co. was appointed as Voluntary Administrators to this long established company which operated as a manufacturer, importer, wholesaler and retailer of household products and event merchandise. Sales had dropped 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.


Woodgate & Co. was appointed Voluntary Administrators to this company which operated a transport, earthmoving and quarrying business located at Kemps Creek and Warragamba. The Administrators worked with the directors to develop a Deed of Company Arrangement, which provided a return to creditors of 39 cents in the dollar.

Charter Boat

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, QLD. At the date of appointment, the company had an annual turnover of $8M, operating 17 leased yachts 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. The company was then wound up.

Self Storage

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

Audio Technology

Woodgate & Co. was appointed Voluntary Administrator of the company which had sales 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 the international market was canvassed for a buyer of this audio technology company with offices in Sydney, Los Angeles, New York, London, Paris, Berlin and Holland. The Administrator successfully sold the company’s business. The company subsequently went into liquidation.


This unlisted public company provided telephone and related services to approximately 9,000 commercial and residential customers. 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.

Regional Airline

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 Deed of Company Arrangement.