News
Receivership
Advisory / Restructuring and turnaround
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The matter
Aston Chace was appointed as voluntary administrators of a distressed transport and logistics business that was a key supplier to an ASX listed company. This required the management of stakeholders including major financial institutions and fuelling providers by restructuring the company’s operations so the business could continue to trade.
The solution
The company’s affairs were successfully restructured and entered into a Deed of Company Arrangement (DOCA) that saw control of the company returned to a director. The DOCA resulted in improved cash flow and enhanced profitability.
The outcome
Aston Chace’s involvement prevented enforcement action being taken by the company’s secured creditors and will result in creditors receiving a more favourable return than in a liquidation scenario. All staff were retained during this transition period.
