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Receivership appointment
Advisory / Restructuring and turnaround / Formal appointment
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The matter
Aston Chace was appointed as receiver and manager of a Victorian construction business by a secured creditor with assets comprising primarily debt, plant and equipment. This followed an initial informal appointment to determine the likelihood of recovery, and challenges from the company’s directors and staff post-appointment.
The solution
Upon appointment, and to navigate resistance to access by the company’s stakeholders, Aston Chace successfully sought court orders to take possession of the company’s assets and records. Working with the secured creditor and its legal team, Aston Chace sought to maximise debt recovery.
The outcome
The appointor’s principal debt was recovered within six months of Aston Chace’s appointment, with default and termination fees recovered shortly thereafter.
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