BSV VA

We were appointed Voluntary Administrators and subsequent Deed Administrators of BSV Tyre Recycling Australia Pty Ltd who provided waste services, specifically the recycling and shredding of rubber tyres and is a supplier of rubber crumbs. The Company held an EPA License for waste tyre storage and resource recovery which was subject to an EPA Prevention Notice. As Voluntary Administrators, we navigated complex stakeholder management in liaising with the EPA, a winding up application to be heard, landlord negotiations, secured creditors not enforcing on their securities and a director dispute which led to the company's difficulties. Through this, a competitive DOCA process was underway with the directors and third party investors exploring the opportunity to recapitalise the business via a DOCA. A successful outcome was achieved with unsecured creditors receiving 12.3c/$, employees retaining employment, rectification work to meet EPA standards and improvements made to the landlord's premises. The Company is now owned by a long standing Australian tyre and wheels trader that was established in 1992 and forms part of the Group's sustainability initiatives in dealing with waste tyres.