Property

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We were appointed Receivers and Managers over a significant commercial building in the CBD of Adelaide. We continued to manage the property whilst we prepared the property for sale which included serving the NABERS rating and new tenants, which has added significant value. 

We were appointed Liquidator of ten companies comprising the Sgherza Group.  The Group owned various properties ranging from luxury penthouses, apartments, restaurant, gym, shopping complexes, vacant commercial and residential properties.  In order to prepare the various properties for sale a variety of issues required resolution including tenancy matters, issues with community corporations and building rectifications. 

We were engaged to conduct an Investigating Accountant's review of the resort complex and strata titled holiday and residential development south of Darwin on behalf of the secured creditor. 

We were appointed Receivers and Managers over a commercial building in the CBD of Adelaide. We continued to manage the property whilst we addressed significant repairs and maintenance issues, as well as resolving numerous disputes with tenants, in order to prepare the property for sale. This matter was complicated by the secured creditor becoming subject to insolvency proceedings. 

We were appointed Agent for the Mortgagee in Possession in respect of a commercial property located in Kent Town, Adelaide and a 140 hectare rural property in the Clare Valley. The marketing and sales program resulted in contracts an all properties that yielded realisations that resulted in full payment to the bank. 

We were appointed Agent for the Mortgagee in Possession in respect of one commercial and two residential properties in Roxby Downs and two residential sub-divisions located in Pt Augusta, South Australia. All the properties have been sold. This matter is ongoing. 

We were appointed Liquidator of Crown Marina, which owned and operated a marina located at North Haven. Stage one of two with seventy-six complete berths were complete and operational at the commencement of the engagement. With 40% of the completed berths subject to long terms lease and 70% occupancy, the marina is currently being prepared for sale. 

We were appointed Receivers and Managers over a rural estate held by the Company in New South Wales. Within the estate were a number of properties, one of which being a heritage listed mansion. With planning approval, the estate had significant potential value. A joint venture agreement was entered into in 2012 between the secured lender and an investing party to develop housing estates on select areas of the property. We continue to work with the secured lender throughout the development of the estate. 

We were appointed Voluntary Administrators of a company developing the Sadgroves Creek Industrial Estate located 5km south of the Darwin CBD. At the time of the appointment, 19 blocks had been completed and sold, and a further sub-division work was required, including creating 51 blocks that were to be made available to the market. A Deed of Company Arrangement was effectuated in this matter. 

As a consequence of losing a complex litigation action we were appointed Bankruptcy Trustee over an individual who owned an investment portfolio of commercial and retail properties. The properties were realised through a sale process resulting in a return to unsecured creditors of substantially all outstanding debts. 

We were engaged to conduct an Investigating Accountant's review of a 40 room motel and resort complex on behalf of the secured creditor. The resort was based in the vicinity of Kakadu and incorporated a strata-titled holiday and residential sub-division.