We were appointed Receivers and Managers of Maxilife Properties Australia Limited in December 2020 on behalf of the secured creditor to refinance or realise the properties. Maxilife’s primary asset was a 42 hectare property development, with DA for 205 residential lots, in Goulburn NSW. As Receivers and Managers, our role included:
- Securing the asset and liaising with multiple stakeholders in relation to the DA;
- Engaging and liaising with various consultants to progress the deferred commencement conditions of the DA;
- Working with our consultants and Council to extend the DA to preserve value in the asset;
- Undertaking a sale campaign, short listing parties, assisting with due diligence, liaising with parties and selling the property development; and
- Distributing the sale proceeds to the Secured Creditor.
As Receivers and Managers, we were able to sell Maxilife’s key asset and negotiate an assignment of the secured creditor’s debt securities to a third party, while preserving and advancing DA works to maximise returns to the Secured Creditor.