Object Consulting Pty Limited, Object Assets Pty Limited and Software Production Company Pty Limited (All “In Liquidation”) (together “the Companies”)
We were appointed Administrators, and subsequent Liquidators of the Companies in August 2019. The Companies employed over 90 staff in Melbourne and North Sydney, providing IT development and support services to blue-chip clients across Australia over the past 30 years.
As Administrators / Liquidators our role included:
- stabilising trading operations and restructuring the business;
- securing funding to continue to trade;
- collecting debtors of c.$1M;
- undertaking a sale campaign to sell the Companies businesses and assets;
- completing the Asset Sale Agreement within 44 days of appointment for $4.7M;
- securing the transfer of 30 employees to the purchaser, and their entitlements of $1.4M;
- reviewing and undertaking preliminary investigations into potential preference claims.
Post completion sales matters and investigations are continuing.