We were appointed Receivers and Managers of the Company in October 2019. The Company operated an online activewear retail business, both reseller and private label.
As Receivers and Managers our role included:
- stabilising trading operations and restructuring the business;
- securing funding to continue to trade;
- undertaking a sale campaign to sell the Company’s business and assets;
- successfully negotiating a settlement with the third party logistics provider to secure the release of the Company’s inventory and enable ongoing trading.
- completing the Business Purchase Agreement within 21 days of appointment;
- securing the transfer of 15 employees and their entitlements to the purchaser;
- reviewing and assessing PPSR security interests and accounting to registered security holders in relation to secured assets sold during the Receivership.
The Receivers were able, in a short period to sell the business and realise assets, provide a material dividend to the secured creditor and retire in timely manner.