Kangaroo Island Abalone Group
Investigative Accountant’s Report / Voluntary Administration
BACKGROUND
- Large Abalone farm situated on 30 hectares with a 130 tonne per annum production capacity, 10.5m abalone
- Undertook a major viability and strategic review for engaging party
ACTION
Identified the need for:
- Changes to operational and recording processes and procedures
- Reporting adherence to KPI’s
- Strengthening of senior management and streamlining of Board including appointment of a new manager
- Deficiencies in operations and security position
- Recommended a formal appointment
RESULT
- Following the review we accepted an appointment as voluntary administrators
- During an extended VA period we addressed matters raised in the review
- Assets were realised through a DOCA resulting in a return of 50c in the dollar to unsecured creditors