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Automotive

Case Studies

Irons Engineering

Voluntary Administration

Background

  •   Major precision machined component manufacturer, SA

Action

  •   Undertook a detailed viability analysis
  •   Traded the business whilst seeking expressions of interest
  •   Maintained production levels to customers (1.5 million components per month to 40 customers)
  •   Ongoing updating discussions with secured creditor
  •   Dealt with major retention of title issues
  •   Facilitated payout of employee entitlements

Result

  •   Business sold, maximised return to creditors

Universal Engineering (Universal Spring)

Voluntary Administration

Background

  •   Major precision machined component manufacturer, SA

Action

  •   Traded the business whilst seeking expressions of interest
  •   Ongoing updating discussions with secured creditor
  •   Dealt with major retention of title issues
  •   Dealt with factored debtors (collected approx. 95%)
  •   Dealt with aggressive militant union
  •   Negotiated sale of finished stock at significantly higher price than auction with union support
  •   Assets sold for approx. twice auction value

Result

  •   Assets sold, maximised return to creditors

Intercast & Forge

Strategic Advice

Background

  • Pivotal role in the engagement regarding the investigation into the financial viability of one of the major suppliers to the company and subsequent acquisition.

Action

  • Formulation and participation in strategic acquisition of business of a key supplier
  • Key elements of the engagement included:
    • Acquisition & analysis of financial information on supplier
    • Operational aspects of acquisition
    • Employee issues associated with transfer of employees

Result

  • Risk to business eliminated by the assessment, negotiation and acquisition

Icon Automotive

Voluntary Administration

Background

  • Major component manufacturer to Toyota and Ford
  • Traded the business for twelve months
  • Heavily unionised Company

Action

  • Maintained levels of production to customers
  • Realised assets of the Company via an auction process
  • High level of union co-operation
  • Facilitated payout of employee entitlements

Result

  • Undertook an orderly wind down
  • High level of union co-operation and minimal disruption to car manufacturing sites

Multinational Organisation Auto Group

Voluntary Administration

Background

  • Multiple dealerships across Queensland, New South Wales and Victoria
  • New and used vehicles and auction houses

Action 

  • Liaison with numerous secured creditors including GE, Esanda and Westpac
  • Facilitated orderly hand over of various leasehold premises sites to new tenants
  • Dealt with supplier claims over vehicles

Result

  • Realised several hundred vehicles through systematic sales program (with Grays Auctioneers)
  • Resolved supplier claims over vehicles