NAVIGATE ADVERSITY
Wexted provides guidance and expertise to companies facing significant financial and strategic challenges.
As a leader in Safe Harbour, Restructuring & Turnaround, Insolvency and Advisory Services — our goal is to always find the best course of action for everyone involved.
Together, we can navigate crises, safeguard value and deliver results.
SAFE HARBOUR
When organisations face extreme challenges that are not yet fatal — Safe Harbour should be the first port of call. It enables companies and directors to develop a viable recovery strategy without the threat of an immediate appointment of an administrator or liquidator.
Wexted is a pre-eminent provider of Safe Harbour advisory services, in particular to directors of publicly listed and significant private companies.
OUR PRINCIPLES
Honesty and integrity are always at the forefront of our actions — it’s one of the reasons why organisations trust us to handle their most complex challenges.
OUR PEOPLE
We’re fortunate to have some of the sharpest and brightest minds in finance and corporate restructuring.
Possessing decades of experience across a wide range of complex issues — we passionately believe in delivering the best outcomes for all parties involved.
Insolvency
AB KAMBALA FINANCE
WE WERE APPOINTED LIQUIDATORS OF THE COMPANIES, TO INVESTIGATE THE AFFAIRS AND WIND DOWN THE COMPANIES.
Insolvency
AIRPORT LINK
AIRPORT LINK HELD A 30-YEAR CONCESSION TO OPERATE FOUR RAIL STATIONS BETWEEN SYDNEY CITY AND SYDNEY AIRPORT. IT WAS THE FIRST PUBLIC/PRIVATE PARTNERSHIP IN NSW AS WELL AS BEING A PART OF THE OLYMPIC INFRASTRUCTURE.
Insolvency
AUSTRALIAN PRESTRESSING SERVICES PTY LIMITED
VOLUNTARY ADMINISTRATORS OF A POST TENSION CONCRETING BUSINESS WITH 100 EMPLOYEES OPERATING ACROSS 70 BUILDING PROJECTS IN NSW AND VIC.
Insolvency
BANKSIA SECURITIES
BANKSIA SECURITIES WAS A SIGNIFICANT MORTGAGE FUND WITH FUNDS UNDER MANAGEMENT OF AROUND $600M, RAISING FUNDS BY ISSUING DEBENTURES TO RETAIL INVESTORS IN REGIONAL VICTORIA, WHICH PROGRESSED TO THIRD PARTY BORROWERS FOR PROPERTY INVESTMENT.
Insolvency
BIOGREEN ENERGY
BIOGREEN OWNED THE REDBANK POWER STATION. OUR KEY ROLES WERE TO INVESTIGATE THE SOURCE AND APPLICATION OF FUNDS, THE SALE PROCESS, AND ASSIST THE PURCHASER.
Insolvency
COUNTRY RUGBY LEAGUE OF NEW SOUTH WALES LIMITED
TO ASSIST WITH CRL’S AMALGAMATION WITH NEW SOUTH WALES RUGBY LEAGUE, CRL MEMBERS APPOINTED US AS MEMBERS VOLUNTARY LIQUIDATORS FOR THE PURPOSES OF A SOLVENT WINDING UP.
Insolvency
DICK SMITH GROUP
DICK SMITH OPERATED CONSUMER ELECTRONICS RETAIL STORES THROUGHOUT AUSTRALIA AND NEW ZEALAND, FROM OVER 390 LOCATIONS AND WITH MORE THAN 3,000 EMPLOYEES.
Insolvency
DIRECT FACTORY OUTLETS
DFO CANBERRA WAS HEAVILY AFFECTED BY A RANGE OF ISSUES IMPACTING THE RETAIL SECTOR.
Insolvency
ESTATE PROPERTY GROUP
ESTATE PROPERTY GROUP WAS A SUBSTANTIAL PROPERTY INVESTMENT FUND, WITH A LARGE NUMBER OF SECURED LENDERS.
Insolvency
EZI INSTALLATION PTY LIMITED
WE WERE APPOINTED LIQUIDATORS OF EZI INSTALLATION A COMPANY WHICH SPECIALISED IN ROOFING INSTALLATION SERVICES.
Insolvency
Members Voluntary Liquidators: Freedom Insurance Group Limited
WE ARE MEMBERS VOLUNTARY LIQUIDATORS OF FREEDOM INSURANCE GROUP LIMITED (IN LIQUIDATION) AND ITS 6 SUBSIDIARIES (THE GROUP).
Insolvency
FULCRUM AUSTRALIA
WE ARE LIQUIDATORS OF THE AUSTRALIAN SUBSIDIARY, WHICH WAS THE TRADING ENTITY IN AUSTRALIA.
Insolvency
FULCRUM GROUP
WE ARE LIQUIDATORS OF THE HOLDING ENTITY AND THE SOLE SHAREHOLDER OF THE AUSTRALIAN SUBSIDIARIES.
Insolvency
GLADSTONE UNITED PTY LIMITED & CELTIC PACIFIC PROPERTIES PTY LIMITED
WE WERE APPOINTED ADMINISTRATORS OF GLADSTONE AND CELTIC WHICH JOINTLY OWNED THE GLADSTONE CENTRAL SHOPPING CENTRE, QLD.
Insolvency
HENRY WALKER ELTIN GROUP
HWE WAS A PUBLICLY LISTED MINING SERVICES COMPANY. COMMENCING IN 1962, THEN THROUGH A SERIES OF ACQUISITIONS EVOLVED TO PROVIDE MINING SERVICES, ENGINEERING PROJECTS, OPERATIONS AND MAINTENANCE SERVICES IN AUSTRALIA AND OVERSEAS.
Insolvency
HIGHFIELDS DEVELOPMENT PTY LTD
WE WERE APPOINTED RECEIVERS & MANAGERS OF HIGHFIELDS DEVELOPMENT PTY LIMITED ON BEHALF OF THE SECURED CREDITOR.
Insolvency
JB FINANCIAL GROUP PTY LIMITED
RECEIVERS AND MANAGERS OF A BRISBANE INVESTMENT HOLDING COMPANY, WE SUCCESSFULLY REFINANCED THE $7.7M SECURED DEBT WITHIN 36 DAYS. RETAINED BY THE INCOMING FINANCIER TO STRUCTURE AN APPROVED DOCA WITHIN 21 DAYS.
Insolvency
LANDSCAPE TANKS PTY LIMITED
VOLUNTARY ADMINISTRATORS OF A MANUFACTURER AND DISTRIBUTOR OF CONCRETE LANDSCAPING PRODUCTS FROM WODONGA, VICTORIA.
Insolvency
LIFT CAPITAL
LIFT CAPITAL WAS A SIGNIFICANT MARGIN LENDER PROVIDING LOANS TO RETAIL CLIENTS TO PERMIT THEM TO INVEST DIRECTLY INTO EQUITY SECURITIES VIA THE LEVERAGING OF THEIR INVESTMENTS.
Insolvency
LM INVESTMENT MANAGEMENT
LM WAS THE RESPONSIBLE ENTITY FOR A SERIES OF SIGNIFICANT MORTGAGE AND INVESTMENT FUNDS. FOLLOWING A SERIES OF UNDERPERFORMING PROPERTY INVESTMENTS.
Insolvency
MAXILIFE PROPERTIES AUSTRALIA LIMITED
WE WERE APPOINTED RECEIVERS AND MANAGERS OF MAXILIFE PROPERTIES AUSTRALIA LIMITED
Insolvency
OBJECT CONSULTING
WE WERE THE ADMINISTRATORS, AND SUBSEQUENT LIQUIDATORS OF THE COMPANIES. THE COMPANIES EMPLOYED OVER 90 STAFF, PROVIDING IT DEVELOPMENT AND SUPPORT SERVICES TO BLUE-CHIP CLIENTS ACROSS AUSTRALIA.
ASSET FOR SALE
Some companies under administration have assets that must be sold. Here you will find a list of assets for sale.
COMPANIES UNDER MANAGEMENT
If a company owes you money, you are a creditor of that company. This section lists all companies currently under Wexted administration and information for their creditors.
FREQUENTLY ASKED QUESTIONS
Small Business Restructuring process (SBR) is a formal debt restructuring process introduced in January 2021. It allows eligible small businesses to restructure their debts with the help of a Small Business Restructuring Practitioner (SBRP or RP) while the business owners remain in control of their business during this process.
To qualify for SBR, a company must:
- be an incorporated business (i.e. Pty Ltd entity);
- be insolvent or likely to become insolvent at some future time;
- have total liabilities (excluding employee entitlements) not exceeding $1 million;
- together with its related entities, not have adopted SBR or simplified liquidation in the last seven years.
The Safe Harbour legislation is set out in section 588GA of the Corporations Act 2001 (the Act) and was introduced in September 2017. It provides a Director ‘breathing space’ to formulate and implement a restructuring plan, preserving the business to avoid the need to enter into administration whilst protecting against personal liability from insolvent trading if the plan is unsuccessful.
Safe Harbour is a process that protects Directors. Directors use the Safe Harbour regime when a Company is experiencing financial distress or uncertainty, and they have started to suspect the company may become, or may be, insolvent.
As Safe Harbour is a defence for the benefit of Directors, the Directors typically engage the Safe Harbour Advisor, but (as the Directors will have the benefit of an indemnity from the Company) costs are usually paid by the Company in question. The day to day engagement is usually with senior management.
Safe Harbour means the insolvent trading provisions do not apply to a Director if, at a particular time after they suspect insolvency, the Director starts developing “courses of action” that are likely to lead to a “better outcome” for the company than the immediate appointment of an administrator or liquidator.
Directors that successfully rely on the safe harbour defence will not be held personally liable for any debts incurred directly or indirectly in connection with a course of action developed to achieve a better outcome.
The ’Course of Action’ is usually a restructuring plan. If that plan is implemented, and the plan is likely to lead to a better outcome for the company and creditors as a whole than an immediate administration, then the Directors will have a statutory defence to an insolvent trading claim made by a liquidator. As such, the Safe Harbour is designed to provide comfort that a plan can be implemented without insolvency risk, providing an incentive for restructuring.
The restructuring plan (Wexted call this a Corporate Structuring Plan) can include operational, financial and governance initiatives such as raising equity/debt capital to refinance/ deal with secured or unsecured debts; M&A initiatives such as sale of non-strategic assets or underperforming divisions; redundancy and cost cutting initiatives; and settlement of significant contingent liabilities.
The Corporate Structuring Plan can be flexible but, if it is tested, it needs to meet certain criteria. Debts must be properly incurred to support the plan. The plan needs to be implemented within a reasonable timeframe, and it must be realistic and not fanciful.
