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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.

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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.

ABOUT SAFE HARBOUR

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.

ABOUT US

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.

MEET THE TEAM

OUR SERVICES

Offering the complete suite of restructuring and safeguarding services.

Restructuring

Restructuring and Turnaround explainer and servicesLeveraging our deep expertise to develop impactful recovery and restructuring strategies — solving complex issues and stabilising businesses.

Insolvency

A complete, end-to-end service to help businesses through significant financial difficulty including; receiverships, administrations and other formal appointments.

Advisory

Providing robust, comprehensive advice to both stable and distressed businesses — including evaluations, transactions and special situations.

OUR EXPERIENCE

Safeguarding companies, 

directors and stakeholders 

across the ANZ region.

AB KAMBALA FINANCE

Insolvency

AB KAMBALA FINANCE

WE WERE APPOINTED LIQUIDATORS OF THE COMPANIES, TO INVESTIGATE THE AFFAIRS AND WIND DOWN THE COMPANIES.

AIRPORT LINK

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.

AUSTRALIAN PRESTRESSING SERVICES PTY LIMITED

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.

BANKSIA SECURITIES

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.

BIOGREEN ENERGY

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.

COUNTRY RUGBY LEAGUE OF NEW SOUTH WALES LIMITED

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.

DICK SMITH GROUP

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.

DIRECT FACTORY OUTLETS

Insolvency

DIRECT FACTORY OUTLETS

DFO CANBERRA WAS HEAVILY AFFECTED BY A RANGE OF ISSUES IMPACTING THE RETAIL SECTOR.

ESTATE PROPERTY GROUP

Insolvency

ESTATE PROPERTY GROUP

ESTATE PROPERTY GROUP WAS A SUBSTANTIAL PROPERTY INVESTMENT FUND, WITH A LARGE NUMBER OF SECURED LENDERS.

EZI INSTALLATION PTY LIMITED

Insolvency

EZI INSTALLATION PTY LIMITED

WE WERE APPOINTED LIQUIDATORS OF EZI INSTALLATION A COMPANY WHICH SPECIALISED IN ROOFING INSTALLATION SERVICES.

FREEDOM INSURANCE GROUP LIMITED

Insolvency

FREEDOM INSURANCE GROUP LIMITED

WE ARE MEMBERS VOLUNTARY LIQUIDATORS OF FREEDOM INSURANCE GROUP LIMITED (IN LIQUIDATION) AND ITS 6 SUBSIDIARIES (THE GROUP).

FULCRUM AUSTRALIA

Insolvency

FULCRUM AUSTRALIA

WE ARE LIQUIDATORS OF THE AUSTRALIAN SUBSIDIARY, WHICH WAS THE TRADING ENTITY IN AUSTRALIA.

FULCRUM GROUP

Insolvency

FULCRUM GROUP

WE ARE LIQUIDATORS OF THE HOLDING ENTITY AND THE SOLE SHAREHOLDER OF THE AUSTRALIAN SUBSIDIARIES.

GLADSTONE UNITED PTY LIMITED & CELTIC PACIFIC PROPERTIES PTY LIMITED

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.

HENRY WALKER ELTIN GROUP

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.

HIGHFIELDS DEVELOPMENT PTY LTD

Insolvency

HIGHFIELDS DEVELOPMENT PTY LTD

WE WERE APPOINTED RECEIVERS & MANAGERS OF HIGHFIELDS DEVELOPMENT PTY LIMITED ON BEHALF OF THE SECURED CREDITOR.

ICA MINING PTY LIMITED

Insolvency

ICA MINING PTY LIMITED

RECEIVERS AND MANAGERS OF A GOLD MINING COMPANY IN NT.

JB FINANCIAL GROUP PTY LIMITED

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.

LANDSCAPE TANKS PTY LIMITED

Insolvency

LANDSCAPE TANKS PTY LIMITED

VOLUNTARY ADMINISTRATORS OF A MANUFACTURER AND DISTRIBUTOR OF CONCRETE LANDSCAPING PRODUCTS FROM WODONGA, VICTORIA.

LIFT CAPITAL

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.

LM INVESTMENT MANAGEMENT

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.

MAC WINDOWS PTY LTD

Insolvency

MAC WINDOWS PTY LTD

RESTRUCTURE OF MANUFACTURER IMPACTED BY COVID-19

MAXILIFE PROPERTIES AUSTRALIA LIMITED

Insolvency

MAXILIFE PROPERTIES AUSTRALIA LIMITED

WE WERE APPOINTED RECEIVERS AND MANAGERS OF MAXILIFE PROPERTIES AUSTRALIA LIMITED

MON PURSE

Insolvency

MON PURSE

MON PURSE (LIQUIDATION): APPOINTED LIQUIDATORS OF AN OMNICHANNEL RETAIL BUSINESS.

OBJECT CONSULTING

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.

ALL SALE ASSETS

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.

CREDITORS CLICK HERE

FREQUENTLY ASKED QUESTIONS

Q.
What is safe harbour?

Safe Harbour provides directors protection from personal liability for trading whilst insolvent.  Safe Harbour applies to directors of companies that are developing a restructuring plan that is reasonably likely to provide a better outcome for the company relative to the immediate appointment of an administrator or liquidator.

Q.
Why was safe harbour introduced?

The Safe Harbour reforms seek to address a concern that the risk of personal liability for insolvent trading was causing directors to appoint external administrators prematurely, rather than to attempt a restructure of a viable business. The legislation seeks to strike a better balance between creditors’ interests and encouraging directors to manage challenging financial situations in a responsible and commercial fashion. The intention of the Safe Harbour reforms is to encourage proactive restructuring and entrepreneurship, and avoid formal insolvency processes, which can be needlessly destroy value.

Q.
Am I eligible for safe harbour?

Directors can access protections under Safe Harbour if they can demonstrate that they were developing or implementing a course of action reasonably likely to lead to a better outcome for the company than voluntary administration or liquidation.

In determining whether the above applies, Courts will have regard to whether a director is taking appropriate steps to:

  • inform themselves of the company’s financial position;

  • prevent misconduct by officers or employees;

  • ensure the company is maintaining appropriate financial records;

  • develop or implement a restructure plan; and 

  • obtain advice from an appropriate qualified entity.



     

Q.
Who is an appropriately qualified entity?

Key considerations when selecting an appropriately qualified entity include professional qualifications, independence, membership of an appropriate professional body and sufficient professional indemnity insurance to cover the advice being given. 

 

In line with guidance from the Australian Restructuring and Insolvency Turnaround Association we believe an appropriately qualified entity should be someone who can credibly test the Better Outcome against the counterfactual scenario – the appointment of an administrator or a liquidator.

Q.
Employee entitlements and tax thresholds

The Safe Harbour regime contains a number of checks and balances to protect the interests of employees and promote compliance with tax reporting requirements. 

 

In order to benefit from Safe Harbour protections, directors must ensure that all employee entitlements have been paid to date; such as wages, superannuation, leave entitlements and retrenchment. 

 

Directors must also ensure the company has lodged all tax reporting documents, including activity statements, tax returns, fringe benefit returns, etc. The threshold does not require tax liabilities to be paid to date.

Q.
What does a restructuring plan look like?

The directors should formulate and (importantly) document a plan that sets out a set of objectives that are comprehensive, milestone based, and time bound.  Examples of these objectives might include some or all of:

 

  • Selling a business unit or non-core assets;

  • Pivoting business model or strategy;

  • Raising additional capital to repay liabilities or fund future expenditure; and

  • Working with key creditors towards compromises in the form of deferrals or compromises of debts.

 

The plan should be continually refined as it is implemented and tested against the counterfactual (administration or liquidation scenarios) to ensure it satisfies the Better Outcome test.  The Better Outcome test is an objective, calculated measurement, undertaken by an ‘Appropriately Qualified Entity’, of the returns generated following the immediate appointment of an Administrator or Liquidator.

Q.
How long does safe harbour last?

Protections under Safe Harbour only commence from the time that the directors start developing one of more courses of action, and one of those courses of action is reasonably likely to lead to a better outcome for the company than the immediate appointment of an Administrator or Liquidator.

 

Safe Harbour protections will continue to apply to a director until:

 

  • the person fails to take a course of action within a reasonable period;

  • the person ceases to take any such course of action;

  • when the course of action ceases to be reasonably likely to lead to a better outcome for the company; or

  • if an Administrator or Liquidator is appointed.

 

Accordingly, Safe Harbour may be available to a director for significant lengths of time, particularly if a course of action spans many months or years.

MORE FAQS

NEWS & INSIGHTS

Sharing our insights and the latest developments across the corporate restructuring landscape.